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IME Immediate Acquisition Plc

17.75
0.00 (0.00%)
24 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 (0823C)

27/09/2018 7:01am

UK Regulatory


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TIDMIME

RNS Number : 0823C

Immedia Group PLC

27 September 2018

ISSUED ON BEHALF OF IMMEDIA GROUP PLC

Thursday, 27 September 2018

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.

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 2018.

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

"I am pleased to report that the Group has made good progress during the first half.

Strengthened relationships with existing clients, new business coming on stream and the impact of cost control measures implemented in 2017 have combined to substantially turn around below par 2017 results.

We expect the positive progress this year to continue in the second half and are focused on maintaining growth and momentum into 2019 and beyond.

The outlook is positive. We are engaged at a senior level with companies in all our strategic pillars of retail, sport, education and workforce. Our innovations are working in alignment with our strategy to transform our client companies into media owners rather than media buyers."

 
                    HIGHLIGHTS 
 
                      *    9% increase in revenue to GBP2,016,677 compared to H1 
                           2017 
 
 
                      *    EBITDA turned positive compared to a loss in H1 2017 
 
 
                      *    Successful launch of the JD-X app with JD Sports 
 
 
                      *    The take-up of SUBWAY(R) Radio continues to exceed 
                           Board expectations 
 
 
                      *    Post the period end: 
 
 
                     o Service trial with major UK financial services institution has 
                     been successful and resulted in a contract to provide services 
                     to the entire estate 
                     o Continued expansion of JD-X and other services to JD Sports 
 
 
 
 
 
 
 
      KEY FINANCIALS 
                                               Unaudited      Unaudited        Audited 
                                               Half year      Half year        Year to 
                                                      to             to    31 Dec 2017 
                                                 30 June        30 June 
                                                    2018           2017 
 
       Revenue                              GBP2,016,677   GBP1,845,278   GBP3,548,689 
       EBITDA*                                 GBP39,878   GBP(104,382)   GBP(512,847) 
       Results from operating activities     GBP(33,871)   GBP(188,146)   GBP(692,118) 
       Loss before income tax                GBP(35,220)   GBP(188,225)   GBP(693,268) 
       Net fair value (loss)/profit          GBP(55,800)    GBP(34,500)       GBP7,800 
        on financial assets 
       Total comprehensive loss for          GBP(91,020)   GBP(222,725)   GBP(663,768) 
        the period 
       Loss per share - basic (pence)             (0.26)         (1.37)         (4.89) 
       Loss per share - diluted (pence)           (0.26)         (1.37)         (4.89) 
       Net Cash and cash equivalents          GBP148,825      GBP82,138      GBP53,743 
       *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 
 
 SI Capital Limited (Stockbroker) 
 Nick Emerson                                    Tel: +44 (0) 1483 413500 
 
 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, Superdrug and IKEA.

IMMEDIA GROUP PLC

Unaudited Half-Year Results for the six months ended 30 June 2018

INTRODUCTION

I am pleased to report that the Group enjoyed a more successful half year than in the corresponding period last year.

Both revenue and profitability showed solid improvement over the corresponding 2017 period and reflect the continuing strengthening of client relationships, long awaited new business coming on stream and the full impact of cost control measures initiated across the business, particularly within our AVC Immedia division.

The strength of the team in all sectors - management, business development, creative, operations and financial - gives excellent grounds for confidence in H2 2018 and beyond.

FINANCIAL RESULTS

Revenue in the period being reported increased 9.3% to GBP2,016,677 (H1 2017: GBP1,845,278).

The Group has continued its strong relationships with clients, with product and service development from several clients boosting revenues and exceeding budgeted figures.

An extensive set of measures to manage cost versus investment within the business was implemented in 2017. We are confident that the full benefits of these measures will be apparent in the 2018 financial year.

As we announced in April, Immedia also benefited from a one-off installation and equipment supply contract following a successful service implementation with a major UK financial services institution. This association, which had been operating on an extended trial basis, was contracted post period end and further detail can be found below.

EBITDA

In light of the developments above EBITDA for the period was GBP39,878 (H1 2017: loss (GBP104,382) ; a significant improvement. Cash balances increased accordingly to GBP148,825 (H1 2017: GBP82,138), with the Group remaining virtually debt free.

As in previous years, Immedia's investment in AudioBoom Group plc, the leading spoken--word audio platform (AIM: BOOM), showed significant fluctuations in value during the period. In accordance with our IFRS accounting regime, a loss on revaluation of investments of GBP55,800 has been reported in the first half (H1 2017: loss of GBP34,500). Cumulatively, the Group remains in profit on its investment.

OPERATIONS

The Directors are encouraged by the performance of the business in the period and the opportunities that lie ahead.

It is also pleasing to report that recent major contracts with both JD Sports and SUBWAY(R) are exceeding Board expectations. In addition, our multi-channel network propositions and brand content delivery continue to attract substantial levels of interest and successful conversion rates.

Overall, the new business pipeline is positive and activity is growing across the business network. This gives the Board confidence in its strategy and the future.

AVC IMMEDIA

2018 is a year of dynamic activity for AVC Immedia. This division continues to work with a wide range of high-profile customers in the energy, sport, transport, tourism and leisure sectors. Examples of projects include:

   --      FIFA - a team was sent to  Russia to film Fan Fest Entertainment in World Cup stadia 

-- Weir Oil and Gas - OTC 2018 production, Augmented Reality, interactive and 3D animation content

   --      Maersk - 360deg, drone and promotional project film 
   --      Petrofac - construction animation for building work in the Falkland Islands 
   --      Visit Aberdeenshire - series of promotional tourism films 

PEOPLE

To support the opportunities and confirmed forward business, we have taken the opportunity to recruit and strengthen our teams to ensure that we have the talent and resource skills set to service new and existing client projects. This has included adding a Client Services Manager in Newbury and a new dedicated animation team in Aberdeen.

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

POST PERIOD

Since the end of the period we are pleased to report that we have provided JD Sports with updated mobile application modules for the IOS and Android platforms. The Group has also completed the roll-out of JD-X to over 370 of JD Sports UK stores, with a roll-out to European stores anticipated to begin in Q4 2018.

Immedia also recently announced a contract with a major UK financial services institution to deliver a mixture of services including live presenter led radio in high street locations together with equipment supply and installation, part of which had been started in the first half of the year.

OUTLOOK

The one-off programme of installations with the major UK high street financial services institution will contribute significantly to profitability in 2018.

Our motivation is on maintaining momentum in recurring revenue in 2019 and beyond. Whilst AVC Immedia is seeing improved market conditions in the Aberdeen area as the oil price is on a rising trend, our focus is to continue to expand the geographical reach of AVC's state of the art film, production and 3D design services.

We continue to work in the forefront of mobile technology and in App entertainment services to take the 'in store' experience 'out of store'. This is the future, and I am pleased to state that Immedia remains a leader in these new technologies and retail experiences. We expect this trend to continue and intensify in the coming years and the business is well placed to lead this initiative in our key market segments.

After a positive start to the year the Directors expect this momentum to continue over the second half of the financial year, and are comfortable in meeting the market's expectation for the full year.

Our aspiration driven strategy is to turn our clients into media owners; we expect to announce further initiatives in this regard and we look forward to keeping our stakeholders updated over the coming months.

Bruno Brookes, CEO

On behalf of Immedia Group plc

27 September 2018

IMMEDIA GROUP PLC

(Immedia or the Company or the Group)

Unaudited Half-Year results for the six months ended 30 June 2018

Consolidated statement of profit or loss

 
                                            Unaudited     Unaudited      Audited 
                                            Half-year     Half-year     Year ended 
                                             ended 30      ended 30     31 December 
                                   notes       June          June          2017 
                                               2018          2017 
                                               GBP           GBP           GBP 
------------------------------  --------  ------------  ------------  ------------- 
 
 Revenue                                     2,016,677     1,845,278      3,548,689 
 Cost of sales                               (957,450)     (851,256)    (1,759,046) 
 
 Gross profit                                1,059,227       994,022      1,789,643 
 
 Administrative expenses                   (1,093,098)   (1,182,168)    (2,481,761) 
 
 Loss from operations                         (33,871)     (188,146)      (692,118) 
                                          ------------  ------------  ------------- 
 
 Finance income                                     71           109            202 
 Finance cost                                  (1,420)         (188)        (1,352) 
                                          ------------  ------------  ------------- 
 
 Loss before tax                              (35,220)     (188,225)      (693,268) 
 Tax credit                                          -             -         21,700 
 
 Loss for the period                          (35,220)     (188,225)      (671,568) 
                                          ------------  ------------  ------------- 
 
 Earnings per share (pence) 
            Basic and Diluted       5           (0.26)        (1.37)         (4.89) 
 
 

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 
                                          notes       June         June          2017 
                                                      2018         2017 
                                                      GBP          GBP           GBP 
-------------------------------------  ---------  -----------  -----------  ------------- 
 
 Loss for the period                                 (35,220)    (188,225)      (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 FVTOCI                               (55,800)     (34,500)          7,800 
 
 Total comprehensive loss for 
  the period                                         (91,020)    (222,725)      (663,768) 
                                                  -----------  -----------  ------------- 
 

IMMEDIA GROUP PLC

(Immedia or the Company or the Group)

Unaudited Half-Year results for the six months ended 30 June 2018

Consolidated balance sheet

 
                                             Unaudited     Unaudited      Audited 
                                             Half-year     Half-year         At 
                                             At 30 June    At 30 June    31 December 
                                    notes       2018          2017          2017 
                                                GBP           GBP           GBP 
-------------------------------  --------  ------------  ------------  ------------- 
 
 Assets 
 Non-current assets 
 Property, plant and equipment                  176,455       260,960        200,838 
 Intangible assets                              336,602       395,541        366,099 
 Deferred tax assets                             34,850        13,150         34,850 
 Financial assets                    4          117,000       130,500        172,800 
                                           ------------  ------------  ------------- 
 Total non-current assets                       664,907       800,151        774,587 
                                           ------------  ------------  ------------- 
 
 Current assets 
 Inventories                                    162,976       147,582         69,803 
 Trade and other receivables                    652,096       639,363        519,129 
 Prepayments                                    155,654       175,136        107,915 
 Cash and cash equivalents                      148,825        82,138         53,743 
                                           ------------  ------------  ------------- 
 Total current assets                         1,119,551     1,044,219        750,590 
                                           ------------  ------------  ------------- 
 
 TOTAL ASSETS                                 1,784,458     1,844,370      1,525,177 
                                           ------------  ------------  ------------- 
 
 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        40,500         82,800 
 Retained losses                            (7,234,714)   (6,716,151)    (7,199,494) 
                                           ------------  ------------  ------------- 
 Total equity                                    84,422       616,485        175,442 
                                           ------------  ------------  ------------- 
 
 Liabilities 
 Non-current liabilities 
 Finance leases                                   2,871         5,063          1,542 
 Provisions                                      42,500        42,500         42,500 
                                           ------------  ------------  ------------- 
 Total non-current liabilities                   45,371        47,563         44,042 
                                           ------------  ------------  ------------- 
 
 Current liabilities 
 Finance leases                                   8,612         2,495          5,514 
 Trade and other payables                     1,461,813     1,083,275      1,233,522 
 Contract liabilities                           184,240        94,552         66,657 
                                           ------------  ------------  ------------- 
 Total current liabilities                    1,654,665     1,180,322      1,305,693 
                                           ------------  ------------  ------------- 
 Total liabilities                            1,700,036     1,227,885      1,349,735 
                                           ------------  ------------  ------------- 
 Total equity and liabilities                 1,784,458     1,844,370      1,525,177 
-------------------------------  --------  ------------  ------------  ------------- 
 

IMMEDIA GROUP PLC

(Immedia or the Company or the Group)

Unaudited Half-Year results for the six months ended 30 June 2018

Consolidated statement of changes in equity

Attributable to equity shareholders in the Company

 
 Total equity at 30             Share       Share      Merger   Share-based     Investment      Retained      Total 
  June 2018                               premium                   payment    revaluation 
                                          account                                  reserve 
  (unaudited)                 capital         GBP     Reserve       reserve            GBP        losses     Equity 
                                                                        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 loss on 
  equity investments 
  not held for trading 
  designated as FVTOCI              -           -           -             -       (55,800)             -   (55,800) 
                           ----------  ----------  ----------  ------------  -------------  ------------  --------- 
 Total comprehensive 
  loss for the year                 -           -           -             -       (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 30             Share       Share      Merger   Share-based     Investment      Retained         Total 
  June 2017                               premium                   payment    revaluation 
                                          account                   reserve        reserve 
  (unaudited)                 capital         GBP     Reserve           GBP            GBP        losses        Equity 
 
                                  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 period                -           -           -             -              -     (188,225)     (188,225) 
 Other comprehensive 
  income for the period: 
  Fair value loss on 
  equity investments 
  not held for trading 
  designated as FVTOCI              -           -           -             -       (34,500)             -      (34,500) 
                           ----------  ----------  ----------  ------------  -------------  ------------  ------------ 
 Total comprehensive 
  loss for the period               -           -           -             -       (34,500)     (188,225)     (222,725) 
                           ----------  ----------  ----------  ------------  -------------  ------------  ------------ 
 Balance at 30 June 
  2017                      1,455,684   3,586,541   2,245,333         4,578         40,500   (6,716,151)       616,485 
                           ----------  ----------  ----------  ------------  -------------  ------------  ------------ 
 
 
 Total equity at 31             Share       Share      Merger   Share-based     Investment       Retained       Total 
  December 2017                           premium                   payment    revaluation 
                                          account                   reserve        reserve 
  (audited)                   capital         GBP     Reserve           GBP            GBP         losses      Equity 
 
                                  GBP                     GBP                                         GBP         GBP 
-------------------------  ----------  ----------  ----------  ------------  -------------  -------------  ---------- 
 
 Balance as 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 period: 
  Fair value gain on 
  equity investments 
  not held for trading 
  designated as FVTOCI              -           -           -             -          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 
                           ----------  ----------  ----------  ------------  -------------  -------------  ---------- 
 

IMMEDIA GROUP PLC

(Immedia or the Company or the Group)

Unaudited Half-Year results for the six months ended 30 June 2018

Consolidated statement of cash flows

 
                                                     Unaudited     Unaudited      Audited 
                                                     Half-year     Half-year         At 
                                                     At 30 June    At 30 June    31 December 
                                           notes        2018          2017          2017 
                                                        GBP           GBP           GBP 
--------------------------------------  ---------  ------------  ------------  ------------- 
 
 Cash flows from operating activities 
 Loss for the period before income 
  tax                                                  (35,220)     (188,225)      (693,268) 
 
 Adjustments for: 
 Depreciation, amortisation and 
  impairment charges                                     73,749        83,764        179,271 
 Loss on sales of assets                                      -             -          1,396 
 Finance income                                            (71)         (109)          (202) 
 Finance cost                                             1,421           188          1,352 
 (Increase)/decrease in trade and 
  other receivables and prepayments                   (180,705)        80,020        267,476 
 (Increase)/decrease in inventories                    (93,173)      (49,229)         28,550 
 Increase in trade and other payables 
  and contract liabilities                              345,875        44,441        166,790 
 Net cash from operating activities                     111,876      (29,150)       (48,635) 
                                                   ------------  ------------  ------------- 
 
 Taxation                                                     -             -              - 
 
 Cash flows from investing activities 
 Proceeds from sale of property,                          3,160             -              - 
  plant and equipment 
 Interest received                                           71           109            202 
 Acquisition of property, plant 
  and equipment                                        (14,178)      (11,293)       (18,631) 
 Net cash from investing activities                    (10,947)      (11,184)       (18,429) 
                                                   ------------  ------------  ------------- 
 
 Cash flows from financing activities 
 Repayment of finance leases                            (4,426)       (3,226)        (3,727) 
 Interest paid                                          (1,421)         (188)        (1,352) 
 Net cash from financing activities                     (5,847)       (3,414)        (5,079) 
                                                   ------------  ------------  ------------- 
 
 Net increase/(decrease) in cash 
  and cash equivalents                                   95,082      (43,748)       (72,143) 
 
 Cash and cash equivalents at the 
  beginning of the period                                53,743       125,886        125,886 
 
 Cash and cash equivalents at the 
  end of the period                                     148,825        82,138         53,743 
                                                   ------------  ------------  ------------- 
 
 
 
 
 
 

IMMEDIA GROUP PLC

(Immedia or the Company or the Group)

Unaudited Half-Year results for the six months ended 30 June 2018

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 2017 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 2018 and 30 June 2017 is unaudited.

This announcement was approved by the Board on 26 September 2018.

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 2017 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 2017 and 31 December 2018. 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 2017 have been applied consistently to these unaudited financial statements to 30 June 2018, with the exception of the adoption of new or amended standards as set out below:

The following standards have become applicable for accounting periods commencing on or after 01 January 2018 and the appropriate adjustments have been considered:

   --      IFRS 9 - Financial Instruments 
   --      IFRS 15 - Revenue from Contracts with Customers 

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

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.

As described in note 6, the Company has taken the irrevocable election to classify this investment as FVTOCI. At 30 June 2018 the fair value of the investment was GBP117,000 with a current period fair value loss of GBP55,800 recognised in other comprehensive income (30 June 2017 fair value GBP130,500 with fair value loss of GBP34,500 recognised in other comprehensive income; 31 December 2017 fair value GBP172,800 with fair value gain of GBP7,800 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 GBP126,000.

5. Earnings per share

 
                                                                              Unaudited     Unaudited      Audited 
                                                                                  as at         as at        as at 
                                                                             30 June 18    30 June 17    31 Dec 17 
                                                                                 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 GBP35,220 (30 June 2017: loss GBP188,225; 31 December 2017: loss GBP671,568) divided by the weighted average number of Ordinary shares in issue in each of the relevant periods: 30 June 2018: 13,724,470 shares (30 June and 31 December 2017: 13,724,470 shares). For the period to 30 June 2018 and the year to 31 December 2017 and period to 30 June 2017 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 9 - Financial instruments

Equity investments reclassified from Available-for-Sale to FVTOCI

As disclosed in note 4, the Group holds an investment in Audioboom Plc. The Group does not consider this is held for trading. As permitted by IFRS 9, the Group has designated this investment, by way of an irrevocable election, at the date of initial application as measured at FVTOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss.

Impairment of Financial Assets

IFRS 9 requires the use of an expected credit loss model to calculate impairment losses rather than an incurred loss model. Therefore, it is not necessary for a credit event to have occurred before credit losses are recognised. The new impairment model applies to the all the Group's financial assets.

No changes to the impairment provisions were made on transition to IFRS 9 as the effects were felt to be immaterial. In assessing impairment requirements on financial assets, the Group now considers the historic loss rates, which have been minimal, in conjunction with expected future losses and credit losses as a result of potential defaults. This will, as mandated by IFRS 9, continue to be reassessed as and when further information becomes available or when conditions change.

(ii) IFRS 15 Revenue from Contracts with Customers

The Group has adopted IFRS 15 Revenue from Contracts with Customers from 1(st) January 2018 and, following a review of the contracts held by the Group, this has not resulted in any changes to existing revenue recognition policies and no adjustments have been made to the amounts recognised in the financial statements.

By order of the Board

27 September 2018

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 KQLFLVKFXBBB

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