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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Paragon Entertainment Limited | LSE:PEL | London | Ordinary Share | KYG6906M1069 | ORD 0.1P (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.15 | 1.10 | 1.20 | 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
TIDMPEL
RNS Number : 2279P
Paragon Entertainment Limited
30 August 2017
PARAGON ENTERTAINMENT LIMITED
Unaudited interim results for the six months ended 30 June 2017
Paragon Entertainment Limited (AIM: PEL), the AIM-listed attractions design, production and fit-out business ("Paragon" or "the Group"), is pleased to announce its unaudited interim results for the six months ended 30 June 2017.
Highlights
- Revenue GBP8.0m (2016: GBP5.5m) representing a 45% increase on 2016. - EBITDA increased to GBP0.6m representing a margin of 7.4% (2016: 5.1%). - Gross Margin of GBP2.2m (27.2%) continues to improve (2016: GBP1.4m (25.8%)).
- Successful completion of projects including Madagascar, Kung Fu Panda, Cloudy with a Chance of Meatballs and Hunger Games in Dubai Parks & Resort, Cheshire and Manchester Fire Safety Centres and a Pirates of the Caribbean refurbishment for Euro Disney.
- Net debt of GBP877,000 as at 30 June 2017. Post period end a debtor payment of GBP1.7M was received in early August 2017.
Financial Summary
Hot Features
Premium
Unaudited Unaudited Audited
Six months Six months Year to
to June to June December
2017 2016 2016
GBP000s GBP000s GBP000s
---------------------------- -------------------- ----------- ---------
Revenue 8,001 5,536 14,424
----------------------------- -------------------- ----------- ---------
Gross profit 2,174 1,429 3,762
----------------------------- -------------------- ----------- ---------
EBITDA (1) 595 282 1,188
----------------------------- -------------------- ----------- ---------
Underlying operating profit
(2) 584 106 1,924
----------------------------- -------------------- ----------- ---------
Profit for the year 331 106 311
----------------------------- -------------------- ----------- ---------
Cash balance (538) (246) 1,428
----------------------------- -------------------- ----------- ---------
Basic earnings per share 0.18 0.05 0.17
----------------------------- -------------------- ----------- ---------
Normalised earnings per
share (3) 0.18 0.12 0.48
----------------------------- -------------------- ----------- ---------
(1) EBITDA is defined as earnings before depreciation, amortisation, impairment, interest, share based payments, exceptional items and tax.
(2) Underlying operating profit is operating profit before amortisation, impairment, share based payments and exceptional items.
(3) Normalised earnings per share are earnings per share before amortisation, impairment, share based payments and exceptional items.
Mark Taylor, Chairman, commented:
"Paragon has again delivered a credible performance as we continue to do what we say we will do. The hard work required to achieve these results in spite of a volatile global environment should not be underestimated and, on behalf of the board, I wish to thank all our staff on the ground and in our workshops for the wonderful, world-class creative work which they produce."
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information: Paragon Entertainment Limited Mark Taylor (Chairman) finnCap Ltd 01904 680020 Julian Blunt / Simon Hicks (corporate finance) Alice Lane (corporate broking) 020 7220 0500
Notes to Editors:
Paragon Entertainment Limited (AIM: PEL) is an award-winning provider of attraction services from initial design production and consulting through to the fit out and installation of themed attractions, heritage exhibits, museums, aquariums and water parks, inter alia.
Paragon Entertainment is the holding company for Paragon Creative Limited
The Group's projects have included:
- The build of Rolling Stones Exhibitionism at the Saatchi Gallery, London; - The design and build of Kidzania, London;
- The design and build of galleries at the Olympic Museum for the IOC in Lausanne, Switzerland;
- The design and build of the galleries at The National Museum of Kazakhstan; - The design and build of Titanic Belfast; - The thematic build of the Wallace and Gromit ride at Blackpool Pleasure Beach
The Group listed on AIM in 2011.
Further information can be found at: http://www.paragonent.com/
REPORT OF THE CHIEF EXECUTIVE OFFICER
Corporate Update
We have continued through 2017 developing our business with our core skill set which is the 'design & build' of attractions. The focus on our "3P" commercial strategy also continues to develop:
- Projects: Our traditional business of 'design & build.'
- Partnerships: We continue to develop stronger relationships with key partners like Hamleys, focusing on their global requirements for 'design & build.'
- Products: This segment is a small but growing part of our business and we are already rolling out FECs (Family Entertainment Centres) themed with quality third party brands for third party operators.
Management update
The first half of 2017 has seen our turnover increase by 45% to GBP8m (H1 2016: GBP5.5m). This has resulted in an increase in EBITDA to GBP0.6m (H1 2016: GBP0.3m). Both key performance indicators are in line with our expectations and we remain on target to achieve our full year expectations.
The second half of 2017 will be focused on:
- Delivering existing projects, mainly in the Middle East. - Continued investment in manufacturing capability.
Major Projects
We continue to see considerable demand for our talents. Our current committed pipeline provides good forward visibility, both supporting our performance expectations and improving our quality of earnings. This position, coupled with the continued development of the relationships we have with key business partners, means we are confident of achieving our growth targets.
In 2017, we worked on several UK-originated projects. These include:
- Hamleys Warsaw and South Africa. Our relationship with Hamleys is progressing well.
- GMFRS and Cheshire Fire Safety Centre. We continue to explore and work on Safety Centres across the UK.
- SAASSC and SABIC. Two major Museum projects in Saudi Arabia and Kuwait.
- DXBE (Dubai Parks) including: Madagascar Mad Pursuit, Kung Fu Panda, Cloudy with a Chance of Meatballs and Hunger Games.
- Majid Al Futtaim Little Explorers Projects (via PCME Interiors):
- Little Explorers: Mirdif Dubai, Riyadh Park and Mall of Egypt Cairo.
- Max the Robot Riyadh Park.
- Astro Blasters in Kuwait and Bahrain.
Products
Products has developed significantly over the past 6 months with the recruitment of a dedicated team. This part of our business, although currently in its infancy, will become a steady contributor to our future growth. We are currently developing Products for JCB, DHX, Rubiks and Ninja Warriors.
We are seeing strong levels of opportunity in the market for 2018, however the market has become increasingly price sensitive and Brexit remains an uncertain challenge.
Financial Performance
As discussed above, the Group is in line to achieve its 2017 targets. As at 30 June 2017, the Group had net debt of GBP877,000. This however did not include a debtor payment received in early August 2017 of GBP1,700,000. The Board is therefore confident that the Group's cash position is in line with our expectations. The Group already has confirmation from HSBC that it will extend its banking facilities until July 2018.
John Dobson
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2017
Six months Six months Year to
to June to June December
2017 2016 2016
Note GBP000s GBP000s GBP000s
=================================== ======= ============= =========== ==========
Revenue 3 8,001 5,536 14,424
Cost of sales (5,827) (4,107) (10,662)
=================================== ======= ============= =========== ==========
Gross Profit 2,174 1,429 3,762
Administrative and other
operating expenses (1,726) (1,333) (3,363)
=================================== ======= ============= =========== ==========
Analysed as:
EBITDA 3 595 282 1,188
Share based payment charges - - (8)
Exceptional and other items (11) (10) (45)
Amortisation of acquired
intangibles - (101) (197)
Impairment of goodwill - - (314)
Depreciation and other
amortisation (136) (75) (225)
=================================== ======= ============= =========== ========== Operating profit from operations 448 95 399 Finance costs (10) (9) (25) =================================== ======= ============= =========== ========== Profit before income tax 438 87 374 Income tax (charge)/credit (107) 20 (63) ----------------------------------- ------- ------------- ----------- ---------- Profit from continuing operations 331 106 311 Total comprehensive income attributable to the owners of the parent 331 106 311 =================================== ======= ============= =========== ==========
Earnings per share attributable to the equity holders of the Company during the year (expressed in pence per share)
Basic earnings per share 4 0.18 0.05 0.17 Diluted earnings per share 4 0.18 0.05 0.17
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
June 2017 June 2016 December
2016
Note GBP000s GBP000s GBP000s
=============================== ===== ========== ========== =========
Non-current assets
Intangible assets 1,282 1,692 1,282
Property, plant and
equipment 1,192 1,115 1,183
Deferred income tax
asset 55 126 55
=============================== ===== ========== ========== =========
Total non-current assets 2,529 2,932 2,520
=============================== ===== ========== ========== =========
Current assets
Inventories 32 35 32
Trade and other receivables 4,785 3,630 2,710
Cash and cash equivalents 5 - 29 1,428
=============================== ===== ========== ========== =========
Total current assets 4,817 3,694 4,170
=============================== ===== ========== ========== =========
Total assets 7,346 6,626 6,690
=============================== ===== ========== ========== =========
Current liabilities
Trade and other payables 1,686 1,205 1,569
Deferred income 735 1,136 838
Borrowings 6 764 543 461
Total current liabilities 3,185 2,884 2,868
=============================== ===== ========== ========== =========
Non-current liabilities
Borrowings 6 113 49 118
Deferred income tax
liabilities 65 192 52
=============================== ===== ========== ========== =========
Total non-current liabilities 178 241 170
=============================== ===== ========== ========== =========
Total liabilities 3,363 3,125 3,038
=============================== ===== ========== ========== =========
Equity attributable
to the owners of the
parent
Share capital 188 188 188
Share premium 9,638 9,638 9,638
Retained earnings (5,843) (6,324) (6,174)
=============================== ===== ========== ========== =========
Total equity 3,983 3,502 3,652
=============================== ===== ========== ========== =========
Total equity and liabilities 7,346 6,626 6,690
=============================== ===== ========== ========== =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2017
Share Share Accumulated Total
capital premium Losses
GBP000s GBP000s GBP000s GBP000s
Balance at 1 January
2016 188 9,638 (6,430) 3,396
Comprehensive income
Profit for the period - - 106 106
=============================== ========= ========= ============ =========
Total comprehensive
income - - 106 106
=============================== ========= ========= ============ =========
Transactions with - - - -
owners
Equity-settled share - - - -
based payment transactions
Transactions with - - - -
owners
============================= ========= ========= ============ =========
Balance at 30 June
2016 188 9,638 (6,324) 3,502
=============================== ========= ========= ============ =========
Balance at 1 January
2017 188 9,638 (6,174) 3,652
Comprehensive income
Profit for the period - - 331 331
=============================== ========= ========= ============ =========
Total comprehensive
income - - 331 331
=============================== ========= ========= ============ =========
Transactions with - - - -
owners
Equity-settled share - - - -
based payment transactions
Transactions with - - - -
owners
============================= ========= ========= ============ =========
Balance at 30 June
2017 188 9,638 (5,843) 3,983
=============================== ========= ========= ============ =========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2017
Six months
to June Six months Year
Note 2017 to June to December
GBP000s 2016 2016
GBP000s GBP000s
=================================== ======= ============= ============= ==============
Cash flows from operating
activities
Net cash (used in)/generated
by operating activities before
interest 7 (1,571) 86 1,769
Interest paid (10) (9) (25)
Net cash (used in)/generated
by operating activities (1,581) 77 1,744
=================================== ======= ============= ============= ==============
Cash flows from investing
activities
Purchase of property, plant
and equipment (146) (177) (231)
Net cash used in investing
activities (146) (177) (231)
=================================== ======= ============= ============= ==============
Cash flows from financing
activities
Proceeds from borrowings - - -
Repayments of borrowings (54) (36) (88)
=================================== ======= ============= ============= ==============
Net cash used in financing
activities (54) (36) (88)
=================================== ======= ============= ============= ==============
Net decrease in cash and
cash equivalents (1,781) (64) 1,425
Cash and cash equivalents
and bank overdrafts at beginning
of period 1,243 (182) (182)
=================================== ======= ============= ============= ==============
Cash and cash equivalents
at end of period 5 (538) (246) 1,243
=================================== ======= ============= ============= ==============
Notes to the Condensed Set of Financial Statements
1. General information
Paragon Entertainment Limited is a limited company incorporated in the Cayman Islands, company registration number MC-234241, and domiciled in the UK. The address of its registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The company has its primary listing on the Alternative Investment Market (AIM) on the London Stock Exchange. The company is registered with Companies House in the United Kingdom as a UK Establishment of an overseas company, company number FC030890.
The condensed consolidated interim financial information, including the financial information for the year ended 31 December 2016 set out in this interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The information for the period ended 30 June 2017 is derived from the unaudited non-statutory accounts for that financial period.
The non-statutory accounts for the year ended 31 December 2016 were approved on 5 June 2017 and shall be delivered to the Registrar of Companies. The Auditor's report on those accounts was unqualified and did not draw attention to any matters by way of emphasis of matter.
This condensed consolidated interim financial information is unaudited and was approved for issue by the Board on 30 August 2017.
Basis of preparation
The condensed consolidated interim financial information for the period ended 30 June 2017 has been prepared in accordance with applicable accounting standards.
The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the period ended 31 December 2016 which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.
Going concern
The financial information is prepared on a going concern basis and, based on the current level of sales and workshop activity, the directors are confident that the forecasts are achievable, and the Group will operate within the banking facilities. The bank has indicated that they will renew the facilities to the Group for another year beyond the date on which this report was signed.
2. Accounting policies
The principal accounting policies of the Group are consistent with those set out in the Group's 2016 Annual Report and Accounts.
A number of new and amended standards have become effective since the beginning of the previous financial year. None of the new standards and amendments are expected to materially affect the Group.
3. Segmental analysis
Management currently identifies the Group as having two active operating segments ("Design and Build" and "Licensing and Distribution"), and one historic operating segment that has been closed (Attractions). These operating segments are monitored by the Group's Chief Operating Decision Maker and used to make strategic decisions on the basis of adjusted segment operating results. The "Head Office" segment comprises the corporate activities which are unrelated to the individual operating segments and are only incidental to the activities of the Group as a whole.
Performance is measured based on EBITDA (as stated before share based payments and exceptional items and head office recharges) as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.
Inter-segment pricing is determined on an arm's length basis. The information provided to the Board comprises the Statement of comprehensive income for each segment, the Statement of financial position and the Statement of cash flows and other financial and non-financial information used to manage the business on a consolidated basis.
Segment revenues comprise revenues made to external customers and made between segments.
Segment information for the reporting periods is as follows:
Six months to 30 June 2017
Head
Projects Products Office Total
GBP000s GBP000s GBP000s GBP000s
Revenue
* External customers 7,543 458 - 8,001
- - - -
* From other segments
---------------------------- --------- --------- --------- ---------
Segment revenues 7,543 458 - 8,001
Segment EBITDA 548 47 - 595
============================ ========= ========= ========= =========
Six months to 30 June 2016
Head
Projects Products Office Total
GBP000s GBP000s GBP000s GBP000s
Revenue
* External customers 5,495 41 - 5,536
* From other segments - - 255 255
---------------------------- --------- --------- --------- ---------
Segment revenues 5,495 41 255 5,791
Segment EBITDA 163 30 89 282
============================ ========= ========= ========= =========
4. Earnings per share
Earnings per share have been calculated by dividing the profit or loss attributable to shareholders by the weighted average number of ordinary shares in issue during the six-month period/year.
The calculations of basic and diluted loss per share are:
Six months Six months Year to
to June to June December
2017 2016 2016
GBP000s GBP000s GBP000s
==================================== =========== =========== ==========
Profit for the period attributable
to shareholders 331 106 311
==================================== =========== =========== ==========
Weighted average number of ordinary shares in issue:
June June December
2017 2016 2016
Number Number Number
========= ============ ============ ============
Basic 187,680,550 187,680,550 187,680,550
========= ============ ============ ============
Diluted 187,680,550 188,240,221 187,680,550
========= ============ ============ ============
There are 2.5 million employee EMI options and further Management Preference Options that vary in number and have been excluded in the calculation of diluted EPS. The total number of options and overview of the schemes is provided in note 8 of the published Annual Report and Accounts for the year ended 31 December 2016.
Earnings per share: June June December
2017 2016 2016
Pence Pence Pence
per share per share per share
================================= =========== =========== ===========
Earnings per share attributable
to the equity holders of the
Company
* Basic and diluted 0.18 0.05 0.17
================================== =========== =========== ===========
Normalised earnings per share
Normalised earnings per share has been calculated by dividing the profit or loss attributable to shareholders before amortisation, impairment of goodwill, share based payment charges and exceptional items by the weighted average number of ordinary shares in issue during the period. The numbers used in calculating the normalised basic earnings per share are reconciled below:
Six months Six months Year to
to June to June December
2017 2016 2016
GBP000s GBP000s GBP000s
============================== =========== =========== ==========
Profit before income
tax 438 87 374
Amortisation - 101 197
Impairment of goodwill - - 314
Share based payment
charges - - 8
Exceptional items 11 10 45
============================== =========== =========== ==========
Adjusted profit attributable
to shareholders 449 198 938
Current year tax (charge)/
credit excluding tax
effect of above items (109) 20 (39)
============================== =========== =========== ==========
Normalised earnings 340 218 899
============================== =========== =========== ==========
Normalised earnings
per share 0.18 0.12 0.48
============================== =========== =========== ==========
5. Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise the following:
June June December
2017 2016 2016
GBP000s GBP000s GBP000s
====================================== ========== ========= =========
Cash at bank - 29 1,428
====================================== ========== ========= =========
Cash and cash equivalents (excluding
overdrafts) - 29 1,428
====================================== ========== ========= =========
Cash and cash equivalents include the following for the purposes of the statement of cash flows:
June June December
2017 2016 2016
GBP000s GBP000s GBP000s
====================================== ========= ========= =========
Cash and cash equivalents (excluding
overdrafts) - 29 1,428
Bank overdrafts (538) (275) (185)
====================================== ========= ========= =========
Cash and cash equivalents (538) (246) 1,243
====================================== ========= ========= =========
6. Borrowings
June June December
2017 2016 2016
GBP000s GBP000s GBP000s
=========================== ========= ========= =========
Current liabilities
Bank overdraft 538 275 185
Bank loans 193 229 211
Hire purchase liabilities 33 39 65
=========================== ========= ========= =========
764 543 461
=========================== ========= ========= =========
Non-current liabilities
Hire purchase liabilities 113 49 118
=========================== ========= ========= =========
113 49 118
=========================== ========= ========= =========
Total borrowings 877 592 579
=========================== ========= ========= =========
7. Cash (used in)/generated by operations
Year to
Six months Six months December
to June to June 2016
2017 2016 GBP000s
GBP000s GBP000s
=================================== ============= ============= ==========
Profit before income tax 438 87 374
Adjustments for:
- finance costs 10 9 25
- depreciation 136 75 225
- profit on the sale of property,
plant and equipment - - 35
- amortisation and impairment
of intangibles - 101 511
- share based payments - - 8
- inventories - - 4
- trade and other receivables (2,075) (455) 466
- trade and other payables
and deferred income (80) 269 121
=================================== ============= ============= ==========
Cash (used in)/generated by
operations (1,571) 86 1,769
=================================== ============= ============= ==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDIXXDBGRC
(END) Dow Jones Newswires
August 30, 2017 02:00 ET (06:00 GMT)
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