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IME Immediate Acquisition Plc

17.75
0.00 (0.00%)
23 Apr 2024 - Closed
Delayed by 15 minutes
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

Immedia Group PLC Unaudited Half Year Results (0464O)

30/09/2019 7:02am

UK Regulatory


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TIDMIME

RNS Number : 0464O

Immedia Group PLC

30 September 2019

30 SEPTEMBER 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.

"We have a unique mix of brand engagement and creative skills focussed on producing audio and visual content of the highest class for all our clients"

IMMEDIA GROUP PLC

("Immedia" or the "Company" or the "Group")

UNAUDITED HALF-YEAR RESULTS

Immedia (AIM: IME), a supplier of multi-media content and digital audience engagement solutions for leading brands and global businesses, announces its unaudited half-year results for the six months ended 30 June 2019.

Commenting on the performance, Immedia's CEO Bruno Brookes said:

"Although it is always encouraging to witness the considerable progress that our business has made in terms of improved client engagement across our portfolio, unfortunately this is overshadowed by the increasingly uncertain political and economic environment we find ourselves working in which has fed down to our business.

As a result, the Group is experiencing delays in both existing and new business channels where previously we had been close to securing additional opportunities. Increasingly customers are nervous to commit in the short-term leading to spending decisions either cancelled or postponed until the outlook is more settled.

We are expecting the remainder of the year to be difficult but we remain very confident that incremental revenue streams will be delivered, albeit on a more extended timescale than previously envisaged."

 
      HIGHLIGHTS 
 
        *    14% decrease in revenue to GBP1,741,721 compared to 
             H1 2018 and anticipated difficult H2 in prospect 
 
 
        *    HY1 EBITDA loss of GBP (315,490) compared to a profit 
             of GBP39,878 in 2018 
 
 
        *    Group remains virtually debt free 
 
 
        *    The take-up of SUBWAY(R) Radio continues to exceed 
             Board expectations 
 
 
       Post the period end: 
        *    Extension of the JD Sports Fashion plc in store 
             service to over 550 stores in the UK and Europe 
 
 
        *    New business pipeline is positive and activity in our 
             core strategic areas for H2 2019 and 2020 remains 
             encouraging 
 
 
 
        *    Cost savings have been implemented since the period 
             end to assist full year financials in light of the 
             difficult trading prospects for the remainder of the 
             year 
 
 
 
        *    Guidance for the full year of revenue of GBP4.1m with 
             an improved EBITDA loss of (GBP0.25m) 
 
          KEY FINANCIALS                       Unaudited      Unaudited        Audited 
                                               Half year      Half year        Year to 
                                                      to             to    31 Dec 2018 
                                                 30 June        30 June 
                                                    2019           2018 
       Revenue                              GBP1,741,721   GBP2,016,677   GBP4,686,934 
       EBITDA*                              (GBP315,490)      GBP39,878     GBP262,588 
       Results from operating activities    GBP(447,004)    GBP(33,871)     GBP110,693 
       (Loss)/profit before income          GBP(457,181)    GBP(35,220)     GBP106,204 
        tax 
       Net fair value gain/(loss) on           GBP57,000    GBP(55,800)   (GBP112,800) 
        financial assets 
       Total comprehensive profit/(loss)    GBP(396,785)    GBP(91,020)      GBP42,949 
        for the period 
       (Loss)/profit per share - basic 
        (pence)                                   (3.31)         (0.26)           1.13 
       (Loss)/profit per share - diluted 
        (pence)                                   (3.31)         (0.26)           1.13 
       Net cash and cash equivalents           GBP44,571     GBP148,825     GBP369,698 
       *Profit/(Loss) before interest, 
        tax, depreciation, amortisation 
        and impairment charges 
        FULL STATEMENT ATTACHED 
 
 
 Enquiries: 
 Immedia Group plc                                 Tel: +44 (0) 1635 556200 
  Bruno Brookes, CEO 
 www.immediaplc.com 
 
 SPARK Advisory Partners Limited (Nomad) 
 Mark Brady/Neil Baldwin                           Tel: +44 (0) 203 368 
                                                    3550 
 
 SP Angel Corporate Finance LLP (Stockbroker)      Tel: +44 (0) 207 470 
  Abigail Wayne                                     0470 
 
 TooleyStreet Communications (IR & 
  Media Relations) 
 Fiona Tooley                                      Tel: +44 (0) 7785 703523 
 
 About Immedia Group plc 
  www.immediaplc.com 
  Immedia Group is a multi-media content and digital solutions provider 
  to global businesses and organisations investing in internal and/or 
  brand communications. Our interactive audio channels deliver original 
  and relevant content, via Immedia's Dreamstream-X platform, to a 
  client's workforce and/or customer base. Each channel is supported 
  with powerful data analytics, which monitor audience activity and 
  provide data to enable Immedia to enhance audience engagement. The 
  Group also creates original video, 3D animation, app and web content, 
  as well as supplying and installing audio-visual equipment. 
 

Immedia's clients include: BP, FIFA, HSBC, JD Sports Fashion plc, O2, Shell, Subway Europe, Nationwide Building Society and IKEA.

IMMEDIA GROUP PLC

Unaudited Half-Year Results for the six months ended 30 June 2019

INTRODUCTION

It is disappointing to report that, after an encouraging 2018, unaudited half-year results in 2019 have fallen below the corresponding period last year. Both revenue and profitability have been eroded compared to the prior year, primarily as a result of the prevailing challenging economic climate, despite a continuing track record of excellent work delivered on time and on budget to clients from both Newbury and Aberdeen offices.

In the preliminary results for 2018 released in May this year, we highlighted the one-off revenue and margin achievement resulting from the installation of audio systems in the Nationwide Building Society estate. Our objective in the current financial year was to replace these project revenues and to continue the year-on-year growth we have delivered since 2015. The current environment has not helped us to achieve this objective.

Whilst significant marketing and business development work in the current year has delivered many substantial opportunities none have yet come to contract stage, although we remain confident that incremental revenue streams will materialise, albeit on a more extended timescale than previously envisaged.

The Board recognises that the H1 results are disappointing and expects that all stakeholders will share its frustration.

Your Company is however doing its utmost both operationally and in business development to manage the current situation and in an improved environment will generate future substitutional and incremental margins.

FINANCIAL RESULTS

Revenue in the period being reported decreased 14% to GBP1,741,721 (H1 2018: GBP2,016,677).

In addition to delays in new business development the Group experienced one retail contract (Superdrug) coming to a natural end in the normal business cycle after seven years.

Steps to manage working capital in the business have been implemented as detailed below.

EBITDA

In light of the developments above, EBITDA for the period was (GBP315,490) (H1 2018 : GBP39,878) ; a reduction of GBP355,368. Cash management remains a priority, however in the first half cash decreased to GBP44,571 (H1 2018 : GBP148,825). Despite this, the Group has no bad or doubtful debts and remains virtually debt free.

INVESTMENTS

As in previous years, Immedia's investment in AudioBoom Group plc, the leading spoken--word audio platform (AIM: BOOM), showed fluctuations in value during the period. In accordance with our IFRS accounting regime, a gain on revaluation of investments of GBP57,000 has been reported in the first half (H1 2018: loss of GBP55,800). Cumulatively, the Group remains in surplus on its investment.

OPERATIONS

The weaker than anticipated trading referred to above has resulted in further cost reduction measures and it is expected that the full effect of these will be realised in the latter part of this year.

Against a tough backdrop, we are still witnessing a strong pipeline of opportunities in discussion and this encourages the Board. We remain upbeat and reassured by the activity in our core strategic areas; we anticipate conversion into projects once the economic and political landscape has settled and therefore, despite a less than ideal short-term outlook, 2020 remains promising.

AVC IMMEDIA

2019 to date has been positive for our Aberdeen division as it continues to work with a wide range of high-profile customers in the energy, sport, transport, tourism and leisure sectors. Key clients in the period include:

   --      Weir Oil and Gas 
   --      Maersk 
   --      Tullow Oil 
   --      FIFA 
   --      Visit Aberdeenshire 

In addition, our Aberdeen division spent six weeks at the FIFA Women's World Cup in France with great success.

PEOPLE

We take huge pride in the quality and consistency of the work undertaken by our employees.

The business now employs 31 people and, on behalf of all stakeholders, I would once again like to thank each one of them for their hard work and dedication.

POST PERIOD BUSINESS EXTENSION WIN

In July 2019 we were pleased to extend our business with JD Sports, resulting in the expansion of JD-X to over 550 stores in the UK and Europe.

OUTLOOK

In our 22 July 2019 trading update we indicated that the full year outturn would be revenue of GBP4.1m with an EBITDA loss of (GBP0.3m). We now expect that Group revenue will remain at the GBP4.1m level with an improved EBITDA loss in the region of (GBP0.25m) as a result of cost reduction measures implemented in H1 2019.

Despite this disappointing result and outlook in terms of financial performance, we remain focussed and motivated to deliver a substantially improved result.

Both divisions of the business (in Newbury and Aberdeen) have been affected by market uncertainty and investment delays and there is no doubt that these trends may continue; nevertheless, we are fully engaged both in maximising revenue from our existing blue chip client base and developing the new business opportunities referred to in this Report.

There is huge ability and confidence in the business and we can see many positive signs for 2020 and beyond. We will of course update all stakeholders in a timely fashion as new opportunities are converted to extended contract.

Bruno Brookes, CEO

On behalf of Immedia Group plc

27 September 2019

IMMEDIA GROUP PLC

(Immedia or the Company or the Group)

Unaudited Half-Year results for the six months ended 30 June 2019

 
 Consolidated statement of profit 
  or loss 
                                                Unaudited     Unaudited      Audited 
                                                Half-year     Half-year     Year ended 
                                                 ended 30      ended 30     31 December 
                                        Note       June          June          2018 
                                                   2019          2018 
                                                   GBP           GBP           GBP 
-----------------------------------  -------  ------------  ------------  ------------- 
 
 Revenue                                         1,741,721     2,016,677      4,686,934 
 Cost of sales                                   (823,876)     (957,450)    (2,166,366) 
 
 Gross profit                                      917,845     1,059,227      2,520,568 
 
 Administrative expenses                       (1,364,849)   (1,093,098)    (2,409,875) 
 
 (Loss)/profit from operations                   (447,004)      (33,871)        110,693 
                                              ------------  ------------  ------------- 
 
 Finance income                                        114            71            159 
 Finance cost                                     (10,291)       (1,420)        (4,648) 
                                              ------------  ------------  ------------- 
 
 (Loss)/profit before tax                        (457,181)      (35,220)        106,204 
 Tax                                                 3,396             -         49,545 
 
 (Loss)/profit for the period                    (453,785)      (35,220)        155,749 
                                              ------------  ------------  ------------- 
 
 (Loss)/Earnings per share (pence) 
            Basic and Diluted           5           (3.31)        (0.26)           1.13 
 
 
 
 
   Consolidated statement of profit or loss and other comprehensive income 
                                            Unaudited    Unaudited      Audited 
                                            Half-year     Half-year    Year ended 
                                             ended 30     ended 30     31 December 
                                               June         June          2018 
                                               2019         2018 
                                               GBP          GBP           GBP 
---------------------------------------   ------------  -----------  ------------- 
 
 (Loss)/profit for the period                (453,785)     (35,220)        155,749 
 
 Items that will not be reclassified 
  subsequently to profit or loss: 
 Fair value gain/(loss) on equity 
  investments not held for trading 
  designated as FVTOCI                          57,000     (55,800)      (112,800) 
 
 Total comprehensive (loss)/profit 
  for the period                             (396,785)     (91,020)         42,949 
                                          ------------  -----------  ------------- 
 
 
                                    Consolidated balance sheet 
                                            Unaudited     Unaudited      Audited 
                                            Half-year     Half-year         At 
                                            At 30 June    At 30 June    31 December 
                                    Note       2019          2018          2018 
                                               GBP           GBP           GBP 
-------------------------------  -------  ------------  ------------  ------------- 
 
 Assets 
 Non-current assets 
 Property, plant and equipment                 375,563       176,455        225,475 
 Intangible assets                             278,435       336,602        307,505 
 Deferred tax assets                            84,395        34,850         84,395 
 Financial assets                   4          117,000       117,000         60,000 
                                          ------------  ------------  ------------- 
 Total non-current assets                      855,393       664,907        677,375 
                                          ------------  ------------  ------------- 
 
 Current assets 
 Inventories                                   206,278       162,976        153,915 
 Trade and other receivables                   904,343       652,096        643,422 
 Prepayments                                   116,554       155,654        126,857 
 Cash and cash equivalents                      44,571       148,825        369,698 
                                          ------------  ------------  ------------- 
 Total current assets                        1,271,746     1,119,551      1,293,892 
                                          ------------  ------------  ------------- 
 
 TOTAL ASSETS                                2,127,139     1,784,458      1,971,267 
                                          ------------  ------------  ------------- 
 
 Equity 
 Share capital                               1,455,684     1,455,684      1,455,684 
 Share premium                               3,586,541     3,586,541      3,586,541 
 Merger reserve                              2,245,333     2,245,333      2,245,333 
 Share-based payment reserve                     4,578         4,578          4,578 
 Investment valuation reserve                   27,000        27,000       (30,000) 
 Retained losses                           (7,497,530)   (7,234,714)    (7,043,745) 
                                          ------------  ------------  ------------- 
 Total equity                                (178,394)        84,422        218,391 
                                          ------------  ------------  ------------- 
 
 Liabilities 
 Non-current liabilities 
 Trade and other payables                            -         2,871              - 
 Lease liabilities                             129,244             -         49,580 
  Provisions                                    42,500        42,500         42,500 
                                          ------------  ------------  ------------- 
 Total non-current liabilities                 171,744        45,371         92,080 
                                          ------------  ------------  ------------- 
 
 Current liabilities 
 Borrowings                                          -             -              - 
 Lease liabilities                             133,033         8,612         27,464 
 Trade and other payables                    1,851,717     1,461,813      1,511,586 
  Contract liabilities                         149,039       184,240        121,746 
                                          ------------  ------------  ------------- 
 Total current liabilities                   2,133,789     1,654,665      1,660,796 
                                          ------------  ------------  ------------- 
 Total liabilities                           2,305,533     1,700,036      1,752,876 
                                          ------------  ------------  ------------- 
 Total equity and liabilities                2,127,139     1,784,458      1,971,267 
-------------------------------  -------  ------------  ------------  ------------- 
 
 
 Consolidated statement of changes in equity 
  Attributable to equity shareholders in the Company 
   Total equity         Share       Share      Merger   Share-based    Investment      Retained       Total 
    at 30 June        capital     premium     Reserve       payment   revaluation        losses      Equity 
    2019                          account                   reserve       reserve 
   (Unaudited)         GBP         GBP         GBP          GBP           GBP           GBP          GBP 
                   ----------  ----------  ----------  ------------  ------------  ------------  ---------- 
   Balance as 
    at 1 January 
    2019            1,455,684   3,586,541   2,245,333         4,578      (30,000)   (7,043,745)     218,391 
                   ----------  ----------  ----------  ------------  ------------  ------------  ---------- 
   Loss for 
    the year                -           -           -             -             -     (453,785)   (453,785) 
                   ----------  ----------  ----------  ------------  ------------  ------------  ---------- 
   Other                                                                                      -           - 
   comprehensive 
   income for 
   the period: 
                   ----------  ----------  ----------  ------------  ------------  ------------  ---------- 
   Fair value 
    gain on 
    equity 
    investments 
    not held 
    for trading 
    designated 
    as FVTOCI                                                              57,000                    57,000 
                   ----------  ----------  ----------  ------------  ------------  ------------  ---------- 
   Total 
    comprehensive 
    profit/(loss) 
    for the 
    period                                                                 57,000     (453,785)   (396,785) 
                   ----------  ----------  ----------  ------------  ------------  ------------  ---------- 
   Balance at 
    30 June 2019    1,455,684   3,586,541   2,245,333         4,578        27,000   (7,497,530)   (178,394) 
                   ----------  ----------  ----------  ------------  ------------  ------------  ---------- 
----------------------------------------------------------------------------------------------------------- 
 
 
 Total equity               Share   Share premium      Merger   Share-based     Investment      Retained      Total 
  at 30 June              capital         account     Reserve       payment    revaluation        losses     Equity 
  2018                                                              reserve        reserve 
 (Unaudited)               GBP           GBP           GBP          GBP           GBP            GBP         GBP 
                       ----------  --------------  ----------  ------------  -------------  ------------  --------- 
 Balance as 
  at 1 January 
  2018                  1,455,684       3,586,541   2,245,333         4,578         82,800   (7,199,494)    175,442 
                       ----------  --------------  ----------  ------------  -------------  ------------  --------- 
 Loss for the 
  year                          -               -           -             -              -      (35,220)   (35,220) 
                       ----------  --------------  ----------  ------------  -------------  ------------  --------- 
 Other comprehensive                                                                                   -          - 
  income for 
  the period: 
                       ----------  --------------  ----------  ------------  -------------  ------------  --------- 
 Fair value 
  gain on equity 
  investments 
  not held for 
  trading designated 
  as FVTOCI                                                                       (55,800)                 (55,800) 
                       ----------  --------------  ----------  ------------  -------------  ------------  --------- 
 Total comprehensive 
  profit/(loss) 
  for the period                                                                  (55,800)      (35,220)   (91,020) 
                       ----------  --------------  ----------  ------------  -------------  ------------  --------- 
 Balance at 
  30 June 2018          1,455,684       3,586,541   2,245,333         4,578         27,000   (7,234,714)     84,422 
                       ----------  --------------  ----------  ------------  -------------  ------------  --------- 
 
 
 Total equity at 1            Share       Share      Merger     Share-based   Investment      Retained       Total 
  January 2018               capital     premium     Reserve      payment      revaluation      losses       Equity 
                                         account                  reserve      reserve 
 (Audited)                        GBP         GBP         GBP           GBP            GBP           GBP         GBP 
                           ----------  ----------  ----------  ------------  -------------  ------------  ---------- 
 Balance as 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 period: 
                           ----------  ----------  ----------  ------------  -------------  ------------  ---------- 
 Fair value loss on 
  equity investments 
  not held for trading 
  designated as FVTOCI                                                           (112,800)                 (112,800) 
                           ----------  ----------  ----------  ------------  -------------  ------------  ---------- 
 Total comprehensive 
  (loss)/gain for the 
  period                                                                         (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 
                           ----------  ----------  ----------  ------------  -------------  ------------  ---------- 
 
 
 Consolidated statement of cash flows 
                                              Unaudited     Unaudited      Audited 
                                              Half-year     Half-year         At 
                                              At 30 June    At 30 June    31 December 
                                                 2019          2018          2018 
                                                 GBP           GBP           GBP 
-----------------------------------------   ------------  ------------  ------------- 
 
 Cash flows from operating activities 
 (Loss)/profit for the period before 
  income tax                                   (457,181)      (35,220)        106,204 
 
 Adjustments for: 
 Depreciation, amortisation and 
  impairment charges                             131,514        73,749        151,895 
 Loss on sales of assets                               -             -          5,054 
 Finance income                                    (114)          (71)          (159) 
 Finance cost                                     10,291         1,421          4,648 
 Increase in trade and other receivables 
  and prepayments                              (250,618)     (180,705)      (143,236) 
 Increase in inventories                        (52,363)      (93,173)       (84,111) 
 Increase in trade and other payables 
  and contract liabilities                       367,424       345,875        333,153 
 Net cash from operating activities            (251,047)       111,876        373,448 
                                            ------------  ------------  ------------- 
 
 Taxation                                              -             -              - 
 
 Cash flows from investing activities 
 Proceeds from sale of property,                       -         3,160              - 
  plant and equipment 
 Interest received                                   114            71            159 
 Acquisition of property, plant 
  and equipment                                 (56,840)      (14,178)       (40,106) 
 Net cash from investing activities             (56,726)       (5,847)       (17,546) 
                                            ------------  ------------  ------------- 
 
 Cash flows from financing activities 
 Repayment of lease liabilities                  (7,063)       (4,426)       (12,898) 
 Interest paid                                  (10,291)       (1,421)        (4,648) 
 Net cash from financing activities             (17,354)       (5,847)       (17,546) 
                                            ------------  ------------  ------------- 
 
 Net (decrease)/increase in cash 
  and cash equivalents                         (325,127)        95,082        315,955 
 
 Cash and cash equivalents at the 
  beginning of the period                        369,698        53,743         53,743 
 
 Cash and cash equivalents at the 
  end of the period                               44,571       148,825        369,698 
                                            ------------  ------------  ------------- 
 

NOTES TO THE FINANCIAL STATEMENTS

Financial information contained in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 ("the Act"). The statutory accounts for the year ended 31 December 2018 have been filed with the Registrar of Companies. The report of the auditors on these statutory accounts was unqualified, did not draw to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Act. The financial information for the six months ended 30 June 2019 and 30 June 2018 is unaudited.

This announcement was approved by the Board on 27 September 2019.

1. Reporting entity

Immedia Group Plc (the "Company") is a public limited company incorporated and domiciled in England and Wales. The address of the Company's registered office, and its principal place of business, is 7-9 The Broadway, Newbury, Berkshire RG14 1AS. The consolidated financial statements of the Company as at and for the year ended 31 December 2018 comprise the Company and its subsidiaries (together referred to as the "Group").

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 used to deliver these services.

2. Basis of preparation

The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee 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 adopted by the European Union and applicable as at 31 December 2018 and 31 December 2019. The Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing the interim financial information.

3. Significant accounting policies

The accounting policies set out in detail in note 3 of the Group's consolidated financial statements to 31 December 2018 have been applied consistently to these unaudited financial statements to 30 June 2019, with the exception of the adoption of new or amended standards as set out below:

The following standard has become applicable for accounting periods commencing on or after 1 January 2019 and the appropriate adjustments have been considered:

   --    IFRS 16 - Lease Accounting 

The impact of the adoption of these standards and the new accounting policies are disclosed in note 6 of this financial information.

4. Financial assets

In March 2014 the Group invested GBP90,000 in the purchase of 6,000,000 shares in AudioBoom Group plc, an AIM-quoted audio social media platform, as part of the Group's strategy to broaden its digital marketing and communications services.

The Company has taken the irrevocable election to classify this investment as FVTOCI. At 30 June 2019 the fair value of the investment was GBP117,000 with a current period fair value gain of GBP57,000 recognised in other comprehensive income (30 June 2018 fair value GBP117,000 with fair value loss of GBP55,800 recognised in other comprehensive income; 31 December 2018 fair value GBP60,000 with fair value loss of GBP112,800 recognised in other comprehensive income).

As at the date of approval of this report, the investment represents c.0.5% of AudioBoom Group plc's shares in issue and has a fair value of GBP106,500.

5. Earnings per share

 
                                                                              Unaudited     Unaudited      Audited 
                                                                                  as at         as at        as at 
                                                                             30 June 19    30 June 18    31 Dec 18 
                                                                                 Number        Number       Number 
 
 Weighted average number of shares in issue                                  14,556,844    14,556,844   14,556,844 
 Less weighted average number of own shares                                   (832,374)     (832,374)    (832,374) 
 Weighted average number of shares in issue for basic earnings per share     13,724,470    13,724,470   13,724,470 
                                                                           ============  ============  =========== 
 

The basic and diluted earnings per share are calculated using the after tax loss attributable to equity shareholders for the financial period of GBP453,875 (30 June 2018: loss GBP35,220; 31 December 2018: profit GBP155,749) divided by the weighted average number of Ordinary shares in issue in each of the relevant periods: 30 June 2019: 13,724,470 shares (30 June and 31 December 2018: 13,724,470 shares). For the period to 30 June 2019 and the year to 31 December 2018 and period to 30 June 2018 and in accordance with IAS 33, the diluted loss per share is stated as the same amount as basic as there is no dilutive effect.

6. Adoption of new accounting standards

(i) IFRS 16 Leases

The group has adopted IFRS 16 using the modified retrospective method (including practical expedients) with the effect of initially applying this standard recognised at the date of initial application (ie 1 January 2019), but has not restated comparatives for the 2018 reporting periods as permitted under the specific transactional provisions in the standard.

Adjustments recognised on adoption of IFRS 16

On adoption of IFRS 16, the group recognised lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principle of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using an incremental borrowing rate. The borrowing rate applied to the lease liabilities on 1 January 2019 was 10%.

 
                                                                          GBP 
            Operating lease commitments disclosed as at 31 December 
             2018                                                       251,708 
                                                                       --------- 
            Discounted using the lessee's incremental borrowing rate 
             of 10% at the date of initial application                  205,401 
                                                                       --------- 
            (Less): low-value leases recognised on a straight line 
             basis as expense                                           (13,105) 
                                                                       --------- 
            Lease liability recognised as at 1 January 2019             192,296 
                                                                       --------- 
            Of which are: 
                                                                       --------- 
            Current lease liabilities                                   164,730 
                                                                       --------- 
            Non-current lease liabilities                                27,566 
                                                                       --------- 
                                                                        240,668 
                                                                       --------- 
 

The associated right of use asset has been measured at the carrying value of the lease liability as at 1 January 2019.

The recognised right-of-use assets relate to the following type of assets:

 
                                         30 June   1 January 
                                          2019      2019 
                                         GBP       GBP 
                                        --------  ---------- 
            Properties                   164,730    209,052 
                                        --------  ---------- 
            Equipment                    27,566     42,656 
                                        --------  ---------- 
            Total right-of-use assets    192,296    251,708 
                                        --------  ---------- 
 

Practical expedients applied

In applying IFRS for the first time, the group has used the following practical expedients permitted by the standard:

-- The use of a single discount rate to a portfolio of leases with reasonably similar characteristics

-- The accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short term leases, and

By order of the Board

27 September 2019

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements which reflect the knowledge and information available to the Company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involving a degree of uncertainty. Although the Group believes that the expectations reflected in these statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Given that these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

The Group undertakes no obligation to update any forward-looking statements whether because of new information, future events or otherwise.

The Half-Year Report will be available to view and download from the Group's website at www.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

IR LLFLTASIAFIA

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September 30, 2019 02:02 ET (06:02 GMT)

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