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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% | 61.50 | 58.00 | 65.00 | 61.50 | 61.50 | 61.50 | 7,828 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Television Broadcast Station | 20.23M | 757k | 0.0794 | 7.75 | 5.87M |
TIDMAEO
RNS Number : 9379S
Aeorema Communications Plc
22 March 2021
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Regulation 11 of the Market Abuse Regulations (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Aeorema Communications plc / Index: AIM / Epic: AEO / Sector: Media
22 March 2021
Aeorema Communications plc ('Aeorema' or 'the Company' or 'the Group')
Interim Report
Aeorema Communications plc, the AIM-traded live events agency, announces its unaudited results for the six months ended 31 December 2020.
Overview
-- Revenues of GBP1,677,311 (2019: GBP2,913,290) -- Loss after taxation of GBP247,576 (2019: loss of GBP57,021) -- Robust cash position of GBP1,342,548 (31 December 2019: GBP1,393,243) -- Returned to profitability in the final three-months of the period
Chairman's Statement
Our shareholders will be familiar with the proverb "necessity is the mother of invention" and this phrase became especially true for your Company as the hospitality and events industry experienced an immediate and full-blown shut down in the unprecedented times of the Covid-19 pandemic.
I am proud of our achievements during the period under review, having quickly re-invented ourselves at pace into an expert in virtual and hybrid conferencing following the collapse of the live events business as a result of Covid-19 last year. Equally, I am optimistic for the future as I believe we are well positioned to grow rapidly when live events return.
Faced with the extraordinary challenge of restructuring our business to service a new model focused on virtual events, our team adeptly stepped up to the plate. We developed new services, built our own virtual events platform, KIT, grew existing accounts, onboarded new clients, and impressively returned the Company to profitability in the final months of the period - an outstanding achievement following a period which necessitated substantial restructuring costs and saw a gradual take up of our new offerings. In addition to our traditional largely professional services client base, we are proud to have onboarded a technology giant, working across its four divisions, as well as working with a further five technology clients, all of whom trust our consultancy and technical expertise. These accounts continue to grow during this unprecedented period, and we anticipate further engagements going forward.
While we had expected revenues from live events of circa GBP3-5 million for July to December 2020, we replaced this lost income with GBP1,677,311 in revenue from virtual events. We also contained the loss after tax to GBP247,576 (2019: loss of GBP57,021) and ended the calendar year with GBP1,342,548 in cash (2019: GBP1,393,243) despite restructuring costs. The trend is positive. With several new blue-chip clients and a strong pipeline, we are confident that the next six months will be profitable. The Company's cash position remains strong and as at the date of this announcement is circa GBP1.1 million.
We announced the opening of an office in New York in September 2020. This was a strategic decision signifying a dedicated approach to supporting the growing needs and requests of our clients in the US, and internationally, as we saw an increase in potential business in the region. I am pleased to report this has been a beneficial investment for the Company and we are expecting to make a profit from this division in its first year. Our presence in the US has enabled us to grow our existing clients as well as win new US based clients.
Whilst Eventful, acquired in March 2020, was naturally severely impacted by Covid-19 related travel bans and venue closures, the team has maintained its relationships with existing clients and been introduced to many new clients working with Cheerful Twentyfirst. During this quiet period, the team has been developing its strategy for 2021/22 and is excited about both returning to sourcing venues for live events and building an exceptional incentives programme for corporates. Holly Mills has joined Eventful as Head of Incentives (formerly Head of Incentives at Penguins Events) and is developing the new Incentives offering for a market with pent up demand and sizeable budgets.
Looking ahead, we believe live events will return; a number of clients have commented that there is no substitute for personal contact. However, regardless of when this happens, we have proven that we can operate as a profitable business in the virtual and hybrid space too and are excited at the prospect of new opportunities for the Group. Furthermore, we are growing our fee based strategic communications solutions as part of our new consultancy approach, supported by production excellence and networking solutions that continue to challenge the norm.
I would like to thank our team and our shareholders for their ongoing support and look forward to the next six months with growing optimism.
M Hale
Chairman
19 March 2021
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the period ended 31 December 2020
Unaudited Unaudited Audited 6 Months 6 Months Year to to 31 December to 31 December 30 June 2020 2019 2020 Notes GBP GBP GBP Continuing Operations Revenue 1,677,311 2,913,290 5,475,425 Cost of sales (829,741) (2,044,591) (3,629,770) Gross profit 847,570 868,699 1,845,655 Other income 49,616 - 82,601 Administrative expenses (1,175,117) (958,677) (2,103,299) Operating (loss) / profit pre-exceptional items (277,931) (89,978) (175,043) Exceptional items - - (23,184) Operating (loss) / profit post exceptional items (277,931) (89,978) (198,227) ---------------- ---------------- ------------ Finance income 539 328 556 Finance costs (10,284) - (20,253) (Loss) / profit before taxation (287,676) (89,650) (217,924) Taxation 4 40,100 32,629 20,497 (Loss) / profit for the period from continuing operations (247,576) (57,021) (197,427) Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation (7,479) - - of foreign entities Other comprehensive income (7,479) - - for the period Total comprehensive income for the period (255,055) (57,021) (197,427) ================ ================ ============ Basic and diluted earnings per share from continuing operations Basic (pence) 5 (2.67997)p (0.63003)p (2.16920)p Diluted (pence) 5 N/A N/A N/A ================ ================ ============
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the period ended 31 December 2020
Unaudited Unaudited Audited 6 Months 6 Months Year to to 31 December to 31 December 30 June 2020 2019 2020 GBP GBP GBP Non-current assets Intangible assets 572,682 365,154 573,931 Property, plant and equipment 76,832 98,070 85,952 Right-to-use assets 333,983 425,070 379,530 Deferred taxation 47,710 25,100 7,611 1,031,207 913,394 1,047,024 Current assets Trade and other receivables 1,007,548 1,480,984 597,497 Cash and cash equivalents 1,342,548 1,393,243 1,721,217 ---------------- ---------------- ---------- 2,350,096 2,874,227 2,318,714 Total assets 3,381,303 3,787,621 3,365,738 Current liabilities Trade and other payables 1,298,948 1,472,303 1,186,670 Lease liabilities 87,219 82,973 85,070 Bank loans 13,889 - - Current tax payable 3,711 74,616 68,490 ---------------- ---------------- ---------- 1,403,767 1,629,892 1,340,230
Non-current liabilities Lease liabilities 256,538 343,756 300,689 Bank loans 236,112 - - Provisions 25,020 25,020 25,020 ---------------- ---------------- ---------- 517,670 368,776 325,709 Total liabilities 1,921,437 1,998,668 1,665,939 Net assets 1,459,866 1,788,953 1,699,799 ================ ================ ========== Equity attributable to equity holder: Share capital 1,154,750 1,131,313 1,154,750 Share premium 9,876 7,063 9,876 Merger reserve 16,650 16,650 16,650 Other reserve 96,480 56,358 81,358 Capital contribution reserve 257,812 257,812 257,812 Retained earnings (75,702) 319,757 179,353 Total equity 1,459,866 1,788,953 1,699,799 ================ ================ ==========
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2020
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 2019 1,131,313 7,063 16,650 34,261 257,812 467,283 1,914,382 Payment of dividends - - - - - (90,505) (90,505) Comprehensive income for the period - - - - - (57,021) (57,021) Share-based payments - - - 22,097 - - 22,097 At 31 December 2019 1,131,313 7,063 16,650 56,358 257,812 319,757 1,788,953 At 1 January 2020 1,131,313 7,063 16,650 56,358 257,812 319,757 1,788,953 Comprehensive income for the period - - - - - (140,404) (140,404) Share-based payments - - - 25,000 - - 25,000 Share issue 23,437 2,813 - - - - 26,250 At 30 June 2020 1,154,750 9,876 16,650 81,358 257,812 179,353 1,699,799 At 1 July 2020 1,154,750 9,876 16,650 81,358 257,812 179,353 1,699,799 Comprehensive income for the period - - - - - (255,055) (255,055) Share-based payments - - - 15,122 - - 15,122 At 31 December 2020 1,154,750 9,876 16,650 96,480 257,812 (75,702) 1,459,866
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 31 December 2020
Unaudited Unaudited Audited 6 Months 6 Months Year to to 31 December to 31 December 30 June 2020 2019 2020 GBP GBP GBP Cash flow from operating activities (Loss) / profit before taxation (287,676) (89,650) (217,924) Adjustments for: Depreciation of property, plant and equipment 18,209 14,064 31,871 Depreciation of right-of-use assets 45,546 43,848 89,392 Amortisation of intangible fixed assets 1,250 - 417 Loss on disposal of fixed assets 769 1,424 1,648 Share-based payment 15,122 22,097 47,097 Interest on lease liabilities 8,996 10,222 20,253 Finance income (539) (327) (556) Exchange rate differences on translation (7,479) - - ---------------- ---------------- ------------ Operating cash flow before movement in working capital (205,802) 1,678 (27,802) Increase/(decrease) in trade and other payables 112,278 (755,036) (1,075,254) (Increase)/decrease in trade and other receivables (410,049) 131,361 1,014,847 Cash (used in) / generated from operating activities (503,573) (621,997) (88,209) Taxation paid (64,779) - (10,797) Cash flow from investing activities Payment for Acquisition of Subsidiary, net of cash acquired - - (128,331) Finance income 539 327 556 Purchase of intangible assets - - (10,000) Purchase of property, plant and equipment (9,856) (55,710) (61,400) Disposal of property, plant and - 224 - equipment Repayment of leasing liabilities (51,000) (50,257) (101,258) Net cash used in investing activities (60,317) (105,416) (300,433) Cash flow from financing activities Dividends paid - (90,505) (90,505) Bank loans 250,000 - - ---------------- ---------------- ------------ Net cash used in financing activities 250,000 (90,505) (90,505) Net increase / (decrease) in cash and cash equivalents (378,669) (817,918) (489,944) ---------------- ---------------- ------------ Cash and cash equivalents at beginning of period 1,721,217 2,211,161 2,211,161 Cash and cash equivalents at end of period 1,342,548 1,393,243 1,721,217 ================ ================ ============
AEOREMA COMMUNICATIONS PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the period ended 31 December 2020
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 2020 (including comparatives for the periods ended 31 December 2019 and 30 June 2020) were approved by the board of directors on 20 March 2021.
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 2020, 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 2020 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 2020 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 2020, which have been prepared in accordance with IFRS as adopted by the European Union.
3. 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 2020 there is only one reportable operating segment.
4. Income tax charge
Income period tax is accrued based on the estimated average annual effective income tax rate of 19 per cent. (2019: 19 per cent).
5. 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 2020 2019 2020 (Loss) / profit for the year attributable to owners of the Company (247,576) (57,021) (197,427) Number of shares Basic weighted average number of shares 9,238,000 9,050,500 9,101,356 Effect of dilutive share options 1,020,000 1,020,000 1,020,000 Diluted weighted average number of shares 10,258,000 10,070,500 10,121,356 6. Dividends
During the interim period no dividend (2019: 1 pence per share) was declared to holders of the Company's ordinary shares in respect of the full year ended 30 June 2020.
7. 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 2020 2019 GBP GBP Subsidiaries Amounts owed by/(to) subsidiaries 504,694 1,027,839 ---------------- ---------------- Amounts owed by/(to) subsidiaries 504,694 1,027,839
Harris & Trotter LLP is a firm in which S 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 2020 2019 Harris & Trotter LLP GBP GBP Aeorema Communications plc 7,500 7,500 Aeorema Limited 10,450 11,750 ---------------- ---------------- 17,950 19,250
Fees charged to Aeorema Communications plc include GBP7,500 (2019: GBP7,500) for the services of S 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 2020 2019 GBP GBP Short-term employee benefits 140,500 110,667 Post-employment benefits 2,992 5,024 143,492 115,691
During the period A Harvey received an interest-free loan of GBP10,000. At 31 December 2020, GBP10,000 (2019: GBP10,000) was outstanding.
During the period S Quah received an interest-free loan of GBP10,000. At 31 December 2020, GBP10,000 (2019: GBPNil) was outstanding.
ENDS
For further information visit www.aeorema.com or contact:
Aeorema Communications Mike Hale plc +44 (0)20 7291 0444 John Depasquale / Liz Kirchner (Corporate Finance) Allenby Capital Limited Kelly Gardiner (Sales (Nominated Adviser and Corporate Broking) and Broker) +44 (0)20 3328 5656 Catherine Leftley/ St Brides Partners info@stbridespartners.co.uk Selina Lovell Ltd (Financial PR)
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END
IR UKSRRAVUOAUR
(END) Dow Jones Newswires
March 22, 2021 03:00 ET (07:00 GMT)
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