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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Reach4entertainment Enterprises Plc | LSE:R4E | London | Ordinary Share | GB00B1HLCW86 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.225 | 0.20 | 0.25 | 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
TIDMR4E
RNS Number : 0453O
Reach4Entertainment Enterprises PLC
30 September 2019
This announcement contains inside information 30 September 2019
reach4entertainment enterprises plc
("r4e" or the "Company" or the "Group")
Unaudited interim results for the six months ended 30 June 2019
The stage is set for continued strong growth
reach4entertainment enterprises plc, the integrated, live entertainment communications group, today announces its unaudited interim results for the six months ended 30 June 2019.
Financial Highlights:
-- Revenue of GBP56.82 million, up 60.6% (H1 2018: GBP35.37 million) -- Net revenue of GBP19.35 million, up 37.1% (H1 2018: GBP14.11 million)
-- Gross profit margin of 21.2% (H1 2018: 24.3%) on revenues and 62.2% (H1 2018: 60.8%) on net revenues
-- Adjusted EBITDA* of GBP1.87 million. Adjusted EBITDA before IFRS 16** of GBP1.19 million (H1 2018: GBP0.44 million)
-- Loss for the period of GBP0.44 million, before IFRS 16** a loss of GBP0.19 million (H1 2018 a loss of: GBP0.45 million)
Operational Highlights:
-- Completed acquisition of Agency Press Ltd (trading as 'Sold Out') for initial consideration of GBP3.94 million cash
-- Raised GBP3 million via placing of new ordinary shares to partly fund Sold Out initial consideration
-- Acquired 50% stake in sports media production company, Buzz 16 Ltd
-- New York theatre agency SpotCo won 17 new shows, including the Music Man and Audible Theatre
-- London Theatre agency Dewynters launched 15 new projects, including Joseph and the Amazing Technicolour Dreamcoat, The Light in the Piazza, Big and the new Turbine Theatre
-- Newman Displays awarded contracts for design work for new screens at the Old Vic and refurbishment and signage at the Roundhouse and continues to increase market share of theatre and movie work
* Adjusted EBITDA is stated before exceptional administrative items (see note 2) and share-based payment charges
** Pre-IFRS 16 figures stated before impact of IFRS 16 'Leases' on 2019 results. See notes to report for full explanation
Marc Boyan, CEO of r4e, commented: "The success of the turnaround strategy has been demonstrated through the significant jump in Group revenue and EBITDA. Whilst the performance of the traditional business is much improved, the decision to expand into the broader area of live entertainment is delivering new clients and opportunities. With our agencies securing a number of new mandates in the first half, the Group is on track to meet its market expectations for the full year."
Lord Michael Grade, Non-Executive Chairman of r4e, commented: "The Board has been pleased with the Group's progress in the first half. The operational changes implemented in 2018 are bearing fruit and the acquisition of Sold Out and partnership with Buzz 16, both of which completed during the period, have created new dynamics which we expect to unlock new areas of growth. We look forward to the rest of the year with confidence."
For information, please contact:
Hot Features
Premium
reach4entertainment enterprises
plc
Marc Boyan, CEO
Paul Summers, COO +44 (0)20 7968 1655
+44 (0)7946 424
Yellow Jersey PR 651
Charles Goodwin r4e@yellowjerseypr.com
Harriet Jackson
Annabel Atkins
Grant Thornton, NOMAD +44 (0)20 7383 5100
Philip Secrett
Seamus Fricker
Dowgate Capital, Broker +44 (0)20 3903 7715
David Poutney
James Serjeant
CHIEF EXECUTIVE OFFICER'S STATEMENT
Introduction
The Group made good progress during the period in executing its growth strategy and improving on its financial performance. r4e has expanded its position within the live entertainment sector and the changes implemented across the Group in 2018 are helping to achieve the Board's targets of profitability, improved client servicing and each agency increasing their client portfolio.
Improved financial performance when compared to 30 June 2018 (before accounting for IFRS 16 see the impact table in the notes to this report):
-- Gross margin increase of GBP3.45 million or 40.3%
-- Adjusted EBITDA(#) and EBITDA increase of GBP0.8 million (after IFRS 16 an increase of GBP1.4 million)
-- Operating profit increase of GBP0.62 million (after IFRS 16 an increase of GBP0.56 million) -- Loss before tax decrease of GBP0.57 million (after IFRS 16 a decrease of GBP0.31 million)
Across the Group, the individual agencies all delivered revenue growth. Gross margin has improved in actual terms as well as on a percentage of net revenues from 60.8% to 62.2%, a measure we use internally to track to the performance of the business net of third-party pass-through costs which reflects the management team's focus on margin improvement.
Net results when extracting media pass through costs:
HY Jun HY Jun FY Dec
2019 2018 2018
GBP'000 GBP'000 HY % movement GBP'000
Revenue 56,815 35,370 +60.6% 76,718
Third party costs (37,462) (21,260) +76.2% (45,882)
Net revenue 19,353 14,110 +37.2% 30,836
Cost of sales (7,318) (5,529) +32.4% (11,554)
-------- -------- --------
Gross profit 12,035 8,581 +40.3% 19,282
GP % of net revenue 62.2% 60.8% +2.3% 62.53%
-------- -------- --------
Adjusted EBITDA(#) (pre IFRS 16) 1,192 440 +170.9% 1,886
Adjusted EBITDA(#) (pre IFRS16) % of net revenue 6.2% 3.1% +100.2% 6.1%
The success of the Group's turnaround in 2018 led to an improved financial performance in the first half of 2019 when measured before the effects of IFRS 16 which came into effect from 1 January 2019. This was driven in part by the additional contribution from Sold Out which was acquired in March 2019. On a like for like basis (excluding changes under IFRS 16 and Sold Out), Adjusted EBITDA increased 107% from GBP0.44 million to GBP0.89 million (see IFRS 16 impact table in the notes). Including IFRS 16 and the contribution from Sold Out, adjusted EBITDA increased to GBP1.9 million.
The performance in the first 6 months has improved cash flow with cash used in operations being GBP0.10 million compared to GBP1.45 million in the half year to June 2018.
Operational review
H1 2019 was dominated by the acquisition of the 50% interest in Buzz 16 Productions and the acquisition of advertising agency, Sold Out; both of which have helped to broaden the Group's marketing and media capabilities. As part of the process to acquire Sold Out, the Company also completed a placing of new shares with existing and new shareholders, raising gross proceeds of GBP3 million.
(#) Adjusted EBITDA is stated before exceptional administrative items (see note 2) and share-based payment charges
Led by ex-Sky producer Scott Melvin and media personality Gary Neville, Buzz 16 has been behind several popular sports-related productions, which include "Class of 92: Full Time" and "SoccerBox". While providing the Group with TV production capabilities, Buzz 16 will also open the opportunity for the Group to diversify into sports marketing.
After successfully completing the acquisition of Sold Out in March this year, we are pleased to report that the agency has been integrated into the Group. Sold Out continues to gain new clients which illustrates its credentials as one of the top UK agencies catering for brands in the concert and live entertainment space. The company contributed GBP0.3 million to Adjusted EBITDA and GBP0.14 million to operating profit in the three-month period under r4e's ownership, and is expected to have a much stronger second half.
After winning a number of new shows in 2018, SpotCo has been delivering on its series of new projects, with Hadestown, Beetlejuice, and Tootsie currently live on Broadway in New York. Further new clients were added at the start of 2019, with SpotCo winning the mandates for Magic Mike, and Almost Famous amongst others. Its clients also amassed 16 awards at this year's Tony Awards, which also included 74 nominations in total. SpotCo saw a significant uplift in its revenue, which grew by 61% to GBP32.26 million with net revenues also increasing by 62% to GBP10.0 million. Adjusted EBITDA increased by 300% to GBP1.50 million (pre IFRS 16 a 185% increase to GBP1.01 million), which has clearly illustrated the success of the Group's turnaround strategy.
In London, Dewynters successfully added "Joseph and the Amazing Technicolour Dreamcoat" and "The Light in the Piazza" to its client roster. The company generated revenue of GBP14.56 million, a 6% increase on the same period last year with net revenues slightly down GBP0.04 million or 7.7%, reflecting the increase in media activity during the period. Adjusted EBITDA stood at GBP0.56 million (pre IFRS 16 GBP0.33 million down GBP0.26 million on the corresponding period). New shows "BIG", "White Christmas" and "Mama Mia! The Party" at the O2, which were also won during the period, are set to go live in the second half of the year supporting our view that Dewynters remains on track for the remainder of the year.
Newman Displays has had a strong first half and is benefitting from the current wave of new shows in the West End which has led to new front of house displays. The company achieved a 30% uplift in revenue compared to H1 2018, whilst maintaining its overhead expenditure to realise a 29% uplift in Adjusted EBITDA (12% uplift pre IFRS 16). Recent non-theatre projects undertaken in the period have included creating the digital design work for the new screens at the Old Vic, premieres of "Rocketman", "Toy Story 4" and "Once Upon a Time in Hollywood", and other special events signage work. With the increased turnover of shows in London theatres in 2019 and a number of high profile film premiers, new work across theatre and cinema should see a strong year for the company.
Story House, being incorporated in August 2018, is still within its first year of operation but is already profitable and has repaid the investment provided by r4e in its start-up phase. Wake the Bear has been operating for just over a year and has performed in line with expectations, delivering first half revenue of GBP386k whilst building its profile and portfolio among a non-live entertainment clientele with a number of notable clients wins already secured post period end, which the business will see the benefit of in late 2019 and 2020.
As part of the Group's ongoing strategic review to improve client service and profitability, the Board took the decision to close Dewynters Germany in early June 2019. The performance of Dewynters Amsterdam has continued to improve, with the agency being profitable in the period and meeting performance expectations.
Unaudited 6 months ended 30 June
2019
Profit/(loss)
Adjusted Operating before Profit/(loss)
Revenue EBITDA* profit/(loss) tax after tax
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Continuing operations
SpotCo 32,260 1,504 844 564 573
Dewynters London 14,560 561 202 144 144
Sold Out* 7,132 302 138 136 98
Newman Display 1,976 106 62 49 49
Jampot Consulting - 4 4 4 4
Dewynters Amsterdam 328 44 44 44 86
Wake the Bear 386 (26) (26) (31) (31)
Story House 173 51 50 50 50
Existing trading 56,815 2,546 1,318 960 973
Head Office (#) - (676) (1,140) (1,144) (1,159)
Existing operations 56,815 1,870 178 (184) (186)
-------- --------- --------------- -------------- --------------
Discontinued operations
Dewynters Germany 1,015 (239) (243) (254) (254)
Group total 57,830 1,631 (65) (438) (440)
-------- --------- --------------- -------------- --------------
(#) loss before tax in Sold Out and profit before tax in Head Office is due to a dividend paid up by the subsidiary as part of the acquisition process.
Unaudited 6 months ended 30 June
2018
Profit/(loss)
Adjusted Operating before Profit/(loss)
Revenue EBITDA* profit/(loss) tax after tax
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Continuing operations
SpotCo 19,977 376 91 25 114
Dewynters London 13,753 589 390 318 318
Newman Displays 1,524 82 51 36 36
Jampot Consulting 40 (35) (35) (35) (35)
Dewynters Amsterdam 76 (149) (149) (149) (149)
Wake the Bear - (83) (81) (81) (81)
Story House - - - - -
Existing trading 35,370 780 267 114 203
Head Office - (340) (648) (612) (530)
Existing operations 35,370 440 (381) (498) (327)
-------- --------- --------------- -------------- --------------
Discontinued operations
Dewynters Germany 614 (115) (118) (119) (119)
Group total 35,984 325 (499) (617) (446)
-------- --------- --------------- -------------- --------------
*Adjusted EBITDA is EBITDA before exceptional administrative items (see note 2) and share-based payment charges.
Summary and Outlook
The Board is encouraged by the significant increase in Group revenue and EBITDA since undertaking its strategic review and turnaround period. r4e is benefiting from stronger agency management teams, cost control and collaboration, which together is delivering better client services and results on a like for like basis before IFRS 16. Our recent acquisitions are already bearing fruit and helping to establish new opportunities and revenue streams. Despite ongoing macro concerns, the Group is in a much stronger position and the current pipeline of project work means that it remains on track to meet its full year market expectation.
Marc Boyan, CEO
reach4entertainment enterprises plc
30 September 2019
Unaudited Condensed Consolidated Income Statement
For the six months ended 30 June 2019
6 months 6 months Year ended
ended ended 31 December
30 June 2019 30 June 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Continuing Operations
Revenue 56,815 35,370 76,718
Cost of sales (44,780) (26,789) (57,436)
-------------- -------------- -------------
Gross profit 12,035 8,581 19,282
Administrative expenses (11,857) (8,963) (18,703)
Adjusted EBITDA* 1,870 440 1,886
Share-based payment charges (283) (294) (484)
-------------- -------------- -------------
EBITDA before exceptional administrative items 1,587 146 1402
Exceptional administrative expenses 2 (234) (230) (230)
Depreciation (951) (213) (419)
Amortisation of intangibles (224) (85) (174)
-------------------------------------------------------- --- -------------- --- -------------- --- -------------
Operating profit/(loss) 178 (382) 579
Share of net profit from joint ventures 4 16 - -
Profit/(loss) before interest and tax 194 (382) 579
Interest receivable and similar income 17 6 14
Interest payable and similar charges 3 (395) (122) (279)
(Loss)/profit before taxation (184) (498) 314
Taxation (2) 171 1
(Loss)/profit for the period from Continuing Operations (186) (327) 315
============== ============== =============
Loss for the period from Discontinued Operations 12 (254) (119) (475)
-------------- -------------- -------------
Loss for the period (440) (446) (160)
============== ============== =============
Loss for the period attributable to:
Owners of the company (517) (380) (121)
Non-controlling interests 77 (66) (39)
-------------- -------------- -------------
(440) (446) (160)
============== ============== =============
Basic and diluted (loss)/earnings per share (p)
From continuing operations:
Basic 5 (0.02) (0.03) 0.04
Diluted 5 (0.02) (0.03) 0.03
From discontinued operations:
Basic 5 (0.02) (0.04) (0.01)
Diluted 5 (0.02) (0.04) (0.01)
*Adjusted EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) is before exceptional administrative items (see note 2), and share based payment charges.
Unaudited Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2019
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Loss for the period (440) (160)
(446)
Other comprehensive income:
Currency translation loss (21) (207) (174)
Other comprehensive income (net of tax) for the period (21) (207) (174)
Total comprehensive loss for the period (461) (653) (334)
============= ============== =============
Total comprehensive loss for the period attributable to:
Equity holders of the parent (538) (587) (213)
Non-controlling interests 77 (66) (121)
------ ------ ------
(461) (653) (334)
====== ====== ======
Total comprehensive loss for the period attributable to equity holders of the parent
from:
Continuing operations (264) (366) 272
Discontinued operations (274) (221) (485)
------ ------ ------
(538) (587) (213)
====== ====== ======
Unaudited Condensed Consolidated Balance Sheet
As at 30 June 2019
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill and intangible assets 6 14,900 8,662 8,737
Property, plant and equipment 1,895 2,049 1,956
Right-of-use asset 7 8,400 - -
Investments 4 768 - -
Deferred tax asset 212 213 160
26,175 10,924 10,853
------------- ------------- -------------
Current assets
Inventories 122 140 126
Trade and other receivables 22,560 10,904 16,057
Other current assets 583 653 582
Cash and cash equivalents 3,760 5,696 5,223
------------- ------------- -------------
27,025 17,393 21,988
------------- ------------- -------------
Total assets 53,200 28,317 32,841
============= ============= =============
Current liabilities
Trade and other payables (21,439) (14,362) (18,007)
Lease liabilities 8/9 (1,602) - -
Current taxation liabilities (198) - -
Borrowings 8 (3,222) (3,153) (3,575)
Provisions 10 (1,688) - -
------------- ------------- -------------
(28,149) (17,515) (21,582)
------------- ------------- -------------
Net current (liabilities)/assets (1,124) (122) 406
------------- ------------- -------------
Non-current liabilities
Deferred taxation (1,672) (820) (861)
Other payables (240) (987) (977)
Lease liabilities 8/9 (6,999) - -
Borrowings 8 (507) (91) -
Provisions 10 (2,184) - -
------------- ------------- -------------
(11,602) (1,898) (1,838)
------------- ------------- -------------
Total liabilities (39,751) (19,413) (23,420)
------------- ------------- -------------
Net assets 13,449 8,904 9,421
============= ============= =============
Equity
Called up share capital 6,382 5,025 5,028
Share premium 22,067 20,270 20,275
Deferred shares 1,498 1,498 1,498
Retained earnings (17,614) (18,490) (18,248)
Own shares held (259) (259) (259)
Other reserves 13 1,337 926 1,166
------------- ------------- -------------
Attributable to equity holders of the parent 13,411 8,970 9,460
Non-controlling interests 38 (66) (39)
------------- ------------- -------------
Total Equity 13,449 8,904 9,421
============= ============= =============
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2019
Attributable Non-controlling
Own Other to equity interests Total
Share Share Deferred Retained shares reserves holders of GBP'000 Equity
capital premium shares earnings held GBP'000 the parent GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2018 5,005 20,252 1,498 (18,154) (259) 883 9,225 - 9,225
Loss for the
period - - - (380) - - (380) (66) (446)
Other
comprehensive
income, net of
tax:
Currency
translation
differences - - - - - (207) (207) - (207)
-------- -------- --------- --------- -------- ---------- ------------- ---------------- ---------
Total
comprehensive
loss for the
period - - - (380) - (207) (587) (66) (653)
Transactions with
owners in their
capacity as
owners:
Shares issued 20 18 - - - - 38 - 38
Share-based
payment charge - - - - - 294 294 - 294
Share options
exercised - - - 44 - (44) - - -
At 30 June 2018
(Unaudited) 5,025 20,270 1,498 (18,490) (259) 926 8,970 (66) 8,904
======== ======== ========= ========= ======== ========== ============= ================ =========
Profit for the
period - - - 259 - - 259 27 286
Other
comprehensive
income, net of
tax:
Currency
translation
differences - - - - - 33 33 - 33
-------- -------- --------- --------- -------- ---------- ------------- ---------------- ---------
Total
comprehensive
profit for the
period - - - 259 - 33 292 27 319
Transactions with
owners in their
capacity as
owners:
Shares issued 3 5 - - - 8 - 8
Share-based
payment charge - - - - - (321) (321) - (321)
Share options
exercised - - - (17) - 528 511 - 511
At 31 December
2018 (Audited) as
previously
reported 5,028 20,275 1,498 (18,248) (259) 1,166 9,460 (39) 9,421
Change in
accounting policy
(IFRS16) - - - 1,060 - - 1,060 - 1,060
-------- -------- --------- --------- -------- ---------- ------------- ---------------- ---------
As at 1 January
2019 (as
restated) 5,028 20,275 1,498 (17,188) (259) 1,166 10,520 (39) 10,481
(Loss)/profit for
the period - - - (517) - - (517) 77 (440)
Other -
comprehensive
income, net of
tax:
Currency
translation
differences - - - - - (21) (21) - (21)
-------- -------- --------- --------- -------- ---------- ------------- ---------------- ---------
Total
comprehensive
loss for the
period - - - (517) - (21) (538) 77 (461)
Transactions with
owners in their
capacity as
owners:
Shares issued 1,354 1,792 - - - - 3,146 - 3,146
Share-based
payment charge - - - - - 283 283 - 283
Share options
exercised/forfeit - - - 91 - (91) - - -
At 30 June 2019
(Unaudited) 6,382 22,067 1,498 (17,614) (259) 1,337 13,411 38 13,449
======== ======== ========= ========= ======== ========== ============= ================ =========
Unaudited Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2019
6 months
6 months ended Year ended
ended 30 June 31 December
30 June 2018 2018
2019 (Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Cash used in operating activities 14 (104) (1,446) (2,044)
Interest paid (191) (124) (251)
Income taxes paid (150) - (18)
Net cash outflow- from operating
activities (445) (1,570) (2,313)
------------------ ------------- -------------
Investing activities
Payment for acquisition (2,833) - -
of subsidiary, net of cash
acquired
Purchase of joint venture (324) - -
Purchase of investments (150) - -
Income from investments 22 - -
Purchase of property, plant
and equipment (47) (34) (71)
Interest received 6 - -
Net cash used in investing
activities (3,326) (34) (71)
------------------ ------------- -------------
Financing activities
Net proceeds from the issue
of share capital 2,900 38 46
Finance income - 6 14
(Repayment)/proceeds of
asset-based lending (291) 712 1,008
Proceeds from borrowings 500 - -
Principle elements of lease
payments (782) (7) (19)
Net cash generated from
financing activities 2,327 749 1,049
------------------ ------------- -------------
Net decrease in cash and
cash equivalents (1,444) (855) (1,335)
Cash and cash equivalents
at the beginning of the
period 5,223 6,758 6,758
Effect of foreign exchange
rate changes (19) (207) (200)
Cash and cash equivalents
at end of the period 3,760 5,696 5,223
================== ============= =============
Unaudited notes to the Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2019
1 Basis of Presentation
These unaudited condensed consolidated interim financial statements are for the six months ended 30 June 2019. They have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union. This report should be read in conjunction with the annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Interpretations Committee ('IFRIC') Interpretations and the Companies Act 2006, as applicable to companies reporting under IFRS.
The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The unaudited interim financial statements were approved and authorised for issue by the Board on 30 September 2019.
The comparative financial information for the year ended 31 December 2018 does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The statutory accounts of reach4entertainment enterprises plc for the year ended 31 December 2018 have been reported on by the Company's auditor, RSM UK Audit LLP, and have been delivered to the Registrar of Companies. The report of the auditor was unqualified. The auditor's report did not contain statements under Section 498(2) or 498(3) of the Companies Act 2006.
The financial information for the six months ended 30 June 2019 and 30 June 2018 is unaudited.
Standards, amendments and interpretations effective in 2019
IFRS 16 'Leases'
The Company has adopted IFRS 16 "Leases" which is effective for annual periods beginning on or after 1 January 2019. The Company has chosen to apply the modified retrospective transition method and so the prior year figures have not been adjusted. The Company has elected to apply the practical expedient for short-term leases to leases for which the lease term ends within 12 months of the date of initial application, and the practical expedient for low value leases.
The adoption of the standard has resulted in the Company bringing many of its leases onto the balance sheet reflecting 'right-of-use' assets which are depreciated, and corresponding liabilities on which interest accrues. The impact of the standard in the period to June 2019, compared to the results if the standard had not been recognised, is that Adjusted EBITDA/EBITDA have increased by GBP0.67 million due to the elimination of rent costs. However operating profit in the period has reduced by GBP0.06 million due to increased depreciation charges and profit before/after tax has reduced by GBP0.25 million due to interest charges.
At 30 June 2019 non-current assets have increased by GBP8.4 million as a result of the additional right-of-use assets. Total liabilities have increased by GBP8.6 million due to the addition of finance lease liabilities but this is offset by GBP1.1 million as liabilities previously recognised under SIC 15 as operating lease incentives have been transferred to retained earnings. A deferred tax liability of GBP0.19 million has been recognised on the impact of IFRS 16. Total net asset effect is an increase of GBP0.8 million.
A GBP1.27 million credit to retained earnings was recognised 1 January 2019 due to the elimination of lease incentives along with an offsetting deferred tax debit of GBP0.3 million.
Tables reflecting the full impact of IFRS 16 on performance in the period and position at 30 June 2019 are presented below.
1 Basis of Presentation (continued)
IFRS 16 impact on reported Consolidated Income Statement
HY
Existing operations New operations HY 2019 2018
---------------------------------------------- --------------- ---------- ----------
Excluding Post IFRS Sold Out (pre Group as Group as
IFRS 16 P&L Impact IFRS 16 16 IFRS 16) reported reported
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Continuing
Operations: Rent(1) Dep'n(2) Interest
(3)
Adjusted EBITDA 893 678 - - 1,571 299 1,870 440
EBITDA 610 678 - - 1,288 299 1,587 146
Operating profit 95 678 (734) - 39 139 178 (382)
Profit before tax (68) 678 (734) (198) (322) 138 (184) (498)
(Loss)/profit after
tax (32) 678 (734) (198) (286) 100 (186) (327)
Pence Pence Pence Pence Pence
EPS on continuing
operations (basic &
diluted): (0.00) (0.03) 0.01 (0.02) (0.03)
---------- ----------
(1) Elimination of rent costs previously recognised as operating leases
(2) Depreciation charged on right-of-use assets
(3) Interest unwinding on right-of-use liabilities
(4) Deferred tax effect
1 Basis of Presentation (continued)
IFRS 16 impact on reported Consolidated Balance Sheet
H2 2018
H1 2019 H1 2019 Group
Excluding Group as as
IFRS 16 P&L Impact IFRS 16 reported) reported)
GBP'000 GBP'000 GBP'000 GBP'000
R-o-U SIC 15 Lease Tax(4)
asset(1) liability
(3)
Non-current
assets 17,775 8,400 - - - 26,175 10,924
Current assets 27,025 - - - - 27,025 17,393
------------- ------------- --------- ------------ --------- ------------ -------------
Total assets 44,800 8,400 - - - 53,200 28,317
Current
liabilities (27,252) - 663 (1,560) - (28,149) (17,515)
------------- ------------- --------- ------------ --------- ------------ -------------
Net Current
liabilities (227) - 663 (1,560) - (1,124) (122)
Non-current
liabilities (4,901) - 484 (6,999) (186) (11,602) (1,898)
------------- ------------- --------- ------------ --------- ------------ -------------
Total
Liabilities (32,153) - 1,147 (8,559) (186) (39,751) (19,413)
Net assets 12,647 8,400 1,147 (8,559) (186) 13,449 (8,904)
(1) Addition of right-of use assets
(2) Elimination of liabilities related to lease incentives recognised previously under SIC 15
(3) Addition of lease liabilities
(4) Deferred tax effect
Other Standards
The following IFRS/IAS are either new, amended or have interpretations mandatory for the first time for the financial year beginning 1 January 2019, but had no material impact on the Group:
-- IFRS 9 - Financial Instruments -- IFRS 11 - Joint Arrangements -- IAS 12 - Income Taxes -- IAS 19 - Employee Benefits -- IAS 23 - Borrowing Costs -- IAS 28 - Investments in Associate and Joint Ventures
The following IFRS/IAS are either new, amended or interpretations have been issued, but are not effective for the financial year beginning 1 January 2019 and have not been early adopted:
-- IFRS 3 - Business Combinations. -- IAS 1 - Presentation of Financial Statements -- IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
Accounting Policies
The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2018, with exception of standards, amendments and interpretations effective in 2019. Significant policies adopted in the period to 30 June 2019 which were not included or material to the annual financial statements for the year ended 31 December 2018 are:
Business combinations
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred.
Assets acquired and liabilities assumed are measured at their acquisition-date fair values.
Joint Ventures
Interests in joint ventures are accounted for using the equity method. After initially being recognised at cost in the consolidated balance sheet, the group's share of the post-acquisition profits or losses of the investee are recognised in the consolidated income statement. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.
Where the group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.
The carrying amount of equity-accounted investments is tested for impairment.
Right-of-use assets and liabilities
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
-- Leases of low value assets; and -- Leases with a duration of twelve months or less.
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless this is not readily determinable, in which case The Group's incremental borrowing rate on commencement of the lease is used. The Group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics.
The group has applied the modified retrospective provisions of IFRS 16 and therefore on transition at 1 January 2019 right of use assets are measured at the amount of the lease liability.
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
When The Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term.
Discontinued Operations
A discontinued operation is a component of the Group's business that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss.
Going Concern
As at 30 June 2019 the Group had net assets of GBP13.4 million (30 June 2018: net assets GBP8.9 million) and made an operating profit in the six months then ended of GBP0.2 million (H1 2018: loss of GBP0.4m restated). In March 2019 the Group conducted a successful equity placing, raising funds of GBP3 million (gross before costs) to partly fund the acquisition of Sold Out.
The 3 year term of the secured asset-based debt facility of GBP7 million with PNC Business Credit Services Ltd ("PNC") expired in December 2018 but remains in place on a rolling basis unless either party gives at least 6 months' notice. A set of financial covenants are in place with PNC in relation to this debt and are measured monthly. All covenants have been met in the period as they were in the fully 2018 year. The relationship with PNC is good, that they remain supportive of the Company. The Directors are confident the Group remains a going concern.
The Directors are confident that the going concern basis is appropriate and the Group has adequate resources to continuing trading for the foreseeable future.
2 Exceptional administrative expenses
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Employee contract termination-related
costs - 230 230
Acquisition costs 234 - -
234 230 230
============ ============ ============
3 Interest payable and similar charges
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2018 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Interest on lease liabilities 205 10 19
Interest on PNC debt 110 68 160
Fees on PNC debt 68 46 86
Other interest costs 8 - 5
Net foreign exchange losses 4 - 9
395 124 279
============ ============ ============
4 Investments in equity accounted joint ventures
Included in investments is GBP0.64 million reflecting the Company's 50% interest in Buzz 16 Limited which the Company acquired on 30 January 2019. Buzz 16 was founded in 2016 and creates both short and long form sports orientated content and is co-owned by shareholders including former Manchester United player and respected broadcaster, Gary Neville, along with former Sky Sports Premier League producer, Scott Melvin. GBP0.13 million of investments relates to smaller short-term projects.
The Company uses the equity method by which to measure its share of the joint venture profits/losses. In the period from acquisition to 30 June 2019, the Company's share of profits was GBP0.02 million.
5 Earnings per share
The calculations of earnings per share are based on the following results and numbers of shares.
6 months 6 months
ended ended Year
30 June 30 June ended
31 December
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
Weighted average number Number Number Number
of 0.5 pence ordinary shares
in issue during the period
For basic earnings per share 1,159,228,475 1,003,767,337 1,004,709,678
Potentially dilutive effect
of share options* 174,350,966 181,167,771 181,178,710
For diluted earnings per
share 1,333,579,441 1,184,935,108 1,185,888,388
------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Loss attributable to the
owners for continuing operations (263) (261) 354
Loss attributable to the
owners for discontinued
operations (254) (119) (475)
------------- ------------- -------------
For basic and diluted earnings
per share (517) (380) (121)
* The loss attributable to ordinary shareholders and weighted average number of ordinary shares for the purposes of calculating the diluted loss per share are the same as those used for basic loss per ordinary share. This is because the exercise of share options and other benefits would have the effect of reducing loss per share and is therefore not dilutive under the terms of IAS 33, Earnings Per Share.
6 Goodwill and Intangible Assets
Brands Customer relationships Non-compete agreement Purchased goodwill Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
1 January 2018 4,458 2,607 - 14,466 21,531
Foreign exchange
differences 57 - - 142 199
-------- ---------------------- --------------------- ------------------ --------
30 June 2018 4,515 2,607 - 14,608 21,730
Foreign exchange
differences 82 - - 204 286
-------- ---------------------- --------------------- ------------------ --------
31 December 2018 4,597 2,607 - 14,812 22,016
Additions (see note 11) 1,845 1,270 338 2,935 6,388
-------- ---------------------- --------------------- ------------------ --------
30 June 2019 6,442 3,877 338 17,747 28,404
-------- ---------------------- --------------------- ------------------ --------
Amortisation and
impairment
1 January 2018 1,677 2,053 - 9,164 12,894
Charged in the period 55 33 - - 88
Foreign exchange
differences 46 - - 40 86
-------- ---------------------- --------------------- ------------------ --------
30 June 2018 1,778 2,086 - 9,204 13,068
Charged in the period 58 28 - - 86
Foreign exchange
differences 68 - - 57 125
-------- ---------------------- --------------------- ------------------ --------
31 December 2018 1,904 2,114 - 9,261 13,279
Charged in the period 144 63 17 - 224
---------------------
30 June 2019 2,048 2,177 17 9,261 13,504
---------------------
Net book value
30 June 2018 2,737 521 - 5,404 8,662
======== ====================== ===================== ================== ========
31 December 2018 2,693 492 - 5,551 8,737
======== ====================== ===================== ================== ========
30 June 2019 4,394 1,700 321 8,485 14,900
======== ====================== ===================== ================== ========
Additions in the period to 30 June 2019 are in relation to the acquisition of Sold Out and are still provisional (see note 11).
A review has been undertaken at 30 June 2019 and has not identified any need for impairment. The directors believe that, at the current time, any reasonably likely change in assumptions is unlikely to cause an impairment in the intangible assets.
7 Right of use assets
Land and buildings Plant, machinery Total
GBP'000 and motor vehicles GBP'000 GBP'000
At 1 January 2019 8,942 202 9,144
Depreciation (711) (33) (744)
At 30 June 2019 8,231 169 8,400
=================== ============================ =========
8 Borrowings
30 June 30 June 31 December
2019 2018 2018
(Unaudited) GBP'000 (Unaudited) GBP'000 (Audited) GBP'000
Current:
Asset-based lending facility 3,222 3,084 3,518
Lease liabilities 1,602 69 57
4,824 3,153 3,575
===================== ===================== ===================
Non-current:
Related party loan 507 - -
Lease liabilities 6,999 91 -
--------------------- --------------------- -------------------
7,506 91 -
===================== ===================== ===================
Analysis of borrowings
On demand or within one year:
Asset-based lending facility 3,222 3,084 3,518
Lease liabilities 1,602 69 57
--------------------- --------------------- -------------------
4,824 3,153 3,575
In the second to fifth years inclusive:
Related party loan 507 - -
Lease liabilities 6,999 91 -
--------------------- --------------------- -------------------
7,506 91 -
===================== ===================== ===================
Finance lease have been reclassified to lease liabilities under IFRS 16.
Amounts due for settlement 12,330 3,244 3,582
Less amounts due within one year (4,824) (3,153) (3,582)
-------- -------- --------
Amounts due for settlement after one year 7,506 91 -
======== ======== ========
Asset-based lending
SpotCo, Dewynters and Newmans all hold asset-based lending facilities with PNC. Borrowing is determined by qualifying accounts receivable. The nature of the facility means that the balance will fluctuate from month to month and as the debt is paid down, new debt will arise to finance working capital, therefore the facility has been reflected as a current liability as it will be constantly revolving. Another effect of the facility is that cash balances across the group will be lower than they would otherwise be, since cash drawdown incurs a higher rate of interest and therefore cash will only be drawn down as required rather than being held on hand.
The facility with PNC has interest payable at 2.75% per annum over Barclays Bank plc. base rate for amounts borrowed in Sterling, or for amounts in Euro or US Dollars 2.75% per annum over the rate published by the central bank or relevant monetary authority. Borrowing facility amounts not utilised incur interest payable at a fixed 0.5% per annum. On top of a fixed and floating charge over its assets, the Group has given PNC an unlimited guarantee in respect of these borrowings.
9 Lease liabilities
Buildings Plant, machinery Total
GBP'000 and motor vehicles GBP'000 GBP'000
At 1 January 2019 8,942 244 9,186
Interest expense 194 3 197
Lease payments (728) (48) (776)
Foreign exchange movements (6) - (6)
At 30 June 2019 8,402 199 8,601
========== ============================ =========
Split as:
Current 1,486 116 1,602
Non current 6,916 83 6,999
---------- ---------------------------- ---------
8,402 199 8,601
At the date of initial application, the incremental borrowing rate applied was 4.5% to buildings and 3.0% to plant, machinery and motor vehicles.
GBP'000
Maturity of lease liabilities:
within one year 1,578
within second to fifth years 5,643
more than five years 2,719
--------
9,940
========
The following reconciliation to the opening balance for lease liabilities as at 1 January 2019 is based upon the operating lease obligations as at 31 December 2018:
GBP'000
Operating lease disclosures at 31 December 2018 10,950
Additional lease acquired in business combination 29
Relief option for short term leases (51)
Relief option for low value assets (20)
Effect of discounting (1,764)
Liabilities additionally recognised on application of IFRS 16 at 1 January 2019 9,144
Liabilities from finance leases as of 31 December 2018 42
Lease liabilities as of 1 January 2019 9,186
========
10 Provisions
Provisions for liabilities relate to deferred consideration. Deferred consideration represents the amount payable for the acquisition of Buzz 16 on 30 January 2019 and estimated contingent amounts payable for Sold Out on 21 March 2019. Final amounts payable for the acquisition of Sold Out are dependent upon the results of the acquired business in 2018 to 2021 (see note 11).
GBP'000
Payable:
within one year 1,688
within second to fifth years 2,184
3,872
========
11 Business Combination
On 21 March 2019 the Company acquired 100% of the issued share capital of Agency Press Limited (trading as 'Sold out'), a full-service advertising agency, specialising in arts and entertainment. London-based integrated agency Sold Out, has specialised in arts and entertainment advertising for over 25 years. During this period it has established a strong reputation in its field and built a portfolio of high profile clients, which includes S.J.M. Concerts, AEG Presents, Live Nation and Cirque Du Soleil. Its services include campaign development, media planning and buying, events, partnerships, design and creative, broadcast and digital media production; all of which will bolster r4e's group offering.
The provisional fair value of assets and liabilities recognised as a result of the acquisition are as follows:
Provisional fair value
Brand 1,845
Customer relationships 1,270
Non-compete agreement 338
Plant and equipment 130
Cash and cash equivalents 1,104
Trade and other receivables 5,537
Deferred tax 9
Corporation tax receivable (155)
Trade and other liabilities (3,928)
Accruals (730)
Deferred Tax (596)
Identifiable net assets 4,824
Goodwill capitalised 2,935
Consideration 7,759
Satisfied by:
Issue of shares 250
Cash 3,937
Deferred contingent consideration 2,705
Working capital excess to be paid in cash 867
=======================
7,759
The fair value of the 20,833,333 shares issued as part of the consideration paid was based on the 1.2 pence share price per the placing completed to part finance the acquisition. Issue costs of GBP0.10 million which were directly attributable to the issue of the shares have been recognised as a reduction in share premium.
GBP'000
Consideration transferred settled in cash (3,937)
Cash and cash equivalents acquired 1,104
========
Net cash outflow on acquisition (2,833)
Acquisition related costs totalling GBP0.23 million have been recognised as an exceptional expense in the consolidated income statement (see note 2). There were no acquisitions in the year ended 31 December 2018.
11 Business Combination (continued)
Contingent consideration
Deferred consideration is payable to the Seller of 'Sold Out' based on the financial performance of that Company during the period commencing 1 June 2017 and ending on 31 December 2021, up to a maximum amount of GBP10 million excluding working capital adjustments. The first deferred payment shall be an amount payable in cash, calculated by reference to the average EBITDA for the earnings period commencing on 1 July 2017 and ending on 31 December 2019. The second deferred payment will be an amount payable in cash by reference to the average EBITDA for the earnings period commencing on 1 June 2017 and ending on 31 December 2021. The fair value of the contingent consideration was estimated at the balance sheet date by calculating the present value of the future expected cash flows.
Revenue and profit contribution
The acquired business contributed revenues of GBP7.13 million, EBITDA of GBP0.30 million and net profit of GBP0.1 million to the group for the period from 22 March to 30 June 2019.
12 Discontinued Operations
On 7 June 2019 the group announced its decision to close Dewynters Germany as part of a restructuring process to improve efficiencies and drive profitability.
6 months 6 months Year ended
ended 30 ended 30 31 December
June 2019 June 2018 2018
(Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000
Financial performance
Revenue 126 614 1,015
Expenses (374) (733) (1,490)
Loss on write down of assets (6) - -
------------ ------------ ------------
Loss before and after tax of
discontinued operation (254) (119) (475)
Cash Flows:
Net cash outflow from operating activities (269) (358) (234)
Net cash inflow from financing activities 341 153 277
Net increase/(decrease) in cash generated by the discontinued operation 72 (205) 43
====== ====== ======
13 Other reserves
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Capital redemption reserve 15 15 15
Share option reserve 1,045 642 854
Warrant reserve 311 311 311
Foreign exchange reserve (33) (42) (14)
------------------ ------------- -------------
Other reserves 1,338 926 1,166
================== ============= =============
14 Cash flows from operating activities
6 months ended 30 June 2019 6 months ended 30 June 2018 Year ended 31 December 2018
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Reconciliation of net
cash flows from
operating activities
(Loss)/profit before
income tax from:
Continuing operations (184) (498) 314
Discontinued operations (254) (119) (475)
--------------------------- --------------------------- ---------------------------
Loss before income tax
including discontinued
operations (438) (617) (161)
Net finance costs 378 124 265
Depreciation 951 215 426
Amortisation of
intangibles 224 85 174
Loss on disposal of
fixed assets 16 - -
Share of profits of
joint ventures (16) - -
Share-based payment
expense 283 294 484
Operating cash flows
before movements in
working capital 1,398 101 1,188
Decrease/(Increase) in
inventories 4 (1) 13
(Increase)/decrease in
trade and other
receivables (973) 77 (5,138)
(Decrease)/increase in
trade and other
payables (671) (1,411) 2,109
Increase/(Decrease) in
other non-current
liabilities 138 (212) (216)
Cash used in operating
activities (104) (1,446) (2,044)
15 Transactions with directors
On 19 March 2019, the Group received funds of GBP0.5 million from In The Loop Limited, a company of which Marc Boyan, CEO of r4e, is the ultimate beneficial owner. The funds were used as part of the consideration for the acquisition of Sold Out. The loan bears interest at 5%. accruing over a period of 5 years and is to be repaid from future dividends paid by Sold Out to r4e.The debt is unsecured and is to be subordinated to the Company's existing debt facility with PNC.
16 Subsequent events
As initially announced on 3 June 2019, approved by shareholders at the AGM on 28 June, and given final approval at the High Court of Justice on 30 July 2019, the company has undergone a capital reduction which involved:
-- the cancellation of the amount standing to the credit of the Company's share premium account and capital redemption reserve;
-- the cancellation of the 74,894,792 deferred shares with a nominal value of GBP0.02 each; and
-- a reduction in the nominal value of the ordinary shares from GBP0.005 each to GBP0.001 each.
The number of ordinary shares in issue following the Capital Reduction remains unchanged at 1,276,430,385.
The below table is an example of how the Group's equity section would be affected using the balance sheet position of 30 June 2019 (the reorganisation took effect on 31 July 2019):
Pro-forma capital reorganisation: Pre-capital reduction Adjustment Post-capital reduction
GBP'000 GBP'000 GBP'000
Called up share capital 6,382 (5,106) 1,276
Share premium 22,067 (22,067) -
Deferred shares 1,498 (1,498) -
Retained earnings (17,613) 28,686 11,073
Own shares held (259) - (259)
Other reserves 1,336 (15) 1,321
---------------------- ----------- -----------------------
Attributable to equity holders of the parent 13,411 - 13,411
Non-controlling interests 38 - 38
---------------------- ----------- -----------------------
Total Equity as at 30 June 2019 13,449 - 13,449
====================== =========== =======================
17 Interim report
This document is available on the Group's website at www.r4e.com.
Notes to Editors
reach4entertainment enterprises plc ("r4e") operates a collection of theatrical, film and live entertainment marketing, PR, advertising and display agencies, across the world. The Company uses its extensive experience in the live entertainments space to create value through investing in innovative and established agencies that provide communications services to a range of clients involved with theatre, film, concerts and more.
For further information on r4e you are invited to visit the Company's website at www.r4e.com.
Spot and Company of Manhattan, Inc.
A global leading full-service arts and live entertainment advertising and marketing agency. In an ever-changing media landscape, it stays ahead of the curve with a mix of bold positioning through interactive, broadcast, environmental and print campaigns.
https://www.spotnyc.com
Dewynters Limited
Based in London with sister agencies operating in Amsterdam and Hamburg, Dewynters is a leading independent arts, events and live entertainment marketing specialist. The agency's work in theatre, museums, attractions, sport and music is seen right across the globe.
http://www.dewynters.com
https://www.dewynters.nl/en/
http://www.dewynters.de/en/
Newman Displays Limited
The UK's leading large-scale outdoor signage, front of house, marquee display and installation company. Clients include major West End theatre productions, leading film companies, cinemas and major global events.
http://www.newman-displays.com
Wake the Bear Limited
A marketing communications agency that accelerates growth for its clients through finding new customers, taking new products to market and building stronger brands. The agency delivers end to end marketing communications services for its clients including communications planning, media planning & buying, creative & content creation and digital build.
http://wakethebear.co.uk
Story House PR Limited
A new public relations agency for the theatre and live entertainment industries, operating in the UK and internationally. The agency crafts engaging campaigns for audiences, driven by strategy: the right channel, at the right time, with the right message. Fully integrating PR with paid media and social, ensuring all elements of a campaign are working together, Story House collaborates with its clients to ensure its work is dedicated to realising their ambitions.
www.storyhousepr.co.uk
Buzz 16 Productions
Buzz 16 is an independent production company, which creates both short and long form sports orientated content. The Company was co-founded by former Manchester United player and respected broadcaster, Gary Neville, along with former Sky Sports Premier League producer, Scott Melvin.
https://buzz16.uk
Sold Out
Sold Out is an independent full service advertising agency, specialising in arts and entertainment for over 25 years.
https://soldout.london
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 DKLFLKKFXBBZ
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