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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 | 0.00 | 07:31:25 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computers & Software-whsl | 25k | 2.61M | 0.1243 | 5.63 | 14.72M |
TIDMCMX
RNS Number : 6785U
Catalyst Media Group PLC
30 March 2023
30 March 2023
Catalyst Media Group Plc
("CMG", "Catalyst" or the "Company")
Interim Results for the Six Months Ended 31 December 2022
The Board of CMG (AIM: CMX) is pleased to announce the Company's unaudited interim results for the six months ended 31 December 2022.
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 2022
-- CMG profit after taxation of GBP0.30 million (2021: GBP0.45 million) -- Earnings per share of 1.45p (2021: 2.14p) -- Net asset value per share of 170.4p (2021: 54.5p) -- For the six months to 30 September 2022, SIS achieved - Revenues of GBP125.8 million (2021: GBP113.4 million) - Operating profit of GBP1.9 million (2021: GBP3.0 million) - Profit after tax on ordinary activities of GBP1.8 million (2021: profit of GBP2.4 million)
-- On 18 November 2022, SIS declared a dividend of GBP4.4 million of which GBP0.9 million was received by CMG.
-- CMG has not declared nor paid any dividends during the reporting period or during the prior period, but a dividend of GBP0.7m (3.3p per ordinary share) was declared and paid by CMG, post the reporting period end, in January and February 2023 respectively.
Current Trading and Outlook
SIS's trading remains robust and its management continues to pursue and win new business opportunities both in terms of content acquisition, most recently securing new rights for Australian Horseracing from Victorian Thoroughbred Racing and Racing South Australia, and new customers, with the most recent deals announced being with BetGo+ and Kiron Interactive.
SIS has also recently launched the first of its esports offerings in New Jersey and Colorado which marks another significant step in the further geographic diversification of this particular business line.
SIS has advised CMG that it expects to close its financial year to 31 March 2023 with increased revenue and profit before tax year-on-year.
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 by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Chairman's Statement
For the six-month period ended 31 December 2022, the Company achieved a net profit after taxation of GBP0.30 million (2021: GBP0.45 million).
Net assets as at 31 December 2022 were GBP35.8 million (30 June 2022: GBP35.5 million). Net cash as at 31 December 2022 was approximately GBP0.9 million (30 June 2022: GBP0.1 million).
CMG's main asset remains its 20.54% stake in SIS and, in November 2022, the Company received a dividend of GBP0.9 million from SIS. The value of CMG's investment in SIS has reduced from approximately GBP35.4 million to approximately GBP34.9 million, reflecting the impact of the dividend receipt offset by CMG's share of the profits achieved by SIS in the six months to 30 September 2022. As a result, CMG's net assets per share as at 31 December 2022 were 170.4p (2021: 54.5p). 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 GBP1.8 million after tax for its six-month period to 30 September 2022 (2021: GBP2.4 million). SIS's revenues for such period were GBP125.8 million (2021: GBP113.4 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 GBP1.9 million, compared to an operating profit of GBP3.0 million in the comparable period for 2021.
Following the declaration and payment of a GBP0.7m dividend (3.3p per ordinary share) in January and February 2023 respectively, CMG currently has cash reserves of approximately GBP0.2 million which is sufficient for its present requirements.
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, 49s and International Horseracing to almost the entire UK and Irish retail market, including all of the major UK bookmaking groups and the majority of the independent market.
In advance of the scheduled renewal dates SIS has recently renewed, on a long-term basis, a combination of production, distribution, and content deals with 80% of the major bookmaker Licensed Betting Operator ("LBO") market and is in advanced stage negotiations with the remainder of the major bookmaker LBO market. This is in addition to the majority of the Independent Retail Bookmakers who are already signed up to SIS's services through to 2024.
SIS has recently secured additional content for its UK Retail and Digital customers in the form of South African horseracing from 4Racing, Italian horseracing and Australian horseracing content from both Victorian Thoroughbred Racing and Racing South Australia.
SIS - International & Online
SIS has seen continued growth in both existing customer revenues and its customer base for its online racing content through both its 24/7 racing channels and direct content distribution. SIS has over 140 live feeds to 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.
In November 2022, SIS exercised its option to acquire a further 25% interest in Racelab Pty Limited ("Racelab"), a racing data science company in Australia, thereby increasing its total stake to 50%. Racelab provides a range of market leading products across the SIS portfolio of international horse and greyhound racing.
SIS - Non-racing content
Numbers products online, operated under the 49's brand, have grown significantly in the period, driven by a combination of increased customers and an expanded product range, and complemented by an upgrade of the 49s.co.uk website which has driven affiliates revenue. In December 2022 bet365 launched a new online draw product, Lotto365, powered by SIS's 49s business which brought the total number of events delivered under the 49's brand to over 300,000.
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 during the period. The business has three titles focused around eBasketball, eFootball and Counter Strike: Global Offensive (CS: GO), a traditional e-sports product, and creates over 100,000 events per annum with the ability to scale further. SIS has also recently launched the first of its esports offerings in New Jersey and Colorado which marks another significant step in the further geographic diversification of this particular business line.
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.
SIS Current Trading and Outlook
SIS's trading remains robust, and its management continues to pursue and win new business opportunities both in terms of content acquisition, most recently securing new rights for Australian Horseracing from Victorian Thoroughbred Racing and Racing South Australia and new customers, with the most recent deals announced being with BetGo+ and Kiron Interactive.
SIS has advised CMG that it expects to close its financial year to 31 March 2023 with increased revenue and profit before tax year-on-year
SIS's cash position as of 28 February 2023 was approximately GBP51m.
As announced previously by the Company, in November 2022 SIS engaged Oakvale Capital LLP ("Oakvale Capital") to review strategic options for the SIS business and this review is ongoing. The outcome of this review process may include various courses of action for the future of the business and once the SIS board has reached any conclusions an appropriate announcement will be made by CMG.
CMG Outlook
The Board of CMG notes the positive report from SIS that its revenues and profits are expected to show increased growth for its financial year ending 31 March 2023 compared to the previous year. We look forward to the outcome of the review currently being undertaken by Oakvale Capital. Meanwhile overheads for CMG continue to remain at a very low level as in previous years.
Michael Rosenberg OBE
Chairman
29 March 2023
Consolidated interim statement of comprehensive income
Notes 6 months 6 months 12 months to 31 December to 31 December to 30 June 2022 2021 2022 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 (77,355) (60,049) (137,859) Operating loss (64,855) (47,549) (112,859) Financial income 874 9 36 Net financial income 874 9 36 ---------------- ---------------- ------------ Share of profit of equity-accounted associate 3 368,077 497,890 1,153,937 Reversal of impairment of equity-accounted associate - - 23,391,701 ---------------- ---------------- ------------ Profit before taxation 304,096 450,350 24,432,815 Taxation - - 23,957 Profit for the period 304,096 450,350 24,456,772 ---------------- ---------------- ------------ Share of other comprehensive profit of associate - - 67,782 Total comprehensive income for the period 304,096 450,350 24,524,554 ---------------- ---------------- ------------ Attributable to equity holders of the Company 304,096 450,350 24,524,554 ---------------- ---------------- ------------ Earnings per share: 4 Basic 1.45p 2.14p 116.28p ---------------- ---------------- ------------ Diluted 1.45p 2.14p 116.28p ---------------- ---------------- ------------
Consolidated interim statement of financial position
Notes 31 December 31 December 30 June 2022 2021 2022 GBP GBP GBP Unaudited Unaudited Audited Assets Non-current assets Investment in associate 3 34,894,534 11,314,470 35,430,000 ------------ ------------- ----------- 34,894,534 11,314,470 35,430,000 ------------ ------------- ----------- Current assets Trade and other receivables 49,555 40,976 56,953 Cash and cash equivalents 936,582 165,849 93,011 ------------ ------------- ----------- 986,137 206,825 149,964 ------------ ------------- ----------- Total assets 35,880,671 11,521,295 35,579,964 ------------ ------------- ----------- 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 30,614,210 6,235,910 30,310,114 ------------ ------------- ----------- 35,831,203 11,452,903 35,527,107 ------------ ------------- ----------- Current liabilities Trade and other payables 49,468 68,392 52,857 49,468 68,392 52,857 ------------ ------------- ----------- Total equity and liabilities 35,880,671 11,521,295 35,579,964 ------------ ------------- -----------
Consolidated interim cash flow statement
6 months 6 months 12 months to 31 December to 31 December to 30 2022 2021 June 2022 GBP GBP Unaudited Unaudited GBP Audited Cash flow from operating activities Profit before taxation 304,096 450,350 24,432,815 Adjustments for: Share of (profit) from associate (368,077) (497,890) (1,153,937) Reversal of impairment in associate - - (23,391,701) Finance income (874) (9) (36) Corporation taxes recovered 17,904 - - ---------------- ---------------- -------------- Net cash outflow from operating activities before changes in working capital (46,951) (47,549) (112,859) (Increase) / Decrease in trade and other receivables (10,506) 16,336 24,316 Increase / (Decrease) in trade and other payables (3,389) 29,223 13,688 Net cash outflow used in operating activities (60,846) (1,990) (74,855) ---------------- ---------------- -------------- Investing activities Dividend received 903,543 - - Interest received 874 9 36 Net cash inflow from investing activities 904,417 9 36 ---------------- ---------------- -------------- Net movement in cash and cash equivalents in the period 843,571 (1,981) (74,819) Cash and cash equivalents at the beginning of the period 93,011 167,830 167,830 Cash and cash equivalents at the end of the period 936,582 165,849 93,011 ---------------- ---------------- --------------
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 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 the Company's - - - - - 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 ----------- ------------------- ----------- ----------- ------------------- Profit for the 6 month period to 30 June 2022 - - - 24,006,422 24,006,422 Share of other comprehensive profit of associate - - - 67,782 67,782 Total comprehensive profit for the period - - - 24,074,204 24,074,204 At 30 June 2022 2,103,202 711,117 2,402,674 30,310,114 35,527,107 ----------- ------------------- ----------- ----------- ------------------- Share Capital Merger Retained Total capital redemption reserve surplus/ shareholders reserve (deficit) equity GBP GBP GBP GBP GBP Unaudited Unaudited Unaudited Unaudited Unaudited At 1 July 2022 2,103,202 711,117 2,402,674 30,310,114 35,527,107 Profit for the 6 month period to 31 December 2022 - - - 304,096 304,096 Dividend paid to the Company's shareholders - - - - - ----------- ------------ ----------- ----------- -------------- Total comprehensive profit for the period - - - 304,096 304,096 ----------- ------------ ----------- ----------- -------------- At 31 December 2022 2,103,202 711,117 2,402,674 30,614,210 35,831,203 ----------- ------------ ----------- ----------- --------------
Notes to the interim financial statements
1. Corporate information
CMG is a company incorporated in England and Wales and is 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 2022 to 31 December 2022 including the financial results of Sports Information Services (Holdings) Limited ("SIS") for its six month period to 30 September 2022.
These consolidated interim financial statements of the Company and its subsidiaries (the "Group") for the six months ended 31 December 2022 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 2022 and will remain so for the year ending 30 June 2023.
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 2022, 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, including SIS, has applied no new financial reporting standards for the first time in preparing its financial statements for the six month period ended 31 December 2022.
Standards, interpretations and amendments to published standards not yet effective
At the date of authorisation of these consolidated interim 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 interim 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 2022 35,430,000 Additions - share of profits 368,077 Dividends received (903,543) At 31 December 2022 34,894,534 -----------
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 2022 and has, in line with the Group's accounting policies, decreased the value of its investment by the amount of its share of profits for the period, less the value of the dividend received. As a result, the investment is now carried at a value of GBP34.9m.
Share of profit of associate* 30 September 31 December 31 December 30 June 2022 2022 2021 2022 SIS Total CMG share CMG share CMG share GBP'000 GBP'000 GBP'000 GBP'000 Revenue: SIS Betting Services 125,746 25,828 23,283 44,849 Total revenue 125,746 25,828 23,283 44,849 Operating profit/(loss) from ongoing operations 1,929 396 616 1,430 Net interest receivable / (payable) 283 58 (1) - Profit/(loss) before tax 2,212 454 615 1,430 Taxation (420) (86) (117) (276) ------------- ------------ ------------ ---------- Share of income/(loss) after taxation 1,792 368 498 1,154 ------------- ------------ ------------ ---------- Net income from associate 1,792 368 498 1,154 Other comprehensive income Actuarial gain/(loss) - - - 104 Deferred tax - - - (36) - - - 68 ------------- ------------ ------------ ---------- Share of gross assets and liabilities of associate Gross assets 131,315 26,972 23,068 26,005 Gross liabilities (69,212) (14,216) (11,754) (13,617) ------------- ------------ ------------ ---------- Net equity 62,103 12,756 11,314 12,388 ------------- ------------ ------------ ----------
* - The period covered by the associate's accounts is for the six months to 30 September 2022. The revenues have been stated excluding internal revenues.
4. Earnings 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 2022 2022 2021 GBP GBP GBP Basic and Diluted Earnings per share - pence 1.45p 2.14p 116.28p Profit attributable to equity shareholders 304,096 450,350 24,456,772 Weighted average number of Shares in issue 21,032,030 21,032,030 21,032,030 ------------- ------------- ------------
-S -
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