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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zinc Media Group Plc | LSE:ZIN | London | Ordinary Share | GB00BJVLR251 | ORD 0.125P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.50 | 75.00 | 80.00 | 77.50 | 77.50 | 77.50 | 2,126 | 07:30:31 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Communications Services, Nec | 30.08M | -2.3M | -0.1009 | -7.68 | 17.64M |
TIDMTAL
RNS Number : 7605I
Ten Alps PLC
30 March 2015
30 March 2015
Ten Alps Plc
Unaudited Interim Results for the six months ended 31 December 2014
Board change
Ten Alps Plc ("Ten Alps" or the "Group"), multimedia producer of high quality TV and radio together with publishing and communications content, today announces its unaudited interim results for the six months to 31 December 2014.
Revenue and EBITDA, which are in line with our internal expectations, show a decline in comparison to figures for the same period in the previous year, largely because of phasing of certain contracted work and the impact of restructuring. We continue to expect our full-year results to be broadly in line with our internal expectations and see encouraging momentum building across the portfolio.
We continue to make progress in refocussing the business. Forward bookings are encouraging in TV, our print business is diversifying with growth of digital and events revenue and we are winning new business in digital content marketing.
Highlights for the period include:
Performance
-- Group revenues of GBP10.17m (2013: GBP11.71m) -- EBITDA loss of GBP(0.64)m (2013: GBP(0.53)m) -- Operating losses of GBP(0.73)m (2013: GBP(0.71)m)
-- Loss for the period after tax and before discontinued operations GBP(1.0)m (2013: GBP(1.01)m)
-- Diluted loss per share (0.36)p (2013: (0.42)p) -- Total assets GBP14.02m (2013: GBP16.51m) -- Net debt of GBP6.38m (2013: GBP6.85m) with facilities maturing in February and March 2016
As mentioned in our previous statement, although we recorded a loss in the period, we believe we are on the right track. Our focus will continue to be on the key performance indicators (KPIs) we have adopted, mainly:
-- creative and digital story telling -- cash generation -- core market growth -- enhanced overall performance and -- investment opportunities
These KPIs should enable us to continue to address the interests of the various stakeholders of the Group.
Board Change
With effect from today Brian Walden will be retiring from the plc Board.
Peter Bertram, Chairman, commented "The Board is very grateful to Brian for his invaluable contribution to the Company and we wish him all the best."
Brian Walden commented "I am grateful for the experience I have I had with Ten Alps and I wish everyone in the Group success."
For further information, please contact:
Ten Alps plc Mark Wood, CEO Tel: +44 (0) 20 7878 Peter Bertram, Chairman 2311 c/o Moira McManus/Emer Donohoe www.tenalps.com Grant Thornton, Nominated Adviser Tel: +44 (0) 20 7383 5100 Colin Aaronson / Jen Clarke/ Jamie Barklem www.grant-thornton.co.uk
BUSINESS OVERVIEW
Our long term goal is to move all business units into profitability and see encouraging order pipelines building across the Company. We are creating a more integrated business in which digital expertise in particular is shared across the divisions. Ten Alps is being reshaped as an 'indie' programme maker, B2B publisher in attractive niches and digital content marketing and services business. In each case we are focused on markets where we see opportunities for significant growth.
Television
Key highlights included the release of 'Hockney', from Blakeway Productions; a 90-minute biopic of the artist which was first shown in cinemas in the UK, before being broadcast by the BBC. Another Blakeway-produced programme, 'Hunted', about the treatment of gay people in Russia, has been highly praised around the world and nominated for an Emmy Award in the US.
We continued to deliver programmes for BBC's Panorama and Channel 4's Dispatches. A one-hour special for Panorama, 'Ebola Frontline', was nominated for a BAFTA.
We have won a major commission from a global group of broadcasters to produce an ambitious, 4-part series on a US political theme, in addition to which we have been securing orders in other global markets. These include an 8-part series ('The Secrets of Branding') for CCTV China and three one-hour documentaries for the Japanese market. Broadening our international sales will be a top priority for the Company in the period ahead.
Publishing
We signed a new five year contract with the Local Authority Building Control to produce planning guidelines and local trade directories for every local authority in the UK. In conjunction with this we launched a new website, Home and Build, which we are now developing into a digital trusted traders directory. Redesigns of many of our key B2B titles, including Farm Business, Business Today, Director of Finance, SME, The Pharmacist and Primary Care Today, have produced higher levels of engagement and an uplift in advertising.
We have launched a series of events including awards, breakfast briefings and roundtable conferences in the health and financial segments, as we seek to diversify revenues. In the farming sector we have continued to expand our already successful awards events, including the Food and Farming Awards and the premier dairy industry event, the Cream Awards.
We agreed a new three-year contract to produce Community Practitioner magazine and develop a new website for Unite, the national trade union. We also won a contract from British Airways to manage advertising sales in all their staff publications.
Communication
On 25 March 2015, we announced that Ten Alps Communicate, our digital content marketing and communications business, secured the renewal of a contract with Transport for London to manage its digital road safety campaigns for children. The contract, worth over GBP1 million per annum, represents an increase of approximately 30 per cent. of the value of the previous contract. The contract runs for a minimum of three and a half years, with the potential to extend it for a further three years after expiry of the initial term.
We redesigned the education website we manage for Nationwide and produced a series of animated promotions for their young savers' account scheme.
We have begun to extend our content marketing and corporate communications business, leveraging the story-telling skills in both our TV and our communications businesses. We have also begun producing pilots for one large organization and are in commercial discussions with several more.
FINANCIAL REVIEW
Revenue from continuing operations was down by 13.15% to GBP10.17m (2013: GBP11.71m) and gross profit decreased by 18.01% to GBP3.05m (2013: GBP3.72m). The main variance in revenues came from the Company's publishing division which saw revenues decrease by GBP1.58m, representing a decrease of 24.06%, year on year.
Gross margin decreased from 31.73% to 29.94% in the period, with operating expenses remaining steady at 36.25% of revenues (2013: 36.24%). The reduction in gross margin was due to an operational reclassification of cost of sales in certain business units.
EBITDA, or headline profit, a key performance indicator used by the board, was recorded at a loss of GBP0.64m (2013: loss of GBP0.53m). Operating loss was at a similar level to the corresponding period last year, at GBP0.73m (2013: loss of GBP0.71m), after an amortisation charge of GBP0.06m (2013: GBP0.1m).
The finance charges for the period were GBP0.27m (2013: GBP0.23m) and reflect the accrued costs on the Company's outstanding debt obligations. As the Group recorded losses at the 31 December period end, no corporation tax charge was incurred. With no movement in the deferred tax asset, no charge was incurred for the period GBPNil (2013: GBP0.08m). The loss for the period was GBP1.0m (2013: GBP1.01m).
Earnings per share
Basic and diluted loss per share from continuing operations in the year was 0.36p (2013: loss 0.37p) and was based on the losses for the period of GBP0.94m (2013: loss GBP1.01m) with a weighted average number of shares in issue during the year of 276,666,012 (2013: 276,666,012).
Statement of Financial Position
Assets
Non-current assets consisted of goodwill and intangibles of GBP6.91m (2013: GBP7.04m), property, plant and equipment of GBP0.16m (2013: GBP0.22m) and deferred tax asset of GBP0.49m (2013: GBP0.69m)
Inventories and trade receivables have decreased by GBP2.20m to GBP2.83m (2013: GBP5.03m) reflecting the impact of a reduction in revenue and work in progress. On a like for like basis, the net decrease in inventories and trade receivables since 30 June 2014 was GBP0.71m. Other receivables have also decreased to GBP1.17m (2013: GBP1.44m) reflecting a decrease in accrued income in the period.
The Group had a cash balance of GBP2.47m as at 31 December (2013: GBP2.01m). The balance is higher than last year, reflecting the increase in gross long term debt from GBP8.3m to GBP8.61m. Net debt at the period end was GBP6.39m (2013: GBP6.85m). Included in the 2013 comparative is a balance due of GBP0.65m regarding a loan relating to production finance. This was repaid following successful completion of the production.
Total assets of the Group were GBP14.02m (2013: GBP16.51m) with the main movements being net working capital of GBP1.8m and losses incurred in the period.
Equity and Liabilities
Retained losses as at 31 December 2014 were GBP23.85m (2013: losses: GBP21.54m) and total shareholders' equity at that date was GBP(2.39)m (2013:loss of GBP0.08m).
On 4 December 2014 the Group entered into an underwriting agreement ("Letter of Subscription") with certain existing shareholders and directors of the Company (the "Investors") to subscribe for ordinary shares of the Company up to an aggregate value of approximately GBP1 million (the "Subscription").
Under the Letter of Subscription certain directors of the Company being Peter Bertram, Mark Wood and Tim Hoare will each subscribe for GBP50,000 and Nitil Patel for GBP20,000. The maximum amount that can be raised under the Letter of Subscription may be increased if other investors become party to the agreement and it is valid until 31 May 2015.
The Group had an outstanding balance on current and long term debt of GBP8.86m (2013: GBP8.95m), held predominantly by several of the Company's shareholders, with borrowings are split into four categories. Long term debt comprises an unsecured debt facility of GBP4.54m (2013: GBP4.35m), secured loan notes of GBP2.60m (2013: GBP2.52m) and unsecured loan notes of GBP1.47m (2013: GBP1.43m). The debt facility is due for repayment in February 2016 and the loan notes in March 2016 with no mandatory repayments on either of these amounts until the due dates. Furthermore, the Company has a short term unsecured loan note of GBP0.25m (2013: GBPNil) which is due for repayment by 30 June 2015.
Current liabilities consisting of trade, other creditors (including deferred income of GBP1.77m (2013: GBP1.54m)) and current borrowings have decreased in the period under review by GBP0.48m to GBP7.81m (2013: GBP8.29m).
Cash flows
During the period the Group used GBP0.34m (2013: GBP1.53m) of cash flow from day to day operations. After accounting for finance costs and investing and an increase in borrowings of GBP0.25m (2013: GBP1.90m), the net movement in the period was a decrease in cash of GBP0.11m (2013: increase of GBP0.35m).
Mark Wood
CEO
Condensed consolidated interim income statement
Half Year Half Year 15 months to to to 31-Dec 31 Dec 30 June 2014 2013 2014 GBP'000's GBP'000's GBP'000's -------------------------------------- ---------- ---------- ---------- Continuing operations Revenue 10,171 11,707 29,454 Cost of sales (7,126) (7,992) (20,030) --------------------------------------- ---------- ---------- ---------- Gross Profit 3,045 3,715 9,424 Operating expenses (3,687) (4,243) (10,549) EBITDA (642) (528) (1,125) Reorganisation and restructuring costs - - (329) Depreciation (34) (77) (179) Amortisation and impairment of intangible assets (57) (102) (353) Operating loss (733) (707) (1,986) Finance costs (265) (226) (570) Finance income - - - -------------------------------------- ---------- ---------- ---------- Loss before tax (998) (933) (2,556) Taxation - (80) (247) Loss for the period (998) (1,013) (2,803) Discontinued operations Profit/(loss) for the year from discontinued operations - 243 243 Loss for the period (998) (770) (2,560) --------------------------------------- ---------- ---------- ---------- Continuing operations attributable to: Equity holders (998) (1,013) (2,803) Discontinued operations attributable to: Minority interest - - - Equity holders - 243 243 Retained profit for the year (998) (770) (2,560) --------------------------------------- ---------- ---------- ---------- Basic earnings per share From continuing operations (0.36)p (0.42)p (1.01)p From discontinued operations - 0.10p 0.09p Total (0.36)p (0.32)p (0.93)p Diluted earnings per share From continuing operations (0.36)p (0.42)p (1.01)p From discontinued operations - 0.10p 0.09p Total (0.36)p (0.32)p (0.93)p Ten Alps plc consolidated statement of comprehensive income For the six months ended 31 December 2014 Half Year Half Year 15 months to to to 31-Dec 31 Dec 30 June 2014 2013 2013 GBP'000's GBP'000's GBP'000's -------------------------------------------- ---------- ---------- ---------- Profit for the period (998) (770) (2,560) Other comprehensive income Foreign investment translation differences - (14) - Total comprehensive income for the period (998) (784) (2,560) --------------------------------------------- ---------- ---------- ---------- Attributable to: Equity holders (998) (784) (2,560) Minority interest - - - (998) (784) (2,560) -------------------------------------------- ---------- ---------- ----------
Condensed consolidated statement of financial position
Unaudited Unaudited Audited ------------------------------- ------ ---------- ---------- --------- 31-Dec 31 Dec 30 June 2014 2013 2014 Note GBP '000 GBP '000 GBP '000 ------------------------------- ------ ---------- ---------- --------- Assets Non-current Goodwill and intangibles 6,906 7,035 6,953 Other intangible assets - - - Property, plant and equipment 158 222 186 Deferred tax 493 688 493 7,557 7,945 7,632 -------------------------------------- ---------- ---------- --------- Current assets Inventories 942 1,821 989 Trade receivables 1,889 3,211 2,552 Other receivables 1,165 1,436 1,596 Cash and cash equivalents 2,469 2,099 2,578 6,465 8,567 7,715 -------------------------------------- ---------- ---------- --------- Total Assets 14,022 16,512 15,347 --------------------------------------- ---------- ---------- --------- Equity and liabilities Shareholders' equity Called up share capital 5,534 5,534 5,534 Share premium account 15,228 15,228 15,228 Merger reserve 696 696 696 Exchange reserve - - - Retained earnings (23,852) (21,539) (22,854) --------------------------------------- ---------- ---------- --------- Total Shareholders' Equity (2,394) (81) (1,396) Minority interest - - - ------------------------------- ------ ---------- ---------- --------- Total Equity (2,394) (81) (1,396) Liabilities Non-current Borrowings 8,607 8,300 8,447 Other non-current liabilities - - - 8,607 8,300 8,447 -------------------------------------- ---------- ---------- --------- Current liabilities Trade payables 2,928 3,245 3,013 Other payables 4,631 4,398 5,283 Current tax liabilities - - - Borrowings - current 250 650 - 7,809 8,293 8,296 -------------------------------------- ---------- ---------- --------- Total equity and liabilities 14,022 16,512 15,347 --------------------------------------- ---------- ---------- ---------
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited 15 mth period 6 month 6 month to 31-Dec 31 Dec 30 June 2014 2013 2014 GBP '000 GBP '000 GBP '000 ------------------------------------------- ---------- ---------- --------- Operating activities Reconciliation of profit to operating cash flows Loss for the period (998) (770) (2,560) Add back: Taxation - 80 247 Depreciation 34 78 179 Amortisation & impairment 57 102 354 Finance costs 265 225 570 Finance income - - 2 (Profit) on disposal of subsidiaries - (237) (237) Loss on sale of fixed assets - - 3 ------------------------------------------- ---------- ---------- --------- (642) (522) (1,442) Decrease/(Increase)in work in progress 47 (61) 709 Decrease in trade and other receivables 1,094 129 1,483 (Decrease) in trade and other creditors (842) (1,080) (2,323) ------------------------------------------- ---------- ---------- --------- Cash (used in) from operations (343) (1,534) (1,574) Finance costs - (100) (295) Net cash flows (used in)/from operations activities (343) (1,634) (1,869) ------------------------------------------- ---------- ---------- --------- Investing activities Disposal (Acquisition) of subsidiary undertakings, net of cash and overdrafts acquired - 163 Payment of deferred consideration - (90) (100) Purchase of property, plant and equipment (6) 6 (5) Proceeds of sale of property, plant and equipment - (1) 3 Net cash flows used in investing activities (6) 78 61 ------------------------------------------- ---------- ---------- --------- Financing activities Borrowings repaid (50) - - Borrowings received 300 1,901 1,250 Net cash flows from financing activities 250 1,901 1,250 ------------------------------------------- ---------- ---------- --------- Net decrease in cash and cash equivalents (99) 345 (558) Translation differences (10) 3 6 Cash and cash equivalents at beginning of period 2,578 1,752 3,130 Cash and cash equivalents at end of period 2,469 2,100 2,578 ------------------------------------------- ---------- ---------- ---------
Condensed consolidated statement of changes in equity
Share Share Merger Exchange Retained Non Controlling Total capital premium reserve reserve earnings Total interest equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 1 January 2013 5,051 15,228 696 - (14,128) 6,847 - 6,847 ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Loss for the Period - - - - (7,397) (7,397) - (7,397) Other comprehensive income Translation differences - - - (14) - (14) - (14) ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Total comprehensive income - - - (14) (7,397) (7,411) - (7,411) Equity-settled share-based - - - - - - - - payments Shares issued 483 - - - - 483 - 483 Balance at 31 December 2013 5,534 15,228 696 (14) (21,525) (81) - (81) ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Balance at 1 July 2013 5,534 15,228 696 - (20,512) 946 - 946 ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Loss for the Period - - - - (1,013) (1,013) - (1,013) Foreign investment translation differences - - - (14) - (14) (14) ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Total comprehensive income - - - (14) (1,013) (1,027) - (1,027) Equity-settled share-based - - - - - - - - payments Dividends paid - - - - - - - - Shares issued - - - - - - - - Balance at 31 December 2013 5,534 15,228 696 (14) (21,525) (81) - (81) ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Balance at 1 July 2014 5,534 15,228 696 - (22,854) (1,396) - (1,396) ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Loss for the Period - - - - (998) (998) - (998) Foreign investment - - - - - - - translation differences ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- -------- Total comprehensive income - - - - (998) (998) - (998) Equity-settled share-based - - - - - - - - payments Dividends paid - - - - - - - - Shares issued - - - - - - - - Balance at 31 December 2014 5,534 15,228 696 - (23,852) (2,394) - (2,394) ---------------------------- -------- -------- -------- --------- --------- -------- ---------------- --------
Notes to the consolidated financial statements
1) GENERAL INFORMATION
The condensed interim financial statements for the six months ended 31 December 2014 were authorised for issue in accordance with a resolution of the Board of Directors on 27 March 2015.
The Company is a public limited company incorporated in the United Kingdom. The address of its registered office is 7 Exchange Crescent, Conference Square, Edinburgh, EH3 8AN.
The Company is listed on the London Stock Exchange's AIM Market.
These financial statements do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the period ended 30 June 2014, which were approved by the Board of Directors on 3 December 2014, received an unqualified auditors' report and have been delivered to the delivered to the Registrar of Companies. The interim financial information contained in this report is unaudited.
2) BASIS OF PREPARATION
These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the 15 month period to 30 June 2014.
3) SEGMENTAL INFORMATION
The operations of the group are managed in three principle business divisions, Broadcast, Publishing and Communications Agency. These divisions are the basis upon which the management reports its primary segment information.
Unaudited Unaudited Audited 6 Months 6 Months 15 months to to to 31-Dec 31-Dec 30-Jun 2014 2013 2014 Revenues by Business Division GBP'000's GBP'000's GBP'000's ------------------------------- ---------- ---------- ---------- Television 4,247 4,160 10,733 Publishing 4,983 6,562 15,874 Communications 801 802 2,423 Other 140 182 424 -------------------------------- ---------- ---------- ---------- Total 10,171 11,706 29,454 -------------------------------- ---------- ---------- ---------- 4) EARNINGS PER SHARE 6 mths to 6 mths to 15 mths to Dec Dec Jun 2014 2013 2014 Number of Number of Number of Shares Shares Shares Weighted average number of shares used in basic earnings per share calculation 276,666,012 276,666,012 276,666,012 Dilutive effect of share options - - - ------------------------------------------ ------------ ------------ ------------ Weighted average number of shares used in diluted earnings per share calculation 276,666,012 276,666,012 276,666,012 ------------------------------------------ ------------ ------------ ------------ GBP'000 GBP'000 GBP'000 Loss for the period (998) (1,013) (2,803) Amortisation of intangible assets post deferred tax impact 57 102 327 Restructuring costs - - 329 Adjusted profit for year attributable to shareholders (941) (911) (2,147) ------------------------------------------ ------------ ------------ ------------ Profit for year from discontinued operations attributable to shareholders - 243 243 ------------------------------------------ ------------ ------------ ------------ Continuing operations Basic Earnings per Share (0.36)p (0.37)p (1.01)p Diluted Earnings per Share (0.36)p (0.37)p (1.01)p Adjusted Basic Earnings per Share (0.34)p (0.33)p (0.78)p Adjusted Diluted Earnings per Share (0.34)p (0.33)p (0.78)p Discontinued operations Basic Earnings per Share - 0.09 p 0.09 p Diluted Earnings per Share - 0.09 p 0.09 p 5) SHARE CAPITAL 2014 2013 Shares Share Share Shares Share Share No capital premium No capital premium GBP'000 GBP'000 GBP'000 GBP'000 -------------------------------- ------------ ------------ Authorised ordinary shares of 2p each unlimited unlimited -------------------------------- ------------ -------- --------- ------------ -------- --------- Allotted, called up and fully paid ordinary of 2p each: At start of year 276,666,012 5,533 15,228 276,666,012 5,533 15,228 Shares issued as consideration - - - - - - Shares issued as remuneration - - - - - - Shares issued as private placement - - - - - - At end of year 276,666,012 5,533 15,228 276,666,012 5,533 15,228 -------------------------------- ------------ -------- --------- ------------ -------- ---------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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