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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Catalyst Media Group Plc | LSE:CMX | London | Ordinary Share | GB00B282R334 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 70.00 | 65.00 | 75.00 | 70.00 | 70.00 | 70.00 | 23 | 07:34:23 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computers & Software-whsl | 25k | 2.61M | 0.1243 | 5.63 | 14.72M |
From Apr 2021 to Apr 2024
TIDMCMX
RNS Number : 4264G
Catalyst Media Group PLC
30 March 2022
30 March 2022
Catalyst Media Group Plc
("CMG", "Catalyst" or the "Company")
Interim Results for the Six Months Ended 31 December 2021
The Board of CMG (AIM: CMX) is pleased to announce the Company's unaudited interim results for the six months ended 31 December 2021.
CMG is a 20.54% shareholder in Sports Information Services (Holdings) Limited ("SIS") and the results include its share in the profits/(losses) of SIS as an equity accounted associate.
Financial Highlights for the six months to 31 December 2021
-- CMG profit after taxation of GBP0.45 million (2020: loss of GBP0.43 million) -- Earnings per share of 2.14p (2020: loss of 2.03p) -- Net asset value per share of 54.5p (2020: 58.7p) -- For the six months to 30 September 2021, SIS achieved - Revenues of GBP113.4 million (2020: GBP68.6 million) - Operating profit of GBP3.0 million (2020: loss of GBP2.4 million) - Profit after tax on ordinary activities of GBP2.4 million (2020: loss of GBP1.9 million)
-- SIS did not declare or pay any dividends to CMG during the reporting period or during the prior period.
-- CMG has not declared nor paid any dividends during the reporting period or during the prior period.
Current Trading and Outlook
Following the relaxation of COVID-19 restrictions in May 2021, SIS's UK and Irish retail business has returned to normal operations whilst the Digital business has continued to operate at levels higher than pre-COVID-19 and has seen significant growth in its customer base. Additionally, the business has continued to scale its latest products of Competitive Gaming (e-sports) and Numbers draws.
SIS's profitability for its current financial year to 31 March 2022 is anticipated to see a significant rebound and, SIS's management expects the company to make a profit for the year as a whole in excess of its budget.
Enquiries:
Catalyst Media Group Plc
Michael Rosenberg, Non-executive Chairman Mob: 07785 727 595 Melvin Lawson, Non-executive Director Tel: 020 7734 8111 Strand Hanson Limited Tel: 020 7409 3494
James Harris / Matthew Chandler
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.
Chairman's Statement
For the six month period ended 31 December 2021, the Company achieved a net profit after taxation of GBP0.45 million (2020: loss of GBP0.43 million).
Net assets as at 31 December 2021 were GBP11.5 million (30 June 2021: GBP11.0 million). Net cash as at 31 December 2021 was GBP0.2 million (30 June 2021: GBP0.2 million).
CMG's main asset remains its 20.54% stake in SIS and the Company received no dividend from SIS during the reporting period or the prior period. The value of CMG's investment in SIS has reduced from approximately GBP12.1 million to approximately GBP11.3 million, due to its share of the loss incurred in the year to 30 June 2021, albeit its share of the profit earned in the period to 31 December 2021 has slightly improved the investment value. As a result, CMG's net assets per share as at 31 December 2021 were 54.5p (2020: 58.7p). The carrying value of our investment in SIS will be reviewed again at our financial year end.
CMG equity accounts for its share in the profit of SIS which was GBP2.4 million after tax for its six month period to 30 September 2021 (2020: loss of GBP1.9 million). SIS's revenues for such period were GBP113.4 million (2020: GBP68.6 million) which were derived from its business of providing integrated television and data services to Licensed Betting Offices in the UK, Ireland and overseas. SIS generated an operating profit for this period of GBP3.0 million, compared to an operating loss of GBP2.4 million in the comparable period for 2020.
CMG currently has cash reserves of approximately GBP0.2 million which is sufficient for its present needs.
Set out below is an overview of the activities of SIS's key divisions for the period under review.
SIS - UK and Ireland Retail
SIS continues to provide a core service including Racecourse Media Group horseracing, the SIS British Greyhound Service, Irish Horseracing, Chelmsford City Horseracing, 49's and International Horseracing to almost the entire UK and Irish retail market, including all the major UK bookmaking groups and the majority of the independent market.
As previously reported, in June 2021 SIS extended its rights agreement with Racecourse Media Group for UK Retail Horseracing rights for a further 3 years through to March 2026 and has already secured two extended contracts for major customers of this content.
In the period, SIS has secured renewed contracts for over 98% of its UK and Irish Independent Retail Bookmaker customers whose contracts were scheduled to expire.
Additionally, SIS supplies further content and services to its UK and Irish retail customers to cover early morning and evening products and has renewed several existing arrangements.
SIS - International & Online
SIS has seen continued growth in both existing customer revenues and its customer base for its 24/7 racing channels covering horseracing, greyhound racing, virtual racing and mixed channels and has improved the user experience. SIS now has over 50 channels with customers designed to maximise betting opportunities for international retail and online operators and has signed-up numerous international and online operators to multi-year agreements. SIS continues to progress its strategy to increase distribution, in both new and existing international and online markets, using proprietary production technology, as well as ultra-low latency streaming and data pricing services.
The numbers products online, operated under the 49's brand, has grown significantly in the period, driven by a combination of increased customers and an expanded product range, and complemented by the upgrade of the 49s.co.uk website which has driven affiliates revenue.
The SIS Competitive Gaming (e-sports) service, which was launched during lockdown in May 2020, has continued to scale the number of events created and increase revenues with new customers onboarding in the period. The business subsequently launched an eFootball title service in December 2021
In June 2021, SIS completed an initial investment in, and long-term partnership arrangement with, Racelab Pty Limited, a racing data science company in Australia, which adds a range of market leading products across the SIS portfolio of international horse and greyhound racing which has expanded the range of trading products available for online customers internationally and in the UK.
India
An arbitration award was made in July 2020 which the respondent has paid into court. These funds are now subject to appeals in the Delhi High Court by both parties: SIS continues to pursue claims disallowed by the arbitrators whilst the respondent attempts to nullify the award in its entirety. The overall outcome therefore remains uncertain.
The legal and associated costs relating to this claim have been significantly reduced but are still impacting SIS's profits.
Litigation
As previously announced on 9 October 2020, in the case brought by The Racing Partnership ("TRP") and others against SIS's subsidiary, Sports Information Services Limited ("SISL"), and others, the Court of Appeal handed down judgment in relation to the appeals against various elements of the High Court judgment of Mr Justice Zacaroli in respect of liability issues. The Court of Appeal:
(1) Upheld SISL's appeal in relation to the finding of breach of confidence in relation to certain race day data supplied to SISL by a co-defendant; and
(2) Upheld TRP's appeal against the dismissal of its claims for unlawful means conspiracy.
The Court of Appeal was concerned only with the appeals on the liability findings and consequently made no ruling as to damages.
SIS has applied to the Supreme Court and has been granted an appeal hearing which is currently expected to be held in the summer of 2022.
Current Trading and Outlook
Following the relaxation of COVID-19 restrictions in May 2021, SIS's UK and Irish retail business has returned to normal operations whilst the Digital business has continued to operate at levels higher than pre-COVID-19 and has seen significant growth in the customer base. Additionally, the business has continued to scale its latest products of Competitive Gaming (e-sports) and Numbers draws.
SIS's profitability for its current financial year to 31 March 2022 is anticipated to see a significant rebound and SIS's management expects the company to make a profit for the year as a whole in excess of its budget.
SIS's cash position has returned to approximately GBP58m as at 28 February 2022 and its working capital position has returned to more normal levels.
As a result of the COVID-19 uncertainty, SIS has deferred any dividend this reporting period and will next consider a dividend later in 2022.
CMG operates at a very low level of overheads and the directors consider that it has sufficient working capital for its current needs.
Michael Rosenberg OBE
Chairman
29 March 2022
Consolidated interim statement of comprehensive income
Hot Features
Premium
Notes 6 months 6 months 12 months
to 31 December to 31 December to 30 June
2021 2020 2021
GBP GBP GBP
Unaudited Unaudited Audited
Revenue 12,500 12,500 25,000
Cost of sales - - -
---------------- ---------------- ------------
Gross profit 12,500 12,500 25,000
Administrative expenses (60,049) (49,424) (130,029)
Operating loss (47,549) (36,924) (105,029)
Financial income 9 13 23
Net financial income 9 13 23
---------------- ---------------- ------------
Share of profit/(loss) of equity-accounted
associate 3 497,890 (384,303) (1,470,048)
Profit/(loss) before taxation 450,350 (421,214) (1,575,054)
Taxation - (4,934) (4,934)
Profit/(loss) for the period 450,350 (426,148) (1,579,988)
---------------- ---------------- ------------
Share of other comprehensive
profit of associate - - (188,352)
Total comprehensive income/(loss)
for the period 450,350 (426,148) (1,768,340)
---------------- ---------------- ------------
Attributable to equity holders
of the company 450,350 (426,148) (1,768,340)
---------------- ---------------- ------------
Earnings/(loss) per share: 4
Basic 2.14p (2.03p) (7.51p)
---------------- ---------------- ------------
Diluted 2.14p (2.03p) (7.51p)
---------------- ---------------- ------------
Consolidated interim statement of financial position
Notes 31 December 31 December 30 June
2021 2020 2021
GBP GBP GBP
Unaudited Unaudited Audited
Assets
Non-current assets
Investment in associate 3 11,314,470 12,090,677 10,816,580
------------ ------------- -----------
11,314,470 12,090,677 10,816,580
------------ ------------- -----------
Current assets
Trade and other receivables 40,976 35,734 57,312
Cash and cash equivalents 165,849 260,020 167,830
------------ ------------- -----------
206,825 295,754 225,142
------------ ------------- -----------
Total assets 11,521,295 12,386,431 11,041,722
------------ ------------- -----------
Equity and liabilities
Capital and reserves
attributable to equity
holders of the parent
Share capital 2,103,202 2,103,202 2,103,202
Capital redemption
reserve 711,117 711,117 711,117
Merger reserve 2,402,674 2,402,674 2,402,674
Retained profits 6,235,910 7,127,752 5,785,560
------------ ------------- -----------
11,452,903 12,344,745 11,002,553
------------ ------------- -----------
Current liabilities
Trade and other payables 68,392 41,686 39,169
68,392 41,686 39,169
------------ ------------- -----------
Total equity and
liabilities 11,521,295 12,386,431 11,041,722
------------ ------------- -----------
Consolidated interim cash flow statement
6 months 6 months 12 months
to 31 December to 31 December to 30
2021 2020 June
2021
GBP GBP
Unaudited Unaudited GBP
Audited
Cash flow from operating activities
Profit / (loss) before taxation 450,350 (421,214) (1,575,054)
Adjustments for:
Share of (profit) / loss from associate (497,890) 384,303 1,470,048
Finance income (9) (13) (23)
Corporation taxes recovered - 34,875 29,941
---------------- ---------------- ------------
Net cash outflow from operating activities
before changes in working capital (47,549) (2,049) (75,088)
(Increase) / Decrease in trade and
other receivables 16,336 (12,802) (29,446)
Increase / (Decrease) in trade and
other payables 29,223 4,204 1,667
Net cash outflow used in operating
activities (1,990) (10,647) (102,847)
---------------- ---------------- ------------
Investing activities
Interest received 9 13 23
Net cash inflow from investing activities 9 13 23
---------------- ---------------- ------------
Net movement in cash and cash equivalents
in the period (1,981) (10,634) (102,824)
Cash and cash equivalents at the
beginning of the period 167,830 270,654 270,654
Cash and cash equivalents at the
end of the period 165,849 260,020 167,830
---------------- ---------------- ------------
Consolidated interim statement of changes in equity
Share Capital redemption Merger Retained Total shareholders
capital reserve reserve surplus/ equity
GBP (deficit) GBP
GBP Unaudited GBP GBP Unaudited
Unaudited Unaudited Unaudited
At 1 July 2020 2,103,202 711,117 2,402,674 7,553,900 12,770,893
Loss for the 6 month period to 31
December 2020 - - - (426,148) (426,148)
Dividend paid to company - - - - -
shareholders
Total comprehensive loss for the
period - - - (426,148) (426,148)
At 31 December 2020 2,103,202 711,117 2,402,674 7,127,752 12,344,745
----------- ------------------- ----------- ------------ -------------------
Loss for the 6 month period to 30
June 2021 - - - (1,153,840) (1,153,840)
Share of other comprehensive profit
of associate - - - (188,352) (188,352)
Total comprehensive loss for the
period - - - (1,342,192) (1,342,192)
At 30 June 2021 2,103,202 711,117 2,402,674 5,785,560 11,002,553
----------- ------------------- ----------- ------------ -------------------
Share Capital redemption Merger Retained Total
capital reserve reserve surplus/ shareholders
GBP (deficit) equity
GBP Unaudited GBP GBP GBP
Unaudited Unaudited Unaudited Unaudited
At 1 July 2021 2,103,202 711,117 2,402,674 5,785,560 11,002,553
Profit for the 6 month period to 31
December 2021 - - - 450,350 450,350
Dividend paid to company shareholders - - - - -
----------- ------------------- ----------- ----------- --------------
Total comprehensive profit for the
period - - - 450,350 450,350
----------- ------------------- ----------- ----------- --------------
At 31 December 2021 2,103,202 711,117 2,402,674 6,235,910 11,452,903
----------- ------------------- ----------- ----------- --------------
Notes to the interim financial statements
1. Corporate information
CMG is a company incorporated in England and Wales and quoted on the AIM market operated by London Stock Exchange plc.
2. Basis of preparation
These unaudited consolidated interim financial statements cover the six month period from 1 July 2021 to 31 December 2021 including the financial results of Sports Information Services (Holdings) Limited ("SIS") for the six month period to 30 September 2021.
These consolidated interim financial statements of the Company and its subsidiaries (the "Group") for the six months ended 31 December 2021 have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations) as adopted by the European Union and also in accordance with the Companies Act 2006.
The accounting policies adopted for the preparation of these unaudited interim financial statements are consistent with the accounting policies adopted in the Group's financial statements for the year ended 30 June 2021 and will remain so for the year ending 30 June 2022.
The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2021, on which the report of the auditors was unqualified and did not contain a statement under section 498 of the Companies Act 2006, have been filed with the Registrar of Companies.
New financial reporting requirements
The Group applied the following new financial reporting standards for the first time in preparing its most recent financial statements for the year ended 30 June 2021. There has been no material impact on the Group's financial statements
-- IFRS 16: Covid-19 Related Rent Concessions
Standards, interpretations and amendments to published standards not yet effective
At the date of authorisation of these consolidated financial statements, the IASB and IFRIC have issued the following standard and interpretations which are effective for annual accounting periods beginning on or after the stated effective date. This standard is not effective for, and has not been applied in, the preparation of these consolidated financial statements:
-- IFRS 17: Insurance Contracts (effective as of 1 January 2023)
The Directors anticipate that the adoption of this standard will not have a material impact on the Group's financial statements in the period of initial adoption.
3. Investment in associate
Total
Group
GBP
Cost
At 1 July 2021 10,816,580
Additions - share of profits 497,890
At 31 December 2021 11,314,470
-----------
The Group's interest in its associate, SIS, a company incorporated in England and Wales, is held by Alternateport Limited ("Alternateport"). Alternateport holds an investment of 20.54% in the equity share capital of SIS and is entitled to appoint a director and alternate director to the SIS board. This right has been exercised since acquisition. Alternateport is a wholly owned subsidiary of Catalyst Media Holdings Limited, a wholly-owned subsidiary of the Company.
The Board has reviewed its valuation of the Company's investment in SIS as at 31 December 2021 and has, in line with the Group's accounting policies, increased the value of the investment by the amount of its share of profits for the period. As a result, the investment is carried at a value equal to its 20.54% interest in SIS's net assets of GBP55.09m.
Share of profit of associate* 30 September 31 December 31 December 30 June
2021 2021 2020 2021
SIS Total CMG share CMG share CMG share
GBP'000 GBP'000 GBP'000 GBP'000
Revenue:
SIS Betting Services 113,355 23,283 14,091 26,724
Total revenue 113,355 23,283 14,091 26,724
Operating profit/(loss)
from ongoing operations 2,997 616 (488) (1,832)
Net interest receivable
/ (payable) (3) (1) 13 63
Profit/(loss) before tax 2,994 615 (475) (1,769)
Taxation (570) (117) 90 299
------------- ------------ ------------ ----------
Share of (loss)/income
after taxation 2,424 498 (384) (1,470)
------------- ------------ ------------ ----------
Net income from associate 2,424 498 (384) (1,470)
Other comprehensive income
Actuarial (loss) /gain - - - (289)
Deferred tax - - - 101
- - - (188)
------------- ------------ ------------ ----------
Share of gross assets and
liabilities of associate
Gross assets 112,308 23,068 25,784 20,629
Gross liabilities (57,223) (11,754) (13,693) (9,812)
------------- ------------ ------------ ----------
Net equity 55,085 11,314 12,091 10,817
------------- ------------ ------------ ----------
* - The period covered by the associate's accounts is the six months to 30 September 2021. The revenues have been stated excluding internal revenues.
SIS continued to be involved in a litigation case brought by The Racing Partnership ("TRP") and others against SIS's subsidiary, Sports Information Services Limited ("SISL"), and others. SISL has successfully defended two of the three claims and, following the year end, both SISL and TRP have been granted permission by the judge to appeal elements of the judgement. SISL have been ordered by the judge to pay 20% of TRP's costs.
4. Earnings/(loss) per share
The calculation of the basic earnings per ordinary share of 10p each in the capital of the Company ("Share") is based upon the following:
6 months 6 months 12 months
to to to 30 June
31 December 31 December 2021
2021 2020 GBP
GBP GBP
Basic and Diluted
Earnings/(loss) per share - pence 2.14p (2.03p) (7.51p)
Profit/(loss) attributable to equity
shareholders 450,350 (426,148) (1,579,988)
Weighted average number of Shares
in issue 21,032,030 21,032,030 21,032,030
------------- ------------- ------------
-S -
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END
IR BDGDXIGDDGDC
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March 30, 2022 02:00 ET (06:00 GMT)
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