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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Volution Group Plc | LSE:FAN | London | Ordinary Share | GB00BN3ZZ526 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -3.00 | -0.60% | 500.00 | 500.00 | 502.00 | 503.00 | 498.50 | 501.00 | 41,251 | 09:20:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Equip Rental & Leasing, Nec | 328.01M | 37.37M | 0.1889 | 26.47 | 994.9M |
Hot Features
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TIDMFAN
RNS Number : 6892S
First Artist Corporation PLC
22 May 2009
FIRST ARTIST CORPORATION PLC
("First Artist" or "the Company")
Interim results for the six months ended 28 February 2009
First Artist Corporation plc (AIM:FAN), the media, events and entertainment
management group, today announces its interim results for the six months ended
28 February 2009.
Highlights from the last six month period include:
* Turnover up 38% to GBP37.8 million* (2008: GBP27.4 million).
* Gross profit up 18% to GBP11.7 million* (2008: GBP9.9 million).
* EBITDA (before exceptional items) increased by 3% to GBP1.1 million* (2008: GBP1
million)
* Acquisition of Spot and Co of Manhattan, Inc ("SpotCo") in October 2008.
* Includes SpotCo's results from acquisition in October 2008
Key operating highlights:
* SpotCo has performed ahead of budget since its acquisition in October 2008.
* Theatre audiences remain strong, with Dewynters continuing to support many major
West End productions.
* Andrey Arshavin's transfer to Arsenal and Harry Redknapp's move to Tottenham
Hotspur negotiated by First Artist Sport.
Jon Smith, Chief Executive of First Artist, commented:
This has been a challenging start to the financial year, and with the country
now firmly in recession we remain in uncertain times. We have focused closely on
the integration of SpotCo, whose performance has exceeded expectations, and have
continued our drive for greater efficiencies and cost controls, taking decisive
action where necessary.
+--------------------------------------------------------+--------------------------+
| First Artist Corporation plc | tel: 020 7993 0000 |
| Jon Smith, Chief Executive | www.firstartist.com |
| Julianne Coutts, Director & Company Secretary | |
| | |
+--------------------------------------------------------+--------------------------+
| Daniel Stewart & Company plc, Nominated Adviser and | tel: 020 7776 6550 |
| Broker | www.danielstewart.co.uk |
| Stewart Dick/Graham Webster | |
| | |
+--------------------------------------------------------+--------------------------+
Notes to Editors:
First Artist Corporation plc was admitted to AIM in 2002.
First Artist's group companies are among the leading brands in their fields
under the following categories:
Media - entertainment advertising, marketing, design, promotions, digital media,
merchandising, signage and front of house displays for the West End, Broadway
and Las Vegas via the Dewynters, SpotCo and Newman Displays brands. Sponsorship
rights marketing through First Rights Limited.
Events - offers a broad range of events such as conferences, company activity
days, parties, venue finding, delegate management and client events for private
and public sector clients through The Finishing Touch.
Entertainment/Sport - representation of media personalities and football
players/clubs across the UK, Europe and the US by First Artist Management, First
Artist Sport, Promosport and First Artist Scandinavia, together with wealth
management through the Independent Financial Advisory firm, Optimal Wealth
Management.
CHAIRMAN'S STATEMENT
I am pleased to present our results for the six months ended 28 February 2009,
the first set of results the Group has announced since I became Chairman.
The Group has traded in line with management expectations and the results
include the very positive contribution made by SpotCo, the US-based live
entertainment advertising agency which we acquired in October 2008.
In common with the majority of UK companies, the recession has set us many
challenges, to which the Group has responded positively and decisively.
Paramount to our strategy in the current financial period has been the further
improvement of cash collection, and the continued interrogation of our business
model and scrutiny of our cost base. Restructuring and rationalisation have
taken place where appropriate in a drive to ensure that our operational gearing
is correct.
The acquisition of SpotCo has redefined the Group, putting the media business at
its very heart and signposting its future focus. Considerable time has been
spent by the management team to ensure a full understanding of SpotCo's unique
offering and to achieve its successful integration into the Group. The
acquisition gives First Artist a dominant position in live entertainment
advertising in the world's two most important markets - London's West End and
New York's Broadway - and, whilst SpotCo and Dewynters remain two distinct
brands, they are now working together more closely than ever whenever the
opportunities for joint projects arise.
The acquisition of SpotCo also changes the Group's financial dynamic, since for
the first time in our history we have a material exposure to foreign exchange
fluctuations. Whilst our borrowings now include a US$5.5 million bank loan, our
US earnings and assets give us some natural hedging against our US dollar
liabilities, including this loan. We are required for reporting purposes to
reflect foreign exchange gains or losses arising not only from the US dollar
loan but also from deferred consideration liabilities to the Vendor of SpotCo.
At the six month period end this amounted to a non-cash charge of GBP950,349,
calculated on the movement between the US dollar/sterling exchange rate on the
acquisition of SpotCo in October 2008, and the rate prevailing at the period end
on 28 February 2009. The foreign exchange volatility on these two significant
items will be a feature of our financial reporting until the US dollar loan is
repaid in 2013 and the deferred consideration liabilities are settled over the
next three years.
The Group is currently benefiting in cash terms from the strength of the US
dollar as it repatriates its earnings from its US subsidiaries, and foreign
exchange, particularly US dollars, will also be a significant feature of our
treasury management going forward.
The Group has recently become aware of an unanticipated potential additional tax
liability of approximately US$800,000, which arises from the change of SpotCo's
tax status on its acquisition by First Artist. This is being treated as a
contingent liability whilst further investigations are made. If the liability is
confirmed it is expected that it will be an increase to the cost of our
investment in SpotCo.
In addition to the integration of SpotCo, we have continued to focus and reshape
our three divisions.
SUMMARY OF RESULTS BY DIVISION
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| | Unaudited | | Unaudited | | Audited | |
| | 6 months | | 6 months | | 12 months | |
| | ended 28 | | ended 29 | | ended | |
| | February | | February | | 31 August | |
| | 2009 | % | 2008 | % | 2008 | % |
| | GBP'000s | | GBP'000s | | GBP'000s | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Revenue by Division | | | | | | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Media | 32,689 | 87% | 20,308 | 74% | 38,568 | 69% |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Events | 2,343 | 6% | 4,066 | 15% | 6,679 | 11% |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Entertainment / Sport | 2,730 | 7% | 2,993 | 11% | 8,855 | 20% |
| Management | | | | | | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Total Revenue | 37,762 | | 27,367 | | 54,102 | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| | | | | | | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| EBITDA by Division | | | | | | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Media | 1,750 | | 1,546 | | 2,875 | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Events | 338 | | 503 | | 775 | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Entertainment / Sport | (199) | | (571) | | 1,550 | |
| Management | | | | | | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Group Costs | (824) | | (748) | | (1,376) | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| | | | | | | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| Adjusted EBITDA* | 1,065 | | 730 | | 3,824 | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| | | | | | | |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
| *Adjusted EBITDA is stated before exceptional administrative expenses |
+------------------------+--------------+-----+--------------+-----+---------------+-----+
Media
The Media division, which now comprises the Dewynters Group, SpotCo, and First
Rights, accounted for over 87% of revenue in the period.
The West End continues to confound the recession by attracting record theatre
audiences, with Dewynters supporting many of the major shows, including Wicked,
The Lion King, We Will Rock You, the recent massive hit Oliver!, and Priscilla
Queen of the Desert, which opened in March to great acclaim. However, new
business has been below expectations, reflecting the postponing or curtailing of
investment in new productions.
As previously stated, SpotCo is trading well ahead of budget and has won market
share, even in what has been reported as a difficult time for Broadway. It
currently supports such blockbuster musicals as Shrek, Roundabout, Guys & Dolls,
Billy Elliott, Hair, Nine to Five and Westside Story. Shows with which SpotCo is
associated received a total of 72 of the recently announced 2009 Tony awards
nominations.
During the period Newman Displays has worked on such events as the London Film
Festival and the British Film Awards, and numerous film premieres including
Slumdog Millionaire, Revolutionary Road, The Reader, Australia and Marley & Me.
Sponsorship Consulting Limited suffered in the period from much reduced
sponsorship budgets, and with the very uncertain outlook for corporate
sponsorship the decision was taken in February 2009 to cease trading. Included
in these results is a loss of GBP325,000 relating to the closure of the
business.
Events
Our full-service event management business, The Finishing Touch, enjoyed a good
start to the year. However, the second half of the year will be affected by the
loss of revenue from the TDA contract, which came to an end in April 2009. In
response to this, the company has restructured and right sized.
Events businesses have, inevitably, been hit hard by the economic turmoil, with
many established companies being forced out of the market. However, enquiries
are showing signs of picking up, and The Finishing Touch is well placed to take
advantage of new opportunities as and when they arise.
Sport and Entertainment Management
Despite the well-publicised turmoil in the broadcast media market, First Artist
Management, our celebrity and media personality agency, saw plenty of activity
in the period. Highlights included signing Natalie Pinkham for a new prime-time
series of Five's Police Interceptors, Ruthie Henshall appearing as a judge on
ITV's Dancing on Ice, and a new North American TV series, Eat Yourself Sexy, for
Gillian McKeith. We are also delighted that TV presenters Eamonn Holmes and Ruth
Langsford, and Sky News anchor Kay Burley, have recently become clients of the
agency.
The Sport division enjoyed notable successes with the high-profile Andrey
Arshavin and Harry Redknapp signings, and otherwise performed in line with
expectations, revenue of course being heavily weighted towards the second half
of the year due to the summer football transfer window. A restructuring
programme, which is ongoing, was implemented across all Football operations and
cash collection was much improved.
Optimal Wealth Management, the Group's independent financial advisory firm,
proved resilient in a very difficult environment as it sought innovative
investment solutions for its clients. The firm has also implemented a
restructuring programme in order to realign its operational gearing.
People
I would like to say a few words about our people.
The corporate team, in particular Chief Executive Jon Smith, have continued to
work very hard to manage the peculiar challenges thrown up by the current
recession, driving through reforms which have not always been easy. We continue
to refresh the Board and have been actively recruiting a Group Finance Director,
a role we expect to fill shortly. Julianne Coutts, the Company Secretary, was
also a welcome addition to the Board in March.
The directors of our subsidiary companies have also risen to the current
challenges by redoubling their efforts and implementing careful change
management, and we cannot overstate our appreciation of them.
Last but not least, I would like to thank all our employees for their hard work,
enthusiasm and commitment, which has continued unabated and is vital to our
future success.
Bob Baldock
Chairman
Consolidated Income Statement
For the six months ended 28 February 2009
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| |Notes | 6 months | | 6 months | | 12 months |
| | | ended | | ended | | ended |
| | | 28 | | 29 | | 31 August |
| | | February | | February | | 2008 |
| | | 2009 | | 2008 | | (Audited) |
| | | (Unaudited) | | (Unaudited) | | GBP000's |
| | | GBP000's | | GBP000's | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Continuing Operations | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Revenue | | 37,762 | | 27,367 | | 54,102 |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Cost of sales | | (26,032) | | (17,445) | | (32,411) |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Gross Profit | | 11,730 | | 9,922 | | 21,691 |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Administrative expenses | | (11,761) | | (9,458) | | (19,535) |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| EBITDA before exceptional | | 1,065 | | | | |
| administrative expenses | | | | 1,036 | | 3,824 |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Exceptional administrative | 2 | (248) | | (108) | | (697) |
| expenses | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Depreciation | | (435) | | (306) | | (607) |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Impairment of Investment | | (100) | | - | | - |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Amortisation of intangibles | | (313) | | (158) | | (364) |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Operating (loss) / profit | | (31) | | 464 | | 2,156 |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Finance income | | 137 | | 37 | | 59 |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Finance costs | 3 | (2,348) | | (782) | | (1,608) |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| (Loss) / profit on ordinary | | (2,242) | | | | |
| activities before taxation | | | | (281) | | 607 |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Taxation (charge) / credit | | (8) | | 91 | | (460) |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| (Loss) / profit for the | | (2,250) | | (190) | | 147 |
| period/year from continuing | | | | | | |
| operations | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Loss on cessation of business | | (325) | | - | | - |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | (2,575) | | | | |
| (Loss) / profit for the period | | | | (190) | | 147 |
| / year | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| (Loss) / earnings per share | 4 | (18.52) | | | | 1.09 |
| Basic (loss) / earnings per | | | | (1.42) | | |
| share (pence) | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| Fully diluted (loss) / | | (18.52) | | | | 1.07 |
| earnings per share (pence) | | | | (1.42) | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
| | | | | | | |
+--------------------------------+-------+-------------+--+-------------+--+--------------+
Consolidated Balance Sheet
As at 28 February 2009
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | As at | | As at | | As at |
| | | 28 February | | 29 | | 31 August |
| | | 2009 | | February | | 2008 |
| |Notes | (Unaudited) | | 2008 | | (Audited) |
| | | GBP000's | | (Unaudited) | | GBP000's |
| | | | | | | |
| | | | | GBP000's | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Non-current assets | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Goodwill | | 26,319 | | 19,261 | | 19,625 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Brands | | 4,208 | | 2,265 | | 2,265 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Other intangible assets | | 3,401 | | 1,610 | | 1,404 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Property, plant and | | 2,385 | | 2,100 | | 1,961 |
| equipment | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Available for sale | | 45 | | 118 | | 142 |
| investments | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Trade and other receivables | | - | | - | | 602 |
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | 36,358 | | 25,354 | | 25,999 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Current assets | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Inventories | | 308 | | 1,106 | | 534 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Trade and other receivables | | 12,648 | | 10,334 | | 11,639 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Cash and cash equivalents | | 2,558 | | 3,230 | | 1,212 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | 15,514 | | 14,670 | | 13,385 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Current liabilities | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Trade and other payables | | (11,034) | | (9,785) | | (9,854) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Tax liabilities | | (526) | | (866) | | (1,242) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Obligations under finance | | - | | (13) | | (7) |
| leases | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Borrowings | | (2,520) | | (4,613) | | (5,787) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Provisions | | (4,070) | | (2,580) | | (2,205) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | (18,150) | | (17,857) | | (19,095) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Net current liabilities | | (2,636) | | (3,187) | | (5,710) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Non-current liabilities | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Trade and other payables | | (47) | | (117) | | (81) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Deferred tax liabilities | | (2,825) | | (982) | | (974) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Borrowings | | (16,704) | | (10,469) | | (8,417) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Provisions | | (7,248) | | (2,839) | | (2,646) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | (26,824) | | (14,407) | | (12,118) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Total liabilities | | (44,974) | | (32,264) | | (31,213) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Net assets | | 6,898 | | 7,760 | | 8,171 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Equity | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Share capital | | 349 | | 344 | | 347 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Share premium | | 6,609 | | 6,492 | | 6,598 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Capital redemption reserve | | 15 | | 15 | | 15 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Share option reserve | | 366 | | 248 | | 285 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Own shares | | (259) | | (243) | | (259) |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Retained earnings | | (1,489) | | 809 | | 1,086 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Foreign exchange reserve | | 1,307 | | 95 | | 99 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| | | | | | | |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
| Total equity | 8 | 6,898 | | 7,760 | | 8,171 |
+-----------------------------+-------+--------------+---+-------------+---+--------------+
Consolidated Statement of Recognised Income and Expense
For the six months ended 28 February 2009
+------------------------------------+-------------+--+-------------+--+--------------+
| | 6 months | | 6 months | | 12 months |
| | ended | | ended | | ended |
| | 28 | | 29 | | 31 August |
| | February | | February | | 2008 |
| | 2009 | | 2008 | | (Audited) |
| | (Unaudited) | | (Unaudited) | | GBP000's |
| | | | | | |
| | GBP000's | | GBP000's | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| Exchange differences on | 1,208 | | | | 9 |
| translation of foreign operations | | | 5 | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| Net income recognised directly in | 1,208 | | 5 | | 9 |
| equity | | | | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| | (2,575) | | | | 147 |
| (Loss) / profit for the period | | | (190) | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| Total recognised income and | (1,367) | | | | 156 |
| expense for the period | | | (185) | | |
+------------------------------------+-------------+--+-------------+--+--------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+--------------+
Consolidated Cash Flow Statement
For the six months ended 28 February 2009
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | Notes | 6 months | | 6 months | | 12 months |
| | | ended | | ended | | ended |
| | | 28 | | 29 | | 31 August |
| | | February | | February | | 2008 |
| | | 2009 | | 2008 | | (Audited) |
| | | (Unaudited) | | (Unaudited) | | GBP000's |
| | | GBP000's | | GBP000's | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | 2,338 | | | | 1,723 |
| Cash generated by operations | 5 | | | 1,041 | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Income taxes paid | | (772) | | (73) | | (188) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Net cash inflow / (outflow) from | | 1,566 | | | | |
| operating activities | | | | 968 | | 1,535 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Investing activities | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Interest received | | 137 | | 37 | | 59 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Purchase of property, plant and | | (262) | | (255) | | (461) |
| equipment | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Acquisition of subsidiaries | 6 | (2,724) | | (990) | | (2,030) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Additions to available for sale | | - | | - | | (24) |
| investments | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Net cash used in investing | | (2,849) | | (1,208) | | (2,456) |
| activities | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Financing activities | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Repayments of borrowings | | (13,177) | | (786) | | (1,571) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Repayments of obligations under | | (7) | | | | |
| finance leases | | | | (38) | | (45) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| New bank loans raised | | 17,546 | | - | | 1,500 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Other loans | | - | | - | | (445) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Purchase of own shares | | - | | (243) | | (259) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Interest paid | | (1,090) | | (624) | | (1,355) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Net cash generated /(used) by | | 3,272 | | | | |
| financing activities | | | | (1,691) | | (2,175) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Net (decrease) / increase in cash | | 1,989 | | | | |
| and cash equivalents | | | | (1,931) | | (3,096) |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Cash and cash equivalents at the | | 464 | | | | |
| beginning of the period | | | | 3,551 | | 3,551 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | 105 | | | | |
| Effect of foreign exchange rate | | | | 5 | | 9 |
| changes | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Cash and cash equivalents at end | | 2,558 | | | | |
| of the period | | | | 1,625 | | 464 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| | | | | | | |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Cash and cash equivalents | | 2,558 | | 1,625 | | 464 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Overdraft | | - | | 1,605 | | 748 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
| Cash at bank | | 2,558 | | 3,230 | | 1,212 |
+-----------------------------------+--------+-------------+--+-------------+--+-----------+
Notes to the Interim Information
For the six months ended 28 February 2009
1. Basis of Preparation
This unaudited half yearly report does not constitute statutory accounts of the
Group within the meaning of section 435 of the Companies Act 2006. Statutory
accounts for the year ended 31 August 2008, which were prepared in accordance
with International Financial Reporting Standards (IFRS) and IFRIC
interpretations adopted for use in the European Union, have been filed with the
Registrar of Companies. The auditor's report on those accounts was unqualified
and did not contain a statement under section 237 of the Companies Act 1985.
The accounting policies applied in these unaudited half yearly financial
statements are consistent with those that the Group used in the Annual Report
for the year ended 31 August 2008 and expects to apply in its annual financial
statements for the year ending 31 August 2009.
The unaudited half yearly financial statements are presented in pounds sterling
as this is the currency of the primary economic environment in which the Group
operates.
2. Exceptional administrative expenses
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 6 months | | 6 months | | 12 months |
| | ended | | ended | | ended |
| | 28 | | 28 | | 31 August |
| | February | | February | | |
| | 2009 | | 2008 | | 2008 |
| | (Unaudited) | | (Unaudited) | | (Audited) |
| | | | | | GBP000's |
| | GBP000's | | GBP000's | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 143 | | | | |
| Acquisition related costs | | | 60 | | 273 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Redundancies and other restructuring | 105 | | 48 | | 147 |
| costs | | | | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Bad debt written off | - | | - | | 241 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Relocation costs | - | | - | | 36 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 248 | | 108 | | 697 |
+------------------------------------------+-------------+---+-------------+---+-----------+
3. Finance Costs
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 6 months | | 6 months | | 12 months |
| | ended | | ended | | ended |
| | 28 | | 28 | | 31 August |
| | February | | February | | |
| | 2009 | | 2008 | | 2008 |
| | (Unaudited) | | (Unaudited) | | (Audited) |
| | | | | | GBP000's |
| | GBP000's | | GBP000's | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Unwinding of discounts on deferred | 308 | | 157 | | 315 |
| consideration | | | | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Foreign exchange movement on deferred | 674 | | - | | - |
| consideration | | | | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Foreign exchange movement on loan | 276 | | - | | - |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Interest on bank loans | 728 | | 582 | | 1,129 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Bank interest | 31 | | 19 | | 13 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Amortisation of issue costs of bank loan | 210 | | 18 | | 35 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Interest on finance leases | - | | - | | 2 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Other interest | 121 | | 6 | | 114 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 2,348 | | 782 | | 1,608 |
+------------------------------------------+-------------+---+-------------+---+-----------+
4. (Loss) / earnings per share
The calculations of (loss) / earnings per share are based on the following
(losses) / profits and numbers of shares.
+------------------------------------------+-------------+---+-------------+---+------------+
| | | | | | |
| | 6 months | | 6 months | | 12 months |
| | ended | | ended | | ended |
| | 28 | | 29 | | 31 August |
| | February | | February | | |
| | 2009 | | 2008 | | 2008 |
| | (Unaudited) | | (Unaudited) | | (Audited) |
+------------------------------------------+-------------+---+-------------+---+------------+
| Weighted average number of 2.5 pence | | | | | |
| ordinary shares in issue during the | | | | | |
| period | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| For basic (loss) / earnings per share | 13,901,700 | | 13,368,576 | | 13,454,959 |
+------------------------------------------+-------------+---+-------------+---+------------+
| Dilutive effect of share options | - | | - | | 327,329 |
+------------------------------------------+-------------+---+-------------+---+------------+
| For diluted (loss) / earnings per share | 13,901,700 | | 13,368,576 | | 13,782,288 |
+------------------------------------------+-------------+---+-------------+---+------------+
| | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| | GBP000's | | GBP000's | | GBP000's |
+------------------------------------------+-------------+---+-------------+---+------------+
| | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| (Loss) / profit on ordinary activities | (2,575) | | (190) | | 147 |
| after taxation | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
Due to losses made during the period there is no dilutive effect as at 29
February 2008 and 28 February 2009.
5. Reconciliation of profit from operations to net cash inflow from operations
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 6 months | | 6 months | | 12 months |
| | ended | | ended | | ended |
| | 28 | | 29 | | 31 August |
| | February | | February | | 2008 |
| | 2009 | | 2008 | | (Audited) |
| | (Unaudited) | | (Unaudited) | | GBP000's |
| | | | | | |
| | GBP000's | | GBP000's | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| | (2,567) | | | | |
| Operating (loss)/profit before tax | | | (281) | | 607 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Finance costs | 2,348 | | 782 | | 1,608 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Finance income | (137) | | (37) | | (59) |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Loss on cessation of business | 325 | | - | | - |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Depreciation | 435 | | 306 | | 607 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Impairment of investment | 100 | | - | | - |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Amortisation of intangibles | 313 | | 158 | | 364 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| (Profit)/loss on disposal of fixed | (5) | | 7 | | 21 |
| assets | | | | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Share options charge | 81 | | 39 | | 75 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Decrease/(increase) in inventories | 348 | | (32) | | 36 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Decrease in debtors | 1,509 | | 1,498 | | 95 |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Decrease in creditors | (412) | | (1,399) | | (1,631) |
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 2,338 | | | | |
| Net cash inflow from operating | | | 1,041 | | 1,723 |
| activities | | | | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
6. Acquisitions and disposals
+------------------------------------------+-------------+---+-------------+---+-----------+
| | 6 months | | 6 months | | 12 months |
| | ended | | ended | | ended 31 |
| | 28 | | 29 | | August |
| | February | | February | | 2008 |
| | 2009 | | 2008 | | (Audited) |
| | (Unaudited) | | (Unaudited) | | GBP000's |
| | GBP000's | | GBP000's | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Consideration on acquisition of | (3,000) | | | | - |
| subsidiary undertakings and other | | | - | | |
| investments | | | | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Cash held by acquired subsidiary | 276 | | - | | |
| undertakings | | | | | |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Payment of deferred consideration | - | | (990) | | (2,030) |
+------------------------------------------+-------------+---+-------------+---+-----------+
| Net cash outflow | (2,724) | | (990) | | (2,030) |
+------------------------------------------+-------------+---+-------------+---+-----------+
7. Acquisitions
During October 2008, the Group acquired SpotCo for a total consideration of
GBP10,995,000. As a result of the acquisition of SpotCo, there have been
significant changes to the balance sheet; in particular to goodwill, brands,
other intangibles and provisions. The acquisition is summarised as follows:
+-------------------------------------------+----------+---+-------------+---+------------+
| | Book | | Fair | | Fair value |
| | value | | value | | GBP'000 |
| | GBP'000 | | adjustments | | |
| | | | GBP000 | | |
+-------------------------------------------+----------+---+-------------+---+------------+
| Net assets acquired: | | | | | |
+-------------------------------------------+----------+---+-------------+---+------------+
| Intangible assets:- | | | | | |
+-------------------------------------------+----------+---+-------------+---+------------+
| Brands | - | | 1,819 | | 1,819 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Customer relationships | - | | 2,074 | | 2,074 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Property,plant and equipment | 589 | | (77) | | 512 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Inventory | 122 | | (16) | | 106 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Trade and other receivables | 2,570 | | (102) | | 2,468 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Cash at bank | 276 | | - | | 276 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Trade and other payables | (1,550) | | 195 | | (1,355) |
+-------------------------------------------+----------+---+-------------+---+------------+
| Deferred tax | - | | (1,701) | | (1,701) |
+-------------------------------------------+----------+---+-------------+---+------------+
| | 2,007 | | 2,192 | | 4,199 |
+-------------------------------------------+----------+---+-------------+---+------------+
| | | | | | |
+-------------------------------------------+----------+---+-------------+---+------------+
| Goodwill | | | | | 6,796 |
+-------------------------------------------+----------+---+-------------+---+------------+
| | | | | | 10,995 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Satisfied by: | | | | | |
+-------------------------------------------+----------+---+-------------+---+------------+
| Cash consideration | | | | | 3,000 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Deferred consideration - cash | | | | | 7,280 |
+-------------------------------------------+----------+---+-------------+---+------------+
| Expenses of acquisition | | | | | 715 |
+-------------------------------------------+----------+---+-------------+---+------------+
| | | | | | 10,995 |
+-------------------------------------------+----------+---+-------------+---+------------+
8. Reconciliation of changes in equity
+------------------------------------------+-------------+---+-------------+---+------------+
| | | | | | |
| | | | | | |
| | 28 | | 29 | | 31 August |
| | February | | February | | 2008 |
| | 2009 | | 2008 | | (Audited) |
| | (Unaudited) | | (Unaudited) | | GBP000's |
| | | | | | |
| | GBP000's | | GBP000's | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| Net (loss) / profit for the financial | (2,575) | | (190) | | 147 |
| period | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| Shares issued to acquire subsidiary | 13 | | 543 | | 653 |
| undertakings | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| Shares issued | | | - | | - |
+------------------------------------------+-------------+---+-------------+---+------------+
| Share options charge | 81 | | 39 | | 75 |
+------------------------------------------+-------------+---+-------------+---+------------+
| Deferred taxation on share options | - | | - | | (60) |
+------------------------------------------+-------------+---+-------------+---+------------+
| Own shares | - | | (243) | | (259) |
+------------------------------------------+-------------+---+-------------+---+------------+
| Exchange gain on foreign currency | 1,208 | | 5 | | 9 |
| translation recognised directly in | | | | | |
| equity | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| Increase in equity | (1,273) | | 154 | | 565 |
| | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| Opening equity | 8,171 | | 7,606 | | 7,606 |
| | | | | | |
+------------------------------------------+-------------+---+-------------+---+------------+
| Closing equity | 6,898 | | 7,760 | | 8,171 |
+------------------------------------------+-------------+---+-------------+---+------------+
Shareholders' funds are entirely attributable to equity interests.
9. Interim Report
This document is available on the Company's website at www.firstartist.com
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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