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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Immupharma Plc | LSE:IMM | London | Ordinary Share | GB0033711010 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.085 | -6.64% | 1.195 | 1.10 | 1.29 | 1.20 | 1.08 | 1.20 | 1,991,855 | 16:35:11 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 0 | -2.92M | -0.0070 | -1.59 | 5.33M |
Hot Features
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RNS Number:8547M
Internet Music & Media PLC
27 June 2003
To be embargoed
Not to be released until 7.00am on
27th June, 2003
Internet Music & Media PLC
("IMM" or "the Company")
Preliminary results for the year ended
31st December, 2002
Chairman's Statement
I am pleased to report on the results of Internet Music and Media PLC and its
subsidiaries ("the Group") for the year ended 31st December 2002.
Trading
The results for the year ended 31st December 2002 show an operating loss of #1.8
million, which includes non cash depreciation of #0.5 million, compared with the
previous years operating loss of #12.1 million which includes a non cash
exceptional goodwill write off of #9.8 million and non cash depreciation of #0.6
million.
The Company's business continues to be the sale of electronic dance music,
mainly on vinyl, through its website, www.groovetech.com which also broadcasts
live and archived music from its studios in London. The site won two further
awards during 2002 namely Best Shopping Website, at the 2002 Midemnet Awards and
Best Online Retailer at 2002 UK Online Music Awards.
The Group has experienced revenue growth year on year since it commenced trading
in 2000. Revenues for the period under review amounted to #2.1 million compared
with #1.3 million for the previous year.
The Group experienced a slowing of revenues during the second half of 2002, due
to a number of external factors. In August 2002, the Company's bankers informed
us that it wished to withdraw loan facilities. As a result, sales receipts had
to be applied in reducing the Group's overdraft facility which deprived the
Group of the working capital necessary for replacing stock. At around the same
time, the US dollar weakened against the pound sterling. As about 70% of the
Group's revenues are received in dollars our revenues declined as a result. The
performance of the Group for the second half of 2002 was, therefore, not as I
had hoped when I published my statement reporting on the interim results for the
first half of 2002.
Fundraising
In January 2003 we were pleased to be approached by Mark Wadhwa and Timothy
Robinson the principals of the Vinyl Factory Limited, which owns the leading
pressing plants in the UK for the manufacture of Vinyl gramophone records, with
an offer of financial support and commercial collaboration. On 28th March 2003
we announced that we had entered into an agreement with them, under which they
agreed to advance funds to the Company to be applied in subscribing for new
shares in the company on the terms and conditions set out in the announcement
and subject to the approval of shareholders. A circular setting out the proposed
arrangements in detail and the advantages arising from them is in the advanced
stages of preparation and will be despatched to shareholders shortly for their
approval.
Steps are being taken both to reduce the operating overheads of the Group,
particularly in the UK, and to increase turnover and margins. Details of these
steps will be also be set out in the circular referred to above.
Resignation of Directors
During March, 2003 Z J Jenkins, B W Pember and D S Rogers resigned as directors
to the company. No further appointments have been made since the above
resignations.
Outlook
In spite of difficult economic times, the demand for Vinyl records continues to
remain strong and I believe that the Group is well placed to benefit from this.
I look forward to the future with cautious optimism.
Nicholas Cowan
Chairman
27th June 2003
Consolidated profit and loss account
for the year ended 31st December, 2002
2002 2001
# #
Group Turnover 2,074,139 1,260,153
Cost of sales 1,627,393 (909,603)
---------- ----------
Gross profit 446,746 350,550
Exceptional goodwill impairment - 9,806,650
Administrative expenses 2,153,185 2,661,383
Other operating income - (17,167)
---------- ----------
Operating loss (1,706,439) (12,100,316)
Interest receivable 1,298 2,315
Interest payable and similar charges (55,449) (59,200)
---------- ----------
Loss on ordinary activities before taxation (1,760,590) (12,157,201)
Tax on loss on ordinary activities - -
---------- ----------
Loss for the financial year (1,760,590) (12,157,201)
========== ==========
Loss per share (pence) (4.96) (46.91)
========== ==========
All of the activities of the group are classed as continuing.
Group statement of total recognised gains and losses
for the year ended 31st December, 2002
2002 2001
# #
Loss for the financial year attributable to the (1,760,590) (12,157,201)
shareholders of the parent company
---------- ----------
Currency translation differences on foreign
currency net investments (161,142) (58,946)
---------- ----------
Total gains and losses recognised since the last
annual report (1,921,732) (12,098,255)
========== ==========
Consolidated balance sheet
at 31st December, 2002
2002 2001
# #
Fixed assets
Tangible assets 848,311 1,493,309
---------- ----------
Current assets
Stocks 231,557 297,879
Debtors 71,840 132,213
Cash at bank - 21,225
---------- ----------
303,397 451,317
Creditors: amounts falling due within one year 2,320,286 491,472
---------- ----------
Net current liabilities (2,016,889) (40,155)
---------- ----------
Total assets less current liabilities (1,168,578) 1,453,154
Creditors: amounts falling due after more than one - 700,000
year ---------- ----------
(1,168,578) 753,154
========== ==========
Capital and reserves
Called up share capital 3,560,767 3,560,767
Share premium account 13,450,668 13,450,668
Profit and loss account (18,180,013) (16,258,281)
---------- ----------
(1,168,578) 753,154
========== ==========
Shareholders' funds
Equity (4,374,697) (2,452,965)
Non-equity 3,206,119 3,206,119
---------- ----------
(1,168,578) 753,154
========== ==========
Consolidated cash flow statement
for the year ended 31st December, 2002
2002 2001
# #
Net cash inflow/(outflow) from operating activities 21,388 (2,181,743)
---------- ----------
Returns on investments and servicing of finance
Interest received 1,298 2,315
Interest paid (55,449) (59,200)
---------- ----------
Net cash outflow from returns on investments and (54,151) (56,885)
servicing of finance ---------- ----------
Capital expenditure
Payments to acquire tangible fixed assets (3,075) (279,097)
Receipts from sales of fixed assets - 4,187
---------- ----------
Net cash outflow from capital expenditure (3,075) (274,910)
---------- ----------
Cash outflow before financing (35,838) (2,513,538)
Financing
Issue of equity share capital - 2,184,550
Increase in bank loans 23,506 127,698
---------- ----------
Net cash inflow from financing 23,506 2,312,248
---------- ----------
Decrease in cash (12,332) (201,290)
========== ==========
Notes to the Consolidated Cash Flow Statement
A. Reconciliation of operating loss to net cash inflow/(outflow) from
operating activities
2002 2001
# #
Operating loss (1,706,439) (12,100,316)
Depreciation 531,017 556,615
Exceptional goodwill impairment - 9,806,650
Decrease/(increase) in stocks 66,322 (21,493)
Decrease/(increase) in debtors 60,373 (59,789)
Increase/(decrease) in creditors 1,114,201 (373,324)
(Gain)/loss on foreign exchange differences (44,086) 9,914
---------- ----------
Net cash inflow/(outflow) from operating 21,388 (2,181,743)
activities ========== ==========
B. Reconciliation of net cash flow to movement in net debt
2002 2001
# #
Decrease in cash in the period (12,322) (201,290)
Net Cash (inflow) from bank loans (23,506) (127,698)
-------- --------
Change in net debt resulting from cash flows (35,838) (328,988)
Net debt at 1 January 2002 (709,426) (380,438)
-------- --------
Net debt at 31 December 2002 (745,264) (709,426)
======== ========
C. Analysis of changes in net debt
At 1st Cash flow At 31st
January, # December,
2002 2002
# #
Net cash:
Cash in hand and at bank 21,225 (21,225) -
Overdrafts (30,651) 8,893 (21,758)
--------- --------- ---------
(9,426) (12,332) (21,758)
--------- --------- ---------
Debt:
Debt due within 1 year - (723,506) (723,506)
Debt due after 1 year (700,000) 700,000 -
--------- --------- ---------
(700,000) (23,506) (723,506)
--------- --------- ---------
Net debt (709,426) (35,838) (745,264)
========= ========= =========
Notes
1 Loss per share
The calculation of the basic loss per share is based on the loss after tax of #
1,760,590 (2001: #12,157,201) and on 35,464,800 (2001: 25,914,502) ordinary
shares being the weighted average number of shares in issue during the period.
The loss attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted earnings per ordinary
share are identical to those used for basic earnings per ordinary share. This is
because the exercise of share options would have the effect of reducing the loss
per ordinary share and is therefore not dilutive under the terms of Financial
Reporting Standard Number 14.
2 Dividends
The Directors are not proposing the payment of a dividend in
respect of the year ended 31st December, 2002.
3 Tax on loss on Ordinary Activities
There is no charge to corporation tax due to the net losses incurred during the
year subject to agreement with the Inland Revenue.
Accumulated tax losses have not been recognised as a deferred tax asset.
4 Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.
The financial information for the year ended 31st December, 2002, is extracted
from the Group's financial statements to that date which received an unqualified
auditor's report and will be filed with the Registrar of Companies in due
course.
The financial information for the year ended 31st December, 2001, is extracted
from the Group's full statutory accounts to that date, which received an
unqualified auditors' report and have been filed with the Registrar of
Companies.
5 Copies of the Report and Accounts will be sent to shareholders shortly and
are now available from the company's registered office.
Further enquiries
Internet Music & Media PLC
Nicholas Cowan - Chairman Tel: 07747 695083
John East & Partners Limited Tel: 020 7628 2200
David Worlidge / Simon Clements
This information is provided by RNS
The company news service from the London Stock Exchange
END
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