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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hollywood Media | LSE:HOL | London | Ordinary Share | GB00B1WN7R92 | ORD 0.125P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6615E Hollywood Media Services plc 28 September 2007 HOLLYWOOD MEDIA SERVICES PLC ("HOLLYWOOD" OR THE "COMPANY") HALF-YEARLY UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007 CHAIRMAN'S STATEMENT I am pleased to report on our first set of half-yearly results which cover the six months to 30 June 2007, a period prior to the Company's admission on AIM which took place on 30 August 2007. I would like to thank my board colleagues and in particular Martin Eberhardt, the Chief Executive for all their work in achieving our listing with a fully subscribed placing which raised #500,000 net of expenses. The board would also like to thank all our advisors for their professionalism and support throughout the process. Our company has made a solid start in effecting its strategy of building a national business focused on the provision of facilities and related services to, principally, the film and TV location markets. The funds raised from the placing are being used to grow the business by increasing the size of its fleet. Already we have acquired three vehicles and a further three artists' trailers are on order. On our admission to AIM, the company stated its intention to grow by acquisition and the Board are now reviewing the potential acquisition opportunities previously identified. Unfortunately, the delay in achieving our listing on AIM resulted in the Company having to decline some production opportunities until it acquired further units, however, the Board believe the ongoing fleet expansion will give the Company the additional capacity it requires to pursue future opportunities as they arise. In conclusion, I am pleased to report that the strategy as set out in our admission document is now being vigorously implemented and we look forward to further progress in this regard over the months ahead. James Holmes Chairman 28 September 2007 UNAUDITED CONSOLIDATED INCOME STATEMENT FO THE SIX MONTHS TO 30 JUNE 2007 Six month period ended Six month period ended Year ended 30 June 2007 30 June 2006 31 December 2006 Note Unaudited Unaudited Audited # # # Revenue 572,336 335,684 1,117,132 Cost of Sales (354,873) (285,076) (908,404) Gross profit 217,463 50,608 208,728 Administrative expenses (195,695) (78,146) (146,149) Operating profit/(loss) 21,768 (27,538) 62,579 Financial expenses (14,223) - (18,744) Profit/(loss) before taxation 7,545 (27,538) 43,835 Taxation 2 1,403 (1,414) 20,928 Profit/(loss) after taxation 8,948 (28,954) 64,763 Earnings per share 3 #0.18 #(1,447.68) #3,238.15 Adjusted earnings per share 3 0.02p (0.06)p 0.13p All amounts relate to continuing operations. The Company has recognised no gains or losses other than the profit for the period. UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007 Six month period Six month period ended Year ended ended 30 June 2007 30 June 2006 31 December 2006 Note Unaudited Unaudited Audited # # # Non current assets Property plant and equipment 472,226 129,842 441,133 Deferred tax asset 7,682 - 7,682 479,908 129,842 448,815 Current assets Inventories 15,825 5,000 40,325 Trade and other receivables 389,444 304,094 290,970 Cash and cash equivalents - 36,854 4,011 405,269 345,948 335,306 Total assets 885,177 475,790 784,121 Current liabilities Trade and other payables (506,059) (476,359) (432,341) Borrowings (192,574) - (186,617) Tax liabilities (3,128) (17,789) (3,128) (701,761) (494,148) (622,086) Net Current (liabilities) (296,492) (148,200) (286,780) Non current liabilities Borrowings (79,130) (30,001) (116,677) Net assets 104,286 (48,359) 45,358 Capital and reserves Share capital 50,000 20 20 Retained earnings 54,286 (48,379) 45,338 Equity attributable to equity holders of the parent 5 104,286 (48,359) 45,358 CASH FLOW STATEMENT FOR THE SIX MONTHS TO 30 JUNE 2007 Six month period Six month period ended Year ended ended 30 June 2007 30 June 2006 31 December 2006 Note Unaudited Unaudited Audited # # # Net cash from operating activities 4 47,599 277,341 332,941 Cash flows from investing activities Interest received - - 193 Proceeds on disposal of property plant and equipment - - 6,000 Purchases of property, plant and equipment (69,953) (116,887) (467,029) Net cash used in investing activities (69,953) (116,887) (460,836) Cash flow from financing activities New finance lease liabilities - 60,000 260,200 Repayment of obligations under finance leases (34,165) - (73,169) New borrowings 2,575 (238,387) 116,216 Increase in share capital 49,980 - - Net cash used in financing activities 18,390 (178,387) 303,247 Net (decrease)/increase in cash and (3,964) (17,933) 175,352 cash equivalents Cash and cash equivalents At beginning of period 3,964 146 (171,388) Net(decrease)/increase in cash and cash equivalents (3,964) (17,933) 175,352 At end of period - (17,787) 3,964 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 JUNE 2007 1. Accounting policies Basis of Preparation The next annual financial statements of Hollywood Media Services Plc (the "Group ") will be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the EU applied in accordance with the provisions of the Companies Act 1985. Accordingly the half-yearly financial information in this report has been prepared using accounting policies consistent with IFRS. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be applicable as at 31 December 2007. The half-yearly results for the six months to June 2007 and June 2006 have been prepared under the historical cost convention, are unaudited and do not constitute statutory accounts in accordance with Section 240 of the Companies Act 1985. The principal accounting policies set out below have been consistently applied to all periods presented. Basis of consolidation The consolidated financial statements include those of the holding company and its subsidiaries made up to 31 December 2004. As the company's results are included in the consolidated profit and loss account and disclosed in the reconciliation of movements in shareholders' funds, a separate profit and loss account is not presented, as permitted by s 230 (4) of the Companies Act 1985. Entities not owned by the group over which the group has the ability to exercise control are accounted for as subsidiaries. The results of subsidiary undertakings acquired in the year are included in the consolidated profit and loss account from the date of acquisition. Depreciation Fixed assets are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged so as to write off the cost of the assets, over their estimated useful lives, using the straight line method on the following bases: Motor vehicles, trailers, plant and equipment 15% straight line Fixtures and fittings 33% straight line Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all of the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Company at their fair value or, if lower, at the present value of the minimum lease payments, each determined at inception of the lease. The corresponding liability is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged to the income statement. Rentals payable under operating leases are charged to the income statement on a straight line basis over the term of the relevant lease. 2. Taxation No provision for corporation tax has been provided for, due to losses incurred in previous periods. 3. Earnings per share The earnings per share has been calculated by dividing the profit after taxation of #8,948 (June 2006: loss of #28,954) by the weighted average number of Ordinary #1 shares in issue of 50,000 (June 2006: 20). The adjusted number of shares are calculated by reflecting the increase in share capital of 23 March 2007 when the number of issued ordinary shares of #1 each were increased to 50,000 and the share reorganisation of 17 July 2007 in which each ordinary share of #1 was subdivided into 800 shares of #0.00125. Six month period ended Six month period ended Year ended 30 June 2007 30 June 2006 31 December 2006 Unaudited Unaudited Audited # # # Result for the period 8,948 (28,954) 64,763 Number Number Number Shares in issue at balance sheet date 50,000 20 20 Shares in issue following AIM admission 48,333,333 48,333,333 48,333,333 # # # Earnings/(loss) per share 0.18 (1,447.68) 3,238.15 Adjusted earnings/(loss) per share 0.0002 (0.0006) 0.0013 4. Note to the cash flow statement Six month period Six month period ended Year ended ended 30 June 2007 30 June 2006 31 December 2006 Unaudited Unaudited Audited # # # Profit/(loss) from operations 21,768 (27,538) 62,579 Adjustments for: Depreciation of property, plant and equipment 38,860 6,066 37,917 Loss on disposal of property plant and equipment - - 1,000 Operating cash flow before movements in working capital 60,628 (21,472) 101,496 Increase in inventories 24,500 (5,000) (40,325) Increase in receivables (98,427) (74,972) (61,848) (Decrease)/increase in payables 73,718 380,199 352,555 Cash generated by operations 60,419 278,755 351,878 Income taxes refunded/(paid) 1,403 (1,414) - Interest paid (14,223) - (18,937) Net cash flow from operating activities 47,599 277,341 332,941 5. Statement of changes in equity Six month period Six month period ended Year ended ended 30 June 2007 30 June 2006 31 December 2006 Unaudited Unaudited Audited # # # Opening balance 45,358 (19,405) (19,405) Profit/(loss) for the period/year 8,948 (28,954) 64,763 Issue of shares 49,980 - - Closing balance 104,286 (48,359) 45,358 6. Post balance sheet events (i) By a written resolution passed on 23 March 2007, the authorised share capital of the Company was increased from #1,000 to #250,000 by the creation of 249,000 new ordinary shares of #1 each ranking pari passu in all respects with the then existing ordinary shares of #1 each in the capital of the Company. (ii) On 23 March 2007, the Company allotted and issued a further 49,980 of new ordinary shares of #1 each at #1 per share to Wood Hall Group Limited. (iii) On 27 March 2007 and 24 April 2007, the Company changed its name from Hollywood Catering Services Limited to Hollywood Facilities & Catering Limited and Hollywood Media Services Ltd (Registered Number 04657257), respectively. (iv) On 30 April 2007, the business and certain assets of the Company were sold to Hollywood Catering Services Limited (Registered Number 06099648), a company created as a wholly owned subsidiary of the Company, for #45,358. Such consideration was left outstanding by way of an interest free loan from the Company to Hollywood Catering Services Limited. (v) On 16 July 2007, Wood Hall Group Limited transferred its entire shareholding in the Company to Catering 4 Events plc. (vi) By written resolutions passed on 17 July 2007: (a) Each of the 250,000 authorised issued and unissued ordinary shares of #1 of the Company was subdivided into 800 ordinary shares of 0.125p each in the capital of the Company ("Ordinary Shares") ranking pari passu in all respects, resulting in authorised shares of 200,000,000 of 0.125p each, of which 40,000,000 were in issue; (b) 20,000,000 of the issued Ordinary Shares forming part of the 40,000,000 issued Ordinary Shares were converted into, and re-designated as, 20,000,000 non voting preference shares of 0.125p each ("Non Voting Preference Share") having the rights and restrictions set out in the Articles of Association adopted by the Company on 17 July 2007; (c) 20,000,000 of the unissued Ordinary Shares forming part of the authorised share capital of #250,000 were converted into, and re-designated as, 20,000,000 Non Voting Preference Shares. (vii) The Company was re-registered as a public limited company on 30 July 2007. (viii) On 30 August 2007, 28,333,333 new ordinary shares were issued at a price of 3.0p per share and the entire issued ordinary share capital of the Company was admitted on to AIM. 7. Transition to IFRS The Group reported under UK GAAP in the previously published financial statements for the year ended 31 December 2006. There are no adjustments arising from the transition to IFRS, and therefore there is no impact on reported income statement or balance sheet. The Group was exempt from the requirement to prepare a cash flow statement under UK GAAP on the basis it was a small company. There are no exemptions under IFRS. There are no adjustments arising from the transition to IFRS and therefore there is on impact on reported cash flows. 8. Ultimate controlling party As at 30 June 2007, the Company's ultimate controlling party was Catering 4 Events Plc. Following the Company's admission on 30 August, there was no ultimate controlling party. 9. Distribution of half-yearly report This half-yearly report, together with the admission document, are available on the Company's website, www.hmservicesplc.com. Contact:- Hollywood Tel: 07710 982 370 Martin Eberhardt, Chief Executive City Financial Associates Limited Tel: 020 7492 4777 Ross Andrews, Nominated Adviser This information is provided by RNS The company news service from the London Stock Exchange END IR QDLFLDKBLBBL
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