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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Screen Fx | LSE:SFX | London | Ordinary Share | GB00B23Z3283 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 7.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9567R Screen FX PLC 29 September 2005 29 September 2005 SCREENFX PLC Interim Results Network roll-out continues ScreenFX plc, which offers digital screen advertising in shopping centres across the UK, today announces its interim results for the six months to 30 June 2005: Operational highlights * Established leading network of large plasma screens in 10 of UK's premier shopping malls, including MetroCentre, Lakeside and centres in Glasgow and Edinburgh. * Network to be extended by a further 8 malls in Q4 2005 following long term contract wins with Westfield Shoppingtowns and Trafford Centre, Manchester. * Letter of intent signed for a further five malls across the UK. * Market research continues to support high impact of digital screen advertising. * Advertising agreement with Warner Bros will benefit second half revenues. Results summary * Turnover for the half year improved to #118,000 (2004: #47,000). * Operating losses increase to #1.6 million (2004: loss #0.7 million). * Cash in hand of #1.3 million at 30 June 2005. Richard Nichols, Chairman of Screen FX said: "The first half has seen the continued development of the group as we now have a fully operational network offering big screen advertising to almost 200 million customers in some of the UK's leading shopping malls. We also have the ability to extend this to over 330 million customers with the contracts recently signed with Westfield and the Trafford Centre. The company is entering a key stage of its development as we seek to convert the positive endorsement of the network by major national advertisers into revenue. The lack of revenue generation in the first half was disappointing although there have been some more encouraging signs for second half revenues, particularly the contract signed with Warner Brothers in June. We continue to believe that the market has the potential to grow strongly and with the increased critical mass which can be achieved with the proposed funding we expect to conclude following these results, our focus remains on developing sustained revenue growth across our network." For further information please contact: ScreenFX plc Tel: 0161 428 5544 David Clark Citigate Dewe Rogerson Tel: 020 7638 9571 Patrick Toyne Sewell/Fiona Bradshaw Financial Summary #000's Six months to Period to Period to 30 June 2005 30 June 2004 31 December 2004 Turnover 118 47 343 Operating loss (1,599) (736) (2,062) Retained loss for the period (1,635) (718) (2,020) Loss per share - pence (1.12) (1.08) (2.10) Cash at hand 1,280 1,834 666 Overview We continue to develop our strategy of maintaining and building our share of the fast-growing "out of home" digital advertising market in order to become the dominant screen media player in major UK malls. Our targets remain the premium Top 50 retail malls and our screen network will reach over 30% of footfall market share in these prime locations by Q4 2005 and the prospects for further growth remain good. Financial Results Turnover for the half year improved to #118,000 (2004: #47,000) but was disappointing. However, as previously stated, the Group expected the rate of media adoption to build slowly throughout 2005 with greater momentum coming in 2006-2007 as the network establishes critical scale and digital channels become more established amongst its key media targets. The Group continues to place a strong focus on controlling costs and minimising working capital levels. The total Group operating loss for the period was #1.6 million (2004: loss #0.7 million). Cash in hand stood at approximately #1.3 million at 30 June 2005. As mentioned in the Prospectus, the strategy of the Directors is to generate capital growth for shareholders. The Directors will recommend the payment of dividends when it becomes commercially prudent to do so and then subject to the availability of distributable reserves and the retention of funds required to finance future growth. For these reasons the Group will not be paying a interim dividend at this stage of the company's development. On 6 January the Group placed 26,666,668 million ordinary shares at 7.5p each, raising #1,920,000 (after costs) in order to fund the continued development of sites for the digital screen network and cover ongoing working capital requirements. Operating Review The key drivers to our development are the rollout of our network into more locations, thereby establishing critical scale, and achieving revenue adoption amongst our target customers, the major consumer brands, their advertising agencies and their media buyers. Therefore our primary focus has remained the building of the leading screen advertising network in major UK shopping malls. Following the successful installation of our first eight centres in 2004, ScreenFX increased its network further by going live in two of Scotland's premier shopping centres, Braehead, Glasgow and St. James, Edinburgh, during the summer. This has built the ScreenFX audience to around 200 million shoppers annually: Shopping Centre Location Annual footfall (millions) Lakeside Thurrock 25.6 The Glades Bromley 19.0 The Harlequin Watford 17.0 The Chimes Uxbridge 10.3 Victoria Centre Nottingham 22.9 The Potteries Stoke-on-Trent 13.0 Metrocentre Gateshead 28.0 Eldon Square Newcastle 24.9 St James Edinburgh 13.0 Braehead Glasgow 20.0 The Group has also made further strong progress in securing long term contracts with additional major centres over the first half. The agreement with Westfield, the world's largest retail mall operator, will add a further seven centres, including the extensive Merry Hill centre in Birmingham. ScreenFX also secured an agreement with the prestigious Trafford Centre Manchester which, together with the Westfield centres, will increase its audience to circa 300 million shoppers per annum during Q4 2005. As well as building audience numbers, these developments also strengthen ScreenFX's national coverage of major UK cities, and thus provide a more compelling critical mass to advertisers. ScreenFX remains convinced that the mall environment presents one of the best opportunities to develop a premium media product and it continues to advance other negotiations which will enable ScreenFX's network to reach an audience of 400-500 million shoppers by the end of 2006. The rollout of the network is underpinned by the Group's agreement with BT Media and Broadcast which as well as providing a very secure operational platform also offers access to evolving technologies in the rapidly changing environment in which it operates. The Group is now starting to see the early signs of adoption by major advertisers. The advertising agreement with Warner Bros to advertise a number of the major film releases in the second half of this year was an important milestone. As part of the Warner Brothers agreement ScreenFX has tested one of the unique parts of its product proposition via the touchscreens incorporated in the Group's Infopods. This has demonstrated the power of interactive content in the malls and has generated significant interest from other potential advertisers. The final quarter of 2005 should see further revenue build as advertisers appreciate the access ScreenFX's increased audience gives them in the critical pre-Christmas trading period. The benefits of ScreenFX's network to advertisers were highlighted by research undertaken by IPSOS-RSL limited, a specialist media research organisation. The research results were highly encouraging for the Group, demonstrating that ScreenFX delivers a very valuable audience to advertisers with high levels of awareness of the screens and their content. The Group is also working with early adopters of the network to further develop and enhance the offering in order to support future campaign development. As announced on 28 July the Group signed a concession agreement with Central Trains Ltd, part of the National Express network of commuter trains, to exploit the audio visual advertising on their fleet of commuter trains. ScreenFX continues to explore the opportunity to develop a business in the valuable transport sector via this agreement and is reviewing the best route to developing long term value from this new sector whilst maintaining its primary focus on the mall business. Board changes As announced on 28 September, David Neale, who has served as the Group Marketing Director since joining ScreenFX in June 2004, will become the Group's Managing Director and will join the Board with immediate affect. Funding As set out in Note 1 to the Interim Statement the Group's interim results have been prepared on a going concern basis. The Group is pursuing all funding options, including strategic partnerships with major sales channels, and is in the advanced stages of a placing which is expected to conclude in the near future. Outlook The Group has made strong progress towards its objective of developing the leading screen network in major UK shopping malls. The focus is now on consolidating this position by selectively adding further top 50 centres, whilst continuing the drive towards adoption of this new medium by national advertisers. ScreenFX has also made good progress in developing value-added propositions which will enhance the consumer experience on the threshold of the UK's leading retail stores. We continue to believe that the market has the potential to grow strongly and with the increased critical mass which can be achieved with the proposed funding we expect to conclude following these results, our focus remains on developing sustained revenue growth across our network. Dave Clark Chief Executive 29 September 2005 ScreenFX plc Consolidated Profit and Loss Account For the six months to 30 June 2005 Unaudited Unaudited Audited Six months to Period to Period to 30 June 2005 30 June 2004 31 December 2004 #000's #000's #000's Group turnover 118 47 343 Cost of sales (313) (71) (314) _____ _____ _____ Gross (loss)/profit (195) (24) 29 Administrative expenses (1,339) (658) (1,972) (pre amortisation of goodwill) Amortisation of goodwill (65) (54) (119) _____ _____ _____ Total administrative expenses (1,404) (712) (2,091) _____ _____ _____ Total group operating loss (1,599) (736) (2,062) Net interest (payable)/receivable (36) 18 22 _____ _____ _____ Loss on ordinary activities before taxation (1,635) (718) (2,040) Tax on loss on ordinary activities - - 20 _____ _____ _____ Loss on ordinary activities after taxation (1,635) (718) (2,020) _____ _____ _____ Retained loss for the period (1,635) (718) (2,020) _____ _____ _____ Basic loss per share (pence) (note 3) (1.12) (1.08) (2.10) Diluted loss per share (pence) (note 3) (1.12) (1.08) (2.10) Consolidated Statement of Total Recognised Gains and Losses There were no recognised gains or losses other than the loss in the period, or in the prior periods, other than those passing through the profit and loss account above and therefore no separate statement of total recognised gains and losses has been prepared. ScreenFX plc Consolidated Balance Sheet As at 30 June 2005 Unaudited Unaudited Audited 30 June 2005 30 June 2004 31 December 2004 #000's #000's #000's Fixed Assets Tangible assets (note 7) 1,700 1,944 1,895 Intangible assets - goodwill 1,114 1,244 1,179 _____ _____ _____ 2,814 3,188 3,074 Current Assets Debtors 380 390 419 Cash at bank and in hand 1,280 1,834 666 _____ _____ _____ 1,660 2,224 1,085 Creditors - amounts falling due within one year (676) (956) (640) _____ _____ _____ Net current assets 984 1,268 445 _____ _____ _____ Total assets less current liabilities 3,798 4,456 3,519 Creditors - amounts falling due after more than one year (428) (116) (434) _____ _____ _____ Net Assets 3,370 4,340 3,085 _____ _____ _____ Capital and reserves Called up share capital 1,467 1,200 1,200 Share premium account 5,558 3,858 3,905 Profit and loss account (3,655) (718) (2,020) _____ _____ _____ Total shareholders' funds 3,370 4,340 3,085 _____ _____ _____ ScreenFX plc Consolidated Cash Flow Statement For the six months to 30 June 2005 Unaudited Unaudited Audited Six months to Period to Period to 30 June 2005 30 June 2004 31 December 2004 #000's #000's #000's Net cash outflow from operating activities (1,145) (620) (2,223) Returns on investments and servicing of finance Interest received 35 25 47 Interest paid (71) (7) (25) _____ _____ _____ Net cash (outflow)/inflow from returns on investments and servicing of finance (36) 18 22 Taxation - (20) (32) Capital expenditure Purchase of tangible fixed assets (99) (1,867) (2,046) Sale of tangible fixed assets 21 133 133 _____ _____ _____ Net cash outflow for capital expenditure (78) (1,734) (1,913) _____ _____ _____ Net cash outflow before use of liquid resources and financing (1,259) (2,356) (4,146) _____ _____ _____ Financing Issue of ordinary share capital 2,000 5,000 5,000 Expenses on share issue (80) (642) (595) Hire purchase and leasing loans received 59 - 632 Loans and hire purchase repaid (106) (185) (242) _____ _____ _____ Net cash inflow from financing 1,873 4,173 4,795 _____ _____ _____ Increase in cash 614 1,817 649 _____ _____ _____ Reconciliation of net cash Net cash at beginning of period 666 - - Net cash acquired with subsidiaries - 17 17 Increase in net funds from cash flows 614 1,817 649 _____ _____ _____ Net cash at end of period 1,280 1,834 666 _____ _____ _____ SCREENFX PLC NOTES TO THE INTERIM STATEMENT For the six months ended 30 June 2005 1. Basis of Preparation of Interim Financial Information The unaudited Interim Report was approved by the Board of Directors on 29 September 2005. The financial information contained in this statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The accounts have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules. The comparative figures for the period ended 30 June 2004 and the period ended 31 December 2004 have been extracted from the unaudited interim results and the audited Group Accounts for the respective periods. The audited Group accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The interim financial statement has been prepared in accordance with the accounting policies in effect at 31 December 2004. The accounts are prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future. The Group's ability to meet its future working capital requirements and therefore continue as a going concern is dependant on it being able to generate significant revenues and free cash flow. In common with many early stage businesses and given the current economic climate, it is very difficult to predict the timing and extent of future revenues. However, the directors have prepared projections which they consider to be prudent and which demonstrate that the business can operate within its existing cash resources and the funds raised from the expected placing, and have identified a series of realistically achievable actions that they are committed to taking to mitigate the rate of cash outflow should revenues not be secured as predicted. Whilst there is fundamental uncertainty in relation to the above matters, the directors are in negotiation with potential financiers and based on indications received so far anticipate a positive outcome and consider that it is appropriate for the accounts to be prepared on a going concern basis. The accounts therefore do not include any adjustments that would result from the Group being unable to continue as a going concern. Turnover and the loss before taxation were all derived from the Group's principal activities. 2. Dividends No dividends have been paid and none are proposed. 3. Loss Per Ordinary Share The loss attributable to ordinary shareholders and weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share are identical to those used for basic earnings per share. This is because the exercise of share options would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of Financial Reporting Standard 22. The calculation of the loss per ordinary share is based on a loss of #1,635,000 (period to 30 June 2004: loss of #718,000; period to 31 December 2004: loss of #2,020,000) and on a weighted average of 145,925,927 shares in issue (period to 30 June 2004: 66,470,698 shares; period to 31 December 2004: 97,314,944 shares). 4. Reconciliation of Movement in Group Shareholder's Funds Unaudited Unaudited Audited Six months to Period to Period to 30 June 2005 30 June 2004 31 December 2004 #000's #000's #000's Loss for the period (1,635) (718) (2,020) Net proceeds of ordinary shares issued - Net cash on placing 1,920 4,358 4,405 - Consideration for the acquisition of subsidiaries - 700 700 1,920 5,058 5,105 _____ _____ _____ Net change in shareholders' funds 285 4,340 3,085 Shareholders' funds at the beginning of the period 3,085 - - _____ _____ _____ Shareholders' funds at the end of the period 3,370 4,340 3,085 _____ _____ _____ 5. Reconciliation of operating loss to net cash outflow from operating activities Unaudited Unaudited Audited Six months to Period to Period to 30 June 2005 30 June 2004 31 December 2004 #000's #000's #000's Operating loss (1,599) (736) (2,062) Depreciation and amortisation charges 341 76 370 Profit on disposal of fixed assets (3) - - Decrease/(increase) in debtors and prepayments 39 (333) (227) Increase/(decrease) in creditors and accruals 77 373 (304) _____ _____ ____ Net cash outflow from operating activities (1,145) (620) (2,223) _____ _____ ____ 6. Reconciliation of net cash flow to movement in net debt Unaudited Unaudited Audited Six months to Period to Period to 30 June 2005 30 June 2004 31 December 2004 #000's #000's #000's Increase in cash 614 1,817 649 Cash outflow from finance leases 55 157 (377) Bank loan repaid (8) 5 (13) _____ _____ _____ Movement in net debt in the period 661 1,979 259 Net debt at the beginning of the period (17) - - Net debt acquired - (276) (276) _____ _____ _____ Net funds/(debt) at end of period 644 1,703 (17) _____ _____ _____ 7. Fixed Assets #000's Motor Office Equipment & Screen Network Total Vehicles Fixtures & Fittings Cost - B/fwd at 1 January 2005 13 105 2,084 2,202 - Additions during the period 3 13 83 99 - Disposals during the period - (5) (16) (21) __ _____ _____ _____ As at 30 June 2005 16 113 2,151 2,280 __ _____ _____ _____ Depreciation - B/fwd at 1 January 2005 1 46 260 307 - Charge for the period 2 11 263 276 - Disposals during the period - - (3) (3) __ _____ _____ _____ As at 30 June 2005 3 57 520 580 __ _____ _____ _____ Net book value As at 30 June 2005 13 56 1,631 1,700 __ _____ _____ _____ As at 31 December 2004 12 59 1,824 1,895 __ _____ _____ _____ INDEPENDENT REVIEW REPORT BY BAKER TILLY TO SCREENFX PLC Introduction We have been instructed by the company to review the financial information set out in the consolidated profit and loss account, the consolidated balance sheet, the consolidated cash flow statement and the accompanying notes number 1 to 7 and we have read the other information in the interim statement and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of their interim statement and for no other purpose. We do not, therefore in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Directors' responsibilities The interim statement, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Interim Statement in accordance with the Alternative Investment Market Rules which require that the accounting policies and presentation applied to the interim figures must be consistent with those that will be adopted in the company's annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board as if that Bulletin applied. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Fundamental uncertainty In reaching our conclusion we have considered the adequacy of the disclosures made in the interim report and accounts concerning the basis of their preparation. The interim report and accounts have been prepared on the going concern basis, the validity of which depends on the group generating projected revenue and operating within its existing cash resources and the funds raised from the expected placing. The accounts do not include any adjustment that would result from its failure to achieve this. Details relating to the fundamental uncertainty are described in note 1. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2005. Baker Tilly Chartered Accountants Brazennose House Lincoln Square Manchester M2 5BL 29 September 2005 This information is provided by RNS The company news service from the London Stock Exchange END IR PUUWABUPAGPB
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