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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pilat Media | LSE:PGB | London | Ordinary Share | GB0031172751 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 93.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMPGB
RNS Number : 1604B
Pilat Media Global PLC
28 February 2014
Press Release 28 February 2014
Pilat Media Global PLC
("Pilat Media" or the "Group")
Final Results
Pilat Media Global plc (AIM:PGB), the London-based AIM-listed supplier of business management software to the media industry around the world, today announces its audited final results for the year ended 31 December 2013.
Highlights:
-- Strong Q4: * Revenues up 17% at GBP9.0 million (Q4 2012: GBP7.7 million) * Profit before tax GBP2.25 million (Q4 2012: GBP1.95 million) -- Annual revenues increased by 18.1% to GBP27.7 million (2012: GBP23.5 million) -- Strong positive cash flow with cash, net of loans, increasing by GBP4.5 million to GBP15.2 million (2012: GBP10.7 million) -- Profit from operations (before amortisation of intangible assets) up 20% at GBP3.4 million (2012: GBP2.8 million) -- Five new contracts signed in the year -- On 12 February 2014, the Company posted a scheme document to shareholders in connection with the recommended offer at 95 pence per share for the Company
For further information:
Pilat Media Global plc Avi Engel, Chief Executive Officer Tel: +44 (0) 20 8782 Martin Blair, Chief Financial Officer 0700 aengel@pilatmedia.com www.pilatmedia.com mblair@pilatmedia.com Shore Capital (Nomad) Dru Danford / Patrick Castle Tel: +44 (0) 20 7408 4090 www.shorecap.co.uk
Media enquiries:
Abchurch Communications Henry Harrison-Topham / Olivia Tel: +44 (0) 20 7398 Stuart Taylor 7702 henry.ht@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S STATEMENT 2013
Pilat Media is pleased to report its final results for the year ended 31 December 2013. This has been another strong year of growth with the Group achieving its highest annual revenue for the year as a result of Q4 being the strongest quarter to date. Annual revenues grew by 18.1% to GBP27.7 million (2012: GBP23.48 million) and cash balances, net of loans, increased by GBP4.5 million to GBP15.2 million (2012: GBP10.7 million).
The growth in revenues results from new clients contracted during the year as well as from the Group's existing client base, where the demand for additional modules, license extensions, software enhancements and additional services has increased. Over 83% of 2013 revenues came from existing clients, both those that have been clients for a number of years as well as those that signed in 2012 and were going through their implementations. It is pleasing to see that such strength from the existing client base is combined with five new contract conversions which were announced during the year.
The five new contracts, two signed in the first half of the year and three in the second half, are spread across the globe and cover a diverse range of broadcasters, further demonstrating the adaptability and versatility of the Group's IBMS software. The new clients include (1) Seven Networks (Operations) Limited ("Seven Television"), Australia's largest free to air television network licensing the full suite of IBMS modules (2) Starz Entertainment LLC ("Starz"), a leading provider of premium pay TV content and services in America, licensing and implementing the IBMS software for their content and rights management and linear and non-linear on demand programming (3) a leading premium television network in Latin America licensing the full suite of IBMS modules for gradual implementation and long term maintenance for an eight year period, (4) a new partner the Company has appointed in South America who will be sublicensing and fronting the implementation of IBMS at VTR, a major telecommunications company in Chile and (5) Digiturk, a major provider of premium television service in Turkey, licensing IBMS-Rights and IBMS-OnDemand.
To meet all of these new demands the Group has increased recruitment of software engineers and has continued to invest heavily in their training to ensure that they have sufficient knowledge of the various modules of IBMS. This investment in new people has had some detrimental impact on margins and profits but despite this the Group has achieved its highest operating profit to date and the Board believes that its current investments will bring future benefits.
The Group has continued to invest in the OTTilus platform to widen and complement its offering in the emerging Over The Top ("OTT") market and this still remains in a development phase. During the year, the Group acquired the remaining 40% stake in OTTilus Limited held by SimpleStream, the partner from whom Pilat Media bought the base software for GBP435,000. This, together with the development costs that have been capitalised in intangible assets, make the total investment in the new product GBP995,000. The platform is now being demonstrated to prospects and at trade shows and stimulates interest; it is expected to reach commercial availability and start to generate revenues later this year.
On 16 January 2014 the Boards of Sintec Media Ltd. ("SintecMedia"), Sintec Media Software Ltd., ("SMS") and Pilat announced the terms of a recommended proposal under which SintecMedia and its wholly owned subsidiary SMS will acquire for cash the entire issued and to be issued share capital of Pilat not already owned by SintecMedia (the "Acquisition"). It is intended that the Acquisition will be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). The Company posted a scheme document to shareholders on 12 February 2014 (the "Scheme Document") which contains further information on the Scheme.
Revenues
The revenues in Q4 2013 were the highest quarterly revenues for the Group to date at GBP9.0 million (Q4 2012: GBP7.7 million) and this resulted in an increase in annual revenues for 2013 by 18.1% to GBP27.7 million, again the highest level to date.
As a result of the new contracts and the additional work for existing customers revenues resulting from professional services, which cover project management, requirement analysis, customisation, integration, data migration, training and general customer support, grew by more than 36% and altogether amounted to GBP18.4 million, representing 66% of 2013 revenues (2012: GBP13.5 million, 57% of revenues).
Revenues for recurring support and maintenance services grew by 14% to GBP6.3 million from GBP5.5 million in 2012. This increase was a result of implementation clients that went live in the year and existing clients that added new modules requiring additional support.
License fees in 2013 fell back to the 2011 level of GBP3.0 million (2012: GBP4.5 million) and represented only 11% of revenues (2012: GBP4.5 million, 19.2% of revenues). The license fee revenue in 2012 was boosted by some clients converting the licenses from term licenses to perpetual licenses.
In respect of the large and long-term implementation contracts, revenue on license fees and professional services are recognised progressively according to the project's stage of completion, as in previous years. The contribution of such long term contracts increased in 2013 to 33% of revenue (2012: 26%) thanks to the new contracts signed in the year. However, as some of these new contracts only started activity in the second half of the year their contribution to the Group's revenues was reduced and is expected to increase in 2014.
In 2013 the Group's largest three clients contributed 25.3% to revenues, a similar level to that of 2012, where the top three clients contributed 25.5% of the total 2012 revenues.
The North and South American clients contributed 40% of total revenues in 2013 (2012: 40%), the European and African clients contributed 33% (2012: 37%) and the Australasian clients contributed 27% (2012: 23%).
Research and development
As the market for business management software becomes more competitive and broadcasters demand more so Pilat Media has continued to invest in improvements to the IBMS software to ensure it remains relevant and attractive to existing and new clients. In 2013 the Board made a further increase in the resources allocated to R&D by 22% to GBP4.5 million (2012: GBP3.7 million) due to the continued investment in new modules and features and a higher proportion of enhancements commissioned by clients that were of a generic nature. R&D efforts focused on making IBMS better equipped to support multi-platform TV and TV Everywhere/Anytime initiatives by further enhancing the Advanced Rights Module (adding customer-defined, multilevel rights management to support multiplatform media environments), developing a version of IBMS that can be deployed in a cloud infrastructure and the creation of IBMSExpress which can be deployed in just a few weeks.
Profitability
As a number of new projects started in the year and in anticipation of growth to continue, Pilat Media increased its development resources ahead of the projects getting fully up to speed. Consequently the gross profit decreased slightly to 51.5% of revenues (2012: 52.4%). 2012 also benefitted from an exceptional number of license fee renewals which boosted the level of gross profit. There was also a 5% increase in the sales and marketing spend year on year (2013: GBP1.57 million; 2012: GBP1.49 million) due to marketing resources added to promote OTTilus. There was a small 3% rise in general and administrative costs primarily due to an increase in depreciation on leasehold assets in Israel ahead of a move to a new office in January 2014.
Operating profit before amortisation of intangible assets in 2013 was GBP3.4 million representing 12.3% of revenues, compared with GBP2.8 million or 12.1% in 2012. Finance income remained at a similar level to last year whilst finance costs were lower due to the lower interest charges on the foreign currency loans as balances were repaid during the year.
The effective rate of tax in 2013 is 22.0% (2012: 25.8%), approximately the standard rate of corporate tax rate in the UK.
Statement of Financial Position
As in previous years, the Group continued to achieve a significant reduction in trade and other receivables, to GBP9.0 million at the end of 2013 compared GBP10.2 million at the end of 2012 and GBP11.3 million at the end of 2011. The reduction this year is primarily as a result of improved speed of payment by a number of the Group's new clients whereas in previous years the reduction was primarily due to implementation projects being completed during the year and the final milestone payments invoiced and received.
As a result of collections during the year, cash balances increased to GBP18.6 million from GBP14.9 million at 31 December 2012. The net cash balances which includes the sterling value of the currency loans designed to minimise currency fluctuations is GBP15.2 million compared to GBP10.7 million at the end of 2012. During the year the Group repaid GBP0.8 million of these currency loans and the balance of the loans at 31 December 2013 reduced to GBP3.4 million (2012: GBP4.2 million). The currency loans are repayable on demand but are not due for repayment in full until 31 December 2014.
Cash flow
As noted above, the Group generated GBP6.0 million of cash from operating activities (2012: GBP4.3 million), and achieved a significant increase in cash balances to GBP18.6 million (2012: GBP14.9 million) whilst reducing the currency loan balance. The cash balance net of loans increased at the end of 2013 to GBP15.2 million (2012: GBP10.7 million) as a result of collections of receivables and the profit generated in the year.
Key Performance Indicators ("KPIs")
The Board uses a number of financial and non-financial key performance indicators that help in managing the business. None of the KPIs can be judged in isolation of each other nor can they be used without due interpretation of the reasons that have caused the changes.
The main financial KPI's the Board uses are:
2013 2012 2011 % change in revenues 18.1% 4.2% 3.0% % net profit from operations (1) 12.3% 12.1% 10.7% Revenue per employee GBP105,430 GBP100,355 GBP103,330
(1) Operating profit before amortisation of intangible assets as a percentage of revenue.
The Board is pleased with the growth in revenues, the increase in percentage net profit from operations and the improvement in revenue per employee.
The non-financial KPI's used by the Board are:
2013 2012 2011 Number of new contracts signed 5 2 2 Number of new staff hired 41 47 42 Staff turnover 8% 14% 19%
The reduction in staff turnover is mainly as a result of continued stabilising measures to improve retention in Pliat Media's offshore development centre in Kiev. This has enabled the Group to further rely on this lower cost development centre to further reduce the average cost of its software engineers.
In addition to the number of new contracts signed, the Board makes a qualitative judgment about the significance of the new contracts as well as the number of existing contracts that are renewed. In this respect, the five new contracts signed and the progress made in developing both the IBMS:Express product and the OTTilus platform are considered of high importance.
Outlook
Pilat Media is in a very healthy position. It has a strong balance sheet with significant cash resources, a client base of over sixty global and high quality companies with good visibility to revenues for 2014 and beyond. The Group continues to work on a small number of highly targeted opportunities where it believes chances of conversion to be good. The Group has expanded its product base with the addition of IBMS:Express and OTTilus which widens the Group's potential target market.
In the Scheme Document, Pilat Media and SintecMedia gave the following background to and reasons for the Scheme:
"SintecMedia and Pilat have been developing and marketing business management software for broadcasters for many years. The two companies provide end-to-end integrated and modular solutions, targeting major broadcasters and media companies around the world. The market in which SintecMedia and Pilat operate is rapidly evolving, with new players and new technologies presenting new opportunities but also difficult challenges. The Boards of SintecMedia and Pilat believe that the merger of the SintecMedia and Pilat groups of companies will realise a number of benefits for clients and staff, resulting from the considerable additional scale of the Enlarged Group."
Michael Rosenberg Avi Engel Chairman Chief Executive Officer 28 February 2014 28 February 2014
CONSOLIDATED INCOME STATEMENT
Note Year ended Year ended 31 December 31 December 2013 2012 GBP'000 GBP'000 REVENUE 5 27,728 23,483 Cost of sales (13,437) (11,176) ------------ ------------ GROSS PROFIT 14,291 12,307 Other operating expenses Research and development (4,481) (3,682) Selling and marketing (1,567) (1,491) General and administrative (4,220) (4,083) Exchange rate movement (604) (204) (10,872) (9,460) ------------ ------------ Operating profit before amortisation of intangible assets 3,419 2,847 Amortisation of intangible assets (1,065) (1,065) ------------ ------------ PROFIT FROM OPERATIONS 2,354 1,782 Foreign exchange gain on financial instruments 131 205 Finance income 97 94 Finance costs (63) (99) ------------ ------------ PROFIT BEFORE TAX 2,519 1,982 Income tax expense (553) (512) ------------ ------------ PROFIT FOR THE YEAR ATTRIBUTABLE TO OWNERS OF PILAT MEDIA GLOBAL PLC 1,966 1,470 ============ ============ EARNINGS PER SHARE Basic 4 3.14p 2.38p ============ ============ Diluted 4 3.08p 2.37p ============ ============
Note: The profit from operations for the period arises from the Group's continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended 31 December 31 December 2013 2012 GBP'000 GBP'000 PROFIT FOR THE YEAR 1,966 1,470 OTHER COMPREHENSIVE INCOME: Items that may be reclassified subsequently to profit or loss: Current tax credit in respect of share based payments - 5 Exchange translation differences on foreign operations (8) (76) Items that will not be reclassified to profit or loss: Deferred tax on foreign exchange differences 79 - Other comprehensive expenses for the year, net of tax 71 (71) ------------- ------------- TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO OWNERS OF PILAT MEDIA GLOBAL PLC 2,037 1,399 ============= =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Year ended Year ended 31 December 31 December 2013 2012 GBP'000 GBP'000 ASSETS NON-CURRENT ASSETS Intangible assets 2,777 2,846 Property, plant and equipment 635 713 Deferred taxation 260 54 3,672 3,613 ------------ ------------ CURRENT ASSETS Trade receivables 4,416 5,448 Other receivables 4,615 4,726 Derivative financial instruments 7 - 22 Cash and cash equivalents 18,611 14,916 ------------ ------------ 27,642 25,112 ------------ ------------ TOTAL ASSETS 31,314 28,725 ============ ============ EQUITY Called up share capital 9 3,127 3,118 Share premium account 9 9,677 9,630 Capital redemption reserve 50 50 Merger reserve (854) (854) Cumulative translation reserve 451 380 Retained earnings 10,701 8,698 ------------ ------------ EQUITY ATTRIBUTABLE TO OWNERS OF PILAT MEDIA GLOBAL PLC 23,152 21,022 ------------ ------------ LIABILITIES NON-CURRENT LIABILITIES Deferred taxation 113 257 113 257 ------------ ------------ CURRENT LIABILITIES Trade and other payables 4,395 3,124 Taxation 280 132 Derivative financial instruments 7 4 - Fixed term loan 8 3,370 4,190 8,049 7,446 ------------ ------------ TOTAL LIABILITIES 8,162 7,703 TOTAL EQUITY AND LIABILITIES 31,314 28,725 ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Share Premium Capital Merger Cumulative Retained Total Account Redemption Reserve Translation Earnings Reserve Reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Attributable to owners of Pilat Media Global plc: As at 1 January 2013 3,118 9,630 50 (854) 380 8,698 21,022 Profit for the year - - - - - 1,966 1,966 Other comprehensive income: Exchange translation differences on foreign operations - - - - (8) - (8) Deferred tax on foreign exchange differences on translation - - - - 79 - 79 Total other comprehensive income - - - - 71 - 71 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- Total comprehensive income for the year - - - - 71 1,966 2,037 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- Proceeds from share issue 9 47 - - - - 56 Share option charge for the period - - - - - 37 37 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- Total transactions with owners 9 47 - - - 37 93 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- As at 31 December 2013 3,127 9,677 50 (854) 451 10,701 23,152 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- Share Capital Share Premium Capital Merger Cumulative Retained Total Account Redemption Reserve Translation Earnings Reserve Reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Attributable to owners of Pilat Media Global plc: As at 1 January 2012 3,006 9,216 50 (854) 456 7,213 19,087 Profit for the year - - - - - 1,470 1,470 Other comprehensive income: Current tax credit in respect of share based payments - - - - - 5 5 Exchange translation differences on foreign operations - - - - (111) - (111) Deferred tax on foreign exchange differences on translation - - - - 35 - 35 Total other comprehensive income, net of tax - - - - (76) 5 (71) ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- Total comprehensive income for the year - - - - (76) 1,475 1,399 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- Proceeds from share issue 112 414 - - - - 526 Share option charge for the period - - - - - 10 10 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- Total transactions with owners 112 414 - - - 10 536 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- --------- As at 31 December 2012 3,118 9,630 50 (854) 380 8,698 21,022 ----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
Notes Year ended Year ended Year ended 31 December 31 December 31 December 2013 2012 2010 GBP'000 GBP'000 GBP'000 Net cash from operating activities a 5,981 4,263 3,056 Income taxes paid (403) (287) (293) Interest paid (63) (99) (7) Interest received 97 94 62 ------------ ------------ ------------ Net cash generated from operating activities 5,612 3,971 2,818 Net cash used in investing activities b (1,285) (334) (168) Net cash used in financing activities c (563) (1,043) 6,199 ------------ ------------ ------------ Net change in cash and cash equivalents 3,764 2,594 8,849 Cash and cash equivalents at beginning of year 14,916 12,412 1,421 Exchange loss on cash and cash equivalents (69) (90) (118) Cash and cash equivalents at end of year 18,611 14,916 10,152 ============ ============ ============
APPENDICES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended Year ended 31 December 31 December 2013 2012 GBP'000 GBP'000 a Reconciliation of profit before tax to net cash from operating activities Profit before tax 2,519 1,982 Finance income (97) (94) Finance costs 63 99 Depreciation and amortisation 1,438 1,325 Share option expense 37 10 Losses / gains on derivative instruments 26 (116) Decrease in trade and other receivables 1,115 1,128 Increase / (decrease) in trade and other payables 880 (71) Net cash from operating activities 5,981 4,263 ============= ============= b Net cash used in investing activities Purchase of property, plant and equipment (290) (334) Purchase of intangible fixed asset - intellectual property (435) - Purchase of intangible fixed asset - internal development (560) - Net cash used in investing activities (1,285) (334) ============= ============= c Net cash used in financing activities Proceeds from the issue of share capital 56 526 Decrease in fixed term loan (619) (1,569) Net cash used in financing activities (563) (1,043) ============= =============
1. General Information
The company is a limited liability company incorporated and domiciled in the United Kingdom. The address of its registered office is 19(th) Floor, Wembley Point, 1 Harrow Road, Wembley Point, London HA9 6DE. Copies of this statement are available from this address and from the Company's website www.pilatmedia.com.
The company is quoted on the AIM Market of the London Stock Exchange and is co-listed on the Tel Aviv Stock Exchange.
This announcement was approved for issue on 28 February 2014.
2. Basis of preparation
This Final Results Announcement for the year ended 31 December 2013 has been extracted from audited accounts which have not yet been delivered to the Registrar of Companies. This Final Results Announcement has been prepared under the historical cost convention, except for the revaluation of derivative financial instruments, on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards and IFRIC interpretations as adopted by the EU ("IFRS").
The directors have considered the working capital requirements of the group for a period of one year from the date of this announcement and believe that the going concern basis is appropriate due to the current cash balance and future prospects.
The Final Results Announcement does not constitute statutory accounts for the year ended 31 December 2013 or 31 December 2012. The financial information for the year ended 31 December 2012 is derived from the statutory accounts for that year. The report of the auditors on the statutory accounts for the year ended 31 December 2013 was unqualified and did not contain a statement under Section 498 of the Companies Act 2006.
The accounting policies applied in this Final Results Announcement are consistent with those of the annual Financial Statements for the Group for the year ended 31 December 2012, as described in those Financial Statements, with the exception of standards, amendments and interpretations effective in 2013 and other presentational changes.
3. Directors Emoluments
2013 Salary Benefits Bonus Pension & in kind Total contributions Total fees GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Executive directors Avi Engel 187 3 200 390 20 410 Martin Blair 142 1 40 183 9 192 Non-executive directors Michael Rosenberg 33 - - 33 - 33 Samuel Sattath 16 - - 16 - 16 Or Elovitch 16 - - 16 - 16 Alexander Rabinovitch 16 - - 16 - 16 410 4 240 654 29 683 ======== ======== ======== ========= ============== ========= 2012 Salary Benefits Bonus Pension & in kind Total contributions Total fees GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Executive directors Avi Engel 173 - 65 238 14 252 Martin Blair 142 1 23 166 8 174 Non-executive directors Michael Rosenberg 33 - - 33 - 33 Samuel Sattath 16 - - 16 - 16 Or Elovitch 16 - - 16 - 16 Alexander Rabinovitch 16 - - 16 - 16 396 1 88 485 22 507 ======== ======== ===== ========= ============== =========
4. Earnings per share
Basic and diluted earnings per share are based on the profit for the year attributable to Pilat Media Global plc and on the following weighted average number of shares in issue.
Weighted average number of shares in issue Year ended 31 Year ended December 2013 31 December 2012 Basic 62,523,616 61,674,695 Adjustments: Diluted effect of share options 1,230,773 373,836 Diluted 63,754,389 62,048,531 ================= =================
5. Segmental Analysis
IFRS 8 Operating Segments requires the Group to disclose segmental information based on financial data used by the Chief Operating Decision Maker (CODM) who is responsible for making financial decisions. The CODM is considered to be the Company's Senior Managers and Executive Directors.
The Directors consider there to be only one material segment under IFRS 8 based on the information reviewed by the CODM.
The Group's revenue and profit before tax were all derived from its principal activity. Sales from operations were made in the following geographical markets:
Revenue 2013 2013 2012 2012 GBP'000 % GBP'000 % United Kingdom 3,126 11.3% 1,970 8.4% United States of America 6.655 24.0% 4,461 19.0% Canada 3,272 11.8% 4,087 17.4% Australia 6,832 24.6% 4,112 17.5% Other 7,843 28.3% 8,853 37.7% --------- 27,728 23,483 ========== ========= NON-CURRENT ASSETS Intangible Assets Property, plant and equipment 2013 2012 2013 2012 GBP'000 GBP'000 GBP'000 GBP'000 United Kingdom 2,777 2,846 448 533 Israel - - 131 115 Other - - 56 65 2,777 2,846 635 713 ========= ========= ========== ==========
6. Seasonality
Whilst revenue is not seasonal there has been an historic trend of the second half of the year being stronger than the first half of the year. For the year ended 31 December 2013, the second half revenue represented 55% (2012: 55%) of the annual revenue.
7. Derivative Financial Instruments
31 December 31 December 2013 2012 GBP'000 GBP'000 Forward foreign exchange contract - classified as held for trading - Israeli New Shekel (4) 22 Total (4) 22 =========== =========== Disclosed as: Current asset - 22 Current liabilities 4 - Total 4 22 =========== ===========
Derivatives are classified as a current asset or liability based on the expiry of the foreign exchange contract.
As at 31 December 2013, the Group held forward foreign currency contracts to buy New Israeli Shekel for Sterling GBP1,223,758 (December 2012 to buy New Israeli Shekel GBP491,811 for Sterling) respectively to hedge expected settlements of foreign currency receivable balances. The New Israeli Shekel contracts mature over the next four months with the final contract expiring in April 2014.
8. Fixed term loan
31 December 31 December 2013 2012 GBP'000 GBP'000 CAD Fixed term loan 2,156 2,345 USD Fixed term loan 1,214 1,845 Total 3,370 4,190 ========================= ======================== The loans are charged interest at LIBOR plus 0.5%, secured by a charge over the Group's cash balances of GBP7,306,406 (2012: GBP6,875,860) and repayable on demand, with a maturity date of 31 December 2014.
9. Share Capital and Share Premium
SHARE CAPITAL SHARE PREMIUM SHARE CAPITAL SHARE PREMIUM 31 December 31 December 31 December 31 December 2013 2013 2012 2012 Number GBP'000 GBP Number GBP'000 GBP'000 of shares of shares Authorised: Ordinary shares of 5p each 100,000,000 5,000 100,000,000 5,000 =========== ======= =========== ======= Allotted, issued and fully paid: Ordinary shares of 5p each At 1 January 62,363,506 3,118 9,630 60,126,838 3,006 9,216 Conversion of options Employee share options at 23.5p grant price 100,000 5 19 2,236,668 112 414 Employee share options at 45.5p grant price 70,000 4 28 62,533,506 3,127 9,677 62,363,506 3,118 9,630 =========== ======= ============== =========== ======= ==============
10. Report and Accounts
The Annual Report and audited financial statements will be posted to shareholders on or about 15th May 2014 and copies will be available at the company's registered office at 19(th) Floor, Wembley Point, 1 Harrow Road, Wembley HA9 6DE or at the company's website (www.pilatmedia.com).
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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