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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Content Media | LSE:CMCP | London | Ordinary Share | GB0009715375 | 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% | 0.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCMCP
RNS Number : 4652U
Content Media Corporation PLC
22 December 2011
22 December 2011
Content Media Corporation plc
Interim Results for the six months ended 30 September 2011
The Board of Content Media Corporation plc (AIM: CMCP), a pre-eminent owner of media rights supported by strong film, TV and digital sales divisions, today announces its unaudited interim results for the six months ended 30 September 2011.
Financial Highlights
-- Turnover of GBP8.5 million (2010: GBP6.6 million)
-- Gross profit before operating expenses of GBP3.8 million (2010: GBP3.4 million)
-- Normalised EBITDA(1) of GBP0.8 million (2010: GBP0.7 million)
-- Normalised PBT(1) profit of GBP0.2 million (2010: loss of GBP0.1 million)
-- Normalised basic EPS(1) of 0.1 pence (2010: 0.0 pence)
-- Reported loss of GBP0.2 million (2010: GBP0.7 million)
-- Net debt of GBP19.2m (2010: GBP20.3m).
Operational Highlights
-- Content Television continues to trade well and Collins Avenue is growing strongly. Visibility into the second half is reasonable and another solid year is expected
-- Content Film is having a stable year with robust library sales. Management anticipate a stronger second half as new titles are delivered
-- Content Digital continues as a market leader in the distribution of multi-platform programming and its sales to digital platforms are continuing to grow
-- Overheads remain stable with a small increase predominantly due to Collins Avenue
Commenting on the Interim Statement, John Schmidt, Chief Executive Officer of Content Media Corporation, said:
"We have had a comparatively good half year result and we are well positioned for another year of revenue growth and a solid full year result. Our investment in Collins Avenue is beginning to yield positive results for us and it is now set to become a leading US factual entertainment production company. We hope that further growth opportunities as well as new investment opportunities will arise in this area."
(1) - For details on definitions and calculations refer to the Financial Review below
Enquiries:
John Schmidt/Geoff Webb www.contentmediacorp.com Content Media Corporation PLC Tel: 020 7851 6500 Robert Emmett Throgmorton Street Capital Tel: 020 7070 0973 Philip Secrett/Colin Aaronson/David Hignell Grant Thornton Corporate Finance Tel: 020 7383 5100
Chairman's Statement
Introduction
For the six months ended 30 September 2011, Content Media Corporation plc reports an operating profit of GBP0.4 million (2010: GBP0.2 million). The normalised profit before interest, tax, depreciation, intangible library amortisation, share option expenses and exceptionals(1) was GBP0.8 million (2010: GBP0.7 million). The normalised profit before tax(1) was a profit of GBP0.2 million (2010: loss of GBP0.1 million). The loss before and after tax was GBP0.2 million (2010: GBP0.7 million).
The results for this half year are up on last year predominantly due to higher revenues and profits from Collins Avenue - the Group's factual television production company jointly owned with Jeff Collins - with all other divisions recording results similar to last year. The directors consider that these are solid results and demonstrate the ongoing stability of the Group's operations.
(1) - For details on definitions and calculations refer to the Financial Review below
Financial Review
The figures for Normalised EBITDA, Normalised PBT and Normalised EPS reconcile as follows:
GBPm GBPm GBPm ---------------------------------- ---------------------- -------------------- ---------------------- 6 months 6 months 12 months ---------------------------------- ---------------------- -------------------- ---------------------- Sep 2011 Sep 2010 Mar 2011 ---------------------------------- ---------------------- -------------------- ---------------------- Operating profit/(loss) 0.4 0.2 2.6 ---------------------------------- ---------------------- -------------------- ---------------------- Add back: ---------------------------------- ---------------------- -------------------- ---------------------- Intangible library amortization 0.2 0.4 0.8 ---------------------------------- ---------------------- -------------------- ---------------------- Depreciation 0.0 0.0 0.0 ---------------------------------- ---------------------- -------------------- ---------------------- Share based payments 0.0 0.0 0.0 ---------------------------------- ---------------------- -------------------- ---------------------- Non recurring exceptional items 0.2 0.1 0.2 ---------------------------------- ---------------------- -------------------- ---------------------- ------------- ------------- ------------- ---------------------------------- ---------------------- -------------------- ---------------------- Normalised EBITDA 0.8 0.7 3.6 ---------------------------------- ---------------------- -------------------- ---------------------- Less: ---------------------------------- ---------------------- -------------------- ---------------------- Net finance costs (finance costs less finance income) 0.6 0.8 1.3 ---------------------------------- ---------------------- -------------------- ---------------------- ------------- ------------- ------------- ---------------------------------- ---------------------- -------------------- ---------------------- Normalised PBT 0.2 (0.1) 2.3 ---------------------------------- ---------------------- -------------------- ---------------------- ======== ======== ======== ---------------------------------- ---------------------- -------------------- ---------------------- Sep Sep Mar ------------------------------------- -------------- ------------- --------------------- 2011 2010 2011 ------------------------------------- -------------- ------------- --------------------- Normalised PBT - GBPm 0.2 (0.1) 2.3 ------------------------------------- -------------- ------------- --------------------- Divided by: weighted average number of ordinary shares 176,820,670 174,698,383 174,739,084 ------------------------------------- -------------- ------------- --------------------- ------------- ------------- ------------- ------------------------------------- -------------- ------------- --------------------- Normalised EPS - pence 0.1p 0.0p 1.3p ------------------------------------- -------------- ------------- --------------------- ======== ======== ======== ------------------------------------- -------------- ------------- ---------------------
Divisional results break down as follows:
TV TV Film Film DVD DVD Corp Corp Total Total ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 11 10 11 10 11 10 11 10 11 10 ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Revenue 7.3 5.3 0.9 0.7 0.3 0.6 0.0 0.0 8.5 6.6 ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Less: cost of sales (4.4) (2.7) (0.1) (0.1) (0.2) (0.4) 0.0 0.0 (4.7) (3.2) ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Gross margin 2.9 2.6 0.8 0.6 0.1 0.2 0.0 0.0 3.8 3.4 ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Gross margin % 40% 49% 89% 86% 33% 33% 0% 0% 45% 52% ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Less: overhead (1.5) (1.3) (0.5) (0.4) (0.0) (0.1) (1.4) (1.3) (3.2) (3.1) ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Add: library amortis'n 0.2 0.2 0.0 0.0 0.0 0.2 0.0 0.0 0.2 0.4 ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Add: share option expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Normalised EBITDA 1.6 1.5 0.3 0.2 0.1 0.3 (1.4) (1.3) 0.8 0.7 ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Results
Content Television
The television division has had a solid first half and the highlights have been:
-- Revenues were split GBP1.6m (2010: GBP2.6m) to the Fireworks library, GBP3.7m (2010: GBP2.6m) to newly acquired product and GBP2.0m (2010: GBP0.1m) to Collins Avenue. Newly acquired product is predominantly new television series and factual programming but also includes library acquisitions like Harmony Gold
-- The Fireworks library and the new drama library continue to sell broadly across a range of titles which includes our distribution of "The Emmys" and individual titles including "Heartland" and "Republic of Doyle"
-- Factual distribution has improved and now includes a number of awards shows alongside several natural history series like "Wild Wales" and "Secret Lives of Birds" and historical series including "Secrets of War"
-- In relation to the Group's third party managed libraries, the Harmony Gold library continues to sell well and we have also begun distributing another large episodic library series, "Highway to Heaven" starring Michael Landon
-- The digital division continues to achieve pleasing results and is leading the market in the distribution of titles made for multi-platform programming, including those we distribute from our Vuguru output deal. Alongside sales of this library, the division is having great success in exploiting our whole library across the expanding digital platforms and representing other libraries in the digital space
-- Collins Avenue has traded well in the first half of the year. Over the recent period, it has received orders for over 50 hours of programming and its show "Dance Moms" is a hit for Lifetime.
-- Overheads have increased due to higher overheads in Collins Avenue with other overheads in the divisions remaining stable
-- Taking account of all the above, the effect is that revenues have increased significantly whilst profits have increased marginally due to the fact that Collins Avenue has lower margins
Management are cautiously optimistic that the outlook for the division into the second half half of the year continues to be solid:
-- We have a degree of known library revenue that will be recognized in the second half
-- Most of our drama series will be delivered in the second half including the fifth season of "Heartland" and third season of "Republic of Doyle", together with the third season of BBC children's series "Young Dracula"
-- Results from our factual distribution division have been improving which we believe will continue into the second half of the year
-- Our digital sub-division continues to be a market leader in the distribution of multi-platform programming for leading producers in this area. We are taking delivery of several digital shows including "The Millionaire Tour" and "Strictly Sexual". Additionally, within the digital and television divisions, we have also branched out into new live event shows such as the mixed martial arts event "BAMMA"
-- The outlook for Collins Avenue is positive with an increasing amount of production activity being undertaken in the second half based upon known broadcast commissions. The Company is expected to continue to grow over the coming period.
-- We recently closed a deal to expand our operations into West England and Wales, through a jointly owned company called Content West to be run by previous BBC executive Tim Morley. Initial results from this business have been encouraging with several new projects having been acquired and others being developed positively
-- Spirit digital media is performing in line with expectations and has been achieving promising levels of initial revenue without breaking out as yet. Nevertheless the trajectory is positive and we continue to believe this business has strong future prospects.
Content Film
The film division has had a similar result this first half compared to last year, the key features to note are:
-- Revenues from our new films have been low and most of the revenues and profits relate to the feature film library
-- The film library continues to grow - it now numbers over 220 feature film tiles - and the revenues from this library are providing a solid base of regular revenue and cash flow for the division
-- Overhead remains steady and the division continues to run a low risk strategy in terms of product acquisition
We expect the division to continue to achieve positive results for the full year:
-- We have several titles currently in delivery including "Outpost 2: Black Sun", "The Day", "Hick" and "The Pact", the latter title having been selected for the Sundance Film Festival
-- Based on known contractual sales, these new titles will deliver higher revenues this year versus last year, albeit at lower margin levels
-- The opportunity to acquire finished films of value continues to be strong and the LA presence significantly aids this process, recent acquisitions include "Lovely Molly" and "96 Minutes"
-- Looking into next year, we have recently closed the financing on "The Numbers Station" starring John Cusack which began filming recently and will be delivered next year. Additionally, we are working on the financing for several other higher profile films to be delivered in FY13
DVD Division: Allumination Filmworks and Phase 4
Our Allumination library continues to deliver profits, albeit that the level of revenues and general activity in the library is tailing off.
The Group continues to hold a stake in the North American film distribution company, Phase 4 Films ("Phase 4"). We do not consolidate the results of Phase 4 as we do not exert significant influence over the operations of the company. Further, we value our investment in Phase 4 at cost as it is not possible to accurately calculate a fair value for the company given that it is a relatively young company and is privately held.
We have been pleased with Phase 4's development across North America and we believe it is becoming a more powerful player in its market, notwithstanding the challenges in the home entertainment space.
Phase 4 is also experiencing an improvement in its video on demand, digital and television revenues as it builds out its business in this growing part of the market.
Overhead
Group overhead has increased marginally due to the increased overhead of Collins Avenue, whilst all other corporate and general overhead has remained stable.
Trading Outlook
Recent Fireworks library sales have been pleasing and we will take delivery of our main television series in the second half with pleasing levels of sales already contracted. Our digital division will also have a much stronger second half based on known contracted sales. The results for the film division this year will be heavily dependent on the timing of the sales of our films at upcoming markets but a stable result is expected. Collins Avenue will grow strongly in the second half based on known production commissions which will drive revenue growth, albeit at lower margins. Taken as a whole, we expect another solid full year result.
Against these satisfying expectations, it is increasingly difficult to predict the macro-economic climate - particularly across Europe - and its possible effect on the Company. If the general economic outlook does deteriorate further, it will possibly have an effect on our expected results, given our trading across European media markets.
Debt, Cash Flow and Liquidity
The Group's senior loan facility is managed by its long term banker JPMorgan Chase Bank, the world's largest media bank. Other banks included in our syndicate include Bank of America, IDB Bank and Manufacturers Bank. The Group has a $US 45m five year revolving loan facility in place that commenced in July 2008.
The loan under the facility at 30 September 2011 was GBP19.8m (2010: GBP20.8m) before capitalised financing costs of GBP500,000 (2010: GBP680,000). Taking account of cash on hand, net debt was GBP19.2m (2010: GBP20.3m). We hold our loan in $US dollars and the balance of our loan in US dollars was $32.3m (2010: $32.7m).
The Group's working capital availability under its revolving loan facility is stable. Based on current internal forecasts for a period in excess of 12 months, we expect to continue to have ongoing availability under the facility to provide adequate working capital for the Group to execute its strategy including product acquisitions.
Interest expenses have fallen in this half year compared to last year and are projected to continue to fall in the remainder of this financial year. In particular, a fixed interest rate swap has recently expired which had an interest rate above recent floating rates and our cash interest expense will be lower as a result, given current interest rates.
Carried Forward Tax Losses
The Company has not recorded a tax charge due to its significant carried forward tax losses in both the UK and the US. As at 31 March 2011, the Group's carried forward tax losses are estimated at GBP47 million.
Conclusion
The first half of our current financial year has been satisfactory and stable. We expect a stronger second half based on our current visibility and look forward to a solid full year result.
Huw Davies
Chairman
ContentFilm plc
Consolidated Interim Income Statement
For the six months ended 30 September 2011
Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 31 March 30 September 2010 2011 2011 GBP000 GBP000 GBP000 Revenue 8,495 6,635 20,760 Cost of sales (4,681) (3,256) (11,757) Gross profit 3,814 3,379 9,003 Operating expenses (3,381) (3,179) (6,441) Operating profit 433 200 2,562 Analysed as: Normalised EBITDA 835 652 3,583 Intangible library amortization (158) (380) (771) Depreciation (16) (23) (48) Share-based payments - - - Non-recurring exceptional items (228) (49) (202) 433 200 2,562 Finance income 90 - 204 Finance cost (732) (788) (1,512) Amortisation of capitalised financing costs (154) (118) (244) Finance cost - preference shares (118) (118) (235) Gain on interest rate swap 268 117 377 Net finance cost (646) (907) (1,410) (Loss)/profit before taxation (213) (707) 1,152 Income tax charge related to deferred tax asset - - 165 (Loss)/profit for the period (213) (707) 1,317 Basic profit per ordinary share 0.0p 0.0p 0.8p Diluted profit per ordinary share 0.0p 0.0p 0.6p
ContentFilm plc
Consolidated Interim Statement of Comprehensive Income
For the six months ended 30 September 2011
Six months Six months Year ended ended ended 30 September 30 September 31 March 2011 2010 2011 GBP000 GBP000 GBP000 (Loss)/profit for the period (213) (707) 1,317 Other comprehensive Income Exchange difference on translating foreign operations 19 1,252 (1,847) Foreign currency 1,043 (1,130) 2,367 Total comprehensive (loss)/income for the period 849 (585) 1,837 Attributable to: Equity shareholders of ContentFilm plc 849 (585) 1,837
ContentFilm plc
Consolidated Interim Balance Sheet
At 30 September 2011
Six months Six months Year ended ended ended 30 September 30 September 31 March 2011 2010 2011 GBP000 GBP000 GBP000 ASSETS Non current assets Property, plant and equipment 137 46 71 Goodwill 10,776 10,776 10,776 Intangible assets 9,320 9,212 7,714 Investments 1,297 1,298 1,359 Deferred tax 3,642 3,477 3,642 25,172 24,809 23,562 Current assets Inventory 207 341 204 Trade and other receivables 15,489 11,251 15,226 Cash and cash equivalents 568 514 360 16,264 12,106 15,790 Total Assets 41,436 36,915 39,352 LIABILITIES Current liabilities Trade and other payables (14,272) (11,871) (14,055) Preference shares classed as financial liabilities (9,756) (9,521) (9,638) (24,028) (21,392) (23,693) Non current liabilities Other non current liabilities (92) (639) (365) Long term borrowings (19,284) (20,176) (18,111) (19,376) (20,815) (18,476) Total Liabilities (43,404) (42,207) (42,169) NET (LIABILITIES)/ASSETS (1,968) (5,292) (2,817) EQUITY Share capital 4,304 4,282 4,304 Share premium account 37,469 37,438 37,469 Equity element on convertible debt 3,100 3,100 3,100 Share option reserve 1,119 1,119 1,119 Merger reserve 506 506 506 Warrant reserve 61 61 61 Foreign currency reserve (1,339) (3,497) (2,382) Translation Reserve 3,047 3,745 3,028 Profit and loss account (50,235) (52,046) (50,022) (1,968) (5,292) (2,817)
ContentFilm plc Consolidated Interim Statement of Changes in Equity
For the six months ended 30 September 2011
Share Share Equity Shares Merger Foreign Trans. Retained Total Capital Premium on Con. to be and currency reserve earnings Equity Debt issued Warrant reserve reserve GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 31 March 2010 4,282 37,438 3,100 1,119 567 (4,749) 4,875 (51,339) (4,707) Changes in equity for period Exchange differences on translation of foreign operations - - - - - - (1,130) - (1,130) Foreign currency - - - - - 1,252 - - 1,252 Profit for the period - - - - - - - (707) (707) Total comprehensive income for the period - - - - - 1,252 (1,130) (707) (585) Adjustment - - - - - - - - - of shares to be issued Shares issued - - - - - - - - - Balance at 30 September 2010 4,282 37,438 3,100 1,119 567 (3,497) 3,745 (52,046) (5,292) Changes in equity for period Exchange differences on translation of foreign operations - - - - - - (717) - (717) Foreign currency - - - - - 1,115 - - 1,115 Profit for the period - - - - - - - 2,024 2,024 Total comprehensive income for the period - - - - - 1,115 (717) 2,024 2,422 Adjustment - - - - - - - - - of shares to be issued Shares issued 22 31 - - - - - - 53 Balance at 31 March 2011 4,304 37,469 3,100 1,119 567 (2,382) 3,028 (50,022) (2,817) Changes in equity for period Exchange differences on translation of foreign operations - - - - - - 19 - 19 Foreign currency - - - - - 1,043 - - 1,043 Profit for the period - - - - - - - (213) (213) Total comprehensive income for the period - - - - - 1,043 19 (213) 849 Adjustment - - - - - - - - - of shares to be issued Shares issued - - - - - - - - - Balance at 31 March 2011 4,304 37,469 3,100 1,119 567 (1,339) 3,047 (50,235) (1,968) . . . .
ContentFilm plc Consolidated Interim Cash Flow Statement
For the period ended 30 September 2011
Unaudited Unaudited Audited Six months Six months Year ended ended ended 31 March 30 September 30 September 2011 2011 2010 GBP000 GBP000 GBP000 Cash flows from operating activities: Profit/(loss) for the period after tax (213) (707) 1,317 Adjustments for: Deferred tax asset - - (165) Depreciation 16 23 48 Amortisation of intangible film and television rights 605 1,144 5,274 Impairment of intangible film and television rights - - 158 Decrease/(Increase) in trade and other receivables (264) 1,194 (2,780) (Increase)/decrease in inventory (3) (6) 131 (Decrease)/increase in trade and other payables 29 167 2,348 (Decrease)/increase in other non-current liabilities - (142) - Exchange differences 976 79 (150) Finance cost 646 907 1,410 1,792 2,660 7,591 Interest paid (732) (788) (1,512) Net cash from operating activities 1,060 1,872 6,079 Cash flows from investing activities: Purchase of intangible film and television rights (2,367) (2,875) (5,724) Purchase of property, plant and equipment (82) - (50) Purchase of joint venture investment - (103) (164) Net cash used in investing activities (2,449) (2,978) (5,938) Cash flows from financing activities: Proceeds from borrowings 10,827 8,902 19,860 Repayment of borrowings (9,230) (8,468) (20,827) Net cash from financing activities 1,597 434 (967) Net (decrease)/increase in cash 208 (672) (826) Cash at beginning of period 360 1,186 1,186 Cash at end of period 568 514 360
Notes to the consolidated interim financial statements
1 General Information
The interim Financial Statements for the six months ended 30 September 2011 were authorised for issue in accordance with a resolution to the Board of Directors on 21 December 2011.
The Company is a public limited company incorporated in the United Kingdom. The address of its registered office is 19 Heddon Street, London W1B 4BG.
The Company is listed on the AIM Market of the London Stock Exchange.
These interim Financial Statements do not comprise statutory accounts within the meaning of Section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2011 were approved by the Board of Directors on 25 July 2011 which received an unqualified auditors' report and have been delivered to the Registrar of Companies. The financial information contained in this report is unaudited.
2 Basis of Preparation
These interim Financial Statements should be read in conjunction with the annual Financial Statements for the year ended 31 March 2011, which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.
3 Accounting Policies
These consolidated financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 March 2011.
4 Segmental analysis
The operations of the group are managed in four principle business divisions; film, television, US film and DVD distribution and Corporate. These divisions are the basis upon which the management reports its primary segment information.
Revenues by Business Division Six months Six months Twelve month ended ended ended 30 September 30 September 31 March 2011 2011 2010 Unaudited Unaudited Audited GBP000 GBP000 GBP000 Television 7,297 5,316 16,682 Film 868 711 2,988 US film and DVD distribution 307 585 1,054 Corporate 23 23 36 8,495 6,635 20,760 5 Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the average number of shares in issue during the year.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below:
Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2011 2011 2010 Unaudited Unaudited Audited (Loss)/profit for the period (GBP) (213,000) (707,000) 1,317,000 Add: Finance cost on preference shares (GBP) 118,000 118,000 235,000 (Loss)/profit attributable to ordinary shareholders (GBP) (95,000) (589,000) 1,552,00 Weighted average number of ordinary shares 176,820,670 174,698,383 174,739,084 Add: Weighted average preference shares 34,840,269 34,840,269 34,840,269 Dilutive share options - - - and warrants Weighted average number of fully diluted shares 209,538,652 209,538,652 209,579,353 Basic (loss)/earnings per share (pence) 0.0p 0.0p 0.8p Diluted (loss)/earnings per share (pence) 0.0p 0.0p 0.6p
Adjusted earnings per share
Six months Six months Twleve months ended ended ended 30 September 30 September 31 March 2011 2011 2010 Unaudited Unaudited Audited (Loss)/profit after tax attributable to Equity share holders of the parent (GBP) (213,000) (707,000) 1,317,000 Add back: Intangible library amortisation 158,000 380,000 771,000 Income tax credit - - (165,000) (Gain) on interest rate swap (268,000) (117,000) (377,000) Finance cost on preference shares 118,000 118,000 235,000 Depreciation 16,000 23,000 - Non-recurring exceptional items 228,000 49,000 202,000 Amortisation of capitalised financing costs 154,000 118,000 244,000 Adjusted profit/(loss) after tax 193,000 (136,000) 2,227,000 Adjusted basic earnings per share (pence) 0.1p 0.0p 1.3p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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