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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 | 60.00 | 60.00 | 60.00 | 2,380 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Television Broadcast Station | 20.23M | 757k | 0.0794 | 7.56 | 5.72M |
TIDMAEO
RNS Number : 7793U
Aeorema Communications Plc
23 January 2017
Aeorema Communications plc / Index: AIM / Epic: AEO / Sector: Media
23 January 2017
Aeorema communications plc ('Aeorema' or 'the Company')
Interim Report
Aeorema Communications plc, the AIM-traded live events agency, announces its results for the six months ended 31 December 2016.
Overview
-- Pre-tax profits of GBP77,180 on a turnover of GBP1,575,470 -- Awards wins in film and events -- Robust cash position of GBP1,151,766
Chairman's Statement
During the period, we maintained our position as a leading London based live events agency with award wins and home and abroad.
Despite this, the trading environment in the events sector has been uncertain, in part due to the post-Brexit market uncertainty, causing clients to be more hesitant in their event planning budgets and resulting in some contracts to be either postponed or cancelled. Against this background, Aeorema traded in line with management expectations for the first half of the year and maintained its strong cash position, but the second half remains challenging as previously reported.
However, we believe that these are short-term challenges and in the longer term we remain confident that our strategy and strong market reputation in the delivery of creative and diverse live events will see Aeorema prosper. As such, we continue to differentiate ourselves in the market with our distinct skill-set, working with several blue-chip corporations and attracting a pipeline of potential quality business.
Our robust balance sheet with GBP1,151,766 cash in the bank and revenue generation of GBP1,575,470 is something we are proud of. During the six months, we achieved a pre-tax profit of GBP77,180 and operational costs were GBP699,836.
Aeorema is powered by the hard work and commitment of all our employees; I would like to thank them for their efforts and dedication, as well as our shareholders for their continued support.
M Hale
Chairman
20 January 2017
For further information visit www.aeorema.com or contact:
Gary Fitzpatrick Aeorema Communications plc Tel: 020 7291 0444
Marc Milmo/Catherine Leftley Cantor Fitzgerald Europe Tel: 020 7894 7000
Isabel de Salis St Brides Partners Tel: 020 7236 1177
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the period ended 31 December 2016
Unaudited Unaudited Audited 6 Months 6 Months Year to 31 to 31 to December December 30 June 2016 2015 2016 Notes GBP GBP GBP Continuing Operations Revenue 1,575,470 1,591,114 4,583,050 Cost of sales (798,814) (795,832) (2,779,903) Gross profit 776,656 795,282 1,803,147 Administrative expenses (699,836) (715,202) (1,463,899) Operating profit 76,820 80,080 339,248 Finance income 360 396 917 Profit before taxation 77,180 80,476 340,165 Taxation 5 (24,847) (16,565) (66,663) Profit for the period from continuing operations 52,333 63,911 273,502 Basic and diluted earnings per share from continuing operations Basic (pence) 6 0.57823 0.70616 3.02195 Diluted (pence) 6 0.55968 0.68350 2.92500 ========== ========== ============
There are no other comprehensive income items
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the period ended 31 December 2016
Unaudited Unaudited Audited 6 Months 6 Months Year to 31 to 31 to December December 30 June 2016 2015 2016 GBP GBP GBP Non-current assets Intangible assets 365,154 365,154 365,154 Property, plant and equipment 50,958 99,560 60,259 Deferred taxation - - 6,075 416,112 464,714 431,488 Current assets Trade and other receivables 651,502 747,770 1,174,337 Cash and cash equivalents 1,151,766 1,372,589 1,427,723 ---------- ---------- ---------- 1,803,268 2,120,359 2,602,060 Total assets 2,219,380 2,585,073 3,033,548 ========== ========== ========== Current liabilities Trade and other payables 636,320 839,868 1,340,583 Current tax payable 83,205 57,000 66,043 ---------- ---------- ---------- 719,525 896,868 1,406,626 Non-current liabilities Deferred taxation 1,610 4,322 - ---------- ---------- ---------- 1,610 4,322 - Net assets 1,498,245 1,683,883 1,626,922 ========== ========== ========== 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 Capital contribution reserve 257,812 257,812 257,812 Retained earnings 85,407 271,045 214,084 Total equity 1,498,245 1,683,883 1,626,922 ========== ========== ==========
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2016
Share Share Merger Capital Retained Total capital Premium reserve contribution earnings equity reserve GBP GBP GBP GBP GBP GBP At 1 July 2015 1,131,313 7,063 16,650 257,812 471,202 1,884,040 Payment of dividends - - - - (271,515) (271,515) Comprehensive income for the period - - - - 63,911 63,911 Share based payment - - - - 7,447 7,447 At 31 December 2015 1,131,313 7,063 16,650 257,812 271,045 1,683,883 At 1 January 2016 1,131,313 7,063 16,650 257,812 271,045 1,683,883 Payment of dividends - - - - (271,515) (271,515) Comprehensive income for the period - - - - 209,591 209,591 Share based payment - - - - 4,963 4,963 At 30 June 2016 1,131,313 7,063 16,650 257,812 214,084 1,626,922 At 1 July 2016 1,131,313 7,063 16,650 257,812 214,084 1,626,922 Payment of dividends - - - - (181,010) (181,010) Comprehensive income for the period - - - - 52,333 52,333 At 31 December 2016 1,131,313 7,063 16,650 257,812 85,407 1,498,245
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 31 December 2016
Unaudited Unaudited Audited 6 Months 6 Months Year to 31 to 31 to December December 30 June 2016 2015 2016 GBP GBP GBP Cash flow from operating activities Profit before taxation 77,180 80,476 340,165 Adjustments for: Depreciation of property, plant and equipment 25,235 26,031 44,101 Share based payment expense - 7,447 12,410 Finance income (360) (396) (917) ---------- ---------- ---------- Operating cash flow before movement in working capital 102,055 113,558 395,759 Decrease in trade and other payables (704,264) (572,475) (71,760) Decrease in trade and other receivables 522,835 604,629 178,061 Cash (used) in / generated
from operating activities (79,374) 145,712 502,060 Taxation paid - - (51,452) Cash flow from investing activities Finance income 360 396 917 Purchase of property, plant and equipment (15,933) (60,457) (39,225) Net cash used in investing activities (15,573) (60,061) (38,308) Cash flow from financing activities Dividends paid (181,010) (271,515) (543,030) ---------- ---------- ---------- Net cash used in financing activities (181,010) (271,515) (543,030) Net decrease in cash and cash equivalents (275,957) (185,864) (130,730) ---------- ---------- ---------- Cash and cash equivalents at beginning of period 1,427,723 1,558,453 1,558,453 Cash and cash equivalents at end of period 1,151,766 1,372,589 1,427,723 ========== ========== ==========
AEOREMA COMMUNICATIONS PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the period ended 31 December 2016
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 AIM market of the London Stock Exchange.
These condensed consolidated interim financial statements for the period ending 31 December 2016 (including comparatives for the periods ended 31 December 2015 and 30 June 2016) were approved by the board of directors on 20 January 2017.
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 2016, 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 2016 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 2016 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 2016, 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 2016, 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 2016.
4. 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, have determined that for the period ended 31 December 2016 there is only one reportable operating segment.
5. Income tax charge
Income period tax is accrued based on the estimated average annual effective income tax rate of 20 percent (2015: 20 percent).
6. 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 in 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 31 December to 31 to 30 2016 December June 2015 2016 Earnings per share attributable to owners of parent 52,333 63,911 273,502 Number of shares Basic weighted average number of shares 9,050,500 9,050,500 9,050,500 Effect of dilutive share options 300,000 300,000 300,000 Diluted weighted average number of shares 9,350,500 9,350,500 9,350,500 7. Dividends
During the interim period a dividend of 2 pence (2015: 3 pence) per share was paid to holders of the Company's ordinary shares.
8. 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 to 31 December December 2016 2015 GBP GBP Subsidiaries Amounts owed by/(to) subsidiaries 504,015 400,973 ---------- ---------- Amounts owed by/(to) subsidiaries 504,015 400,973
Harris & Trotter LLP is a firm in which S Haffner and S Garbutta are members. The following was charged to the Group in respect of professional services.
Unaudited Unaudited 6 Months 6 Months to 31 to 31 December December 2016 2015 Harris & Trotter LLP GBP GBP Aeorema Communications plc 7,500 6,000 Aeorema Limited 2,450 1,900 ---------- ---------- 9,950 7,900
Fees charged to Aeorema Communications plc include GBP7,500 (2015: GBP5,000) for the services of Stephen Haffner (2015: Stephen Garbutta) 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 to 31 December December 2016 2015 GBP GBP Short-term employee benefits 112,000 109,810 Post-employment benefits 20,496 31,708 ---------- ---------- 132,496 141,518
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 23, 2017 02:00 ET (07:00 GMT)
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