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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:0377B Screen FX PLC 05 April 2006 Press Release 5 April 2006 ScreenFX plc ("ScreenFX" or "the Group") Unaudited Preliminary Results ScreenFX plc (AIM:SFX), the digital advertising and communications specialists, announces its Unaudited Preliminary Results for the year ended 31 December 2005. Highlights * turnover of #543,109 (2004: #342,524) * operating losses of #3.5 million (2004: #2.0 million) * portfolio of the UK's premier shopping malls doubled to 16, now reaching an annualised audience of circa 300 million shoppers. * added to the existing super mall portfolio including the prestigious Trafford Centre, Manchester, and leading Westfield centres, such as Merry Hill, Birmingham. * premium national presence that includes 8 of the top 20 UK shopping centres * strong pipeline for continued roll out in the second half of 2006 * successful launch of the TrainFX on-board TV service on commuter services operated by Central Trains * positive response to initial HealthFX installations in both public and private hospitals Commenting on the results, Dave Clark, Chief Executive, said: "2005 was an important year for ScreenFX as we continued to secure contracts and invested in building up our premium mall portfolio as well as introducing two new vertical markets, namely transport and health. On the back of this investment programme we are already beginning to see the benefits in 2006 with an order book well in excess of last year's turnover. We view the future with considerable optimism." - Ends - 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 / Katherine Murphy Tel: +44 (0) 20 7398 7700 henry.ht@abchurch-group.com www.abchurch-group.com Chairman's Statement ScreenFX continues to successfully develop a strategy of building market share in the fast-growing "out-of-home" digital advertising market. We are well progressed towards our objective of becoming the dominant screen media player in major UK malls, and our focus remains the premium top fifty. Prospects for further long term contracts remain strong. We believe our recent announcements relating to development activities in the transport and health sectors will further enhance the Group's long-term growth potential. The second half of the year saw the continued roll-out of our network in the UK's leading shopping malls, and we can now offer big screen advertising to over 300 million customers. Achieving this level of critical mass was an important milestone for the Company and we now expect significantly greater revenues in 2006. This continued expansion into the retail market has been important to establish our lead position as well as long term barriers-to-entry against competitive businesses. We are also extremely pleased to have secured low cost entry points to both the transport and health sectors. The launch of the TrainFX service in Birmingham has been a great success and is an investment towards gaining other valuable contracts on commuter train networks. In HealthFX, we have also identified a valuable opportunity to take a lead in digital communication to patients in both the public and private sectors. We believe that the investments we are making in the short term will create significant long term value for shareholders and, supported by the proposed funding we expect to conclude following these results, our focus remains on developing sustained revenue growth. Sir Geoffrey Pattie Chairman 4 April 2006 Chief Executive's Review Operating Review The key drivers to our long term success remain the rollout of our network into more premium locations to achieve critical mass, while achieving revenue adoption amongst our target customers, the major consumer brands and their media agencies. Therefore, our primary focus throughout 2005 remained the building of the leading screen advertising network in major UK shopping malls. Having successfully installed our first eight centres in 2004, we doubled the number of centres on the network to sixteen by December 2005, taking the annualised ScreenFX audience to circa 300 million shoppers: Shopping Centre Annual footfall (millions) The Trafford Centre, Manchester 31.2 Lakeside, Thurrock 26.0 Eldon Square Shopping Centre, Newcastle 24.9 Victoria Centre, Nottingham 23.5 Metrocentre, Gateshead 22.9 Merry Hill, Birmingham 20.8 The Glades Shopping Centre, Bromley 19.0 Broadmarsh, Nottingham 18.4 CastleCourt, Belfast 18.2 The Harlequin Shopping Centre, Watford 17.0 Braehead, Glasgow 16.9 St James Shopping Centre, Edinburgh 16.1 The Potteries Shopping Centre, Stoke 13.0 The Chimes Shopping Centre, Uxbridge 10.4 Royal Victoria Place, Tunbridge Wells 9.8 The Friary Shopping Centre, Guildford 9.6 The Group has continued to focus on the leading, premium malls and has been delighted to add centres such as the prestigious Trafford Centre, Manchester to the network. Westfield Shoppingtowns Limited, the world's largest mall operator, has added their UK centre portfolio, which consists of six malls including Merry Hill Birmingham, to the ScreenFX network. This is a positive endorsement of our leading position in the sector. Overall the centres added in 2005 have enhanced the ScreenFX network in terms of national spread. Advanced negotiations are well progressed with other leading centres and further announcements are anticipated in the near future. The move from traditional media formats to dynamic digital screens continues to grow. Reflecting this migration, Warner Bros advertised a number of major film releases in the second half of 2005. In total, around fifty internationally recognised brands have now been trialled across the ScreenFX network, including companies such as BT, Vodafone, Samsung and Fox Films. Advertisers and their clients have been excited by the interactive capability offered by our "info pods". Initial tests of advertising campaigns delivering additional content via touch screens produced exciting results and they also provide added functionality in terms of campaign reporting and measurement. The touch screens have also been used to develop additional services such as customer loyalty schemes and more of these will be introduced during 2006. As announced on 28 July 2005, the Group signed a concession agreement with Central Trains Limited, part of the National Express network of commuter trains. We retained the services of a small and highly experienced team to work towards the introduction of a live audio visual service on Central Trains as part of an evaluation process into the long term potential in this sector. The TrainFX service was launched in December 2005, supported by high quality content from BSkyB and the BBC, and this has been extremely well received both by the management of National Express and, importantly, the travelling public. The Group is now reviewing options for the roll out and development of this service and expects to make further announcements in the future. In December 2005, we also secured a low cost entry point to the Health sector. As announced on 14 February 2006, HealthFX will provide digital communication and advertising solutions to the public and private healthcare sectors. The initial digital screen installations in eight locations around the country have received a positive response. Real time messaging, patient information, and healthy lifestyle information are packaged together to enhance patient communication, and this newly formed division is testing a number of revenue models to support future growth. HealthFX systems have already been installed and are fully operational in six NHS locations throughout the UK, and the Group is in final negotiations to provide similar services for three other NHS hospital trusts as well as a leading private hospital group Financial Results Turnover for the year improved significantly to #543,109 (2004: #342,524). Operating loss for the period was #3.5 million (2004: #2.0 million). The Group has invested in additional overhead to support our new channel activities in both transport and health. We have also added to our investment in our estate to the extent of #1.5m of new screens and pods during the year. Whilst having a negative impact on short-term profitability, we are confident that these activities will enhance longer term financial results for the Group. Outlook The Group has continued to make strong progress towards its objective of becoming the leading digital screen network in major UK shopping malls. For 2006, the focus will be to consolidate further this position by securing additional long term contracts with selected leading centres that enhance our national status and critical mass. We also anticipate stronger adoption of the new medium as we move through the year, and we are supporting this drive by adding further enhancements to the product and service offering to advertisers. We also believe that we have identified new opportunities to add incremental revenue streams to the Group via our low cost entry points to the commuter transport and health sectors. Having developed the business models for these sectors, we have maintained an appropriate level of management focus and resource on the delivery of our core mall business. We remain optimistic about the long term growth prospects for the Group and, with the proposed funding we expect to conclude following these results, we believe that we can deliver sustained long-term revenue growth. Dave Clark Chief Executive 4 April 2006 ScreenFX plc Unaudited Consolidated Profit and Loss Account for the period ended 31 December 2005 Notes 2005 2004 # # TURNOVER 3 543,109 342,524 Cost of sales (949,505) (313,395) Gross (loss)/profit (406,396) 29,129 Other operating expenses (net) (3,074,593) (2,090,694) OPERATING LOSS (3,480,989) (2,061,565) Investment income 42,166 47,421 (3,438,823) (2,014,144) Interest payable (151,802) (25,638) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (3,590,625) (2,039,782) Taxation 5 - 19,867 RETAINED LOSS FOR THE PERIOD (3,590,625) (2,019,915) Earnings per ordinary share - basic 12 (2.39)p (2.10)p Earnings per ordinary share - diluted 12 (2.39)p (2.10)p The operating loss for the period arises from the Group's continuing operations. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the Profit and Loss Account. ScreenFX plc Unaudited Consolidated Balance Sheet 31 December 2005 Notes 2005 2004 # # FIXED ASSETS Intangible assets 1,049,042 1,178,820 Tangible assets 6 2,810,759 1,895,234 3,859,801 3,074,054 CURRENT ASSETS Debtors 656,272 418,859 Cash at bank and in hand 136,479 666,175 792,751 1,085,034 CREDITORS: Amounts falling due within one year 7 (1,528,704) (639,562) NET CURRENT (LIABILITIES)/ASSETS (735,953) 445,472 TOTAL ASSETS LESS CURRENT LIABILITIES 3,123,848 3,519,526 CREDITORS: Amounts falling due after more than one year 8 (776,203) (433,988) 2,347,645 3,085,538 CAPITAL AND RESERVES Called up share capital 9 1,693,333 1,200,000 Share premium account 6,264,852 3,905,453 Profit and loss account (5,610,540) (2,019,915) SHAREHOLDERS' FUNDS 2,347,645 3,085,538 ScreenFX plc Unaudited Consolidated Cash Flow Statement for the period ended 31 December 2005 Notes 2005 2004 # # Cash flow from operating activities 11a (2,444,756) (2,222,653) Returns on investments and servicing of finance 11b (109,636) 21,783 Taxation - (32,463) Capital expenditure and servicing of finance 11b (699,937) (1,281,346) CASH OUTFLOW BEFORE FINANCING (3,254,329) (3,514,679) Financing 11b 2,724,633 4,163,160 INCREASE/ (DECREASE) IN CASH IN THE PERIOD (529,696) 648,481 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT 2005 2004 # # Decrease)/increase in cash in the period (529,696) 648,481 Funds from invoice discounting (119,824) - Capital element of finance lease and hire purchase payments 232,923 229,793 Bank loan repaid 15,000 12,500 Change in net debt resulting from cash flows (401,597) 890,774 New finance leases and hire purchase contracts (795,802) (631,621) MOVEMENT IN NET DEBT IN PERIOD (1,197,399) 259,153 NET DEBT BROUGHT FORWARD (16,758) - NET DEBT ACQUIRED - (275,911) NET DEBT CARRIED FORWARD 11 (1,214,157) (16,758) NOTES TO THE PRELIMINARY ANNOUNCEMENT for the period ended 31 December 2005 1. Presentation of financial information Information in this preliminary announcement does not constitute statutory accounts of the Group within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended 31 December 2005 are unaudited. The preliminary announcement is prepared on the same basis as set out in the previous year's statutory accounts except for the changes in accounting standards as detailed below. FRS 21 "Events after the Balance Sheet Date", FRS 22 "Earnings per Share" and the disclosure requirements of FRS 25 "Financial Instruments: Disclosure and Presentation" are effective for accounting periods beginning on or after 1 January 2005 but have had no impact on the financial statements. Statutory accounts for the year ended 31 December 2004, which were prepared under accounting practices generally accepted in the UK, have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain any statement under Section 237 (2) or (3) of the Companies Act 1985. It did contain however an explanatory paragraph dealing with a fundamental uncertainty relating to going concern. The auditors are yet to sign their report on the statutory accounts for the year ended 31 December 2005 but have indicated that their auditor's report will be modified by the inclusion of an emphasis of matter paragraph which highlights the existence of a material uncertainty that casts doubt on the company's and group's ability to continue as a going concern. Their opinion is not qualified in this respect. Further information is disclosed below. 2. Going concern The preliminary announcement is prepared on a going concern basis, which assumes 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 dependent upon 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 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 negotiations with potential financiers and based on indications received so far anticipate a positive outcome and consider that it is appropriate that the preliminary announcement 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. 3. TURNOVER AND PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION The Group's turnover and profit before taxation were all derived from its principal activity, in the United Kingdom. Sales originated from the following networks: 2005 2004 # # Banners 81,104 222,637 Digital network 305,501 118,899 Other 156,504 988 543,109 342,524 Loss before tax originated from the following business units: 2005 2004 # # Banners (111,588) 25,130 Digital network (2,868,056) (1,766,528) Transport network (305,088) - Central costs and amortisation (305,893) (298,384) (3,590,625) (2,039,782) 4. LOSS ON ORDINARY ACTIVITIES 2005 2004 # # Loss on ordinary activities before taxation is stated after charging: Amortisation of intangible fixed assets 129,778 118,963 Depreciation and amounts written off tangible fixed assets: Charge for the period - owned assets 419,757 197,750 hire purchase and leased assets 164,196 52,907 5. TAXATION 2005 2004 # # Current Tax: UK corporation tax at 30% on loss of the year - - Adjustments in respect of previous periods - (19,867) Total current tax - (19,867) Deferred tax - - Tax on loss on ordinary activities - (19,867) The Group has tax losses of #6.3m available to carry forward and offset against future profits. 6. TANGIBLE FIXED ASSETS Ipods and Fixtures, plasma Computer fittings & Motor screens equipment equipment vehicles Total GROUP # # # # # Cost or valuation: As at 1 January 2005 1,288,552 795,842 105,429 13,076 2,202,899 Additions 1,261,343 221,489 33,261 3,800 1,519,893 Disposals (18,720) - (4,793) - (23,513) 31 December 2005 2,531,175 1,017,331 133,897 16,876 3,699,279 Depreciation: As at 1 January 2005 112,865 147,440 45,998 1,362 307,665 Charged in the period 289,698 270,500 19,536 4,219 583,953 Disposals (3,038) - (60) - (3,098) 31 December 2005 399,525 417,940 65,474 5,581 888,520 Net book value 31 December 2005 2,131,650 599,391 68,423 11,295 2,810,759 31 December 2004 1,175,687 648,402 59,431 11,714 1,895,234 7. CREDITORS: Amounts falling due within one year 2005 2004 # # Hire purchase and leasing 439,609 233,945 Trade creditors 561,257 192,139 Other taxation and social security 78,599 63,001 Other creditors 7,463 5,441 Accruals and deferred income 306,952 130,036 Bank loan 15,000 15,000 Invoice discounting 119,824 - 1,528,704 639,562 8. CREDITORS: Amounts falling due in more than one year 2005 2004 # # Bank loan 93,750 108,750 Hire purchase and finance loans 682,453 325,238 776,203 433,988 Repayable by instalments: In more than one year but not more than two years 455,698 248,945 In more than two years but not more than five years 286,755 136,293 In five years or more 33,750 48,750 776,203 433,988 9. SHARE CAPITAL 2005 2004 # # Authorised: 240,000,000 ordinary shares of 1p each 2,400,000 2,400,000 Allotted, issued and fully paid: 169,333,340 (2004: 120,000,000) ordinary shares of 1p each 1,693,333 1,200,000 10. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS # Loss for the financial period (3,590,625) Proceeds from issue of shares 2,852,732 Net addition to shareholders' funds (737,893) Opening shareholders' funds 3,085,538 2,347,645 11. CASH FLOWS 2005 2004 # # a Reconciliation of operating loss to net cash outflow from operating activities Operating (loss) on ordinary activities (3,480,989) (2,061,565) Depreciation and amortisation 713,731 369,620 (Profit) on disposal of fixed assets (3,739) - (Increase) in debtors (237,413) (227,424) Increase/(decrease) in creditors 563,654 (303,284) Net cash outflow from operating activities (2,444,756) (2,222,653) 2005 2004 # # b Analysis of cash flows for headings netted in the cash flow Returns on investments and servicing of finance Interest received 42,166 47,421 Interest paid (151,802) (25,638) Net cash (outflow)/inflow from returns on investments and servicing of finance (109,636) 21,783 Capital expenditure and financial investment Purchase of tangible fixed assets (724,091) (1,414,891) Sales of tangible fixed asset 24,154 133,185 Net cash outflow from capital expenditure and financial investment (699,937) (1,281,706) Financing Issue of ordinary share capital 3,020,000 5,000,000 Issue costs (167,268) (594,547) Invoice discounting 119,824 - Repayment of bank loans (15,000) (12,500) Capital element of HP and finance lease rental payments (232,923) (229,793) Net cash inflow from financing 2,724,633 4,163,160 c Analysis of net debt At At 31 1 January Non cash December 2005 Cash flow movements 2005 # # # # Cash in hand and at bank 666,175 (529,696) - 136,479 Debt due within 1 year (15,000) (104,824) (15,000) (134,824) Debt due after 1 year (108,750) - 15,000 (93,750) Finance leases and hire purchase contracts (559,183) 232,923 (795,802) (1,122,062) (682,933) 128,099 (795,802) (1,350,636) Total (16,758) (401,597) (795,802) (1,214,157) 12. EARNINGS PER SHARE The calculation of basic loss per ordinary share is based on losses of #3,590,625 (2004 #2,019,915) and on 150,151,600 ordinary shares (2004 97,314,944) being the weighted average number of shares in issue during the year. The loss for the period and the weighted average number of ordinary shares for calculating the diluted loss per share for the year ended 31 December 2005 are identical to those used for the basic loss per share. This is because the outstanding share options and warrants would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under the terms of Financial Reporting Standard ("FRS") No 22. 13. OTHER INFORMATION The board of directors of ScreenFX plc approved the preliminary results on 4 April 2006. The statutory accounts for the year ended 31 December 2005 will be delivered to the Registrar of Companies following the Annual General Meeting. The statutory accounts will be posted to shareholders on Tuesday 2 May 2006. Other copies will be available to the public, free of charge, at the Company's registered office at Halliwells LLP, St. James Court, Brown Street, Manchester M2 2JF. The Annual General Meeting will be on Thursday 1 June 2006 at 12.30 p.m. at the offices of Halliwells LLP, St. James Court, Brown Street, Manchester M2 2JF. This information is provided by RNS The company news service from the London Stock Exchange END FR AKPKNBBKDAQK
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