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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 : 5067A
Immedia Group PLC
30 September 2020
ISSUED ON BEHALF OF IM MEDIA GROUP PLC
WEDNESDAY, 30 SEPTEMBER 2020
IMMEDIATE RELEASE
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.
IM MEDIA GROUP PLC
("Immedia" or the "Company" or the "Group")
"Audio visual and digital communications solutions for leading Brands"
2020 UNAUDITED HALF - YEAR RESULTS
Immedia (AIM: IME), announces its unaudited Half-Year results for the six months ended 30 June 2020.
"The difficulties caused by COVID-19 have overshadowed the good things that we created in Q1 2020 in terms of increased customer engagement. With our cost base firmly under control and elements of the business experiencing some recovery, we are confident that whilst revenue will be reduced the 2020 EBITDA outturn will represent an improvement on the very disappointing 2019 EBITDA results. Indeed the H1 EBITDA performance was considerably better the same period in 2019.
As a result of the Placing last month where we raised GBP1.1m, the Company is now debt free, except for finance leases and a Government "bounce back" loan. We believe that we are well placed to move ahead with a new strategic direction following a thorough overhaul of processes and structure."
Your business has undergone huge change in 2020 in terms of pace, people, and processes. We believe the results of an improved business model will be tangible both in the rest of 2020 and into 2021."
Ross Penney
CEO Immedia
Hot Features
Premium
2020 Half-Year key points
* EBITDA performance of the business significantly
better than the corresponding period in the prior
year
* IME delivered superlative work to Nationwide Building
Society (COVID-19 staff channel for homeworkers), JD
Sports Fashion plc (social distance messaging in
local languages across Europe), Dana Petroleum (Walk
2 Work Campaign video), Fugro (offshore wind
animation), North East Scotland Food and Drink
(Virtual Awards 2020) and many others
* Lockdown resulted in closure of client sites and
delays to project work resulting in limited revenue
opportunities for IME
Key financials Unaudited Unaudited Audited
Half-Year Half-Year Year-
ended ended ended
30 June 30 June 31 December
2020 2019 2019
Revenue GBP1,328,069 GBP1,741,721 GBP4,020,443
EBITDA* GBP (219,403) GBP (315,490) GBP (699,584)
Loss from operating activities GBP (321,055) GBP (447,004) GBP (941,552)
Loss before income tax GBP (360,867) GBP (457,181) GBP (991,461)
Net fair value (loss)/gain on GBP (3,900) GBP57,000 GBP57,000
financial assets
Total comprehensive loss for GBP (364,767) GBP (396,785) (GBP1,015,460)
the period
Loss per share - basic (pence) (2.63) (3.31) (7.81)
Loss per share - diluted (pence) (2.63) (3.31) (7.81)
Net cash and cash equivalents GBP352,733 GBP44,571 GBP237,574
*Loss before interest, tax, depreciation, amortisation, and impairment
charges
Included in the EBITDA loss are exceptional costs of GBP161,894 relating
mainly to employment costs and the remaining costs of an aborted takeover
Post period-end highlights
* Share Placing and Subscription completed on 15
September 2020. GBP1.1m raised to be used for working
capital and to repay costs of the aborted transaction
undertaken in 2019 and H1 2020.
* Short - term loan of GBP 0.3m repaid following
Placing
* New business activities secured in 2020 with
Headmasters, Fugro, Deep Green, Weir Oil and Gas,
Stork and JFD Global; other market opportunities
continue to be developed by the team
* Rebranding of the trading entity to avcimmedia ,
reflecting a stronger brand entity and culture which
will bring together the Aberdeen (AVC) and Newbury
(Immedia) offices and take advantage of synergies
within the business
* The restructure and revision of the business model
and processes highlighted in last week's preliminary
results announcement will enhance productivity and
efficiency and deliver greater focus and pace.
Enquiries:
Im media Group plc Tel: +44 (0) 1635 556200
Ross Penney, 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 0470
Abigail Wayne
TooleyStreet Communications (IR &
Media Relations)
Fiona Tooley Tel: +44 (0) 7785 703523
About Im media Group plc
www.immediaplc.com
Im media Group is a multi-media content and digital solutions provider
to global businesses and organisations investing in internal and/or
brand communications which trades as avcimmedia . Our interactive
audio channels deliver original and relevant content, via avcimmedia'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 avcimmedia 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. Avcimmedia's clients include BP, FIFA, BMW/Mini, JD Sports
Fashion plc, O2, Shell, Subway Europe, Nationwide Building Society,
and IKEA.
Im media Group plc
Unaudited Half-Year Results for the six months ended 30 June 2020
INTRODUCTION
Although the EBITDA result for the Half-Year is unsatisfactory, it is significantly better than in the corresponding period in the prior year, especially given the detrimental effects of the COVID-19 pandemic and the significant one-off exceptional costs taken in the period.
In our announcement on 6 April 2020 we referred to many positive trading developments in Q1 2020, and to the fact that at this early stage of the year we were trading in line with management expectations. Due to the impact of COVID-19 in Q2 and beyond, we have not had the opportunity to deliver many substantial new opportunities, although recent signs of recovery give us confidence that incremental revenue streams will materialise.
The business used the relative quietness of the lockdown period in Q2 to bring about significant change in the business. A renewed vision and structure now unite the whole business on a single P&L. Major changes have also occurred in personnel and processes, resulting in a harmonious, supportive team culture and environment in which colleagues are encouraged to use their own initiative in pursuit of the Company's goals.
The Group has undertaken a full review in 2020 to refine Group strategy through a single unified brand - avcimmedia - with a simple strapline - " Audio Visual Communication for Brands ". The Group is working on systematic cross- and upselling to its broad portfolio of blue chip clients, in tandem with a buy and build strategy to bring strategically focused companies into the Group in the fields of content production, App development and data analytics. We have placed the engagement and retention of the best possible staff at the centre of our revised strategic landscape. The objective is to maximise benefit to staff members and shareholders alike.
Our people are doing their utmost both operationally and in business development to manage the current precarious COVID-19 situation. We remain confident that, with a lot of hard work already done to remodel the business, and in an improved environment, we will generate future substitutional and incremental margins that will deliver value to all stakeholders.
FINANCIAL RESULTS
Revenue in the period being reported decreased 24% to GBP1,328,069 (H1 2019: GBP1,741,721). As above the COVID-19 outbreak has been a significant factor in this HY1 result. In addition, the Group experienced one retail contract (HSBC UK) coming to a natural end in the business cycle after some 15 years. Steps to manage working capital in the business have been implemented.
EBITDA
Considering the developments above, EBITDA loss for the period was (GBP219,403) (H1 2019: (GBP315,490)); an improvement of GBP96,087. Included in the EBITDA loss are exceptional costs of GBP161,984 relating mainly to employment costs and the remaining costs of an aborted transaction. Cash management remains a priority, and in the first half cash increased to GBP352,733 (H1 2019: GBP44,571). The Group has a provision for doubtful debts of GBP94,730 and a GBP50,000 "bounce back" loan from the Government to assist with trading difficulties brought about by COVID-19.
INVESTMENTS
As in previous years, our 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 loss on revaluation of investments of GBP3,900 has been reported in the first half-year (HY1 2019: gain of GBP57,000). 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; the full effect of these will be realised in the latter part of this year.
PEOPLE
We are a people-centred organisation and our staff are at the forefront of the organisation's culture and values.
The business employs 27 people, and, on behalf of all stakeholders, I would once again like to thank each one of them for their hard work and dedication particularly as we go through one of the toughest years we have experienced.
OUTLOOK
The recent Placing and Subscription has provided a firm working capital base from which to pursue the Company's strategy and new marketing initiatives.
Our first priority will always be to ensure a safe working environment for all of our employees, and, at the same time we have remained in regular communication with our customers to understand their needs through lockdown and over the coming months. Businesses throughout the UK have been affected by COVID-19, market uncertainty and investment delays and there is no doubt that these trends may continue for some time.
Despite this backdrop however, we have not stood still; we have acted decisively to reshape the business to make it leaner, more efficient, and quicker to respond to market opportunities. Stakeholders can expect to see numerous marketing activities highlighting the range of Group products and services in the near future.
It is pleasing to report that we are experiencing re-engagement with clients and increased activity in our project-based business.
Finally, there, is great spirit in the business despite the challenging circumstances we find ourselves in. We remain determined and believe that this spirit will translate into commercial success in the short to medium-term.
We look forward to updating all stakeholders in a timely fashion as new opportunities come to fruition and existing contracts are extended.
Note: Market guidance
In view of the continued turbulent market conditions caused by COVID-19, and the Government guidelines in place, the Company remains unable to give guidance on the 2020 outturn other than that provided in this announcement.
Ross Penney
Chief Executive Officer
On behalf of Im media Group plc
30 September 2020
Im media Group plc
Unaudited Half-Year results for the six months ended 30 June 2020
Consolidated statement of profit or loss
Unaudited Unaudited Audited
Half-Year Half-Year Full-Year
December
June 2020 June 2019 2019
Revenue 1,328,069 1,741,721 4,020,443
Cost of sales (542,165) (823,876) (1,976,945)
Gross profit 785,904 917,845 2,043,498
Admin expenses (945,065) (1,364,849) (2,698,790)
Exceptional items (161,894) (286,260)
Loss from operations (321,055) (447,004) (941,552)
Finance income 84 114 -
Finance cost (39,896) (10,291) (49,909)
Loss before tax (360,867) (457,181) (991,461)
Tax expense (S/B Tax Income) - 3,396 (80,999)
Loss for the period (360,867) (453,785) (1,072,460)
Loss per share (pence)
Basic and Diluted (2.63) (3.31) (7.81)
Consolidated statement of profit or loss and other comprehensive income
Unaudited Unaudited Audited
Half-Year Half-Year Full-Year
December
June 2020 June 2019 2019
Loss for the period (360,867) (453,785) (1,072,460)
Items that will not be reclassified
subsequently to profit or loss:
Fair value gain/(loss) on equity investments
not held for trading designated as
FVTOC (3,900) 57,000 54,900
Total comprehensive loss for the period (364,767) (396,785) (1,017,560)
=========== =========== ============
Consolidated balance sheet
Unaudited Unaudited Audited
Half-Year Half-Year Full-Year
December
June 2020 June 2019 2019
Assets
Property, plant, and equipment 192,996 375,563 268,182
Intangible assets 235,402 278,435 253,099
Deferred tax asset 0 84,395 0
Available for sale assets 111,000 117,000 114,900
Total non-current assets 539,398 855,393 636,181
------------ ------------ ------------
Current assets
Inventories 155,231 206,278 201,462
Trade and other receivables 556,219 904,343 986,318
Prepayments 85,973 116,554 63,141
Cash and cash equivalents 352,733 44,571 237,574
Total current assets 1,150,156 1,271,746 1,488,495
------------ ------------ ------------
Total assets 1,689,554 2,127,139 2,124,676
============ ============ ============
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 21,000 27,000 24,900
Retained losses (8,477,072) (7,497,530) (8,116,206)
Total equity (1,163,936) (178,394) (799,170)
------------ ------------ ------------
Liabilities
Deferred tax 0 0 0
Trade and other payables 0 0 0
Provisions 42,500 42,500 42,500
Total non-current liabilities 42,500 42,500 42,500
------------ ------------ ------------
Borrowings 250,000 69,981 298,250
Finance leases 135,521 192,296 184,394
Trade and other payables 2,317,670 1,851,717 2,253,590
Deferred income 107,799 149,039 145,112
Total current liabilities 2,810,990 2,263,033 2,881,346
------------ ------------ ------------
Total liabilities 2,853,490 2,305,533 2,923,846
------------ ------------ ------------
Total equity and liabilities 1,689,554 2,127,139 2,124,676
============ ============ ============
Consolidated statement of changes in equity
Attributable to equity shareholders of the Company
Share Investment
Share premium Merger Shared-based valuation Retained Total
capital account reserve payment reserve losses equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 1 January 2020 1,455,684 3,586,541 2,245,333 4,578 24,900 (8,116,205) (799,169)
---------- ---------- ---------- ------------- ----------- ------------
Loss for the year (360,867) (360,867)
Other comprehensive
income for the year:
Fair value gain on equity
investments not held for
trading designated as
FVTOCI - 3,900 - 3,900
Total comprehensive loss
for the year: 0 0 0 0 (3,900) (360,867) (364,767)
Balance at 30 June 2020 1,455,684 3,586,541 2,245,333 4,578 21,000 (8,477,072) (1,163,936)
========== ========== ========== ============= =========== ============ ============
Share Investment
Share premium Merger Shared-based valuation Retained Total
capital account reserve payment reserve losses equity
GBP GBP GBP GBP GBP GBP GBP
Balance 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 year:
Fair value gain on
equity investments
not held for trading
designated as FVTOCI 57,000 57,000
Total comprehensive
loss for the year: 0 0 0 0 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)
========== ========== ========== ============= ================ ============ ==========
Share Investment
Share premium Merger Shared-based valuation Retained Total
capital account reserve payment reserve losses equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 1 January
2019 1,455,684 3,586,541 2,245,333 4,578 (30,000) (7,043,745) 218,391
---------- ---------- ---------- ------------- ----------- ------------
0
Loss for the year (1,072,460) (1,072,460)
Other comprehensive
income for the year: 0
Fair value gain on equity
investments not held
for trading designated
as FVTOCI 54,900 54,900
0
Total comprehensive
loss for the year: 0 0 0 0 54,900 (1,072,460) (1,017,560)
---------- ---------- ---------- ------------- ----------- ------------
Balance at 31 December
2019 1,455,684 3,586,541 2,245,333 4,578 24,900 (8,116,205) (799,169)
========== ========== ========== ============= =========== ============ ============
Consolidated statement of cash flows
Audited
Full -Year
Unaudited Half-Year 2020 Unaudited Half-Year 2019 2019
Cash flows from operating activities
Profit/(loss) for the period before income
tax (360,867) (457,181) (991,461)
Adjustments for:
Depreciation and amortisation charges 101,652 131,514 241,968
Loss on sale of assets 493
Exceptional gain from negative goodwill
Financial income (84) (114) 0
Financial expense 39,896 10,291 49,910
(Increase)/decrease in trade and other
receivables and prepayments 409,017 (250,618) (280,930)
(Increase)/decrease in inventories 46,231 (52,363) (47,547)
Increase/(decrease) in trade and other
payables and deferred income 26,767 367,424 765,370
Increase in provisions 0 0 0
Net cash from operating activities 262,612 (251,047) (262,197)
------------------------- ------------------------- ------------
Taxation
Taxation 0 0 3,396
------------------------- ------------------------- ------------
Cash flows from investing activities
Proceeds from sale of property, plant,
and equipment
Interest received 84 114
Acquisition of property, plant, and
equipment (8,769) (63,903) (30,896)
Acquisition of intangible assets
Acquisition of investments
Net cash from investing activities (8,685) (63,789) (30,896)
------------------------- ------------------------- ------------
Cash flows from financing activities
Repayment of bank loan (50,000) 0 300,000
Repayment of finance leases (48,872) 0 (92,517)
Interest paid (39,896) (10,291) (49,910)
Amounts repaid under invoice financing
facility 0 0 0
Purchase of own shares for EBT 0 0 0
Net cash from financing activities (138,768) (10,291) 157,573
------------------------- ------------------------- ------------
Net decrease in cash and cash equivalents 115,159 (325,127) (132,124)
Cash and cash equivalents at 1 January 237,574 369,698 369,698
Cash and cash equivalents at end of period 352,733 44,571 237,574
========================= ========================= ============
Im media Group plc
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 2019 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 2020 and 30 June 2019 is unaudited.
This announcement was approved by the Board on 29 September 2020.
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 2019 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 2019 and 31 December 2020. 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 2019 have been applied consistently to these unaudited financial statements to 30 June 2020.
No standards have become applicable for accounting periods commencing on or after 1 January 2020.
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 2020 the fair value of the investment was GBP111,000 with a current period fair value loss of GBP3,900 recognised in other comprehensive income (30 June 2019 fair value GBP117,000 with fair value gain of GBP57,000 recognised in other comprehensive income; 31 December 2019 fair value GBP114,900 with fair value gain of GBP54,900 recognised in other comprehensive income).
As at the date of approval of this report, the investment represents c.0.4% of AudioBoom Group plc's shares in issue and has a fair value of GBP103,500.
5. Loss per share
Unaudited Half-Year Unaudited Half-Year Audited Full Year
2020 Number 2019 Number 2019 Number
Basic
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 GBP360,867 (30 June 2019: loss GBP453,875; 31 December 2019: loss GBP1,072,460) divided by the weighted average number of Ordinary shares in issue in each of the relevant periods: 30 June 2020: 13,724,470 shares (30 June and 31 December 2019: 13,724,470 shares). For the period to 30 June 2020 and the year to 31 December 2019 and period to 30 June 2019 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.
2019 Annual Report and Financial Statements
The Annual Report for the year ended 31 December 2019 has been posted to shareholders today together with the Notice of Meeting (NOM) and Form of Proxy.
The Annual Report will also be available to view and download on the Company's website at www.immediaplc.com
2020 Annual General Meeting (AGM)
The AGM will be held on 29 October 2020 at 10am. Based on the most recent Public Health England and Government guidance, public gatherings for annual general meetings will not be permitted on the date the AGM is due to be held, and accordingly shareholders must not attend the AGM in person. For further guidance please refer to the investor website or the NOM.
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 .
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END
IR FLFIAALIAFII
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