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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cellcast Plc | LSE:CLTV | London | Ordinary Share | GB00B0GWFM68 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 1.00 | 1.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCLTV
RNS Number : 6357R
Cellcast plc
25 September 2017
Cellcast plc
("Cellcast" or the "Company")
Interim results for the six months ended 30 June 2017
The Board of Cellcast plc (AIM: CLTV) announces the group's interims results for the six months ended 30 June 2017.
Highlights
-- UK interactive broadcast revenues of GBP5.5 million (H1 2016: GBP5.3 million) -- Revenues from newly launched overseas gaming services of GBP300,000 (H1 2016: GBP320,000) -- Loss before tax of GBP145,000 for the period (H1 2016: profit of GBP78,000) -- Loss per share of 0.2p (H1 2016: earnings per share of 0.1p)
-- Board changes- Samuel Malin appointed as a Non-Executive Director and Craig Gardiner appointed as Chief Executive officer, strengthening the composition of the board.
Craig Gardiner, CEO of Cellcast plc, commented:
"Revenues in our core broadcast sector have continued to decline. Nevertheless, this decline has been offset by growth in online revenues, albeit these have come at an increased cost. Steady income derived from consultancy agreements has also helped fill the gap left by the decline of the broadcast derived revenues."
"The commencement of the renegotiated supplier agreement at the beginning of August has led to a substantial and material reduction in costs, giving us increased flexibility to deal with the challenging marketplace."
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Cellcast plc
Craig Gardiner, CEO Tel: +44 (0) 203
376 9420
craig@cellcast.tv www.cellcast.tv
Allenby Capital Limited
(Nominated Adviser)
Nick Naylor/James Reeve Tel: +44 (0) 20
3328 5656
CHIEF EXECUTIVE OFFICER'S STATEMENT
Half year results
UK interactive broadcast revenues for the six months ended 30 June 2017 were GBP5.5 million, an increase of 2% on the same period last year. Revenue from the overseas gaming consultancy services represented GBP300,000. Gross profit for the period amounted to GBP89,000 (H1 2016: GBP378,000).
Operating costs for the period were GBP256,000 (H1 2016: GBP343,000).
Overall, the group's operations generated a loss before tax of GBP145,000. This compares to a profit before tax of GBP78,000 for the period ending 30 June 2016.
The cost of sales has risen by 7% from GBP5,285,847 to GBP5,680,171. This increase comes from the growth in online revenues that carry more direct costs.
The post-tax loss for the period amounted to GBP145,000. This represents negative earnings per share of 0.2p. By comparison, during the period to 30 June 2016 the group achieved a net profit of GBP78,000 and earnings per share of 0.1p.
The group's cash and cash equivalents at 30 June 2017 stood at GBP862,000 compared to a balance of GBP1,189,000 at 30 June 2016.
The Company's treasury management scheme and investment strategy (the Lexinta Fund, based in Zurich) as reported in the last annual accounts amounted to GBP510,920. In the period, the decision was taken to redeem the investments and bring the cash back into the business, as the Fund Manager had decided it was time to liquidate the entire portfolio. The funds due back to the group are included in debtors as at 30 June 2017. The company expects to receive the remitted funds before the year-end. This will further strengthen the balance sheet of the company.
Outlook
The first six months of 2017 continued to be challenging. Revenues from Cellcast's core Voice and SMS business have continued to decline as viewing habits continue to change. However, the group has had some growing success in driving TV viewers onto the web where the service offering can be broadened. Revenues derived from the web now amount to 70% of those derived from the core broadcast business with the caveat that such revenues come with lower margins.
Consultancy and management services to companies in the lottery, gaming and entertainment sector in East Africa have provided a continuing source of revenue and both service and geographic diversification.
Costs have been significantly reduced with the new supplier agreement which was announced on 27 July 2017 and which came into effect on 1 August 2017. The new DMOL (Digital Television Multiplex Operators Ltd) EPG (Electronic Program Guide) which came into effect on 3 August saw the group's TV channels move to different viewing locations. The group will continue to monitor any impacts on the revenues that this may have in the second half of the year.
Craig Gardiner
Chief Executive Officer
25 September 2017
UNAUDITED CONDENSED CONSOLIDATED STATEMENT of comprehensive income
For the 6 months ended
30 June 2017
Audited
6 months 6 months
ended ended Year ended
30/06/17 30/06/16 31/12/16
GBP GBP GBP
Revenue 5,769,311 5,663,962 12,072,101
Cost of sales (5,680,171) (5,285,847) (10,949,499)
Gross profit 89,140 378,115 1,122,602
----------- ----------- ------------
Operating costs and
expenses:
Administrative expenses
(see note 6) (206,961) (264,472) (452,847)
Amortisation and depreciation (49,368) (78,694) (123,470)
Total operating costs
and expenses (256,329) (343,166) (576,317)
----------- ----------- ------------
Operating (loss)/profit (167,189) 34,949 546,285
Fair value gains and
losses 12,719 14,352 58,196
Finance costs (2,250) (4,514) (8,388)
Share of results of
associate 11,913 33,202 55,906
(Loss)/profit before
tax (144,807) 77,989 651,999
----------- ----------- ------------
Taxation - - (7,195)
(Loss)/profit for the
period (144,807) 77,989 644,804
Total comprehensive
income attributable
to owners of the parent (144,807) 77,989 644,804
=========== =========== ============
(Loss)/ profit per
share
Basic and diluted (0.2p) 0.1p 0.8p
=========== =========== ============
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2017
Audited
30/06/17 30/06/16 31/12/16
GBP GBP GBP
Assets
Non-current assets
Intangible assets 104,573 129,856 119,221
Property, plant and equipment 123,584 165,752 140,603
Investments 88,813 88,813 88,813
Interest in associate 74,958 40,341 63,045
391,928 424,762 411,682
----------- ------------- -----------
Current assets
Investments - financial
assets - 242,350 510,920
Trade and other receivables 2,825,531 1,785,150 2,343,977
Cash and cash equivalents 862,446 1,188,962 1,101,235
3,687,977 3,216,462 3,956,132
----------- ------------- -----------
Total assets 4,079,905 3,641,224 4,367,814
=========== ============= ===========
Capital and reserves
Called up share capital 2,285,398 2,285,398 2,285,398
Share premium account 5,533,626 5,533,626 5,533,626
Merger reserve 1,300,395 1,300,395 1,300,395
Warrant reserve 13,702 13,702 13,702
Retained earnings (6,921,658) (7,343,666) (6,776,851)
----------- ------------- -----------
Total equity 2,211,463 1,789,455 2,356,270
----------- ------------- -----------
Liabilities
Non-current liabilities 335,000 435,000 385,000
Current liabilities
Trade and other payables 1,533,442 1,416,769 1,626,544
Total liabilities 1,868,442 1,851,769 2,011,544
----------- ------------- -----------
Total equity and liabilities 4,079,905 3,641,224 4,367,814
=========== ============= ===========
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
As at 30 June Called
2017 Up Share
Share Premium Merger Warrant Retained Total
Capital Account Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
---------------- --------- --------- --------- ------- ----------- ---------
Balance at 1
January 2017 2,285,398 5,533,626 1,300,395 13,702 (6,776,851) 2,356,270
---------------- --------- --------- --------- ------- ----------- ---------
Loss for the
period - - - - (144,807) (144,807)
Balance at 30
June 2017 2,285,398 5,533,626 1,300,395 13,702 (6,921,658) 2,211,463
---------------- --------- --------- --------- ------- ----------- ---------
As at 31 December Called
2016 Up Share
Share Premium Merger Warrant Retained Total
Capital Account Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
-------------------- --------- --------- --------- ------- ----------- ---------
Balance at 1
January 2016 2,285,398 5,533,626 1,300,395 13,702 (7,421,655) 1,711,466
-------------------- --------- --------- --------- ------- ----------- ---------
Profit for the
period - - - - 644,804 644,804
Balance at 31
December 2016 2,285,398 5,533,626 1,300,395 13,702 (6,776,851) 2,356,270
-------------------- --------- --------- --------- ------- ----------- ---------
As at 30 June Called
2016 Up Share
Share Premium Merger Warrant Retained Total
Capital Account Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
---------------- --------- --------- --------- ------- ----------- ---------
Balance at 1
January 2016 2,285,398 5,533,626 1,300,395 13,702 (7,421,655) 1,711,466
---------------- --------- --------- --------- ------- ----------- ---------
Profit for the
period - - - - 77,989 77,989
Balance at 30
June 2016 2,285,398 5,533,626 1,300,395 13,702 (7,343,666) 1,789,455
---------------- --------- --------- --------- ------- ----------- ---------
In the above tables, the amounts are attributable to the equity holders of the parent.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2017
Audited
6 months 6 months
ended ended Year ended
30/06/17 30/06/16 31/12/16
GBP GBP GBP
Net cash (outflow)/inflow
from operations a (415,943) 364,216 457,707
Net cash inflow/(outflow)
from investing activities b 179,404 (10,016) (187,360)
Net cash used in financing
activities c (2,250) (4,514) (8,388)
------------------------------ --------- --------- ----------
Net (decrease)/increase
in cash and cash equivalents (238,789) 349,686 261,959
---------------------------------- --------- --------- ----------
Cash and cash equivalents
at beginning of period 1,101,235 839,276 839,276
Cash and cash equivalents
at end of period 862,446 1,188,962 1,101,235
---------------------------------- --------- --------- ----------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2017
6 months 6 months Audited
ended ended Year ended
30/06/17 30/06/16 31/12/16
GBP GBP GBP
a Reconciliation of net loss
to net cash (outflow) /
inflow from operating activities
(Loss)/profit before tax (144,807) 77,989 651,999
Fair value gains and losses (12,719) (14,352) (58,196)
Finance costs 2,250 4,514 8,388
Amortisation and depreciation 49,368 78,694 123,470
Gain on sale of intellectual
property - - -
Share of associates profit (11,913) (33,202) (55,906)
FX gain on current asset
investment 16,560 (22,664) (79,038)
Impairment of non-current
asset investments - - -
R&D tax credit - - -
(Increase)/decrease in
trade and other receivables (171,581) 516,028 (126,959)
Decrease in trade and other
payables (143,101) (242,791) (83,017)
Income tax received - - 76,966
Net cash (outflow) / inflow
from operations (415,943) 364,216 457,707
------------------------------------- ---------------- --------- -----------
Cash flow from investing
b activities
Proceeds on sale of channels - - -
Proceeds on sale of intellectual
property - - -
Purchase of property, plant
and equipment (17,700) (10,016) (19,010)
Refund of JV - - -
Investment in current asset
investments - - (168,350)
Proceeds from disposal
of current asset investments 197,104 - -
Purchase of investment
in associate - - -
Net cash inflow / (outflow)
from investing activities 179,404 (10,016) (187,360)
------------------------------------- ---------------- --------- -----------
Cash flow from financing
c activities
Interest paid (2,250) (4,514) (8,388)
Net cash used in financing
activities (2,250) (4,514) (8,388)
------------------------------------- ---------------- --------- -----------
d Cash and cash equivalents
Cash at bank 862,446 1,188,962 1,101,235
Cash and cash equivalents
at the end of the period 862,446 1,188,962 1,101,235
----------------------------- ------- --------- ---------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
1. General Information
Cellcast plc is a limited liability Company incorporated and domiciled in the United Kingdom. Its business address is 35 Soho Square, London, W1D 3QX. The address of its registered office is The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. Copies of this statement are available from this address and from the Company's website www.cellcast.tv.
The Company is quoted on AIM, a Market operated by the London Stock Exchange.
This condensed consolidated interim financial information was approved for issue on 25 September 2017.
2. Basis of preparation
This unaudited condensed consolidated interim financial information is for the six months ended 30 June 2017. This has been prepared in accordance with recognition and measurement principles of International Financial Reporting Standards (IFRS) as endorsed by the European Union and implemented in the UK. The financial information in this interim announcement is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The interim financial information does not include all of the information required for full annual financial statements and accordingly, whilst the interim financial information has been prepared in accordance with the recognition and measurement principles of IFRS, it cannot be construed as being in full compliance with IFRS.
The comparative financial information for the year ended 31 December 2016 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of the group for the year ended 31 December 2016 have been reported on by the Company's auditor and have been delivered to the Registrar of Companies. The auditor's report on those statutory accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement made under Section 498 of the Companies Act 2006.
The current and comparative periods to June have been prepared using accounting policies and practices consistent with those adopted in the annual financial statements for the year ended 31 December 2016 and are also consistent with those which will be adopted in the 31 December 2017 financial statements.
The directors have considered Standards and Interpretations which were in issue but not effective at the date of authorisation of this condensed interim financial information. The directors have particularly considered the impact of IFRS 15 to the group's revenue recognition policies. The accounting policy for recognising broadcast revenue is not expected to change when the rules under IFRS 15 are applied. A further, detailed review of the policy for recognising revenue generated from the provision of management and consultancy services will be required when IFRS 15 is adopted but given the relative amount of this revenue as a proportion of total revenue the directors do not expect a material impact on the group financial statements in the period of initial application.
There are no other Standards and Interpretations which were in issue but not effective at the date of authorisation of this condensed interim financial information that the directors anticipate will have a material impact on the financial statements.
The directors have carefully considered whether or not it is appropriate to adopt the going concern basis in preparing the interim financial report. The directors have reviewed the group's detailed cash forecast to ensure that the group's current working capital and credit facilities in place are sufficient for the foreseeable future. This assessment is based upon forecasts following the reduction in the revenue of the UK television business together with the continued reduction in operational costs implemented over the year; it also assumes the maintenance of existing relationships with key suppliers.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
3. Basis of preparation (continued)
After making enquiries, the directors have concluded that the group has adequate resources to continue trading for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the interim financial report.
4. Revenue
Audited
6 months 6 months
ended ended Year ended
30/06/17 30/06/16 31/12/16
GBP GBP GBP
Revenue
Interactive broadcast 5,469,311 5,343,767 11,452,101
Overseas gaming consultancy
services 300,000 320,195 620,000
--------- --------- ----------
Total revenue 5,769,311 5,663,962 12,072,101
--------- --------- ----------
5. Earnings per share
Basic and diluted earnings per share is based on the profit after tax and on the following weighted average number of shares in issue.
6 months 6 months Audited
ended ended Year ended
30/06/17 30/06/16 31/12/16
GBP GBP GBP
Reported (loss)/profit
for the financial period (144,807) 77,989 644,804
---------- ---------- -----------
Number Number Number
Weighted average number
of ordinary shares 77,513,224 77,513,224 77,513,224
Dilutive effect of outstanding
share options and warrants - - -
Weighted average number
of ordinary shares for
diluted earnings per share 77,513,224 77,513,224 77,513,224
========== ========== ===========
Basic earnings per share
(pence) (0.2p) 0.1p 0.8p
Diluted earnings per share
(pence) (0.2p) 0.1p 0.8p
---------- ---------- -----------
6. Foreign exchange gains and losses
Included in administrative expenses for the 6 months ended 30/06/17 are foreign currency gains of GBP85,433 (Audited year ended 31/12/16: gains of GBP140,043).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUBPBUPMURC
(END) Dow Jones Newswires
September 25, 2017 02:00 ET (06:00 GMT)
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