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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Digitalbox Plc | LSE:DBOX | London | Ordinary Share | GB00BJK9H642 | 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% | 3.80 | 3.60 | 4.00 | 3.80 | 3.80 | 3.80 | 1,125 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security,commodity Exchanges | 2.79M | -6.79M | -0.0576 | -0.66 | 4.48M |
From Apr 2019 to Apr 2024
TIDMDBOX
RNS Number : 3632N
Digitalbox PLC
24 September 2019
24 September 2019
Digitalbox plc
("Digitalbox", the "Group" or the "Company")
Unaudited interim results for the six months ended 30 June 2019
Digitalbox plc, the mobile-first digital media business, which owns leading websites Entertainment Daily and The Daily Mash, today publishes its interim results for six months to 30 June 2019 (the "First Half", the "Period", or "H1 2019").
Key points:
-- The Company started the period as Polemos plc, a suspended cash shell on AIM. -- On 27 February 2019, the Company changed its name to Digitalbox plc.
-- On 28 February 2019, the Company completed the reverse takeover ("RTO") of Digitalbox Publishing Holdings Limited.
-- On 5 March 2019, the Company completed the acquisition of Mashed Productions Limited.
-- The reported numbers for H1 2019 comprise of approximately two months of trading as Polemos plc and approximately four months as the enlarged group following the acquisitions, under the name Digitalbox plc.
Key points: Financial
-- Group revenues for the Period of GBP0.7 million. -- Gross profit for the Period of GBP0.4 million. -- Adjusted operating profit(1) for the Period of GBP0.1 million. -- Loss before taxation for the Period of GBP0.7 million.
(1.) Adjusted operating profit is stated before amortisation, acquisition and listing costs and share options charges.
Key points: Operational
-- Entertainment Daily unique users grew from 2 million at the start of the Period to over 3 million at the end of H1 2019.
-- 50% growth in Google sourced traffic on Entertainment Daily has broadened routes to audience engagement.
-- Recommissioning of the BAFTA nominated TV show, the Mash Report. -- Daily Mash now growing from Digitalbox Ad Stack integration.
Commenting on the Group's prospects for the year as a whole, Sir Robin Miller, Chairman, said:
"These are an admirable set of results demonstrating very encouraging audience growth and enviable control of costs resulting in strong margin performance. The focus on mobile makes the company ideally placed to take advantage of the continued acceleration in digital advertising via programmatic. The integration of our first acquisition The Daily Mash has been accomplished much as anticipated and with Entertainment Daily we have two strong brands with considerable potential giving us great confidence for the year ahead."
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Enquiries:
Digitalbox c/o Newgate Communications James Carter, CEO WH Ireland (Nomad and Joint Tel: 0117 945 3470 Broker) Mike Coe / Chris Savidge Alvarium Capital Partners Tel: 020 7195 1400 (Joint Broker) Alex Davies / Hugh Kingsmill Moore Newgate Communications Tel: 020 3757 6880; digitalbox@newgatecomms.com Robin Tozer / Fiona Norman
About Digitalbox plc
Based in Bath, UK, Digitalbox is a 'pure-play' digital media business with the aim of profitable publishing at scale on mobile platforms. The company's operating model has been developed and refined since publishing operations began in December 2015.
Digitalbox operates two trading brands, "Entertainment Daily" and "The Daily Mash". Entertainment Daily produces and publishes online UK entertainment news covering TV, showbiz and celebrity news. Entertainment Daily has averaged c. 2.2 million unique users per month over H1, with 13 million monthly UK sessions. In March 2019, Digitalbox acquired leading online satirical website, The Daily Mash. The Daily Mash has over 3.5 million visits per month, and more than 900,000 Facebook followers
Digitalbox generates revenue from the sale of advertising in and around the content it publishes. The Company's optimisation for mobile enables it to achieve revenues per session significantly ahead of market norms for publishers on mobile.
Interim Statement
Overview
The Board is pleased to report the Company's first set of results following its transformation from a cash shell into a digital media group following its acquisitions of Digitalbox Publishing Holdings Limited ("DBPH") and Mashed Productions Limited (together the "Acquisitions"). To reflect the Company's new direction the Company's name was changed from Polemos plc to Digitalbox plc on 27 February 2019.
This six-month reported period reflects approximately two months of trading as Polemos plc, the cash shell, and approximately four months of trading as Digitalbox plc.
The Board is pleased to be able to report that performance, since completion of the Acquisitions, in terms of traffic, revenue generation and EBITDA are all in line with management expectations.
Operating review
The Group's two brands are Entertainment Daily (acquired as part of the DBPH acquisition) and The Daily Mash (acquired as part of the Mashed Productions Limited acquisition). Entertainment Daily produces and publishes online UK entertainment news covering TV, showbiz and celebrity news. The Daily Mash produces and publishes online satirical spoof news articles in its own distinctive parody style. Both brands generate revenue from the sale of advertising slots in and around the content they publish.
Entertainment Daily
During the period Entertainment Daily saw continued growth of its user-base. By the end of H1 2019 Entertainment Daily had 3,125,492 unique users per month up from 2,087,974 at the start of the Period and averaged approximately 400,000 daily UK sessions. Pleasingly there has been an increase in the diversification of the traffic to the site as a result of a 50% increase in Google sourced traffic via the Discover feed. This is Google's system that presents relevant content to users based on their behaviour prior to them performing a search on a mobile device.
The Daily Mash
In March 2019, Digitalbox acquired the leading online satirical website, The Daily Mash. Following its acquisition, the intention was to integrate The Daily Mash onto the same technology platform as Entertainment Daily. This integration has gone well and is progressing according to plan. Shifting the brand to Digitalbox's 100% programmatic ad stack has improved the margin on its revenue generation.
The Daily Mash finished H1 with 1,774,004 monthly website users generating 3,612,356 million monthly website visits, and 3.7 million monthly video views.
The Daily Mash also generates royalties from the BAFTA-nominated licensed spin-off TV show, The Mash Report, which was recommissioned by the BBC for a new series and which is currently running.
Financial review
In the four months since the Acquisitions, the Group has traded well. Revenue has been in line and EBITDA has been ahead of management expectations as direct marketing costs have been lower than anticipated.
All of the revenue and gross profit in the Period was generated in the four months since completion of the Acquisitions. Revenue for this four month period was GBP0.7 million. Gross profit was GBP0.4 million, at a margin of 56%.
The adjusted operating profit for the Period was GBP0.1m. This is stated before the deduction of amortisation (GBP0.04m), acquisition and listing costs (GBP0.69m) and share options charges (GBP0.07m). The reported loss before taxation for the period was GBP0.7m. At the end of the Period the Company had cash GBP0.4 million and no debt.
Outlook
The Directors expect trading in the second half of the year to be stronger than the first with the final quarter of the year expected to be particularly strong. Trading in the second half has commenced in line with plan.
The Company's strategy remains unchanged, which is to build a market-leading, mobile-first digital media business for the 21(st) century through a buy and build strategy. The Directors are pleased with the integration of The Daily Mash onto the Digitalbox platform, validating the Company's strategy and will continue to look for similar opportunities whilst seeking to develop the Group's existing brands.
DIGITALBOX PLC
INTERIM CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2019
Hot Features
Premium
Unaudited Unaudited Audited
Notes Six months Six months 12 months
to to to
30 June 19 30 June 18 31 December
18
GBP'000 GBP'000 GBP'000
Continuing Operations
Revenue 712 - -
Cost of sales (311) - -
_______ ______ ______
Gross profit 401 - -
Administrative expenses (1,113) (204) (354)
Realised profit/(loss) on available
for sale assets - - 65
Impairment provision on available
for sale assets - 27 39
______ ______ ______
Operating loss (712) (177) (250)
"Adjusted operating loss" being 85 - -
operating loss before exceptional
charges and amortisation
Amortisation (41) - -
Acquisition & listing costs (689) - -
Share options charge (67) - -
_______ ______ ______
Operating loss (712) (177) (250)
-------------------------------------- ------ ----------- ----------- ------------
Finance costs (1) - -
_______ ______ ______
Loss before taxation (713) (177) (250)
______ ______ ______
Tax charge 65 - -
______ ______ ______
Loss for the period from continuing
operations (648) (177) (250)
TOTAL EXPENSE FOR THE (648) (177) (250)
PERIOD ======== ======== ========
OTHER COMPREHENSIVE EXPENSE - - -
FOR THE PERIOD
TOTAL COMPREHENSIVE EXPENSE
FOR THE PERIOD (648) (177) (250)
======== ======== ========
Earnings per share 4
GBP GBP GBP
Basic EPS from continuing operations (0.004) (0.002) (0.00262)
Basic EPS from discontinued
operations (0.004) (0.002) (0.00262)
______ ______ ______
Basic EPS from loss for the
period (0.004) (0.002) (0.00262)
Diluted EPS from continuing
operations (0.004) (0.002) (0.00262)
Diluted EPS from discontinued
operations (0.004) (0.002) (0.00262)
______ ______ ______
Diluted EPS from loss for the
period (0.004) (0.002) (0.00262)
______ ______ ______
DIGITALBOX PLC
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2019
(unaudited)
Share Share Premium Share based Retained Total
Capital reserve payment earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2018 19,823 19,181 62 (39,179) (113)
Total comprehensive
expense for the period - - - (177) (177)
Issue of new shares 665 25 - - 690
Share issue costs - (42) - - (42)
_____ _____ _____ _____ _____
Balance at 30 June
2018 20,488 19,164 62 (39,356) 358
Total comprehensive
expense for the period - - - (73) (73)
Share options cancelled - - (30) 30 -
_____ _____ _____ _____ _____
Balance at 31 December
2018 20,488 19,164 32 (39,399) 285
Total comprehensive
expense for the period - - - (648) (648)
Issue of new shares 843 10,710 - - 11,553
Issue costs deducted
from equity - (117) - - (117)
Share option charge - - 67 - 67
_____ _____ _____ _____ _____
Balance at 30 June
2019 21,331 29,757 99 (40,047) 11,140
_____ _____ _____ _____ _____
DIGITALBOX PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2019
Unaudited Unaudited Audited
Notes 30 June 19 30 June 18 31 December
18
GBP'000 GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 13 - -
Intangible assets 10,341 - -
______ ______ _______
TOTAL NON-CURRENT ASSETS 10,354 - -
______ ______ _______
CURRENT ASSETS
Trade and other receivables 908 - 437
Cash and cash equivalents 443 361 231
______ ______ _______
TOTAL CURRENT ASSETS 1,351 361 668
______ ______ _______
TOTAL ASSETS 11,705 361 668
______ ______ _______
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 391 7 163
Bank overdraft and loans - - 220
Corporation tax payable 36 - -
Deferred tax 138 - -
_______ _______ ________
TOTAL CURRENT LIABILITIES 565 7 383
_______ _______ ________
TOTAL CURRENT NET ASSETS 786 354 285
_______ _______ ________
TOTAL NET ASSETS 11,140 354 285
_______ _______ ________
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY SHAREHOLDERS
Issued Share capital 21,331 20,513 20,488
Share premium account 29,757 19,135 19,164
Share based payment reserve 99 62 32
Retained earnings (40,047) (39,356) (39,399)
_______ _______ ________
11,140 354 285
_______ _______ ________
DIGITALBOX PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2019
Unaudited Unaudited Audited
Six months Six months Period to
to to
30 June 19 30 June 18 31 December
18
GBP'000 GBP'000 GBP'000
OPERATING ACTIVITIES
Loss before taxation from ordinary
activities (713) (177) (354)
Adjustments for:
Share based payments 67 - -
Amortisation 41 - -
Impairment provision on available for - (27) -
sale assets
Finance costs 1 - -
_____ _____ _____
Operating loss before changes in working
capital and provisions (604) (204) (354)
Decrease/(increase) in trade and other
receivables 412 49 (163)
(Decrease)/ Increase in trade and other
payables (109) (201) 4
_____ _____ _____
Cash generated by/(used in) working
capital 303 (152) (159)
_____ _____ _____
Cash (consumed by)/ from operating
activities (301) (356) (513)
_____ _____ _____
INVESTING ACTIVITIES
Purchase of intangible fixed assets (36)
Purchase of property, plant and equipment (13) - -
Purchase of available for sale financial - 27 -
assets
Sales of available for sale financial
assets - - 50
Acquisition of subsidiary (993) - -
Cash on acquisition of subsidiary 433 - -
_____ _____ _____
Cash consumed by investing activities (609) 27 50
_____ _____ _____
FINANCING ACTIVITIES
Proceeds from share issues 1,240 690 690
Share issue costs (117) (46) (42)
Finance costs (1) - -
_____ _____ _____
Cash generated by financing activities 1,122 644 648
INCREASE IN CASH AND CASH --------------- --------------- ---------------
EQUIVALENTS 212 315 185
Cash and cash equivalents brought forward 231 46 46
_____ _____ _____
CASH AND CASH EQUIVALENTS CARRIED FORWARD 443 361 231
_____ _____ _____
Represented by:
Cash at bank and in hand 443 361 231
======== ======== ========
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2019
1. Corporate information
The interim consolidated financial statements of the group for the period ended 30 June 2019 were authorised for issue in accordance with a resolution of the directors on 23 September 2019. Digitalbox plc ("the company") is a Public Limited Company listed on AIM, incorporated in England and Wales. The interim consolidated financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.
2. Statement of Accounting policies
2.1 Basis of Preparation
The entities consolidated in the half year financial statements of the company for the six months to 30 June 2019 comprise the company and its subsidiaries (together referred to as "the group").
The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements.
The directors are satisfied that, at the time of approving the consolidated interim financial statements, it is appropriate to adopt a going concern basis of accounting and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS").
2.2 Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the years presented, unless otherwise stated.
The interim results announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS"), International Accounting Standards and Interpretations issued by the International Accounting Standards Board as adopted by the European Union ("IFRSs") and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under IFRSs. The consolidated financial statements have been prepared under the historical cost convention.
The preparation of these consolidated half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates in preparing these consolidated half year financial statements.
The Group has adopted IFRS 15 'Revenue Recognition' in the current year with no impact on the way that the Group report revenue.
The Group has adopted IFRS 16 'leases' in the current year with no impact on the way that the Group report leases.
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2019
3. Segment Information
The Group's primary reporting format for segment information is business segments which reflect the management reporting structure in the Group.
6 months to 30 June 2019
Entertainment Mashed Head Total
Daily Productions Office 6 months
to 30
June 2019
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 625 75 12 712
Cost of sales (243) (68) - (311)
Admin expenses* (120) - (196) (316)
---------------- ---------------- ---------------- --------------------
Operating profit/(loss) 262 7 (184) 85
Amortisation (5) (36) - (41)
Acquisition
and listing
costs
Share option
charge - - (689) (689)
- - (67) (67)
Finance costs - - (1) (1)
Tax - - 65 65
---------------- ---------------- ---------------- --------------------
Profit/(loss)
for the period 257 (29) (876) (648)
---------------- ---------------- ---------------- --------------------
For the period to 31 December 2018, all costs were head office costs and there was no revenue.
-- Admin expenses exclude share option charge, amortisation and acquisition and listing costs.
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2019
3. Segment Information (continued)
Total asset by Net tangible
External revenue by location location of assets capital expenditure
of customer by location of
assets
30-Jun-19 30-Jun-19 31-Dec-18 30-Jun-19 31-Dec-18 30-Jun-19 31-Dec-18
Continuing Discontinued
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
United
Kingdom 712 - - 11,705 668 1 -
_____ _____ _____ _____ _____ _____ _____
Total 712 - - 11,705 668 1 -
----_____ _____ _____ _____ _____ _____ _____
4. Earnings per share
The calculation of the group basic and diluted loss per ordinary share is based on the following data:
Unaudited Unaudited Unaudited
Six months Six months 12 months
to to to
30 June 19 30 June 31 December
18 18
GBP'000 GBP'000 GBP'000
The earnings per share is based
on the following:
Continuing earnings post tax
loss attributable to shareholders (648) (177) (250)
========== ========== ==========
Basic Weighted average number
of shares 175,248,722 77,279,874 95,458,229
Diluted Weighted average number
of shares
========== ========== ==========
GBP GBP GBP
Basic earnings per share (0.004) (0.002) (0.00262)
Diluted earnings per share (0.004) (0.002) (0.00262)
========== ========== ==========
Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the year. The weighted average number of equity shares in issue was 175,248,722.
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2019
5a. Business Combinations
On 28 February 2019 the Group acquired 100% of the ordinary shares in Digitalbox Publishing (Holdings) Ltd for a consideration of GBP9,999,048. This investment is included in the Parent company's balance sheet at its fair value at the date of acquisition.
The completion accounts show a breakdown of the assets and liabilities of the acquired company to be as follows:
Book value Fair value Fair value
adjustment to Group
GBP'000 GBP'000 GBP'000
Intangible fixed
assets 36 100 136
Tangible fixed
assets 14 - 14
Receivables 735 - 735
Cash and cash equivalents 245 - 245
Payables (285) - (285)
Deferred tax - (17) (17)
----------------------- ----------------------- -----------------------
Net assets on acquisition 745 83 828
Goodwill on acquisition 9,171
----------------------
Total consideration 9,999
==========
Discharged by:
GBP'000
Shares in Digitalbox
plc 9,999
---------------------
9,999
==========
The revenue and profit included in the Consolidated Statement of Comprehensive Income for the 4 months to 30 June 2019 was GBP712k and GBP139k pre-tax respectively.
The intangible fixed asset fair value adjustment is in relation to brand asset.
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2019
5b. Business Combinations
On 5 March 2019, the Group acquired 100% of the ordinary shares Mashed Productions Limited. for a consideration of GBP1,193,237. This investment is included in the Parent company's balance sheet at its fair value at the date of acquisition.
The completion accounts show a breakdown of the assets and liabilities of the acquired company to be as follows:
Book value Fair value Fair value
adjustment to Group
GBP'000 GBP'000 GBP'000
Intangible fixed
assets - 754 754
Tangible fixed
assets 3 - 3
Receivables 149 - 149
Cash and cash equivalents 188 - 188
Payables (94) - (94)
Deferred tax - (128) (128))
----------------------- ----------------------- -----------------------
Net assets on acquisition 246 626 872
Goodwill on acquisition 321
----------------------
Total consideration 1,193
==========
Discharged by:
GBP'000
Cash 993
Shares in Digitalbox
plc 200
---------------------
1,193
==========
The trade and assets of Mashed Productions Limited have been hived up to Digitalbox Publishing Ltd from 5 March 2019.
The intangible fixed asset fair value adjustment is in relation to brand asset.
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 EAKNDAAXNEFF
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September 24, 2019 02:00 ET (06:00 GMT)
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