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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Immediate Acquisition Plc | LSE:IME | London | Ordinary Share | GB0033881904 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.75 | 17.50 | 18.00 | 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
TIDMIME
RNS Number : 6145Z
Immedia Group PLC
21 May 2019
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Tuesday, 21 May 2019
Immedia Group Plc
("Immedia" or "the Group" or "the Company")
multi-media content and digital solutions provider to global businesses and organisations
2018 Preliminary Results
Immedia Group Plc (AIM: IME) today announces its preliminary results for the year ended 31 December 2018.
"2018 delivered a substantial improvement in performance over the prior year in terms of revenue and profitability.
Our unique mix of brand engagement and creative skills is underpinning our ability to secure new and exciting business. 2019 business activity is performing in line with our expectations while we are also witnessing a pipeline of new and exciting opportunities with several key potential clients across our target verticals."
Tim Hipperson, Chairman
Hot Features
Premium
FINANCIAL HIGHLIGHTS
Ø A much-improved performance over the prior year
Ø 32% increase in revenue to GBP4,686,934
Ø EBITDA profit of GBP262,588 (2017: loss GBP512,847)
Ø PBT of GBP106,204 (2017: loss GBP693,268)
Ø Cash balances increased to GBP369,698 (2017: GBP53,743)
Ø The Group remains debt free apart from finance leases
totaling GBP77,044
OPERATIONAL HIGHLIGHTS
Ø Immedia's audience engagement strategies achieve true
market traction
Ø Launched the innovative JD-X app project for JD Sports
Fashion plc
Ø Expanded the reach of our multimedia content to smart
devices and other audio platforms such as Amazon Alexa, Google
Home, Apple Podcasts, Overcast and iHeart
Ø Dreamstream-X platform delivered a class leading broadcast
audio solution to the entire Nationwide Building Society estate
Ø Landmark work for clients such as FIFA, Weir Oil and
Gas, Maersk, Halliburton and Visit Visit Aberdeenshire
Ø IME geographical reach has grown on the back of client
expansion and this is set to continue
"Over the last 18 months we have made considerable progress in maximising efficiencies within the Group which leaves us well placed to leverage increased engagement with current clients and the conversion of a significant pipeline of new business opportunities.
Our experiences in 2018 and in the year to date have reinforced our view that now is the time for Immedia's unique mix of brand engagement and creative skills. We are in advanced dialogue with a number of key potential clients across our target verticals, specifically for the development of Omni Channel and content development in both physical and digital locations. We expect to bring you further updates on these discussions within this financial period."
Bruno Brookes, Chief Executive of Immedia
Immedia Group Plc
Preliminary results for the year ended 31 December 2018
2018 Financial Summary
12 months ended 12 months
31 December ended
2018 31 December
2017
---------------- ---------------
Revenue GBP4,686,934 GBP3,548,689
Profit/(loss) before interest,
taxation, depreciation, amortisation GBP262,588 GBP(512,847)
and impairment charges (EBITDA)
Profit/(loss) before tax GBP106,204 GBP(693,268)
Net fair value (loss/profit) on GBP(112,800) GBP7,800
equity investments not held for
trading designated as fair value
through OCI
Total comprehensive profit/(loss) GBP42,949 GBP(663,768)
for the year
Basic earnings/(loss) per share 1.13p (4.89)p
Diluted earnings/(loss) per share 1.08p (4.89)p
Basic pre-tax earnings/(loss) per
share 0.77p (5.05)p
Year-end balance of cash and cash GBP369,698 GBP53,743
equivalents
Net funds GBP292,654 GBP46,687
--------------------------------------- ---------------- ---------------
Statement by the Chairman, Tim Hipperson
"The Group remains confident in its ability to leverage its unique market positioning into client engagement, incremental sales revenue and ultimately enhanced shareholder value."
In my 2017 statement I referred to an expected improvement in the performance of our business in the 2018 financial year. I am gratified that this has proved to be the case and that our service offerings continue to lead the market in our sector.
Over the 2018 year under review Immedia witnessed the strengthening of relationships with its key clients, in particular JD Sports Fashion plc and Nationwide Building Society, for whom we delivered a substantial equipment installation programme to ensure that every branch is able to receive Nationwide Live.
Our experience in 2019 to date is performing in line with management expectations with some of our more traditional historic contracts reaching end of life, enabling us to focus on the newer innovative business partnerships we have been developing over the last couple of years.
As a Group we deliver, day in day out, a huge range of content and services to our clients, on time and on budget. This is a testament to the talent and dedication of every member of Immedia staff and I would like to thank every one of them.
The Board and management of Immedia Group continue to benefit from the commitment and talents of the entire team to deliver the Group strategy - developing a broader creative content portfolio to convert app, web based, audio platform and physical retail environments into audio and visual entertainment and engagement media properties for our clients.
Our objective is to continue to build on the momentum recently generated and focus on being able to deliver sustained growth and value to all our stakeholders over the coming years.
Review by the Chief Executive, Bruno Brookes
The business
2018 saw Immedia's audience engagement strategies achieve true market traction. Not only did we launch the innovative JD-X app project for JD Sports Fashion plc, we also expanded the reach of our multimedia content to smart devices and other audio platforms such as Amazon Alexa, Google Home, Apple Podcasts, Overcast and iHeart.
The power of our Dreamstream-X platform was harnessed to deliver a class leading broadcast audio solution to the entire Nationwide Building Society estate. We also supplied and installed connectivity and sound systems into the Nationwide estate.
We are pleased to report that our geographical reach has grown as a result of our clients' own development: this has included the expansion of both the JD and Subway retail services into additional territories and we expect this trend to continue over the current financial period.
We continue to produce audio and visual content of the highest class for all our clients in particular those across retail, energy and sports.
Our Aberdeen production division has enjoyed a high-profile year, filming at all venues of the FIFA World Cup in Russia and producing landmark work for clients such as Weir Oil and Gas, Maersk, Halliburton and Visit Aberdeenshire. This area of our business also showed improvement at the trading level due to enhanced top line sales and cost control measures implemented in 2017. Although market conditions in the local economy remain challenging, we continue to work on spreading the geographical reach of our Aberdeen team to the rest of the UK and beyond.
Current trading and prospects
Over the last 18 months we have made considerable progress in maximising efficiencies within the Group which leaves us well placed to leverage increased engagement with current clients and the conversion of a significant pipeline of new business opportunities. Our engagement with potential new clients is flourishing under the guidance of our new Director of Partnerships Paul Atherton.
Our experiences in 2018 and in the year to date have reinforced our view that now is the time for Immedia's unique mix of brand engagement and creative skills. We are in advanced dialogue with several key potential clients across our target verticals, specifically for the development of Omni Channel and content development in both physical and digital locations. We expect to bring you further updates on these discussions within this financial period.
Financial review by Ross Penney, Chief Operating Officer
2018 saw an improved performance in the Group as a result of factors already highlighted - a significant one-off installation project for Nationwide Building Society, other new business coming on stream and the full year's impact of cost control measures implemented in 2017.
Summary of financial results
Having reported a very challenging 2017, it has been very encouraging to witness a turnaround from a significant pre-tax loss in the prior year to achieve a profit before tax in 2018.
Revenue increased 32% on the previous year to GBP4,686,934 (2017: GBP3,548,689). The Group reported an EBITDA profit (earnings before interest, taxation, depreciation, amortisation, impairment charges and other exceptional items) of GBP262,588 (2017: loss GBP512,847) and a profit before tax of GBP106,204 (2017: loss GBP693,268). This equates to a pre-tax profit per share of 0.77p (2017: loss 5.05p). The total comprehensive profit was GBP42,949, reflecting a reduction in the carrying value of GBP112,800 in our strategic investment in the AIM quoted spoken word audio platform Audioboom Group Plc (AIM: BOOM).
Reconciliation of EBITDA to
statutory results
2018 2017
GBP GBP
-------- -------------
Operating profit/(loss) 110,693 (692,118)
Depreciation 93,301 120,326
Amortisation 58,594 58,945
EBITDA 262,588 (512,847)
The significant improvement in EBITDA is due to a number of factors: a significant installation contract on behalf of Nationwide Building Society as above, new business coming on stream and the impact of a full year of cost reduction measures implemented in 2017. Whilst we don't anticipate benefiting from significant one-off installation earnings in the 2019 financial year, we have taken the steps necessary to deliver substitutional and incremental revenue and margin across several market verticals.
Cash balances increased to GBP369,698 (2017: GBP53,743) as a result of improved EBITDA performance.
Consolidated statement of financial position and cash flows
Management of costs and cash remains a key focus, and in the period cash collections from customers were again improved. Costs in our Aberdeen division have been continuously monitored and stabilised. Together with enhanced revenue and margin performance the result has been an increase in cash to GBP369,698 (2017: GBP53,743).
During 2018 the Group invested GBP122,992 in tangible fixed assets. GBP82,886 of these assets are IT hardware, servers and telephone systems at Newbury and were funded by finance leases. The Group repaid leases totalling GBP12,898 during the year. The net cash inflow from Group activities was GBP315,955 and the Group ended the year with a cash balance of GBP369,698.
CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2018
2018 2017
GBP GBP
Continuing operations
Revenue 4,686,934 3,548,689
Cost of sales (2,166,366) (1,759,046)
----------- -----------
Gross profit 2,520,568 1,789,643
Administrative expenses (2,409,875) (2,481,761)
----------- -----------
Profit/(loss) from operations 110,693 (692,118)
Finance income 159 202
Finance cost (4,648) (1,352)
----------- -----------
Profit/(loss) before tax 106,204 (693,268)
Tax income 49,545 21,700
----------- -----------
Profit/(loss) for the year from continuing
operations 155,749 (671,568)
----------- -----------
Earnings/(loss) per share
Basic (pence) 1.13 (4.89)
Diluted (pence) 1.08 (4.89)
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2018
2018 2017
GBP GBP
Profit/(Loss) for the year 155,749 (671,568)
Items that will not be reclassified subsequently
to profit or loss:
Fair value (loss)/gain on equity investments
not held for trading
designated as fair value through OCI (112,800) 7,800
----------- ---------
Total comprehensive profit/(loss) for the
year 42,949 (663,768)
----------- ---------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2018
2018 2017
GBP GBP
Assets
Non-current assets
Property, plant and equipment 225,475 200,838
Intangible assets 307,505 366,099
Deferred tax assets 84,395 34,850
Financial assets 60,000 172,800
Total non-current assets 677,375 774,587
------------ ------------
Current assets
Inventories 153,915 69,803
Trade and other receivables 643,422 519,129
Prepayments 126,857 107,915
Cash and cash equivalents 369,698 53,743
Total current assets 1,293,892 750,590
------------ ------------
Total assets 1,971,267 1,525,177
============ ============
Equity
Share capital 1,455,684 1,455,684
Share premium 3,586,541 3,586,541
Merger reserve 2,245,333 2,245,333
Share based payment reserve 4,578 4,578
Investment valuation reserve (30,000) 82,800
Retained losses (7,043,745) (7,199,494)
Total equity 218,391 175,442
------------ ------------
Liabilities
Non-current liabilities
Finance leases 49,580 1,542
Provisions 42,500 42,500
Total non-current liabilities 92,080 44,042
------------ ------------
Current Liabilities
Finance leases 27,464 5,514
Trade and other payables 1,511,586 1,233,522
Contract liabilities 121,746 66,657
Total current liabilities 1,660,796 1,305,693
------------ ------------
Total liabilities 1,752,876 1,349,735
------------ ------------
Total equity and liabilities 1,971,267 1,525,177
------------ ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share based Investment
Share premium Merger payment valuation Retained
capital account reserve reserve reserve losses Total equity
GBP GBP GBP GBP GBP GBP GBP
------------- ------------ ------------- ------------ ------------ -------------- -------------
Balance at 1
January 2018 1,455,684 3,586,541 2,245,333 4,578 82,800 (7,199,494) 175,442
------------- ------------ ------------- ------------ ------------ -------------- -------------
Profit for the
year - - - - - 155,749 155,749
Other
comprehensive
income for the
year:
Fair value
loss on
financial
assets - - - - (112,800) - (112,800)
------------- ------------ ------------- ------------ ------------ -------------- -------------
Total
comprehensive
(loss)/gain
for the year - - - - (112,800) 155,749 42,949
Balance at 31
December 2018 1,455,684 3,586,541 2,245,333 4,578 (30,000) (7,043,745) 218,391
============= ============ ============= ============ ============ ============== =============
Share Share based Investment Total equity
Share premium Merger payment valuation Retained
capital account reserve reserve reserve losses
GBP GBP GBP GBP GBP GBP GBP
------------- ------------ ------------- ------------ ------------ -------------- -------------
Balance at 1
January 2017 1,455,684 3,586,541 2,245,333 4,578 75,000 (6,527,926) 839,210
------------- ------------ ------------- ------------ ------------ -------------- -------------
Loss for the
year - - - - - (671,568) (671,568)
Other
comprehensive
income for the
year:
Fair value
gain on
financial
assets - - - - 7,800 - 7,800
------------- ------------ ------------- ------------ ------------ -------------- -------------
Total
comprehensive
gain/(loss)
for the year - - - - 7,800 (671,568) (663,768)
------------- ------------ ------------- ------------ ------------ -------------- -------------
Balance at 31
December 2017 1,455,684 3,586,541 2,245,333 4,578 82,800 (7,199,494) 175,442
============= ============ ============= ============ ============ ============== =============
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2018
2018 2017
GBP GBP
Cash flows from operating activities
Profit/(loss) for the year before
income tax 106,204 (693,268)
Adjustments for:
Depreciation, amortisation and
impairment charges 151,895 179,271
Loss on sales of assets 5,054 1,396
Finance income (159) (202)
Finance expense 4,648 1,352
(Increase)/Decrease in trade
and other receivables and prepayments (143,236) 267,476
(Increase)/Decrease in inventories (84,111) 28,550
Increase in trade and other payables
and contract liabilities 333,153 166,790
Net cash from operating activities 373,448 (48,635)
---------- ---------
Taxation
Taxation - -
---------- ---------
Cash flows from investing activities
Interest received 159 202
Acquisition of property, plant
and equipment (40,106) (18,631)
Net cash from investing activities (39,947) (18,429)
---------- ---------
Cash flows from financing activities
Repayment of finance leases (12,898) (3,727)
Interest paid (4,648) (1,352)
Net cash from financing activities (17,546) (5,097)
---------- ---------
Net increase/(decrease) in cash
and cash equivalents 315,955 (72,143)
Cash and cash equivalents at
1 January 53,743 125,886
Cash and cash equivalents at
31 December 369,698 53,743
========== =========
Immedia Group Plc
NOTES TO THE FINANCIAL INFORMATION
The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.
The financial information for the year ended 31 December 2017 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.
The statutory accounts for the year ended 31 December 2018 have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them.
The 2018 accounts will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The Annual Report and Notice of Annual General Meeting will be posted to the shareholders by 5 June 2019 and will be made available on the Company's website (www.immediaplc.com) at that time.
This preliminary announcement was approved by the Board on 20 May 2019.
1. Principal activity
The Group is involved in marketing and communication services through the provision of interactive digital channels products and services using music, radio and screen-based media to provide brand conversation, engaging entertainment and innovative technical solutions. It also supplies, installs and maintains the equipment required to deliver these services.
2. Basis of preparation
The financial information has been prepared and approved by the Directors in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRSs) as adopted by the EU ("Adopted IFRSs").
The Directors have considered the Group's prospects for winning new business and reviewed a range of possible outcomes when reviewing forecasts of future cash flows of the Group. On the basis of current financial projections prepared to 30 June 2020, recent news of new contracts won and of contract renewals, and continuing improvements in the management of costs, the Directors are satisfied that the Group has adequate resources to continue in operation for the foreseeable future and consequently the financial statements have been prepared on the going concern basis.
The Directors have considered the Group's prospects for winning new business and reviewed a range of possible outcomes when reviewing forecasts of future cash flows of the Group. On the basis of current financial projections prepared to 30 June 2020, recent news of new contracts won and of contract renewals, and continuing improvements in the management of costs, the Directors are satisfied that the Group has adequate resources to continue in operation for the foreseeable future and consequently the financial statements have been prepared on the going concern basis.
The financial statements were approved by the Board of Directors on 20 May 2019.
3. Financial assets
In March 2014, the Group invested GBP90,000 in the purchase of 6,000,000 shares in AudioBoom Group Plc, an AIM-listed spoken-word audio platform for hosting distributing and monetising content, as part of the Group's strategy to broaden its digital marketing and communications services.
The Group has taken the irrevocable election to classify this investment as fair value through OCI. At 31 December 2018 the fair value of the investment was GBP60,000 (31 December 2017: GBP172,800) with a net fair value loss in 2018 of GBP112,800 recognised in other comprehensive income (2017: gain GBP7,800).
As at the date of approval of this report, the investment represents c.0.005% of Audioboom Group Plc's ordinary shares in issue and has a fair value of GBP114,000.
4. Earnings per share
2018 Number 2017 Number
Basic
Weighted average number of shares in issue 14,556,844 14,556,844
Less weighted average number of own shares (832,374) (832,374)
------------- -------------
Weighted average number of shares in issue
for basic earnings per share 13,724,470 13,724,470
------------- -------------
Basic earnings/(loss) per share 1.13p (4.89)p
2018 Number 2017 Number
Diluted
Weighted average number of shares in issue 13,724,470 13,724,470
Add shares which dilute 666,847 -
------------- -------------
Weighted average number of shares in issue
for diluted earnings per share 14,391,317 13,724,470
------------- -------------
Diluted earnings/(loss) per share 1.08p (4.89)p
------------- -------------
The basic and diluted earnings/(loss) per share are calculated
using the after-tax profit attributable to equity shareholders
for the financial period of GBP155,749 (2017: loss GBP671,568).
In accordance with IAS 33 the diluted basic earnings/ (loss) per
share is stated at the same amount in 2017 as basic as there is
no dilutive effect, whereas there is a dilutive effect in 2018.
Pre-tax earnings/(loss) per share 2018 2017
Basic pre-tax earnings/(loss) per share 0.77p (5.05)p
------------- -------------
Diluted pre-tax earnings/(loss) per share 0.74p (5.05)p
------------- -------------
The basic and diluted pre-tax earnings/(loss) per share are calculated
using the before tax earnings/(loss) attributable to equity shareholders
for the financial period of GBP106,204 (2017: GBP693,268).
5. Adoption of IFRS 9 and IFRS 15
IFRS 9 "Financial instruments" and IFRS 15 "Revenue from contracts
with customers" were both adopted with effect from 1 January 2018
in line with the transitional provisions provided in the new standards.
The effect of adopting IFRS 9 has been to reclassify investments
previously held as available for sale using the irrevocable election
to classify equity investments as fair value through other comprehensive
income. The impact of any increased loss allowance is deemed immaterial.
The adoption of IFRS 15 has not resulted in any changes to existing
revenue recognition policies and as a result there are no transitional
adjustments made.
For further information please contact:
Immedia Group Plc Tel: +44 (0) 1635 556200 Tim Hipperson, Non-executive Chairman Bruno Brookes, Chief Executive SPARK Advisory Partners Limited Tel: +44 (0) 203 368 3550 (Nomad) Mark Brady Neil Baldwin SP Angel Corporate Finance LLP (Stockbroker) Tel: +44 (0) 207 470 0470 Abigail Wayne TooleyStreet Communications (IR Tel: +44 (0) 7785 703523 & Media Relations) Fiona Tooley
About Immedia Group Plc
Immedia Group Plc is a multi-media content and digital solutions provider to global businesses and organisations, who are investing in internal and/or brand communications.
Our business provides a wide range of 'live' branded channels specifically to retail locations across the UK and Europe with an estimated listening audience of 8.5 million listeners per week. Immedia's interactive audio channels deliver original and relevant content, via its own DreamStream-X platform with encrypted Dreamstream technology deployed in each location. Dreamstream-X provides a mix of 'on brand' national and localised content to a client's workforce and customer base. Each channel is supported with powerful data analytics tools which monitor audience activity and provide data to enable us to further enhance audience engagement.
Immedia Group also creates original video content, 3D animation, app and web development, as well as supplying and installing Audio Visual equipment.
Immedia clients include, HSBC, Shell, Subway, BP, Nationwide Building Society, JD Sports, O2, BMW, IKEA and FIFA.
To read more about our business, visit www.immediaplc.com or email us on enquiries@immediaplc.com
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
FR CKKDNABKDQPB
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