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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 |
TIDMCLTV
RNS Number : 7660B
Cellcast plc
25 September 2018
Cellcast plc
("Cellcast" or the "Company")
Interim results for the six months ended 30 June 2018
The Board of Cellcast plc (AIM: CLTV) announces the group's interims results for the six months ended 30 June 2018.
Highlights
-- UK interactive broadcast revenues remained broadly level at GBP5.44 million (H1 2017: GBP5.49 million)
-- Revenues from overseas gaming services of GBP330,000 (H1 2017: GBP300,000) -- Profit before tax of GBP5,000 for the period (H1 2017: loss of GBP145,000) -- Earnings per share of 0.001p (H1 2017: loss per share of 0.2p) -- Core focus remains in the UK, specifically the online sector
Craig Gardiner, CEO of Cellcast plc, commented:
"Revenues in our core broadcast sector and from our overseas gaming services have remained broadly in line, however due to a reduction in cost of sales we have reported a small profit for the period. With Brexit uncertainty looming, we are focussing our efforts in our core market of the UK. In particular, we have invested in our online offering, with an emphasis on cost control and improving our margins. We therefore hope that the positive trading will carry on through the second half of the year."
For further information:
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 2018 were GBP5.44 million, which was broadly in line with the same period last year (H1 2017: GBP5.49m). Revenue from the overseas gaming consultancy services represented GBP330,000 (compared to GBP300,000 in H1 2017).
With additional savings achieved through the group's improved online strategy, the cost of sales decreased by GBP174,000 to GBP5.51m, a reduction of 3% compared to the same period last year (H1 2017 cost of sales: GBP5.68m). As a result, the gross profit for the period amounted to GBP267,000 compared to GBP89,000 in H1 2017.
General and administrative costs before the forex impact for the period were GBP277,000 (H1 2017: GBP292,000). After forex gains of GBP56,000, the general and administrative costs amounted to GBP217,000 (H1 2017: GBP162,000).
Overall, the group's operations showed a breakeven position, with a profit before tax of GBP5,000. This compares to a loss before tax of GBP145,000 for the period ending 30 June 2017.
The post-tax loss for the period amounted to GBP5,000 and earnings per share of 0.001p. By comparison, during the period to 30 June 2017 the group suffered a net loss of GBP145,000 and negative earnings per share of 0.2p.
The group's cash and cash equivalents at 30 June 2018 stood at GBP978,000 compared to a balance of GBP862,000 at 30 June 2017.
Outlook
The economic uncertainty caused by Brexit continues to present major challenges to the media and entertainment industry, so we are planning a prudent approach until there is further clarity post March 2019.
The Company's clients in Kenya have notified us of potential reduction and delays in service payments owing to lack of clarity about the application of new taxes affecting lotteries. As a result of these uncertainties, our client's marketing has been scaled back and in the coming months we may not realise the full bonus payments that form part of our service remuneration. There is expectation that any such potential decline in the lottery activity can be off-set by revenue generated by the planned launch of new products and services in that region in the last quarter of 2018.
The group has focused a lot of effort in the UK and specifically towards the online sector, with particular emphasis on cost control and improving our margins. These efforts will continue in the coming months, further refining our product portfolio.
On the broadcast side, we have made further bandwidth savings over the summer and will be monitoring the effects of these changes over the coming months.
Craig Gardiner
Chief Executive Officer
24 September 2018
UNAUDITED CONDENSED CONSOLIDATED STATEMENT of comprehensive income
For the 6 months ended 30 June 2018 Audited 6 months ended 6 months ended Year ended 30/06/18 30/06/17 31/12/17 GBP GBP GBP Revenue 5,772,955 5,769,311 11,969,626 Cost of sales (5,506,046) (5,680,171) (11,151,615) Gross profit 266,909 89,140 818,011 -------------- -------------- ------------ Operating costs and expenses: Administrative expenses (see note 5) (216,762) (161,646) (594,636) Amortisation and depreciation (42,334) (49,368) (92,818) Total operating costs and expenses (259,096) (211,014) (687,454) -------------- -------------- ------------ Operating profit/(loss) 7,813 (121,874) 130,557 Fair value gains and losses - 12,719 12,719 Foreign exchange loss on current asset investments - (45,315) (45,315) Impairment losses - - (754,358) Finance costs (2,460) (2,250) (7,953) Share of results of associate - 11,913 11,913 Profit/(loss) before tax 5,353 (144,807) (652,437) -------------- -------------- ------------ Taxation - - 5,794 Profit/(loss) for the period 5,353 (144,807) (646,643) Total comprehensive income attributable to owners of the parent 5,353 (144,807) (646,643) ============== ============== ============ Earnings/(loss) per share Basic and diluted 0.00p (0.2p) (0.8p) ============== ============== ============
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2018 Audited 30/06/18 30/06/17 31/12/17 GBP GBP GBP Assets Non-current assets Intangible assets 87,050 104,573 94,149 Property, plant and equipment 132,794 123,584 122,741 Investments 88,813 88,813 88,813 Interest in associate - 74,958 - 308,657 391,928 305,703 ----------- ------------- ----------- Current assets Trade and other receivables 1,440,521 2,825,531 1,954,053 Cash and cash equivalents 978,206 862,446 1,057,301 2,418,727 3,687,977 3,011,354 ----------- ------------- ----------- Total assets 2,727,384 4,079,905 3,317,057 =========== ============= =========== 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 (7,418,141) (6,921,658) (7,423,494) ----------- ------------- ----------- Total equity 1,714,980 2,211,463 1,709,627 ----------- ------------- ----------- Liabilities Non-current liabilities - 335,000 37,113 Current liabilities Trade and other payables 1,012,404 1,533,442 1,570,317 Total liabilities 1,012,404 1,868,442 1,607,430 ----------- ------------- ----------- Total equity and liabilities 2,727,384 4,079,905 3,317,057 =========== ============= ===========
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
As at 30 June 2018 Called Up Share Share Premium Merger Warrant Retained Total Capital Account Reserve Reserve Earnings Equity GBP GBP GBP GBP GBP GBP --------------------- --------- --------- --------- ------- ----------- --------- Balance at 1 January 2018 2,285,398 5,533,626 1,300,395 13,702 (7,423,494) 1,709,627 --------------------- --------- --------- --------- ------- ----------- --------- Loss for the period - - - - 5,353 5,353 Balance at 30 June 2018 2,285,398 5,533,626 1,300,395 13,702 (7,418,141) 1,714,980 --------------------- --------- --------- --------- ------- ----------- --------- As at 31 December 2017 Called 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 - - - - (646,643) (646,643) Balance at 31 December 2017 2,285,398 5,533,626 1,300,395 13,702 (7,423,494) 1,709,627 ----------------------- --------- --------- --------- ------- ----------- --------- As at 30 June 2017 Called 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 --------------------- --------- --------- --------- ------- ----------- ---------
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 2018
Audited 6 months ended 6 months ended Year ended 30/06/18 30/06/17 31/12/17 GBP GBP GBP Net cash (outflow) from operations a (31,346) (415,943) (154,448) Net cash (outflow)/inflow from investing activities b (45,289) 179,404 118,467 Net cash used in financing activities c (2,460) (2,250) (7,953) ----------------------------------- --- -------------- -------------- ---------- Net (decrease) in cash and cash equivalents (79,095) (238,798) (43,934) ---------------------------------------- -------------- -------------- ---------- Cash and cash equivalents at beginning of period 1,057,301 1,101,235 1,101,235 Cash and cash equivalents at end of period d 978,206 862,446 1,057,301 ----------------------------------- --- -------------- -------------- ----------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2018
Audited 6 months ended 6 months ended Year ended 30/06/18 30/06/17 31/12/17 GBP GBP GBP a Reconciliation of net loss to net cash (outflow) from operating activities Profit/(loss) before tax 5,353 (144,807) (646,643) Income tax recognised in profit or loss - - (5,794) Fair value gains and losses - (12,719) (12,719) Finance costs 2,460 2,250 7,953 Amortisation and depreciation 42,334 49,368 92,818 Impairment losses - - 754,358 Share of associate's profit - (11,913) (11,913) FX gain on current asset investment - 16,560 45,315 Decrease/(increase) in trade and other receivables 513,532 (171,581) 20,497 (Decrease) in trade and other payables (595,025) (143,101) (398,338) Income tax received - - 18 Net cash (outflow) from operations (31,346) (415,943) (154,448) ----------------------------------------- ---------------- -------------- ----------- b Cash flow from investing activities Purchase of property, plant and equipment (45,289) (17,700) (49,884) Proceeds from disposal of current asset investments - 197,104 168,351 Net cash (outflow) / inflow from investing activities (45,289) 179,404 118,467 ----------------------------------------- ---------------- -------------- ----------- c Cash flow from financing activities Interest paid (2,460) (2,250) (7,953) Net cash used in financing activities (2,460) (2,250) (7,953) ----------------------------------------- ---------------- -------------- ----------- d Cash and cash equivalents Cash at bank 978,206 862,446 1,057,301 Cash and cash equivalents at the end of the period 978,206 862,446 1,057,301 ------------------------------------ ------- ------- ---------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
1. General Information
Cellcast plc is a public limited 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 operating on the London Stock Exchange PLC.
This condensed consolidated interim financial information was approved for issue on 25 September 2018.
2. Basis of preparation
This unaudited condensed consolidated interim financial information is for the six months ended 30 June 2018. 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 2017 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 2017 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 2017 and are also consistent with those which will be adopted in the 31 December 2018 financial statements.
These financial statements are the first financial statements of Cellcast plc prepared in accordance with IFRS 9 and IFRS 15 which are effective for periods commencing on or after 1 January 2018. The reported financial position and financial performance for the previous period are not affected by the new standards.
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.
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.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
2. Basis of preparation (continued)
In the financial statements for the year ended 31 December 2017 foreign exchange gains and losses on current asset investments were presented below operating profit. In the interim period to 30 June 2017 foreign exchange losses on current asset investments were shown within administrative expenses. This presentation was deemed more appropriate by the directors as these amounts relate to the group's investment activities. To ensure amounts are comparable, for the period to 30 June 2017 presented, foreign exchange losses on current asset investments of GBP45,015 have been reclassified from administrative expenses to be presented below operating profit.
3. Revenue Audited 6 months ended 6 months ended Year ended 30/06/18 30/06/17 31/12/17 GBP GBP GBP Revenue Interactive broadcast 5,442,955 5,469,311 11,309,626 Overseas gaming consultancy services 330,000 300,000 660,000 -------------- -------------- ---------- Total revenue 5,772,955 5,769,311 11,969,626 -------------- -------------- ---------- 4. Earnings / (loss) 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 30/06/18 30/06/17 31/12/17 GBP GBP GBP Reported (loss)/profit for the financial period 5,353 (144,807) (646,643) ---------- ---------- ----------- Number Number Number Weighted average number of ordinary shares for basic and diluted earnings / (loss) per share 77,513,224 77,513,224 77,513,224 Weighted average number of ordinary shares for diluted earnings / (loss) per share 77,513,224 77,513,224 77,513,224 ========== ========== =========== Basic earnings / (loss) per share (pence) 0.00p (0.2p) (0.8p) Diluted earnings / (loss) per share (pence) 0.00p (0.2p) (0.8p) ---------- ---------- ----------- 5. Foreign exchange gains and losses
Included in administrative expenses for the 6 months ended 30/06/18 are foreign currency gains of GBP56,378 (Audited year ended 31/12/17: losses of GBP74,987. 6 months ended 30 June 2018: gains of GBP85,433).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR PGUUUBUPRGQC
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September 25, 2018 02:00 ET (06:00 GMT)
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