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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aeorema Communications Plc | LSE:AEO | London | Ordinary Share | GB00B4QHH456 | ORD 12.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 60.00 | 58.00 | 62.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Television Broadcast Station | 20.23M | 757k | 0.0794 | 7.56 | 5.72M |
From Apr 2019 to Apr 2024
TIDMAEO
RNS Number : 7954T
Aeorema Communications Plc
25 March 2019
Aeorema Communications plc / Index: AIM / Epic: AEO / Sector: Media
25 March 2019
Aeorema Communications plc ('Aeorema' or 'the Company')
Interim Report
Aeorema Communications plc, the AIM-traded live events agency, announces its unaudited results for the six months ended 31 December 2018.
Financial & Operational Overview
-- Revenues of GBP1,997,303, a year-on-year increase of 7% (2017: GBP1,869,439) -- Operating loss pre-exceptional items of GBP141,765 (2017: profit GBP81,028) -- Recruitment of key new senior staff has impacted costs -- Robust cash position of GBP1,030,956 (2017: GBP1,038,130) -- Notable new client wins -- Continuing to build presence in the rapidly growing experiential events sector -- Trading remains in line with market expectations for the full year to 30 June 2019
Chairman's Statement
During the period, Aeorema has been delivering on its strategy of building on the Company's core business by providing enhanced services to clients, in particular the move into experiential events. As outlined in the Company's year-end results to 30 June 2018, this has led to a series of new business wins in the current period with both new and existing clients.
These wins include a substantial three-year contract with a large media company for an annual event in Cannes. It also has won a leadership event for a professional services company and has a good pipeline of opportunities for 2019/2020. These are in addition to projects from existing clients both this year, and scheduled for 2020.
The recruitment of two senior executive staff has increased costs in the short term but is expected to contribute to revenue growth going forward. Revenue is up 7% to GBP1,997,303 (2017: GBP1,869,439), however due to increased costs in the period, the Company is showing an operating loss for the period of GBP141,765 (2017: profit GBP81.028). The Company's cash position remains robust at GBP1,030,956. This position means the Company intends to pay a full year dividend, subject to the final audited results for the full year.
The first half loss was anticipated due to recruitment costs and increased salaries. This investment is already producing results and creates a structure for growth. A key focus has been on account management and growing revenues from existing clients. The new team were instrumental in winning a significant new Cannes Lions project for June this year and they have also helped win other new projects for this year and next. Cannes Lions International Festival of Creativity is a global event for those working in creative, communications, advertising and related fields. The Company has spent several years staging innovative events at Cannes Lions which have typically provided a substantial part of the Group's annual revenues.
It is customary for Aeorema's revenues to be second half weighted and anticipated and committed second half revenues are strong which gives the Board a good level of confidence that the Company will deliver full year results in line with market expectations.
The Company has a strong market reputation in the delivery of creative and differentiated live events, and we remain focused on building an industry-leading, cash generative, dividend-paying business with a high quality, blue-chip client base. In addition, the Company has explored, and continues to explore, value accretive acquisitions whose business or businesses are complementary to the existing offering and will help Aeorema build its position in the events and experiential category. To this end, we continue to seek to drive growth and innovation both in-house and via value accretive growth opportunities.
Finally, I would like to thank our employees for their hard work and commitment, as well as our shareholders for their continued support.
M Hale
Chairman
22 March 2019
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the period ended 31 December 2018
Hot Features
Premium
Unaudited Unaudited Audited
6 Months 6 Months Year to
to 31 December to 31 December 30 June
2018 2017 2018
Notes GBP GBP GBP
Continuing Operations
Revenue 1,997,303 1,869,439 4,820,167
Cost of sales (1,257,963) (1,081,034) (3,033,514)
Gross profit 739,340 788,405 1,786,653
Administrative expenses (881,105) (707,377) (1,497,003)
Operating profit / (loss)
pre exceptional items (141,765) 81,028 289,650
Exceptional items 4 - (231,357) (231,357)
Operating profit / (loss)
post exceptional items (141,765) (150,329) 58,293
Finance income 287 162 392
Profit / (loss) before taxation (141,478) (150,167) 58,685
Taxation 6 26,939 26,587 (8,280)
Profit / (loss) for the period
from continuing operations (114,539) (123,580) 50,405
Basic and diluted earnings
per share from continuing
operations
Basic (pence) 7 (1.26555) (1.36545) 0.55693
Diluted (pence) 7 (1.17115) (1.30156) 0.53906
================ ================ ============
There are no other comprehensive income items
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the period ended 31 December 2018
Unaudited Unaudited Audited
6 Months 6 Months Year to
to 31 December to 31 December 30 June
2018 2017 2018
GBP GBP GBP
Non-current assets
Intangible assets 365,154 365,154 365,154
Property, plant and equipment 54,848 31,898 37,044
Deferred taxation 29,193 22,274 2,254
449,195 419,326 404,452
Current assets
Trade and other receivables 806,122 872,650 1,106,292
Cash and cash equivalents 1,030,956 1,038,130 1,437,904
---------------- ---------------- ----------
1,837,078 1,910,780 2,544,196
Total assets 2,286,273 2,330,106 2,948,648
================ ================ ==========
Current liabilities
Bank loans and overdrafts - - 1,590
Trade and other payables 714,512 772,303 1,274,979
Dividends payable 67,879 45,252 -
Current tax payable 9,412 23,868 9,412
---------------- ---------------- ----------
791,803 841,423 1,285,981
Net assets 1,494,470 1,488,683 1,662,667
================ ================ ==========
Equity attributable to equity
holder:
Share capital 1,131,313 1,131,313 1,131,313
Share premium 7,063 7,063 7,063
Merger reserve 16,650 16,650 16,650
Other reserve 14,221 - -
Capital contribution reserve 257,812 257,812 257,812
Retained earnings 67,411 75,845 249,829
Total equity 1,494,470 1,488,683 1,662,667
================ ================ ==========
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2018
Share capital Share Merger Other Capital Retained Total
Premium reserve reserve contribution earnings equity
reserve
GBP GBP GBP GBP GBP GBP GBP
At 1 July 2017 1,131,313 7,063 16,650 - 257,812 244,677 1,657,515
Payment of dividends - - - - - (45,252) (45,252)
Comprehensive
income for the
period - - - - - (123,580) (123,580)
At 31 December
2017 1,131,313 7,063 16,650 - 257,812 75,845 1,488,683
At 1 January
2018 1,131,313 7,063 16,650 - 257,812 75,845 1,488,683
Payment of dividends - - - - - - - Comprehensive income for the period - - - - - 173,984 173,984 At 30 June 2018 1,131,313 7,063 16,650 - 257,812 249,829 1,662,667 At 1 July 2018 1,131,313 7,063 16,650 - 257,812 249,829 1,662,667 Payment of dividends - - - - - (67,879) (67,879) Comprehensive income for the period - - - - - (114,539) (114,539) Share-based payments - - - 14,221 - - 14,221 At 31 December 2018 1,131,313 7,063 16,650 14,221 257,812 67,411 1,494,470
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 31 December 2018
Unaudited Unaudited Audited
6 Months 6 Months Year to
to 31 December to 31 December 30 June
2018 2017 2018
GBP GBP GBP
Cash flow from operating activities
Profit/(loss) before taxation (141,478) (150,167) 58,685
Adjustments for:
Depreciation of property, plant
and equipment 10,687 11,850 20,416
Share-based payment 14,221 - -
Finance income (287) (162) (392)
---------------- ---------------- ----------
Operating cash flow before movement
in working capital (116,857) (138,479) 78,709
Decrease in trade and other payables (560,467) (843,300) (340,624)
Decrease in trade and other receivables 300,170 134,942 (98,700)
Cash (used in) / generated from
operating activities (377,154) (846,837) (360,615)
Taxation paid - - (29,303)
Cash flow from investing activities
Finance income 287 162 392
Purchase of property, plant and
equipment (28,491) (12,407) (26,119)
Net cash used in investing activities (28,204) (12,245) (25,727)
Cash flow from financing activities
Dividends paid - - (45,253)
---------------- ---------------- ----------
Net cash used in financing activities - - (45,253)
Net increase / (decrease) in cash
and cash equivalents (405,358) (859,082) (460,898)
---------------- ---------------- ----------
Cash and cash equivalents at beginning
of period 1,436,314 1,897,212 1,897,212
Cash and cash equivalents at end
of period 1,030,956 1,038,130 1,436,314
================ ================ ==========
AEOREMA COMMUNICATIONS PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the period ended 31 December 2018
1. General information
Aeorema Communications plc is a public limited company incorporated within the United Kingdom. The company is domiciled in the United Kingdom and its principal place of business is 23-31 Great Titchfield Street, London, W1W 7PA. The Company's ordinary shares are traded on the AIM market of the London Stock Exchange.
These condensed consolidated interim financial statements for the period ending 31 December 2018 (including comparatives for the periods ended 31 December 2017 and 30 June 2018) were approved by the board of directors on 22 March 2019.
The financial information set out in this interim report does not constitute statutory accounts for the purposes of section 434 of the Companies Act (2006). The Group's statutory financial statements for the year ended 30 June 2018, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report for those financial statements was unqualified and did not contain a statement under section 498 (2) or section 498 (3) of the Companies Act (2006).
The interim financial statements have been prepared using the accounting policies set out in the Group's 2018 statutory accounts and have not been audited.
Copies of the annual statutory financial statements and the interim report can be found on our website at www.aeorema.com or can be requested from the Company Secretary at the Company's registered office: 64 New Cavendish Street, London, W1G 8TB.
2. Basis of preparation
These condensed consolidated interim financial statements for the period ended 31 December 2018 have been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. The interim condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended 30 June 2018, which have been prepared in accordance with IFRS as adopted by the European Union
3. Summary of significant accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 30 June 2018, as described in those annual financial statements. There has been no impact on the Group's financial position or performance from new and amended IFRS and IFRIC interpretations mandatory as of 1 July 2018.
4. Exceptional items
Items that are material either because of their size or their nature, or that are non-recurring, are considered as exceptional. During the interim period, the Group incurred expenditure totalling GBPnil (2017: GBP231,357 in relation to the departure of its two founders, Peter Litten and Gary Fitzpatrick, from the board of directors). This cost has been included in the condensed consolidated interim Income Statement as an operating exceptional cost.
AEOREMA COMMUNICATIONS PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the period ended 31 December 2018
5. Revenue and segmental results
The Company uses several factors in identifying and analysing reportable segments, including the basis of organisation such as differences in products and geographical areas. The Board of Directors, being the chief operating decision makers, has determined that for the period ended 31 December 2018 there is only one reportable operating segment.
6. Income tax charge
Income period tax is accrued based on the estimated average annual effective income tax rate of 19 per cent. (2017: 19 per cent.).
7. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit attributable to ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would have been issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used and dilutive earnings per share computations:
Unaudited Unaudited Audited
6 Months 6 Months Year to
to 31 December to 31 December 30 June
2018 2017 2018
Profit/(loss) for the year
attributable to owners of
the Company (114,539) (123,580) 50,405
Number of shares
Basic weighted average number
of shares 9,050,500 9,050,500 9,050,500
Effect of dilutive share
options 729,508 444,262 300,000
Diluted weighted average
number of shares 9,780,008 9,494,762 9,350,500
8. Dividends
During the interim period a dividend of 0.75 pence (2017: 0.5 pence) per share was declared to holders of the Company's ordinary shares in respect of the full year ended 30 June 2018.
AEOREMA COMMUNICATIONS PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the period ended 31 December 2018
9. Related party transactions
The Group has a related party relationship with its subsidiaries and its directors. Transactions between Group companies, which are related parties, have been eliminated on consolidation and are therefore not included in these consolidated interim financial statements.
Unaudited Unaudited
6 months 6 months
to 31 December to 31 December
2018 2017
GBP GBP
Subsidiaries
Amounts owed by/(to) subsidiaries 1,042,080 1,020,183
---------------- ----------------
Amounts owed by/(to) subsidiaries 1,042,080 1,020,183
Harris & Trotter LLP is a firm in which Stephen Haffner is a member. The following was charged to the Group in respect of professional services.
Unaudited Unaudited
6 Months 6 Months
to 31 December to 31 December
2018 2017
Harris & Trotter LLP GBP GBP
Aeorema Communications plc 7,500 7,500
Aeorema Limited 7,950 17,900
---------------- ----------------
15,450 25,400
Fees charged to Aeorema Communications plc include GBP7,500 (2017: GBP7,500) for the services of Stephen Haffner as a non-executive director of that company.
The compensation of key management (including directors) of the Group is as follows:
Unaudited Unaudited
6 Months 6 Months
to 31 December to 31 December
2018 2017
GBP GBP
Short-term employee benefits 105,000 97,153
Post-employment benefits 892 50,666
Termination benefits - 100,000
---------------- ----------------
105,892 247,819
For further information visit www.aeorema.com or contact:
Michael Hale Aeorema Communications plc Tel : +44 (0) 20 7291 0444
John Depasquale/Liz Kirchner Allenby Capital Limited Tel : +44 (0) 20 3328 5656
Catherine Leftley / Isabel de Salis St Brides Partners Tel : +44 (0) 20 7236 1177
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR UUOBRKAAOUAR
(END) Dow Jones Newswires
March 25, 2019 03:00 ET (07:00 GMT)
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