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PAA Parallel Media

38.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Parallel Media LSE:PAA London Ordinary Share GB00BGSGT481 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% 38.00 36.00 40.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Parallel Media Group PLC Half-year Report (2760S)

29/09/2017 1:18pm

UK Regulatory


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TIDMPAA

RNS Number : 2760S

Parallel Media Group PLC

29 September 2017

29 September 2017

PARALLEL MEDIA GROUP plc

("PMG", THE "COMPANY" OR THE "GROUP")

HALF-YEARLY RESULTS FOR THE SIX MONTHSED 30 JUNE 2017

Parallel Media Group plc (AIM: PAA), a leading live event and entertainment agency, announces its half-yearly results for the period ended 30 June 2017.

Highlights

o The Group has continued, with the help of its Chairman, to consolidate its debt profile, including the payment by the Chairman of the outstanding Lloyds Bank loan.

o Has made progress in the Group's long-term ambition of securing a media-related acquisition in the live event and entertainment sector.

o The Company's shares were suspended on 9(th) August 2017 pending, the outcome of ongoing discussions in relation to a potential transaction.

Chairman of PMG, David Ciclitira, commented:

"We are making significant headway with the negotiation on the acquisition of an exciting and compatible media business in the live event and entertainment sector'

I would like to make a special mention of the Group's Board and Staff worldwide for their considerable efforts and I would, at the same time, like to thank all our stakeholders for their support."

Contact Details

For more information please contact:

 
 Parallel Media Group Plc 
  David Ciclitira 
  www.parallelmediagroup.com            +44 (0) 20 7225 2000 
 Stockdale Securities 
  Robert Finlay / Richard Johnson/ 
  Ed Thomas 
  www.stockdalesecurities.com           +44 (0) 20 7601 6100 
 

CHAIRMAN'S STATEMENT

Financial Review

This has been a limited period of activity for the Group and the operating loss amounted to GBP0.322m (H1 2016: loss GBP0.110m). The loss before tax for the period was GBP0.364m (H1 2016: profit of GBP0.057m).

As in previous years, I have supported the working capital requirements of the Group. The Company announced on 30 June 2017 that these loans have now been formalised with interest payable at 5 per cent per annum. The loans are repayable on 29 September, 2018 or at an earlier date at the discretion of the independent directors of the Board.

I have agreed to forego half of my remuneration for the first half of this financial year. The balance of the monies due to me and entities owned and controlled by me at 30(th) September 2017 will be GBP1.964m.

Post Balance Sheet Events

On 9 August 2017, it was announced that PMG was in advanced discussions with another party about a possible transaction which would under the AIM rules constitute a reverse takeover of the Company. As a result the Group's share price was suspended until the publication of a readmission document or until discussions are terminated. As stated above, the Group is negotiating an acquisition in the live event and entertainment sector, but as previously advised, there can be no certainty that the discussions between the parties will lead to any agreement concerning the possible transaction or as to the timing or terms of any such transaction and there can be no assurance that, even if agreement is reached, any such transaction would be completed. Further updates will be provided to shareholders as appropriate in due course.

Aside from the foregoing, there has not been any matter or circumstance occurring subsequent to the end of the financial period that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

Going forward

I remain positive and would like to use this opportunity to thank our board and hardworking staff, for their hard work and support.

David Ciclitira

Chairman

Date: 29 September 2017

Consolidated income statement for half year to 30 June 2017

 
                                                       30 June           30 June   31 December 
                                                2017 unaudited    2016 unaudited          2016 
                                                                      (Restated)       audited 
                                        Note           GBP'000           GBP'000       GBP'000 
 Continuing operations 
 Revenue                                                     -               200           221 
 Cost of sales                                               -              (78)          (78) 
                                              ----------------  ----------------  ------------ 
 Gross profit                                                -               122           143 
 
 Other administrative expenses                           (347)             (141)         (495) 
 Foreign exchange                                           25              (23)          (31) 
 Depreciation and amortisation 
  of non financial assets                                    -              (68)         (139) 
                                              ----------------  ----------------  ------------ 
 Total admin expenses                                    (322)             (232)         (665) 
 
 Operating (loss) before exceptional 
  items                                                  (322)             (110)         (522) 
 
 Exceptional items                                           -               183       (1,182) 
                                              ----------------  ----------------  ------------ 
 Operating (loss)/profit after 
  exceptional items                                      (322)                73       (1,704) 
 
 Finance costs                                            (48)              (16)          (30) 
 (Loss)/profit before tax for 
  the financial period                                   (370)                57       (1,734) 
 
 Taxation                                                    6                 -             - 
                                              ----------------  ----------------  ------------ 
 (Loss)/profit for the financial 
  period after taxation                                  (364)                57       (1,734) 
                                              ----------------  ----------------  ------------ 
 
 Attributable to: 
 Non-controlling interests                                   -                 -             - 
 Equity holders of the parent                            (364)                57       (1,734) 
                                              ----------------  ----------------  ------------ 
 (Loss)/profit for the financial 
  period                                                 (364)                57       (1,734) 
                                              ----------------  ----------------  ------------ 
 
 Earnings (Loss)/profit per share 
 -basic                                  4             (12.1)p              1.9p       (57.6)p 
 -diluted                                4             (12.1)p              1.9p       (57.6)p 
 
 

The accompanying accounting policies and notes form an integral part of the financial statements. The results for the half year to 30 June, 2016 have been restated and further information is set out in Note 11 of these financial statements.

Statement of comprehensive income for half year to 30 June 2017

 
                                                              Group 
 
                                          30 June 2017           30 June   31 December 
                                             unaudited    2016 unaudited          2016 
                                                                               audited 
                                               GBP'000           GBP'000       GBP'000 
 (Loss)/profit for the financial 
  period                                         (364)                57       (1,734) 
 Exchange difference on translation 
  of foreign operations                            (5)              (50)          (60) 
                                        --------------  ----------------  ------------ 
 Total comprehensive income/(expense) 
  for the period                                 (369)                 7       (1,794) 
                                        --------------  ----------------  ------------ 
 
 Total comprehensive (expense)/income 
  attributable to: 
 Equity holders of the parent                    (369)                 7       (1,794) 
 Non - controlling interest                          -                 -             - 
                                        --------------  ----------------  ------------ 
                                                 (369)                 7       (1,794) 
                                        --------------  ----------------  ------------ 
 
 

Statement of financial position for the half year to 30 June 2017

 
                                                     30 June              30 June   31 December 
                                                                                           2016 
                                            2017 (unaudited)     2016 (unaudited)     (audited) 
                                                     GBP'000              GBP'000       GBP'000 
 
 Non current assets 
 Intangible assets - Tournament rights                     1                1,390             1 
 Total non current assets                                  1                1,390             1 
                                         -------------------  -------------------  ------------ 
 
 Current assets 
 Trade and other receivables                               5                   90            23 
 Cash and cash equivalents                                11                  (3)            25 
 Total current assets                                     16                   87            48 
                                         -------------------  -------------------  ------------ 
 
 Current liabilities 
 Financial liabilities - Borrowings                        -                   85            85 
 Trade and other payables                              3,135                2,198         2,547 
 Total current liabilities                             3,135                2,283         2,632 
                                         -------------------  -------------------  ------------ 
 
 Net current liabilities                             (3,119)              (2,196)       (2,584) 
 
 Non current liabilities 
 Financial liabilities - Borrowings                        0                  196           166 
                                         -------------------  -------------------  ------------ 
                                                           0                  196           166 
 
 Net (liabilities)/assets                            (3,118)              (1,002)       (2,749) 
                                         -------------------  -------------------  ------------ 
 
 
 Equity 
 Share capital                               4,612      4,612      4,612 
 Share premium                               8,741      8,741      8,741 
 Other reserves                                557        503        557 
 Capital redemption reserve                  5,034      5,034      5,034 
 Foreign exchange reserve                    (147)      (132)      (142) 
 Retained earnings                        (22,068)   (19,913)   (21,704) 
 Equity attributable to equity holders 
  of the parent                            (3,271)    (1,155)    (2,902) 
 
 Non-controlling interests                     153        153        153 
                                         ---------  ---------  --------- 
                                           (3,118)    (1,002)    (2,749) 
                                         ---------  ---------  --------- 
 
 

Statement of cashflows for the half year to 30 June 2017

 
                                                  30 June        30 June   31 December 
                                                     2017           2016          2016 
                                              (unaudited)    (unaudited)     (audited) 
                                                  GBP'000        GBP'000       GBP'000 
 Cash flows from operating activity 
 Operating loss                                     (322)          (110)         (522) 
 Increase in translation reserve                      (5)           (50)          (60) 
 Depreciation                                           -              3             3 
 Amortisation of intangibles - Tournament 
  rights                                                -             68           136 
 Impairment provision - Tournament 
  Rights                                                -              -         1,321 
 Impairment provision - Investment 
  in subsidiary                                         -              -            54 
 Gain on exceptional item                               -            183             - 
 Decrease/(increase) in receivables                    18           (29)            38 
 Increase/(decrease) in payables                      588           (31)           318 
 Exceptional item                                       -              -       (1,182) 
 Cash generated from/(used in) operations             279             34           106 
                                            -------------  -------------  ------------ 
 
 Cash flow from investing activities 
 Taxation repaid                                        6              -             - 
                                            -------------  -------------  ------------ 
 Net cash generated from investing 
  activities                                            6              -             - 
                                            -------------  -------------  ------------ 
 
   Cash flow from financing activities 
 Loans repaid                                       (251)           (35)          (65) 
 Interest paid                                       (48)           (16)          (30) 
 Net cash used in financing activities              (299)           (51)          (95) 
                                            -------------  -------------  ------------ 
 
 Cash and cash equivalents at beginning 
  of the period                                        25             14            14 
 Net (decrease)/increase in cash and 
  cash equivalents                                   (14)           (17)            11 
                                            -------------  -------------  ------------ 
 Cash and cash equivalents at end 
  of the period                                        11            (3)            25 
                                            -------------  -------------  ------------ 
 

Consolidated statement of changes in equity for half year to 30 June 2017

 
                  Ordinary      Share      Other      Capital    Foreign   Retained   Subtotal           Non     Total 
                     Share    Premium   Reserves   Redemption   Exchange   Earnings              controlling 
                   Capital                                       Reserve                           Interests 
 
 At 31 December 
  2016               4,612      8,741        557        5,034      (142)   (21,704)    (2,902)           153   (2,749) 
 Loss for the 
  half year              -          -          -            -          -      (364)      (364)             -     (364) 
 Foreign 
  Exchange               -          -          -            -        (5)          -        (5)             -       (5) 
---------------  ---------  ---------  ---------  -----------  ---------  ---------  ---------  ------------  -------- 
 Total 
 comprehensive 
 income                                                                -          -          -             -         - 
 At 30 June 
  2017               4,612      8,741        557        5,034      (147)   (22,068)    (3,271)           153   (3,118) 
---------------  ---------  ---------  ---------  -----------  ---------  ---------  ---------  ------------  -------- 
 
 
 

Consolidated statement of changes in equity for the year ended 31 December 2016

 
                     Ordinary     Share      Other      Capital    Foreign   Retained   Subtotal           Non     Total 
                        Share   Premium   Reserves   Redemption   Exchange   Earnings              controlling 
                      Capital                                      Reserve                           Interests 
 
 At 31 December 
  2015                  4,612     8,741        503        5,034       (82)   (19,970)    (1,162)           153   (1,009) 
 Loss for the 
  year                      -         -          -            -          -    (1,734)    (1,734)             -   (1,734) 
 Impairment 
  provision                 -         -         54            -          -          -         54             -        54 
 Foreign exchange           -         -          -            -       (60)          -       (60)             -      (60) 
------------------  ---------  --------  ---------  -----------  ---------  ---------  ---------  ------------  -------- 
 Total 
  comprehensive 
  income/(expense) 
  for the year              -         -         54            -       (60)    (1,734)    (1,740)             -   (1,740) 
 At 31 December 
  2016                  4,612     8,741        557        5,034      (142)   (21,704)    (2,902)           153   (2,749) 
------------------  ---------  --------  ---------  -----------  ---------  ---------  ---------  ------------  -------- 
 

NOTES TO THE FINANCIAL INFORMATION

   1.    Basis of Preparation 

The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards. The condensed consolidated half-yearly financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards. These half-yearly results are unaudited and do not constitute statutory accounts.

   2.    Significant Accounting Policies 

The condensed financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and method of computation are followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2016.

   3.   Going concern 

The Directors have prepared trading and cash flow forecasts for the Group for the year ended 31 December 2018. The forecasts incorporate trading assumptions, including sponsorship revenues and revenues from new events. The forecasts show that the Group has sufficient cash to meet liabilities as they fall due for a period of 12 months from the date of signature of the financial statements.

In addition, the Directors have received confirmation that financial support will be provided to the PMG Group of companies sufficient to enable the Group to continue to trade and meet its financial obligations as they fall due for the foreseeable future being at least 12 months from the date that the Parallel Media Group plc financial statements for the half year ended 30 June 2017 are approved and signed.

The Directors believe these forecasts to be realistic and consequently have prepared the financial statements on the going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future.

   4.    Segment Information - Changes in Operating Segments 

The group operates under three segments, Sports, Entertainment and Media.

 
 Operating Segments           Sports        Entertainment        Media        Consolidated 
-----------------------  ---------------  ----------------  --------------  ---------------- 
                             GBP'000           GBP'000          GBP'000          GBP'000 
-----------------------  ---------------  ----------------  --------------  ---------------- 
                           June    June     June     June    June    June     June     June 
                           2017     2016    2017     2016     2017    2016     2017     2016 
-----------------------  -------  ------  -------  -------  ------  ------  --------  ------ 
 Revenue                       -     200        -        -       -       -         -     200 
-----------------------  -------  ------  -------  -------  ------  ------  --------  ------ 
 Joint ventures                -       -        -        -       -       -         -       - 
-----------------------  -------  ------  -------  -------  ------  ------  --------  ------ 
 Segment result                -     122        -        -       -       -         -     122 
-----------------------  -------  ------  -------  -------  ------  ------  --------  ------ 
 Unallocated corporate 
  expenses                                                                     (322)   (232) 
--------------------------------  ------  -------  -------  ------  ------  --------  ------ 
 Exceptional items                                                                 -     183 
--------------------------------  ------  -------  -------  ------  ------  --------  ------ 
 Operating profit 
  after exceptional 
  items                                                                        (322)      73 
--------------------------------  ------  -------  -------  ------  ------  --------  ------ 
 Finance costs                                                                  (48)    (16) 
--------------------------------  ------  -------  -------  ------  ------  --------  ------ 
 (Loss)/profit 
  for the year 
  before taxation                                                              (370)      57 
--------------------------------  ------  -------  -------  ------  ------  --------  ------ 
 

5. Earnings per Share

The basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue during the year. In calculating the diluted earnings per share, any outstanding share options, warrants and convertible loans are taken into account where the impact of these is dilutive.

 
                                         Six months   Six months 
                                                 to           to     Year ended 
                                            30 June      30 June    31 December 
                                               2017         2016           2016 
 (i) Basic 
 (Loss)/gain for the period (GBP'000)         (307)           57        (1,734) 
 Weighted average number of shares 
  in issue (No.)                          3,009,223    3,009,223      3,009,223 
                                        -----------  -----------  ------------- 
 (Loss)/earnings per share (p)              (10.2)p         1.9p        (57.6p) 
 
 (ii) Fully diluted 
 (Loss)/gain for the period (GBP'000)         (307)           57        (1,734) 
 (Loss)/earnings for the period 
  (GBP'000)                                   (307)           57        (1,734) 
                                        -----------  -----------  ------------- 
 
 Weighted average number of shares 
  in issue (No.)                          3,009,223    3,009,223      3,009,223 
                                          3,009,223    3,009,223      3.009,223 
 
 Diluted Earnings per share (p)*            (10.2)p         1.9p        (57.6p) 
 

* Diluted earnings per share in both 2017 and 2016 are the same as basic earnings per share, as the options in issue during these years have had no dilutive effect on continuing operations.

   6.            Dividends - No dividend was recommended or paid for the period under review 
   7.            Financial Liabilities - Borrowings 
 
                   30 June     30 June 
                      2017        2016 
                   GBP'000     GBP'000 
 Bank facility            -         85 
          -                         85 
 

The bank facility represents amounts due to Lloyds Bank Plc in less than one year. The outstanding loan was repaid by David Ciclitira in June 2017, which was formally secured by his personal guarantee, in the sum of GBP213,064 together with the associated legal costs of GBP17,453.

   8.            Non-Current Liabilities  - Borrowings 
 
                            30 June    30 June 
                               2017       2016 
                            GBP'000    GBP'000 
 Bank facility > 1 year            -       196 
          -                                196 
 
   9.            Issued Share Capital 

Issued share capital as at 30 June 2017 is comprised as follows:

   --     3,009,223 ordinary shares of GBP0.01p being GBP0.03 million 
   --     3,009,223 new deferred shares of GBP0.518p being GBP1.559 million* 
   --     199,831,545 deferred ordinary shares of 0.5p each being GBP0.999 million* 
   --     103,260 deferred B shares of GBP19.60 being GBP2.024 million* 

* The deferred ordinary shares and new deferred shares do not entitle their holders to receive dividend or other distribution nor do they entitle their holders to receive notice, attend speak or vote at any General Meeting of the Group. The rights of deferred shareholders are set out in full in the financial statements for the year ended 31 December 2016.

   10.          Related Parties 

At 30 June, 2017 the following were owed to directors of the Company, namely, Maria Serena Ciclitira - GBP46,173 (31 December 2016: GBP38,673), and Ranjit Murugason - GBP145,200 (31 December 2016: GBP65,000) of which GBP135,700 relates to prior financial periods and had not been fully recognised at the previous year end.

Luna Trading Limited is a company through which Parallel Media Group Plc ("PMG") contracts with David Ciclitira for consulting and business services. During the period ended 30 June 2017 Luna Trading Limited charged PMG for remote office and healthcare and healthcare costs of GBP25,500 (H1 2016: GBP24,625).

The total amounts owed to David Ciclitira and entities under his control at 30 June 2017 were GBP1,927k (Parallel Contemporary Arts Ltd GBP1,141k, David Ciclitira GBP505k and Luna Trading GBP240k and GBP41k of rolled up interest), of which GBP1,870k relates to formalised loans and the balance in respect of accrued but unpaid remuneration.

11. Restatement of the half year results to 30 June 2016

Management have identified that due to an accounting error, both turnover and administration overheads were overstated in the half year results to 30 June 2016. The restated numbers show turnover of GBP0.200m (previously reported as GBP0.267m) and other administration expenses of GBP0.141m (previously reported as GBP0.208m). These adjustments produce no change to the stated operating loss, before exceptional items, of GBP0.110m.

12. Other

Copies of the unaudited half-yearly results have not been sent to shareholders, however copies are available at www.parallelmediagroup.com or on request from the Group's Registered Office.

   13.          Approval of Half-Yearly Financial Statements 

The half-yearly financial statements were approved by the board of directors on 29 September 2017.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BDGDCBBDBGRC

(END) Dow Jones Newswires

September 29, 2017 08:18 ET (12:18 GMT)

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