We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Metrodome Grp. | LSE:MRM | London | Ordinary Share | GB0002937141 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMMRM
RNS Number : 3028P
Metrodome Group PLC
30 September 2011
30 September 2011
Metrodome Group plc
("Metrodome" or "the Group")
Unaudited interim results for the six months ended 30 June 2011
Metrodome is pleased to announce its results for the six months ended 30 June 2011.
Highlights
-- Revenues increased by 52 per cent to GBP6.8 million (H1 2010: GBP4.5 million)
-- Results in line with the Board's expectations
-- Significant investment made in Target portfolio
Operational highlights
-- Success of our first co-production on DVD: Age of Heroes
-- Acquisition of Cloudstreet
-- Highest ever number of DVD unit sales
Post 30 June 2011
-- GBP1.6 million acquisition of Hollywood Classics
-- GBP967,000 share placing
-- Strengthening of management team
Mark Webster, CEO of Metrodome, commented:
"Although we are reporting a loss in the first half, I am pleased to say that it is in line with the Board's expectations. We have invested in new product across both of our existing film and TV businesses and also expanded the Group, post the year end, with the acquisition of Hollywood Classics. Even though the second half of 2011 is likely to have even tougher economic conditions in both the UK and Worldwide than we experienced in the first half, we believe that we are well positioned in the market with a strong management team. Moreover we have invested wisely in our business to expand our product offering so that we are well placed to succeed in what will be difficult markets."
For further information:
Mark Webster, Chairman & CEO, Metrodome Group plc 020 7535 7300 Dugald J. Carlean / Karri Vuori, Charles Stanley Securities 020 7149 6000 John West / Lydia Eades, Tavistock Communications 020 7920 3150
Chairman's statement
I am pleased to report results in line with the Board's expectations. Although one would not normally be pleased to report a headline* operating loss, this is due to the revised seasonality of the Group following the acquisition last year of Target Entertainment Limited. The TV distribution business typically achieves 50 per cent of its annual revenues in the last quarter of the year, due to sales contracted in October at MIPCOM, the most important market for TV distribution.
The film distribution business reported a headline operating profit of GBP184,000, down 7 per cent from GBP198,000 in 2010, largely due to last year's unprecedented success at the Box Office.
The TV distribution business reported a headline operating loss of GBP517,000 in the first six months, as a result of the seasonality mentioned above, which was also in line with internal budgets.
We released our first co-productions, Age of the Dragons and Age of Heroes, on DVD in the first half of the year. The week one result for Age of Heroes was our best first week DVD sell-through figure in eight years and the second best first week sell-through in the company history, after Donnie Darko.
* Headline operating profit / (loss) consists of revenues and other operating income after deducting operating costs incurred in the normal course of business excluding amortisation of acquired intangibles and non-recurring items.
Business Environment
In the DVD sell-through market, The British Video Association (BVA) reported that retail volumes of total DVDs (ie. including Blu Ray) in the UK fell 11.2 per cent in the six months to June 2011. When combined with a 3.6 per cent increase in the average price of a DVD (excluding Blu Ray) to GBP8.60, this resulted in the total market by value dropping 8.1 per cent year on year, In contrast, Metrodome achieved a 9 per cent increase in sales over the last financial year.
In the TV distribution market, the Broadcast (The Distributors Survey 2011) reported that most companies in the survey were experiencing growth, mainly through international sales, helped by growth from DTT (Digital Terrestrial Television) channels and emerging economies. Issues still remain though in acquiring product, with tougher terms from broadcasters and a trend towards local programming, which sells less well internationally.
Financial results
Total revenues of GBP6,846,000 were 52 per cent higher than the same period last year (H1 2010: GBP4,506,000) mainly due to the additional GBP2,659,000 of revenues from the acquisition of Target Entertainment Ltd ("Target") which was acquired in August 2010. Film distribution revenues fell by 7 per cent compared to the same period last year which highlights both the competitive climate in the DVD market along with the weakness in the DVD market itself. The Group's headline gross margin percentage fell to 27 per cent (H1 2010: 29 per cent) due to the impact of Target, which is a lower margin business. The film distribution margin itself has improved slightly from 29 per cent to 30 per cent as we carefully control costs.
Non-recurring costs of GBP36,000 were incurred in the first half of the year on legal and professional fees in respect of the acquisition of Hollywood Classics, which completed on 11 August 2011.
Net cash at 30 June 2011 has decreased to GBP3,000 (GBP764,000 as at 31 December 2010 and GBP941,000 as at 30 June 2010) reflecting increased investment in product and careful management of historical liabilities.
Operating performance
Metrodome had twelve theatrical releases in the first half of the year, including a number of one-print releases to launch the DVD. The highlights were Rabbit Hole, starring Nicole Kidman who was nominated for an Oscar for her performance, and Stakeland, which is a gritty vampire thriller scheduled for release on DVD in October 2011.
Key titles released on DVD in the first half were:
-- Age of Heroes
-- Barbarossa
-- Clash of Empires
-- Age of the Dragons
We achieved our highest ever number of DVD unit sales for a like for like period in the first six months of 2011, outperforming the market, which decreased by 11.2 per cent year on year by volume.
A full breakdown of the Group's total revenue is as follows:
Hot Features
Premium
Six months Six months
ended 30 June ended 30 June
2011 2010 Variance
GBP'000 GBP'000 %
Cinema Sales 98 344 (72)%
Television Sales 2,357 265 789%
Video on Demand 475 665 (29)%
Other ancillary
income 32 14 129%
DVD Rental 199 148 34%
DVD Sell Through 3,344 3,070 9%
Consumer Products 341 - 100%
------------------- --------------- --------------- ---------
6,846 4,506 52%
=================== =============== =============== =========
Review of Current Trading
In the film distribution segment we develop a bespoke release strategy on an individual film by film basis, to ensure revenues are maximised for all stakeholders. The marketing strategy for each individual release depends on a number of factors including genre, cast, quality, production budget, exhibitor reaction and retailer enthusiasm. Our success with theatrical releases in 2010 was unprecedented, with 3 of the top 10 foreign language titles in the UK being released by the Group, and we were unable to match that performance so far in 2011.
The release schedules for the second half of 2011 reflect this strategy and are as follows:
Theatrical
-- 3D Sex and Zen (September)
-- Miss Bala (October)
-- Resistance (November)
DVD Retail Titles:-major releases
-- The Dead Undead (August)
-- Founding of a Republic (August)
-- Iron & Blood (August)
-- Episode 50 (September)
-- Stakeland (October)
-- Camp Hell (December)
The TV distribution business is heavily dependent on sales achieved in the last quarter of the year. Efforts were made in the first half to acquire new product which would be ready for delivery for sales at MIPCOM in October 2011. Key titles acquired were Cloudstreet, a critically acclaimed drama mini-series and Crownies, a 22-episode drama, both acquired from Australian producers, as well as a new reality series starring Tamara Ecclestone.
Outlook
For the TV distribution business, the acquisition of Cloudstreet and Crownies and other titles will hopefully lead to a successful MIPCOM in October 2011.
The film distribution business is still very dependent on the DVD sector, which is likely to continue to decline in the second half of 2011 and beyond. This is being accentuated by the decline in retail space generally and specifically the reduction in space that is being made available by the supermarkets to the independent sector in Q4, in favour of the major studios.
In addition, the fire at Sony DADC's distribution warehouse in Enfield that occurred during the recent riots, resulted in us losing over 600,000 units, which has had a significant effect on our ability to distribute back catalogue titles. Although the stock is fully insured and new releases are unaffected, this has had an impact on our current sales. Most of these titles will be returned to stock over time.
We are therefore being very cautious in our expectations for the second half.
Post balance sheet events
In line with our stated objective of diversifying into related activities, on 11th August 2011 Metrodome announced the acquisition of Hollywood Classics Ltd, a film distribution business which represents the classic film libraries of Universal, Paramount, Twentieth Century Fox, Warner Bros and the UK Film Council, for a cash consideration of $2,600,000 (GBP1,600,000), of which GBP800,000 is provided from the Group's resources (following the share placing, see below) and GBP800,000 is provided by a loan from Coutts Bank. Hollywood Classics is a complementary business which will combine well with our existing film and TV distribution operations to create a market leading independent rights management business in the UK.
This will provide independent producers and other intellectual property owners with a comprehensive solution for worldwide exploitation of their IP and content across all platforms.
In conjunction with this acquisition, the Company has successfully raised GBP967,000 of new capital through the issue of 48,350,000 new ordinary shares at 2 pence each (the 'Placing'). In addition, GBP800,000 of Convertible Loan Notes have been converted into equity at a price of 2p per share - GBP400,000 from Metrodome BV (an investment vehicle controlled by Adrian Sarbu) and GBP400,000 from Mark Webster - resulting in the issue of a further 40,000,000 new ordinary shares. In addition, a further 7,500,000 shares have been issued at a price of 2p per share to satisfy fees due to Peter Urie (GBP125,000) and Steve Winetroube (GBP25,000).
As a result of the Group's expansion, the management team of Metrodome has been further strengthened. Steve Winetroube has moved from his role as a non-executive director to a full time role as chief operating officer for the Group and, in addition, Peter Urie has moved back into a full time role as chief executive officer of Hollywood Classics.
We continue to seek other suitable opportunities to strengthen our current operations and broaden our range of activities.
I would personally like to thank all the staff of Metrodome for their hard work and look forward to continue growing the business together.
Mark Webster
Chairman
30 September 2011
Metrodome Group plc
Condensed Consolidated Statement of
Comprehensive Income
For the six months ended
30 June 2011
Six Months Six Months
ended ended Year ended
31 December
30 June 2011 30 June 2010 2010
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Revenue 6,846 4,506 13,876
Amortisation of
acquired intangibles (313) - (432)
Other cost of sales (5,023) (3,185) (9,850)
------------------------ ------- -------------- ------------- ------------
Cost of sales (5,336) (3,185) (10,282)
Headline gross profit 1,823 1,321 4,026
Amortisation of
acquired intangibles (313) - (432)
------------------------ ------- -------------- ------------- ------------
Gross profit 1,510 1,321 3,594
Operating expenses (2,269) (1,159) (3,279)
Headline operating
(loss) / profit (446) 162 747
Amortisation of
acquired intangibles (313) - (432)
------------------------ ------- -------------- ------------- ------------
Non recurring items 4 (36) (411) (946)
Operating loss (795) (249) (631)
Investment income - 1 1
Finance costs (74) - (36)
Loss before income tax
expense (869) (248) (666)
Income tax expense (2) - (14)
Loss for the period (871) (248) (680)
------------------------ ------- -------------- ------------- ------------
Total comprehensive
income for the period (871) (248) (680)
Attributable to:
Equity holders of
parent (861) (248) (672)
Non-controlling
interest (10) - (8)
------------------------ ------- -------------- ------------- ------------
(871) (248) (680)
------------------------ ------- -------------- ------------- ------------
Loss per share
Basic 5 (0.5p) (0.1)p (0.4)p
Diluted 5 (0.5p) (0.1)p (0.4)p
Metrodome Group plc
Condensed Consolidated Statement of Financial Position
As at 30 June 2011
31 December
30 June 2011 30 June 2010 2010
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Non current assets
Property, plant and
equipment 210 149 145
Intangible assets 12 9 20
Goodwill 3,413 - 3,413
Film & TV distribution
library 6,819 3,516 6,562
Trade and other receivables 462 169 669
---------------------------------- ------------- ------------- ------------
10,916 3,843 10,809
--------------------------------- ------------- ------------- ------------
Current assets
Inventories 53 90 53
Trade and other receivables 6,936 2,441 7,481
Cash and cash equivalents 3 941 764
6,992 3,472 8,298
--------------------------------- ------------- ------------- ------------
Total assets 17,908 7,315 19,107
---------------------------------- ------------- ------------- ------------
Current liabilities
Trade and other payables (13,750) (4,269) (13,847)
Current income tax
liabilities - - (36)
Borrowings (176) (200) (183)
---------------------------------- ------------- -------------
(13,926) (4,469) (14,066)
--------------------------------- ------------- ------------- ------------
Non current liabilities
Trade and other payables (293) - (388)
Borrowings (2,312) (367) (2,412)
(2,605) (367) (2,800)
--------------------------------- ------------- ------------- ------------
Total liabilities (16,531) (4,836) (16,866)
---------------------------------- ------------- ------------- ------------
Net assets 1,377 2,479 2,241
---------------------------------- ------------- ------------- ------------
Equity
Share capital 1,847 1,847 1,847
Share premium account 2,890 2,890 2,890
Share option reserve 55 195 47
Equity reserve 270 - 270
Translation reserve (2) - (1)
Accumulated losses (3,584) (2,453) (2,723)
---------------------------------- ------------- ------------- ------------
Capital and reserves
attributable to owners
of the company 1,476 2,479 2,330
Non-controlling interest (99) - (89)
---------------------------------- ------------- ------------- ------------
Total equity 1,377 2,479 2,241
---------------------------------- ------------- ------------- ------------
Metrodome Group plc
Condensed Consolidated
Statement of Changes in
Equity
For the six months ended 30 Share Share Total
June 2011 capital Share premium option Equity Translation Accumulated Non-controlling equity
account reserve reserve reserve losses interest
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 January 2010 1,847 2,890 181 - - (2,205) - 2,713
Loss for the six month
period - - - - - (248) - (248)
----------------------------- ------------ -------------- ------------ ------------ ------------------ ------------ -------------------- ------------
Total comprehensive income
for the period - - - - - (248) - (248)
----------------------------- ------------ -------------- ------------ ------------ ------------------ ------------ -------------------- ------------
Transactions with owners:
Share based payment charge - - 14 - - - - 14
Total transactions with
owners - - 14 - - - - 14
Balance at 30 June 2010 1,847 2,890 195 - - (2,453) - 2,479
Loss for the six month
period - - - - - (424) (8) (432)
Equity component of
convertible loan notes - - - 270 - - - 270
Exchange differences arising
on translation of overseas
operation - - - - (1) - - (1)
----------------------------- ------------ -------------- ------------ ------------ ------------------ ------------ -------------------- ------------
Total comprehensive income
for the period - - - 270 (1) (424) (8) (163)
----------------------------- ------------ -------------- ------------ ------------ ------------------ ------------ -------------------- ------------
Metrodome Group
plc
Condensed
Consolidated
Statement of
Changes in
Equity
(continued)
For the six
months ended 30 Share Share Share Total
June 2011 capital premium option Equity Translation Accumulated Non-controlling equity
account reserve reserve Reserve losses Interest
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Transactions
with owners:
Share options
forfeited
during the
period - - (154) - - 154 - -
Share based
payment charge - - 6 - - - - 6
----------------- ------------ ------------ ------------ ------------ ------------ ------------ ---------------- ------------
- - (148) - - 154 - 6
Changes in
ownership
interests of
subsidiary not
resulting in
loss of
control:
Non-controlling
interest on
acquisition of
subsidiary - - - - - - (81) (81)
----------------- ------------ ------------ ------------ ------------ ------------ ------------ ---------------- ------------
Total
transactions
with owners - - (148) - - 154 (81) (75)
Balance at 31
December 2010 1,847 2,890 47 270 (1) (2,723) (89) 2,241
Loss for the six
month period - - - - - (861) (10) (871)
Exchange
differences
arising on
translation of
overseas
operation - - - - (1) - - (1)
----------------- ------------ ------------ ------------ ------------ ------------ ------------ ---------------- ------------
Total
comprehensive
income for the
period - - - - (1) (861) (10) (872)
Transactions
with owners:
Share based
payment charge - - 8 - - - - 8
Balance at 30
June 2011 1,847 2,890 55 270 (2) (3,584) (99) 1,377
----------------- ------------ ------------ ------------ ------------ ------------ ------------ ---------------- ------------
Metrodome Group plc
Condensed Consolidated Statement of
Cash Flows
For the six months ended
30 June 2011
Six Months Six Months
ended ended Year ended
31 December
30 June 2011 30 June 2010 2010
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Net cash from operating
activities 7 2,449 1,748 1,983
Net cash used in
investing activities 8 (3,036) (2,953) (5,764)
Net cash (used in) /
generated from financing
activities 9 (174) 568 2,967
Net decrease in cash
and cash equivalents (761) (637) (814)
Cash and cash equivalents
at beginning of period 764 1,578 1,578
Cash and cash equivalents
at end of period 3 941 764
========================== ====== ============= ============= ============
1. General information
Metrodome Group plc is a company incorporated and domiciled in the United Kingdom.
2. Accounting policies
Basis of Presentation
These unaudited condensed consolidated financial statements have been prepared under the historical cost convention on a going concern basis and in accordance with applicable International Financial Reporting Standards and IFRIC interpretations ("IFRS") as adopted by the EU.
These financial statements are presented in pounds sterling since that is the currency in which the majority of the Group's transactions are denominated.
The financial information in this interim report does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information contained in this interim report has been neither audited nor reviewed by the auditor. Statutory accounts for the year ended 31 December 2010 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement under section 435 of the Companies Act 2006.
The comparative figures for the year ended 31 December 2010 were derived from the statutory accounts for that year.
Basis of new and revised standards
The annual financial statements of Metrodome Group plc are prepared in accordance with IFRS as adopted by the European Union. The same accounting policies are used for the six months ended 30 June 2011 as were used for the year ended 31 December 2010.
The assessment of new standards, amendments and interpretations issued but not effective, is that these are not anticipated to have a material impact on the financial statements.
3. Operating segments
The Group has two operating segments. The first operating segment is based on the business activity of film distribution. The second segment, TV distribution, reflects Target Entertainment Limited (and its subsidiaries), a 100% owned subsidiary acquired on 13th August 2010 and whose results have been included in the consolidated financial statements. In the six month period ended June 2010 there was only one operating segment, being film distribution.
30 June
Six months ended 30 June 2011 2010 Year ended 31 December 2010
Film TV Film TV
Distribution Distribution Total Total Distribution Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment revenue 4,187 2,659 6,846 4,506 8,798 5,078 13,876
Headline operating profit
/ (loss) 184 (517) (333) 198 486 343 829
Amortisation of acquired
intangibles - (313) (313) - - (432) (432)
Non recurring items - - - (99) (368) (129) (497)
------------- ------------- ---------- --------- ------------- ------------- ------------
Segment (loss) / profit 184 (830) (646) 99 118 (218) (100)
Corporate costs (113) (36) (82)
Corporate costs - non
recurring items (36) (312) (449)
Investment income - 1 1
Finance costs (74) - (36)
---------- --------- ------------
Loss before income tax
expense (869) (248) (666)
---------- --------- ------------
Segment
assets 12,763 5,145 17,908 7,315 12,065 7,042 19,107
-------- -------- --------- -------- -------- --------- ---------
Segment
liabilities (7,660) (8,871) (16,531) (4,836) (6,615) (10,251) (16,866)
-------- -------- --------- -------- -------- --------- ---------
Depreciation 27 8 35 17 33 7 40
------ ---- ------ ------ ------ ---- ------
Amortisation 1,884 421 2,305 1,768 3,678 562 4,240
------ ---- ------ ------ ------ ---- ------
Additions to non current
assets* 2,707 329 3,036 2,953 8,360 155 8,515
------ ---- ------ ------ ------ ---- ------
* Additions to non current assets include property, plant and equipment, intangible assets, goodwill, film and TV library.
4. Non recurring items
The Group has separately identified costs and revenue of a non-recurring nature which are considered to be outside the normal course of business due to their one-off nature or size.
Six Months Six Months
ended ended Year ended
31 December
30 June 2011 30 June 2010 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Legal & professional fees (36) (108) (449)
Staff reorganisation - (303) (497)
(36) (411) (946)
--------------------------- ------------- ------------- ------------
Legal & professional fees
Metrodome incurred GBP9,000 of legal and professional fees in respect of the acquisition of Hollywood Classics Ltd which was completed in August 2011 and GBP27,000 of legal and professional in respect of the acquisition of Target Entertainment Ltd.
5. Loss per share
The loss per share is based on the consolidated loss after taxation and the weighted average number of shares in the period of 184,717,915 (30 June 2010: 184,717,915).
Basic and diluted loss per share are the same because the loss for the period results in the potential ordinary shares being dilutive.
6. Dividends
As in prior periods the directors are not recommending payment of a dividend.
7. Reconciliation of loss from operations to net cash from operating activities
Six Months Six Months
ended ended Year ended
31 December
30 June 2011 30 June 2010 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Loss before income tax
expense (869) (248) (666)
Adjustments for:
Investment income - (1) (1)
Finance costs 74 - 36
Depreciation of property,
plant & equipment 35 17 40
Amortisation of intangible
assets 12 2 20
Amortisation of film
& TV distribution library 2,293 1,766 4,220
Impairment of film &
TV distribution library 382 438 708
Share based payment expense 8 14 20
Loss on disposal of property,
plant & equipment - - 1
Foreign exchange gain
on operating activities (15) - -
Decrease in inventories - - 38
Decrease/(increase) in
receivables 752 (983) (2,417)
(Decrease)/increase in
payables (223) 743 (16)
Net cash from operating
activities 2,449 1,748 1,983
------------------------------- ------------- ------------- ------------
8. Investing activities
Six Months Six Months
ended ended Year ended
31 December
30 June 2011 30 June 2010 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Purchases of film & TV
distribution library (2,932) (2,949) (5,090)
Purchases of property,
plant and equipment (100) ( 3) (6)
Purchases of intangible
assets (4) (1) (6)
Purchase of subsidiary
undertaking - - (800)
Net cash acquired with
subsidiary undertaking - - 138
---------------------------- ------------- ------------- ------------
Net cash used in investing
activities (3,036) (2,953) (5,764)
---------------------------- ------------- ------------- ------------
9. Financing activities
Six Months Six Months
ended ended Year ended
31 December
30 June 2011 30 June 2010 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Issue of loan notes - - 1,960
Proceeds from new borrowings - 600 1,175
Repayments of borrowings (100) (33) (133)
Investment income - 1 1
Interest paid (74) - (36)
Net cash (used in) / generated
from financing activities (174) 568 2,967
-------------------------------- ------------- ------------- ------------
10. Events after the Reporting Date
On 11th August 2011 Metrodome announced the acquisition of Hollywood Classics Ltd for a cash consideration of $2,600,000 (GBP1,600,000), of which GBP800,000 is provided from the Group's resources (following the share placing, see below) and GBP800,000 is provided by a loan from Coutts Bank.
In conjunction with this acquisition, the Company has successfully raised GBP967,000 of new capital through the issue of 48,350,000 new ordinary shares at 2 pence each (the 'Placing'). In addition, GBP800,000 of Convertible Loan Notes have been converted into equity at a price of 2p per share - GBP400,000 from Metrodome BV and GBP400,000 from Mark Webster - resulting in the issue of a further 40,000,000 new ordinary shares. In addition, a further 7,500,000 shares have been issued at a price of 2p per share to satisfy fees due to Peter Urie (GBP125,000) and Steve Winetroube (GBP25,000).
The fire at Sony DADC's distribution warehouse in Enfield that occurred during the recent riots in August 2011, resulted in the loss of over 600,000 units, which has had a significant effect on our ability to distribute back catalogue titles. Although the stock is fully insured and new releases are unaffected, this has had an impact on our current sales. Most of these titles will be returned to stock over time.
11. Interim Announcement
Copies of the Interim Report will be posted to the Group's shareholders in due course and available to download from the Group's website www.metrodomegroup.com today and from the Groups main office at 2(nd) Floor, Garfield House, 86-88 Edgware Road, London W2 2EA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGFLGGRGMZM
1 Year Metrodome Chart |
1 Month Metrodome Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
