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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:6775J Screen FX PLC 29 September 2006 Press Release 29 September 2006 ScreenFX plc ("ScreenFX" or "the Group") Interim Results ScreenFX plc (AIM:SFX), the leader in digital screen media, announces its Interim Results for the six months ended 30 June 2006. Highlights * Established leading screen network with 20 premier UK shopping malls (2005: 10 malls) * Successful initial period for TrainFX service in Central Trains, Birmingham * Secured valuable contract for expansion of commuter trains network * Launch of HealthFX division to establish digital networks in health channel * Media revenues now building Results Summary * Turnover for the half year almost double the previous full year at #1.02 million (2005: #118,000) * Operating losses increase to #2.41 million (2005: #1.6 million) * Cash in hand of #764,000 at 30 June 2006 (2005: #1.3 million) Commenting on the results, Dave Clark, Chief Executive, said: "ScreenFX continues to make strong progress and has now established itself as a leading player in the digital out-of-home market place. Through MallFX we have built the premium digital screen network in 25 of the UK's 'super malls', whilst our TrainFX and HealthFX divisions have also established a foothold in two strategically important channels and we believe these opportunities can add significant incremental revenue streams to the Group in the medium term. "The media industry now expects that the digital outdoor sector will see significant growth in the coming years and we are confident that the ScreenFX business is well placed to capitalise in this marketplace." For further information: ScreenFX plc David Clark, Chief Executive Tel: +44 (0) 161 428 5544 info@screenfx.com www.screenfx.com Media enquiries: Abchurch Henry Harrison-Topham / Laura Riascos Tel: +44 (0) 20 7398 7700 henry.ht@abchurch-group.com www.abchurch-group.com Chairman and CEO's Statement Overview ScreenFX continues to develop its strategy of building market share in the fast growing 'out-of-home' digital advertising market. We have established a leading position in the UK's premium shopping malls with a dominant share of the top 50 retail malls. We have also secured valuable entry points to the transport and health sectors and believe that these will add considerably to the Group's growth potential. Financial Results 6 months to June 2006 6 months to June 2005 Year to December 2005 #'000 #'000 #'000 Turnover 1,017 118 543 Operating Loss (2,412) (1,599) (3,481) Retained Loss (2,582) (1,635) (3,591) Loss per share - pence (0.94) (1.12) (2.39) Cash at hand 764 1,280 136 Turnover for the half-year improved to #1.02 million (2005: #118,000) and we are encouraged by this increase in the Group's revenues. We have made significant investments in the build phase of our digital networks, doubling our shopping mall sites since the same time last year, and we are now starting to see development of media sales revenue. We hope to capitalise on this building momentum throughout 2006 and into 2007 as the network acquires critical scale and becomes even more attractive to its key media targets. The total Group operating loss for the period was #2.41 million (2005: loss #1.6 million). Cash in hand stood at approximately #764,000 as at 30 June 2006. On 3 May 2006 the Group placed 300,000,000 ordinary shares at 1 pence each raising #2.8 million after costs to support the continued development of screen networks, and to satisfy the general working capital requirements of the Group. Shortly after the balance sheet date on 29 August 2006 the Company announced the acquisition of POPtv. This acquisition will compliment the existing business of the Group strengthening its media sales network, customer base and internal teams and will help underpin the improving revenue performance of the business. Operating Review The key driver to our development remains the rollout of our networks to achieve critical mass in terms of audience reach, thereby achieving revenue adoption amongst our target media buying customers. In our core MallFX division we have grown our annualised audience to over 300 million shoppers in premium malls across the UK. We continued to advance negotiations with other leading mall owners and we expect to reach an audience in excess of 450 million by the end of 2006. In May we announced the signing of a long term agreement to add Drake Circus in Plymouth to our network, a new development in the South West region which is due to open in October. As we continue to build critical mass, many national brand advertisers have used our media and we are confident that revenues will continue to grow. During the first half of the year we also completed a successful test of the regional media sales marketplace and we expect a roll out of this initiative to make a significant revenue contribution in the second half of 2006, and into 2007. In May we announced the re-branding of the business and the establishment of five key operating divisions: MallFX, TrainFX, HealthFX, BigFX, and LiveFX. The TrainFX division had reached an important milestone in December 2005 with the launch of the service on board Central Trains in Birmingham. In the following months the service has been extremely well received by both the management of National Express and the travelling public. We have continued to evolve the high quality content supported by both BSkyB and the BBC. In May we also announced a major new agreement which will enable the roll-out of the TrainFX on-board service during 2007. The HealthFX division has successfully installed digital networks in a number of hospital and healthcare locations across the UK in both the public and private sectors. The division's innovative products, which support the demand for more modern patient information and communication, are now attracting considerable interest. BigFX is a successful niche operator in the large format out-of-home banner sector. Plans are being progressed to develop a network of large format digital displays in prime locations, which the Group sees as a natural and potentially valuable progression as the digital outdoor marketplace gathers momentum. The LiveFX division is a specialist provider of creative marketing and content services to both internal operating divisions and external clients. This division enables the Group to offer a full service to media clients and will play an important role as many businesses make the shift from traditional to digital marketing programmes. Funding The directors appreciate that the balance sheet in the short term requires strengthening and are working towards securing additional sources of finance in order to develop the business to its full potential. Outlook The Group continues to make strong progress and has now established itself as a leading player in the digital out-of-home market place. We have built the premium screen network in leading UK shopping malls, seen the start of the media sales cycle building, and we will continue to add long term contracts that deliver further critical mass for our core MallFX division. Our TrainFX and HealthFX divisions have also established a foothold in two strategically important channels and we believe these opportunities can add significant incremental revenue streams to the Group in the medium term. Importantly, having invested in building our networks and the organisational capacity that our operations require, we believe we now have the infrastructure in place to support longer term profitable growth. The media industry now expects that the digital outdoor sector will see significant growth in the coming years and we are confident that the ScreenFX business is well placed to capitalise in this marketplace. Sir Geoffrey Pattie Dave Clark Chairman Chief Executive 29 September 2006 29 September 2006 ScreenFX plc Consolidated Profit and Loss Account for the six months ended 30 June 2006 Unaudited Audited Unaudited Six months to Year to Six months to 30 June 2006 31 December 30 June 2005 2005 #'000 #'000 #'000 Group Turnover 1,017 543 118 Cost of Sales (1,066) (949) (313) Gross Profit / (Loss) (49) (406) (195) Administrative Expenses (2,299) (3,010) (1,339) Amortisation of Goodwill (65) (65) (65) Total Group Operating Loss (2,413) (3,481) (1,599) Net Interest (payable) / receivable (169) (110) (36) Loss on ordinary activities before tax (2,582) (3,591) (1,635) Tax on loss on ordinary activities - - - Loss on ordinary activities after (2,582) (3,591) (1,635) taxation Retained loss for the period (2,582) (3,591) (1,635) Loss per share - basic (per share pence) 3 (0.94) (2.39) (1.12) - diluted (per share pence) n/a n/a n/a ScreenFX plc Consolidated Balance Sheet 30 June 2006 Unaudited Audited Unaudited Six months to Year to Six months to 30 June 2006 31 December 30 June 2005 2005 #'000 #'000 #'000 Fixed Assets Tangible Motor Vehicles 7 9 11 13 Office 7 128 68 56 Screen Network & Comp 7 2,367 2,732 1,631 Tangible assets 7 2,504 2,811 1,700 Subtotal Intangible assets - Goodwill 984 1,049 1,114 Total Fixed Assets 3,488 3,860 2,814 Current Assets Debtors 1,021 657 380 Cash at bank and in hand 764 136 1,280 Sub-total 1,785 793 1,660 Creditors - amounts falling due within (1,647) (1,529) (676) one year Net Current Assets 138 (736) 984 Creditors - amounts falling due after (980) (776) (428) one year Net Assets 2,646 2,348 3,370 Capital & Reserves Called up share capital 4,693 1,693 1,467 Share Premium account 6,145 6,265 5,558 Profit & Loss account (8,192) (5,610) (3,655) Total Shareholder's Funds 2,646 2,348 3,370 ScreenFX plc Consolidated Cash Flow Statement for the six months ended 30 June 2006 Unaudited Audited Unaudited Six months to Year to Six months to 30 June 2006 31 December 2005 30 June 2005 #'000 #'000 #'000 Net cash outflow from operating 5 (2,212) (2,445) (1,145) activities Returns on investment & servicing of finance Interest received 6 42 35 Interest paid (175) (152) (71) Net cash (outflow) for servicing of (169) (110) (36) finance Taxation - - - Capital Expenditure Purchase of tangible fixed assets (130) (724) (99) Sales of tangible fixed assets 0 24 21 Net cash (outflow) for capital (130) (700) (78) expenditure Acquisitions Purchase of subsidiaries - - - Net cash (outflow) before use of liquid (2,511) (3,255) (1,259) resources Financing Issue of ordinary share capital 3,000 3,020 2,000 Expenses of share issue (120) (167) (80) Hire purchase and leasing loans 353 120 59 received Loans and hire purchase repaid (94) (248) (106) Net cash inflow from financing 3,139 2,725 1,873 Increase/ (Decrease) in Cash 628 (530) 614 Reconciliation of net cash Net cash at beginning of period 136 666 666 Net cash acquired with subsidiaries - - - Increase in net funds from cash flows 628 (530) 614 Net cash at end of period 764 136 1,280 NOTES TO THE INTERIM ANNOUNCEMENT for the six months ended 30 June 2006 1. Basis of Preparation of Interim Financial Information The unaudited Interim Report was approved by the Board of Directors on 29 September 2006. 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 2005 and the period ended 31 December 2005 have been extracted from the unaudited interim results and the audited Group Accounts for the respective periods. The audited Group accounts, on which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies and did not contain a statement under s237(2) or (3) Companies Act 1985. The interim financial statement has been prepared in accordance with the accounting policies which will be in effect for the year ending 31 December 2006. 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 realistic and which demonstrate that the business can operate within its existing cash resources and the funds raised from fundraising and financing initiatives currently engaged by the business. Alternative actions have been identified in a series of realistically achievable measures that the Company 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 #2,582,000 (period to 30 June 2005: loss of #1,635,000; period to 31 December 2005: loss of #3,591,000) and on a weighted average of 273,573,230 shares in issue (period to 30 June 2005: 145,925,927 shares; period to 31 December 2005: 169,333,340 shares). 4. Reconciliation of Movement in Group Shareholder's Funds 30 June 31 December 30 June 2006 2005 2005 #'000 #'000 #'000 Loss for period (2,582) (3,591) (1,635) Net proceeds of ordinary shares issued - Net cash on placing 2,880 2,853 1,920 Net change in shareholder's funds 298 (738) 284 Shareholder's funds at the beginning of 2,348 3,086 3,086 the period Shareholder's funds at the end of the 2,646 2,348 3,370 period 5. Reconciliation of operating loss to net cash outflow from operating activities 30 June 31 December 30 June 2006 2005 2005 #'000 #'000 #'000 Operating Loss (2,413) (3,481) (1,599) Depreciation and amortisation 502 714 341 Profit / (Loss) on disposal of fixed - (4) (3) assets Increase in debtors & prepayments (362) (238) 39 Increase in creditors & accruals 61 564 77 Net cash outflow from Operating (2,212) (2,445) (1,145) Activities 6. Reconciliation of net cash flow to movement in net debt 30 June 31 December 30 June 2006 2005 2005 #'000 #'000 #'000 Increase / (Decrease) in cash 628 (530) 614 Cash (inflow) / outflow from finance (227) 113 55 leases and invoice discounting Bank loan repaid 94 15 (8) Movement in net debt in the period 495 (402) 661 arising from cash flows New finance leases and hire purchase (129) (795) - contracts Movement in net debt in the period 366 (1,197) 661 Net funds/(debt) at beginning of period (1,214) (17) (17) Net funds/(debt) at the end of period (848) (1,214) 644 7. Fixed Assets TANGIBLE FIXED ASSETS Office Equipment Motor and fixtures & Screen Vehicles fittings Network Total #'000 #'000 #'000 #'000 Cost -Brought forward at 1January 2006 17 134 3,548 3,699 -Additions during the period 67 63 130 -Disposals during the period As at 30 June 2006 17 201 3,611 3,829 Depreciation -Brought forward at 1 January 2006 (6) (65) (817) (888) -Charge during the period (2) (7) (428) (437) -Disposals during the period As at 30 June 2006 (8) (72) (1,245) (1,325) Net Book Value As at 30 June 2006 9 128 2,367 2,504 As at 31 December 2005 11 69 2,731 2,811 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 raising additional funds. 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 2006. Baker Tilly Chartered Accountants Brazennose House Lincoln Square Manchester M2 5BL 29 September 2006 This information is provided by RNS The company news service from the London Stock Exchange END IR PUUCABUPQPUR
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