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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 May 2019 to May 2024
TIDMPEL
RNS Number : 4925Y
Paragon Entertainment Limited
22 August 2018
PARAGON ENTERTAINMENT LIMITED
Unaudited interim results for the six months ended 30 June 2018
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 2018.
Highlights
- Revenue GBP4.0m (2017: GBP8.0m), a 50% reduction on 2017 - EBITDA fell to a loss of GBP1.9m (2017: profit of GBP0.6m) - Successful completion of projects including SAASCC and Sabic - Net debt of GBP1.02m as at 30 June 2018 (2017: GBP0.54m)
Financial Summary
Hot Features
Premium
Unaudited Six Unaudited Six Audited Year
months to June months to June to December
2018 2017 2017
GBP000s GBP000s GBP000s
Revenue 4,038 8,001 14,806
Gross profit (385) 2,174 3,449
EBITDA (1) (1,904) 595 301
Underlying operating profit/(loss)
(2) (2,011) 448 73
Profit/(loss) for the period (2,014) 331 115
Cash balance (1,015) (538) (778)
Basic earnings per share (1.07)p 0.18p 0.06p
Normalised earnings per share
(3) (1.07)p 0.18p 0.06p
------------------------------------ ---------------- ---------------- -------------
1 - EBITDA is defined as earnings before depreciation, amortisation,
interest, share based payments, exceptional items and tax.
2 - Underlying operating profit/(loss) is EBITDA plus depreciation
and amortisation.
3 - Normalised earnings per share are earnings per share before
exceptional items.
Mark Taylor, Chairman, commented:
"Paragon had previously advised that it had experienced a very poor six months to June 2018. Our order book indicates that we have started to recover after the industry-wide downturn in the latter part of 2017 and management is committed to making a substantial recovery in the second half of the year."
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 listed on AIM in 2011.
Further information can be found at: http://www.paragonent.com/
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
REPORT OF THE CHIEF EXECUTIVE OFFICER
Strategic review
During the first half of 2018 we have continued to focus the business on our unique core skill set; specialist 'design & build' of attraction projects, while developing and investing in our partnership, relationships and product-based business. The focus of this strategy is to diversify the business from one-off bespoke, tendered projects into smaller, more repeatable products. This process has taken longer than we first anticipated but in H2 2018 has gained solid traction with the rollout of Dig It! Our original thought process revolved around owner operators taking spaces and utilising our design and build together with aligned third party brands. However, we are now utilising our own brand to create faster routes to market. The success of our product development now focuses on the alignment of a mall owner, an operator, and Paragon. This simplification has improved our sales efficiency significantly.
Our strategic aim is still to consistently target 50% of our business being delivered from partnership relationships and product-based business by 2020, which we are on target to achieve.
Market review
The first half of 2018 has proven to be very difficult indeed. A delay in product roll out following a major brand partner walking away from a development contract meant the cancellation of two UK product-based attractions. This coupled with a general downturn in the UK market and uncertainty in the Middle East led to many projects being delayed significantly. The delay in closing out a large project resulted in an unexpected negative margin in 2018.
Our order book has recovered, however, and is now strong, despite our poor first half performance and we aim to reduce these losses in the second half of 2018. Products is back on target to deliver a strong performance and recent project wins have meant we are expected to be at full capacity until Q2 2019.
Internal review
Our investment in infrastructure stalled in 2018 due to significant changes in our finance team. We believe that the issues we faced are now behind us. We have appointed a new finance director and will reinvigorate our investment in IT to support the finance function.
We have also reduced costs across the business through a series of measures including:
-- Redundancy programmes -- Pay reductions for senior management and directors -- Restructuring in all areas of the business -- Cancellation of the PEIL LTIP scheme for directors
Management update
The first half of 2018 has seen our turnover fall by 50% to GBP4.0m (H1 2017: GBP8.0m). This has resulted in an EBITDA loss of GBP1.9m (H1 2017: GBP0.6m).
The second half of 2018 will be focused on driving down costs through increased manufacturing efficiency and the significant uptake in product sales.
Our record order book includes eight Dig It! attractions to be delivered by mid-2019 with an average value of GBP0.8m each.
Financial Performance
As at 30 June 2018, the Group had net debt of GBP1.0m. The Group already has confirmation from HSBC that it will extend and increase our available banking facility to GBP1.2m (2017: GBP0.8m) until July 2019.
Management also continues to work with HSBC to secure further working capital funding for export projects from UK Trade Export Finance (UKEF).
Board guidance for 2018
The Board wishes to advise shareholders that it is now forecasting turnover for the year ending 31 December 2018 of GBP13.0m, a loss before tax of GBP0.85m and an EBITDA loss of GBP0.62m. The Board looks forward to providing updates and further guidance to shareholders as the second half of the financial year develops.
John Dobson
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
Six months Six months
to June to June Year to December
2018 2017 2017
GBP000s GBP000s GBP000s
Note
Revenue 3 4,038 8,001 14,806
Cost of sales (4,423) (5,827) (11,357)
Gross Profit (385) 2,174 3,449
Administrative and other
operating expenses (1,626) (1,726) (3,376)
-------------------------------------- ----- ----------- ----------- -----------------
Analysed as:
EBITDA (1,904) 595 301
Share based payment charges 0 0 0
Exceptional and other items 0 (11) 0
Amortisation of acquired
intangibles 0 0 0
Depreciation and other amortisation (107) (136) (228)
-------------------------------------- ----- ----------- ----------- -----------------
Operating loss from operations (2,011) 448 73
Finance costs (3) (10) (34)
Finance income 0 0 0
-------------------------------------- ----- ----------- ----------- -----------------
Profit/Loss before income
tax (2,014) 438 39
Income tax credit 0 (107) 76
-------------------------------------- ----- ----------- ----------- -----------------
Profit/(loss) from continuing
operations (2,014) 331 115
Loss on discontinued operation,
net of tax 0 0 0
-------------------------------------- ----- ----------- ----------- -----------------
Total comprehensive income/(loss)
attributable to the owners
of the parent (2,014) 331 115
-------------------------------------- ----- ----------- ----------- -----------------
Earnings per share attributable to the equity holders of the Company during the year (expressed in pence per share)
Basic earnings/(loss) per share - from continuing operations 4 (1.07)p 0.18p 0.06p ------------------------------- -------- ------ ------ Diluted earnings/(loss) per share - from continuing operations 4 (1.07)p 0.18p 0.06p ------------------------------- -------- ------ ------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
Note June 2018 June 2017 December
2017
GBP000s GBP000s GBP000s
Non-current assets
Intangible assets 1,282 1,282 1,282
Property, plant and equipment 1,116 1,192 1,210
Deferred income tax asset 120 55 44
Total non-current assets 2,518 2,529 2,536
--------------------------------- ----- ---------- ---------- ---------
Current assets
Inventories 38 32 38
Deferred income tax asset 0 0 0
Trade and other receivables 2,512 4,785 4,652
Cash and cash equivalents 5 3 0 50
Total current assets 2,553 4,817 4,740
--------------------------------- ----- ---------- ---------- ---------
Assets in disposal groups
classified as held for sale 0 0 0
Total assets 5,071 7,346 7,276
--------------------------------- ----- ---------- ---------- ---------
Current liabilities
Trade and other payables 1,824 1,686 1,594
Deferred income 115 735 711
Borrowings 6 1,175 764 1,063
Current income tax liabilities 0 0 0
Total current liabilities 3,114 3,185 3,368
--------------------------------- ----- ---------- ---------- ---------
Non-current liabilities
Borrowings 6 22 113 59
Deferred income tax liabilities 96 65 76
Total non-current liabilities 118 178 135
Net liabilities 3,232 3,363 3,503
--------------------------------- ----- ---------- ---------- ---------
Equity attributable to the
owners of the parent
Share capital 188 188 188
Share premium 9,638 9,638 9,638
Retained earnings (7,987) (5,843) (6,053)
Total equity 1,839 3,983 3,773
--------------------------------- ----- ---------- ---------- ---------
Total equity and liabilities 5,071 7,346 7,276
--------------------------------- ----- ---------- ---------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2018
Share Share Accumulated Total
capital premium Losses
GBP000s GBP000s GBP000s GBP000s
Balance at 1 January 2017 188 9,638 (6,174) 3,652
Comprehensive income 0
Profit for the period 331 331
Total comprehensive income 0 0 331 331
----------------------------- -------- -------- ------------ --------
Balance at 30 June 2017 188 9,638 (5,843) 3,983
----------------------------- -------- -------- ------------ --------
Balance at 1 January 2018 188 9,638 (6,053) 3,773
Comprehensive income
Profit for the period (2,014) (2,014)
Total comprehensive income 0 0 (2,014) (2,014)
----------------------------- -------- -------- ------------ --------
Balance at 30 June 2018 188 9,638 (8,067) 1,759
----------------------------- -------- -------- ------------ --------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2017
Six months Six months Year to
to June to June December
2018 2017 2017
GBP000s GBP000s GBP000s
Note
Cash flows from operating activities
Net cash used in operating activities
before interest and taxes 7 (166) (1571) (1599)
Interest paid (3) (10) (34)
Finance income 0 0 0
Taxation received 0 0 (33)
------------------------------------------- ----- ----------- ----------- ----------
Net cash used by continuing operations (169) (1581) (1666)
Net cash used by discontinued operations 0 0 0
------------------------------------------- ----- ----------- ----------- ----------
Net cash used by operating activities (169) (1581) (1666)
------------------------------------------- ----- ----------- ----------- ----------
Cash flows from investing activities
Purchase of property, plant and equipment (13) (146) (255)
Sales of property, plant and equipment 0 0 0
Net cash from/(used in) investing
activities (13) (146) (255)
------------------------------------------- ----- ----------- ----------- ----------
Cash flows from financing activities
Repayments of finance lease liabilities (37) 0 (64)
Repayments of borrowings (18) (54) (36)
Net cash (used in)/ from financing
activities (55) (54) (100)
------------------------------------------- ----- ----------- ----------- ----------
Net decrease in cash and cash equivalents (237) (1781) (2021)
Cash and cash equivalents and bank
overdrafts at beginning of period (778) 1243 1243
Cash and cash equivalents at end of
period 5 (1015) (538) (778)
------------------------------------------- ----- ----------- ----------- ----------
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 2017 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 2018 is derived from the unaudited non-statutory accounts for that financial period.
The non-statutory accounts for the year ended 31 December 2017 were approved on 29 June 2018 and shall be delivered to the Registrar of Companies. The Auditor's report on those accounts was unqualified but did draw attention to an emphasis of matter: as noted in the Chairman's Report, the losses incurred in the first half of 2018 have been significant and they have had an impact on the short-term cash flow of the company.
This condensed consolidated interim financial information is unaudited and was approved for issue by the Board on 21 August 2018.
Basis of preparation
The condensed consolidated interim financial information for the period ended 30 June 2018 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 2017 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 renewed and extended 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 2017 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 operating segments "Design & Build and "Products" These operating segments are monitored by the Group.
Performance is measured based on EBITDA (as stated before share-based payments and exceptional items) 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.
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. Segment information for the reporting periods is as follows:
Six months to 30 June 2018
Design &
Build Products Total
GBP000s GBP000s GBP000s
Revenue
- External customers 3,170 869 4,038
Segment Revenues 3,170 869 4,038
------------------------- --------- --------- --------
EBITDA
- Continuing operations (1,787) (117) (1,904)
Segment EBITDA (1,787) (117) (1,904)
------------------------- --------- --------- --------
Six months to 30 June 2017
Design &
Build Products Total
GBP000s GBP000s GBP000s
Revenue
- External customers 7,543 458 8,001
Segment Revenues 7,543 458 8,001
------------------------- --------- --------- --------
EBITDA
- Continuing operations 548 47 595
Segment EBITDA 548 47 595
------------------------- --------- --------- --------
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
2018 2017 2017
GBP000s GBP000s GBP000s
Profit/(Loss) for the year attributable
to shareholders (2,014) 331 115
Profit/(Loss) for the year attributable
to continuing operations (2,014) 331 115
----------------------------------------- ----------- ----------- ----------
Weighted average number of ordinary shares in issue:
June June December
2018 2017 2017
Number Number Number
Basic 187,680,550 187,680,550 187,680,550
--------- ------------ ------------ ------------
Diluted 187,680,550 187,680,550 187,680,550
--------- ------------ ------------ ------------
There are 5.8 million employee EMI 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 11 of the published Annual Report and Accounts for the year ended 31 December 2017.
Earnings per share:
June June December
2018 2017 2017
Pence per Pence per Pence per
share share share
Earnings per share attributable to the
equity holders of the Company
- Basic and diluted (1.07)p 0.18p 0.06p
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
2018 2017 2017
GBP000s GBP000s GBP000s
Profit/(Loss) from continuing operations
before income taxes (2,014) 438 39
Amortisation 0 0 0
Charges for share options 0 0 6
Exceptional items 0 11 0
--------------------------------------------- ----------- ----------- ----------
Adjusted profit/(loss) attributable
to shareholders (2,014) 449 45
Current year tax (charge)/ credit excluding
tax effect of above items 0 (109) 76
Normalised earnings/(loss) (2,014) 340 121
--------------------------------------------- ----------- ----------- ----------
Normalised earnings/(loss) per share (1.07)p 0.18p 0.06p
--------------------------------------------- ----------- ----------- ----------
5. Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise the following:
June June December
2018 2017 2017
GBP000s GBP000s GBP000s
Cash at bank 3 0 50
--------------------------- -------- -------- ---------
Cash and cash equivalents
(excluding overdrafts) 3 0 50
--------------------------- -------- -------- ---------
Cash and cash equivalents include the following for the purposes of the statement of cash flows:
June June December
---------------------------
2018 2017 2017
---------------------------
GBP000s GBP000s GBP000s
--------------------------- -------- -------- ---------
Cash and cash equivalents
(excluding overdrafts) 3 0 50
Bank overdrafts (1,018) (538) (828)
--------------------------- -------- -------- ---------
Cash and cash equivalents (1,015) (538) (778)
--------------------------- -------- -------- ---------
6. Borrowings
June June December
---------------------------
2018 2017 2017
---------------------------
GBP000s GBP000s GBP000s
--------------------------- -------- -------- ---------
Current liabilities
Bank overdraft 1,018 538 828
Bank loans 157 193 175
Hire purchase liabilities 60 33 60
--------------------------- -------- -------- ---------
1,235 764 1,063
--------------------------- -------- -------- ---------
Non-current liabilities
Bank loans 0 0 0
Hire purchase liabilities 22 113 59
--------------------------- -------- -------- ---------
22 27 22
--------------------------- -------- -------- ---------
Total borrowings 1,257 877 1,122
--------------------------- -------- -------- ---------
7. Cash (used in)/generated by operations
Six months Six months Year to
to June to June December
2018 2017 2017
GBP000s GBP000s GBP000s
Profit/(loss) before taxation (2,014) 438 39
Adjustments for:
- finance costs 3 10 34
- depreciation 107 136 228
- Profit on the sale of fixed assets 0 0 0
- amortisation 0 0 0
- share based payments 0 0 6
- fair value adjustments on financial
liabilities 0 0 0
(Increase)/decrease in inventories 0 0 (6)
(Increase)/decrease in trade and other
receivables 1,988 (2,075) (1,817)
Increase/(decrease) in trade and other
payables (250) (80) (83)
Cash used in operations (166) (1,571) (1,599)
---------------------------------------- ----------- ----------- ----------
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 BIGDILUDBGIB
(END) Dow Jones Newswires
August 22, 2018 02:00 ET (06:00 GMT)
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