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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vitesse Media | LSE:VIS | London | Ordinary Share | GB0006563406 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.20 | 2.10 | 2.30 | 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
TIDMVIS
RNS Number : 7838N
Vitesse Media PLC
11 August 2017
11 August 2017
VITESSE MEDIA plc
FINAL RESULTS
Vitesse Media plc ("Vitesse", the "Company" or the "Group") announces its audited final results for the 14-month period ended 31 March 2017 (the "14-month period"), the Company's new financial year end. References in this announcement to the preceding period, being the year ended 31 January 2016, are to the "prior year".
Highlights
-- Total Normalised Revenue* increased by 26% in the 14-month period to GBP2,688k (prior year: GBP2,130k)
-- Events revenue in the 14-month period increased by 45% to GBP1,263k (prior year: GBP870k)
-- Gross profit margin in the 14-month period reduced to 65% from 70% in the prior year due to higher revenue in the Events division, which generally has slightly lower margins than the traditional media mix of business in Vitesse
-- Operating loss before non-recurring costs** in the 14-month period increased to GBP12k (prior year: GBP7k)
-- The Group's balance sheet has improved over the 14-month period with a strong improvement in cash from operations compared to the position at the prior year end resulting in an underlying reduction in payables and loans
-- An impairment of assets has been made during the 14-month period which included the Group's discontinued crowdfunding project, some of the Group's websites (prior to their relaunch) and paper stock.
* Total Normalised Revenue comprises total revenue less non-recurring costs
** Non-recurring costs mainly comprise the impairment of the Group's discontinued crowdfunding project; the impairment of some of the Group's websites (prior to their relaunch); and the write-off of paper stock for the Group's printed magazines
CHAIRMAN'S STATEMENT
Overview of Results
In addition to changing the Company's financial year end, by extending the period by two months to 31 March 2017, we have separately identified non-recurring costs in the income statement thereby seeking to increase transparency. Overall, we have been building on the prior year's success, in particular by launching new events, whilst relaunching all of our websites, which has increased traffic across our sites.
The Board is not recommending payment of a dividend.
Commentary on results
Revenue
The increase in the Group's revenue in the 14-month period compared to the prior year is almost entirely due to the continued focus on, and success of, the Group's Events division. This included positive inaugural events for British Small Business and Tech Leaders Summit together with the continuing success of Women in IT and Investor All Stars. The media business remained relatively flat with a small increase in both lead generation and subscription revenues.
Cost of Sales
Cost of sales in the 14-month period have increased mainly due to the success of the Group's events held throughout the period, including the launch of new events to continue the Group's expansion of this division.
Admin Expenses
During the 14-month period, our admin expenses have included a number of non-recurring costs. Taking this into account, while the pro-rated Admin expenses are up compared to the prior year, as a percentage of revenue they are lower than in the prior year, which we anticipate will be a continuing trend.
Non-Recurring Costs
There were sizeable GBP176k of non-recurring costs included in admin expenses for the 14-month period. The main components were: the impairment of the Group's discontinued crowdfunding project; the impairment of some of the Group's websites (prior to their relaunch); and the write-off of paper stock for the Group's printed magazines.
The operating loss for the 14-month period was GBP188,462 (prior year: GBP195,481).
Current Trading
Trading in the current year to date is in line with the Board's expectations. The Board's strategy has been to focus the Group's resources on the Events division where it sees more opportunities. We intend to continue with this strategy, whilst at the same time we intend to invest in our media businesses, which we believe will improve the Group's performance in what is a changing market.
The business is in a much stronger position than it has been for some time and the Board is confident this will be reflected in the Group's trading performance in the year ahead.
Notice of AGM and publication of Annual Report
The Company's Annual General Meeting is due to be held on 26 September 2017 at 10.00am at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2R 7SH. The notice of meeting together with the Annual Report & Accounts will be dispatched to shareholders in due course and will be available on the Company's website at www.vitessemedia.com, when published.
A copy of this announcement will be posted today on the Company's website.
For further information, please contact:
Vitesse Media Plc Tel 020 7250 7010
Dave Smith, Non-Executive Chairman
Niki Baker, Chief Executive
Stockdale Securities Limited Tel 020 7601 6100
Tom Griffiths/David Coaten
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 14-month period ended 31 March 2017
Hot Features
Premium
2017 2016
GBP GBP
Non-Recurring Non-Recurring
Normalised Costs Total Normalised Costs Total
Revenue 2,688,433 (17,340) 2,671,093 2,130,235 - 2,130,235
Cost of sales (946,368) (15,534) (961,902) (641,776) - (641,776)
________ ________ ________ ________ _______ ________
Gross profit 1,742,065 (32,874) 1,709,191 1,488,459 - 1,488,459
Administrative expenses (1,753,743) (143,910) (1,897,653) (1,495,625) (188,315) (1,683,940)
________ ________ ________ ________ _______ ________
Operating loss (11,678) (176,784) (188,462) (7,166) (188,315) (195,481)
Finance costs (17,098) - (17,098) (8,565) - (8,565)
________ ________ ________ ________ ________ ________
Loss before tax (28,776) (176,784) (205,560) (15,731) (188,315) (204,046)
Tax - - - -
________ ________ ________ ________ ________ ________
Loss for the period
and total comprehensive
income for the period
attributable to owners
of the parent (28,776) (176,784) (205,560) (15,731) (188,315) (204,046)
Loss per share attributable
to the owners of the
parent
Basic and diluted (0.32p) (0.40p)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 March 2017
31 March 31 January
2017 2016
GBP GBP
Non-current assets
Goodwill 729,332 729,332
Other intangible assets 1,358,659 1,369,486
Property, plant and equipment 7,386 1,121
________ ________
2,095,377 2,099,939
________ ________
Current assets
Inventories - 15,533
Trade and other receivables 381,848 409,384
Cash and cash equivalents 116,000 77,411
________ ________
497,848 502,328
________ ________
Total assets 2,593,225 2,602,267
________ ________
Equity
Share capital 2,949,957 2,811,068
Share premium account 3,368,921 3,257,810
Share option reserve 117,786 117,786
Other reserves 103,904 103,904
Retained earnings (5,071,999) (4,866,439)
________ ________
Total equity attribUtable to OWNERS OF
THE PARENT 1,468,569 1,424,129
CURRENT LIABILITIES
Trade and other payables 976,667 724,478
Borrowings 147,989 453,660
________ ________
1,124,656 1,178,138
________ ________
Total liabilities 1,124,656 1,178,138
________ ________
Total equity and liabilities 2,593,225 2,602,267
________ ________
CONSOLIDATED STATEMENT OF CASH FLOWS
For the 14-month period ended 31 March 2017
2017 2016
GBP GBP
CASH FLOWS USED IN OPERATIONS 210,882 37,773
Interest paid (17,098) (8,565)
------- -------
NET CASH GENERATED FROM OPERATING ACTIVITIES 193,784 29,208
------- -------
INVESTING ACTIVITIES
Purchases of property, plant and equipment (9,961) -
Purchases of intangible assets (89,563) (40,794)
______ ______
NET CASH USED IN INVESTING ACTIVITIES (99,524) (40,794)
______ ______
FINANCING ACTIVITIES
Proceeds from issue of ordinary shares 250,000 -
Proceeds from short term borrowings - 40,000
Repayment of invoice discounting facility
and other borrowings (278,637) (5,405)
------ ------
NET CASH (USED IN)/GENERATED FROM FINANCING
ACTIVITIES (28,637) 34,595
______ ______
NET INCREASE IN CASH AND CASH EQUIVALENTS 65,623 23,009
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 50,377 27,368
_______ _______
CASH AND CASH EQUIVALENTS AT END OF YEAR 116,000 50,377
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO OWNERS OF THE PARENT
Share-based
Share Share payment Other Retained
capital premium reserve reserves earnings Total
GBP GBP GBP GBP GBP GBP
As at 31 January 2015 2,811,068 3,257,810 101,127 103,904 (4,662,393) 1,611,516
Total comprehensive
loss for the year - - - - (204,046) (204,046)
Recognition of share-based
payments - - 16,659 - - 16,659
As at 31 January 2016 2,811,068 3,257,810 117,786 103,904 (4,866,439) 1,424,129
Total comprehensive
loss for the period - - - - (205,560) (205,560)
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS
OWNERS
Issue of share capital 138,889 111,111 - - - 250,000
Total transactions with
owners in their capacity
as owners 138,889 111,111 - - - 250,000
As at 31 March 2017 2,949,957 3,368,921 117,786 103,904 (5,071,999) 1,468,569
NOTES
1. The audited financial information for the periods ended 31 March 2017 and 31 January 2016 contained in this announcement do not constitute statutory accounts as defined in the Companies Act 2006. The comparative financial information is based on the statutory accounts for the financial year ended 31 January 2016. Those accounts, upon which the auditors issued an unmodified opinion with an emphasis of matter paragraph relating to going concern, have been delivered to the Registrar of Companies. The financial information for the 14-month period ended 31 March 2017 has been extracted from the audited financial statements of Vitesse Media Plc which will be delivered to the Registrar of Companies in due course. The auditors have issued an unmodified opinion on the financial statements for the 14-month period ended 31 March 2017 which did not include reference to any matters to which the auditor drew attention by way of an emphasis of matter paragraph or any statement under Section 498 (2) or (3) of the Companies Act 2006.
2. This announcement was approved by the Board of Directors and authorised for issue on 11 August 2017.
3. The Group prepares its annual consolidated financial statements in accordance with International Financial Reports Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) endorsed by the European Union (EU) and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial information included in this announcement does not include all the disclosures required by IFRS or the Companies Act 2006 and accordingly does not itself comply with IRFS or the Companies Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PBMLTMBJBMBR
(END) Dow Jones Newswires
August 11, 2017 05:35 ET (09:35 GMT)
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