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Zinc Media Group PLC Interim Results

27/09/2021 7:00am

UK Regulatory (RNS & others)


Zinc Media (LSE:ZIN)
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TIDMZIN

RNS Number : 9762M

Zinc Media Group PLC

27 September 2021

27 September 2021

Zinc Media Group plc

("Zinc Media", the "Group" or the "Company")

Unaudited interim results for the six months ended 30 June 2021

Zinc Media Group plc, the TV and multimedia content producer, announces its unaudited interim results for the six months to 30 June 2021.

Outlook

-- Following a strong period of new business conversion, with a healthy pipeline and an anticipated improvement in market conditions in the second half of the year, the Board currently expects the Group to be profitable in H2 2021. This signifies an important milestone for the Group and follows the successful delivery, despite considerable disruption caused by Covid-19, of the Group's transformation plan set out in September 2019.

-- The Group has booked GBP16.6m of revenue which is expected to be delivered in FY 2021, representing an increase of GBP4.4m or 36% since the announcement on 23 April 2021.

-- Since the last trading update the Group has achieved a number of significant successes, delivering against the core strategic objectives set out in January 2021:

o The Group's first major new series for the Discovery Group: Spooked: Scotland is a new 10 part series from Tern TV;

o A multi-million pound 52-episode series with Channel 5, the largest ever single order for the Group, from the new label Red Sauce;

o The Group's first Advertiser Funded series for a major broadcaster from the branded content division in Zinc Communicate which launched last year;

o The recently re-positioned Zinc Communicate has seen revenue grow by 161% to GBP0.9m of Group turnover in H1 2021 (H1 2020: GBP0.4m);

o The Group's first commercial podcasts for brands, and production of the Group's first audio commission from Amazon Audible that is due to be delivered in H2 2021; and

o Successful completion of the Group's first production for Red Bull from new label Supercollider that launched in H1 2021.

-- The Group's pipeline stands at GBP48m, of which GBP12m is highly advanced. A significant amount of this is expected to be confirmed in the coming months, which will further improve anticipated 2021 and 2022 trading performance.

-- Pre-booked revenues for next year now stand at GBP4.8m, which is over GBP1m ahead of the same point in 2020 heading into this financial year .

-- Since period end the Group has announced the appointment of Tanya Shaw as Managing Director of Zinc Television, who was formerly Managing Director of Shine TV.

Financial Headlines

Financial performance in the period was materially affected by government imposed Covid-19 restrictions which resulted in delayed productions and commissioning.

-- H1 2021 revenue of GBP7.0m was broadly flat year-on-year (H1 2020: GBP7.1m). This figure would have been higher had it not seen GBP1.4m of revenue slipping out of H1 into H2 because of Covid-19 related production delays.

-- The Group generated an Adjusted EBITDA* loss of GBP1.1m (H1 2020: loss of GBP0.5m) which was higher than the prior period due to continuing investment in talent and the Group's capabilities and a reduction in the utilisation of the furlough scheme. The benefits of this continued investment are being seen in the improved performance in H2.

-- Cash at 30 June 2021 remained buoyant at GBP5.5m (June 20: GBP3.4m), and post period end has remained between GBP5.2m and GBP6.2m.

-- Margin improvements continue to drive the Group's turnaround with London and Manchester television gross margins on productions now tracking at over 7% up on FY 2019, equating to a GBP1m improvement in profitability based on FY 2019 pre-Covid revenues.

* Adjusted EBITDA defined as EBITDA before share based payment charge, profit/loss on disposal of fixed assets and exceptional items.

Operational Highlights

Programmes delivered or transmitted in the period include:

-- Ian Wright: Home Truths for BBC ONE that attracted very high levels of press and discussion, and is another world class piece of reputational television;

-- Blitz Spirit with Lucy Worsley , a follow-up to the BAFTA Award winning Suffragettes with Lucy Worsley, transmitted on BBC ONE in February 2021;

-- The Hunt for Gaddafi's Billions , a feature-length documentary for BBC, VPRO, ZDF/Arte and several other broadcasters transmitted on BBC FOUR, which has been nominated in the category of best current affairs at the International Emmy Awards;

-- Norma Percy's latest series Trump Takes on the World, a three-part series for the BBC and ARTE France and other international broadcasters, transmitted on BBC ONE to great acclaim; and

   --      50 Years of Mr Men with Matt Lucas , a one-off special, transmitted on Channel 4. 

Titles transmitted since period end include:

-- Pinball with YouTube star Pasha for new client Red Bull had its worldwide launch in September; and

-- 9/11: Life Under Attack for ITV and co-production partners in the USA and France aired on the ITV main channel in September to mark the 20(th) anniversary of the Twin Towers attack.

Programmes currently in production include:

   --      The Group's first advertiser funded programme (AFP); 

-- The Group's first ever commission from Dave (part of UKTV) for an access series titled Special Ops: Crime Squad UK;

   --      The Group's first major new series for Discovery Networks; 
   --      The Group's largest ever series commission from Channel 5; 

-- Long-running returning series Beechgrove for the BBC and Emergency Helicopter Medics for Channel 4; and

   --      The Group's first audio podcast series for Amazon Audible. 

A copy of the interim results will be made available on the Company's website , zincmedia.com.

For further information, please contact:

Zinc Media Group plc +44 (0) 20 7878 2311

Mark Browning, CEO / Will Sawyer, CFO

www.zincmedia.com

Singer Capital Markets (NOMAD and Broker to Zinc Media Group plc) +44 (0) 20 7496 3000

Mark Taylor / George Tzimas

Chairman's statement

The rigorous pursuit of the transformation plan set out by the CEO in 2019 is delivering the expected results. The Group is winning business from an exciting list of new clients, diversifying revenues, increasing margins, winning awards and innovating creatively. The Covid-19 crisis has been well managed, with the Group showing resilience and performing in line with the market, and better than many of its peers. H1 revenue delivery was materially impacted by the lockdown between January and April due to postponement of production and delivery of shows, but this is to be expected in a Group that is dependent upon human interaction.

New business momentum is clearly building, with many notable firsts now delivering from a broader list of clients than ever before and with more coming through the pipeline. The Group's first Advertiser Funded Programme ("AFP") is a breakthrough moment for our new branded content business in the new Zinc Communicate, along with the first commercially commissioned podcasts for brands, which follow on from the Group's first commission from Amazon Audible announced at the start of the reporting period. Winning our first commission with the Discovery group delivers on our revenue diversification strategy, and the significant new commission from Channel 5 vindicates the critical strategic decisions made by management in 2020 which saw the launch of the new television label Red Sauce.

The Group is led by a highly experienced senior team, well versed in successful media turnarounds. They are delivering the transformation of Zinc Media Group amidst the most challenging environment ever experienced in the media sector. The pipeline includes a number of significant projects, which, with continued focus and a recovering market, have every expectation of converting in the months ahead.

It is quite possible that Covid-19 will create further twists and turns on the Group's path to sustainable profit and cash generation, and while timing of programme production remains difficult to forecast, it is increasingly clear that the Group has a clear pathway to delivering this objective. Pre-booked revenues for 2022 are GBP4.8m, which is over GBP1m ahead of the same point in 2020 heading into this financial year. The Group is ambitious for growth, and the senior management and board are actively exploring opportunities to scale the Group in the near term.

The Board would like to thank the management team for successfully navigating the Group through the most difficult period in its 20-year history, the employees and freelancers for their professional and dedicated work, and our shareholders for their continued support.

Christopher Satterthwaite

Chairman

CEO'S REPORT

STRATEGY, CURRENT TRADING AND MARKET OUTLOOK

At the start of 2021 I laid out 5 new strategic priorities aimed at accelerating growth as the television production market recovers post Covid-19. They comprise:

   1.   Revenue Growth and Diversification 

Following the completion of the transformation plan which delivered significantly improved margins, closed loss-making businesses, prioritised revenue growth and diversification and improved efficiencies in the Group, the priority is to drive revenues back up to pre-Covid-19 levels and beyond. The changes delivered through the transformation plan mean that Group profitability can be achieved on a lower revenue base than was previously possible, and, as revenue recovers to pre-Covid-19 levels (circa GBP25-GBP30m) there is a clear pathway to sustainable profitability and cash generation.

All the new revenue generating initiatives launched as part of the transformation plan began delivering revenue in H1 2021 and will build in H2 2021 and into 2022.

-- The new popular factual TV label Red Sauce, launched during the height of the Covid-19 lockdown, has now booked over GBP4m of revenue which will be recognised across FY 2021 and FY 2022. It has a strong pipeline of business and the Group is confident that further commissions for 2022 will convert in the coming months.

-- The new live action and brand activation label Supercollider has delivered its first piece of production for Red Bull, titled Pinball. This film works with YouTube star Pasha for a stunt-based film released on Red Bull's channels and across social media platforms. Supercollider is now in pre-production for its second commission from another new client.

-- The new branded content division, launched in the spring of 2020, has won its first Advertiser Funded Programme, details of which are yet to be announced. This win illustrates the combined commercial firepower of the new Group. The opportunity was sourced by Zinc Communicate, developed and created in Tern TV and jointly pitched by both divisions. It will be produced by Tern TV in Glasgow. This is a piece of business that is now possible because all divisions in the Group are working in partnership.

-- The video marketing division is also building momentum. It is now working with six new revenue generating partners (up from three announced on 23 April 2021) and producing short-form corporate films.

-- The Group has developed its existing radio businesses and moved into podcasting. It is now winning new business with commissions from brands and content owners. It has successfully produced and published podcasts in medical science and history for the Wellcome Trust and a Lions Tour podcast for London Pride in partnership with The Evening Standard.

-- In aggregate the new businesses, launched as part of the transformation plan, have generated revenues of over GBP6m since their inception. This is previously untapped revenue and evidence of the successful delivery of the revenue diversification strategy.

-- Since period end the Group has announced the appointment of BAFTA-award winning Tanya Shaw as Managing Director of Zinc Television. She was formerly Managing Director of Shine TV for six years, a role in which she oversaw a variety of factual series, including the global hit MasterChef, and helped grow Hunted and The Island with Bear Grylls into returning series. At Zinc, she will be responsible for the TV labels based in London and Manchester and accelerating growth of premium unscripted content, both domestically and globally, across the Group.

   2.   TV gross margin improvement 

TV gross production margins for London and Manchester TV have increased in H1 2021 to 30.8% from 24.7% in FY 2019, and are currently tracking at over 32%. Gross production margins across all the businesses in H1 2021 were 35.2%. The Group has delivered well on this critical component of the transformation plan and managed to maintain these improvements despite the higher production costs associated with Covid-19 workflows. Margins remain a critical strategic priority and the Group is prioritising high margin business as it looks to scale in the year ahead.

   3.   Cash management and generation 

Cash management remains robust across the Group. Cash at the end of June 2021 was GBP5.5m. The Group has sufficient cash to fund working capital for the expected new commissions and is continuing to invest in new talent for future growth.

   4.   Performance culture 

The Group has undergone significant change in order to make it easier for clients and customers to engage with Zinc, for duplication to be removed, and to enable creativity, communication and a collaborative culture to flourish. Significant emphasis in H1 2021 was placed on further developing the performance culture across the Group. Performance management is at the heart of the Group and staff have strategic performance objectives which are aligned to the wider ambitions of the Group. Other initiatives in H1 2021 included: unconscious bias training, staff mental health training, parent and home learning support seminars, wellbeing support seminars, an employee assistance programme and updated policies in the form of a new staff handbook covering all areas of the business including health and safety and compliance.

   5.   Shareholder communication 

A successful working partnership between staff, management and shareholders will underpin the Group's growth going forward. Consistent communication lies at the heart of this. Shareholder communication in H1 included meetings with institutional investors, two presentations via the Investor Meet Company platform, and a post period end screening event and tour of Zinc's HQ in London. Further opportunities for current and potential future investors are planned for H2.

Impact of Covid-19 and market outlook

There is a growing sense that the worst of the Covid-19 crisis is behind us and the content market is recovering. Productions do remain vulnerable to postponement due to Covid-19 and this will continue to present risk to revenue recognition throughout H2 2021 and into 2022 as Zinc reports revenue on the basis of production activity. Every effort is made to keep productions on schedule, but this issue will continue to make forecasting difficult. There is a backlog of production in the wider market which is impacting the ability of all producers to resource some productions, particularly in the area of production management where there is a current shortage of available talent.

Aside from the operational and financial challenges associated with Covid-19, which are likely to continue into 2022, the content market is recovering and the Group is seeing more activity and opportunity than at any time since March 2020.

The strategic changes within the BBC and the consultation on the future ownership of Channel 4 present both risk and opportunities for the Group. The reduction of commissioning from BBC Four will negatively impact some of the London TV labels, particularly in specialist factual, but the return to linear television and the move to increase commissioning within BBC Three presents opportunity. The Government's ambition to change the ownership model for Channel 4 presents some uncertainty, particularly in relation to the channel's future commitment to Nations and Regions commissioning, where Tern TV is particularly strong. However, the Group's revenue diversification strategy means the wider Group is less reliant on a small number of UK broadcasters, and the number of new clients the Group is working with significantly mitigates some of the structural risks within the UK PSB television market.

The new Zinc Communicate continues to develop in line with management's expectations. It presents an opportunity for scale and higher margin revenues, and the Group is pleased to report new business wins and revenue growth in this division.

Outlook

With the Group currently expecting to be profitable in H2 2021 the medium and long term outlook is increasingly positive. The underlying TV business is returning to growth, the margin improvements demonstrate that profitability and cash generation can be achieved from these divisions from a lower base of revenues than was required historically, and all the new business initiatives are generating revenues in previously untapped markets.

The Group's pipeline now stands at GBP48m in total, with GBP12m at a highly advanced stage, and GBP11m in engaged conversations with clients.

Critically the Group now has pre-booked revenue for 2022 of GBP4.8m. This is over GBP1m ahead of the same point last year. Pre-booked revenues and a strong pipeline provide the best visibility yet that the Group can deliver profit and cash generation in 2022.

The Group is actively pursuing new opportunities to accelerate revenue growth. It is considering new hires, and new talent, and is hopeful of adding additional revenue generating opportunities to its pipeline in H2 2021.

With the underlying TV businesses becoming profitable, the newly launched businesses growing steadily, new revenue generating talent looking to join in H2 2021, the market recovery and the risk of Covid-19 subsiding, the future for the Group is stronger than it has been for many years.

DIVISIONAL BUSINESS OVERVIEW

Tern Television - Factual television produced from the Nations

Tern Television continues to perform well across its sites in Glasgow, Aberdeen and Belfast.

The division has a very clear strategy and compelling market proposition. It successfully serves the BBC network, BBC Scotland, Channel 4 and More 4 by creating high rating returning factual series at competitive price points from the Nations of Scotland and Northern Ireland. It is now successfully diversifying into other broadcasters with Discovery and Channel 5 new to the division in H1 2021. Returning commissions include: Channel 4's Emergency Helicopter Medics, BBC's Crime Files and Grand Tours from Tern Glasgow, BBC's Critical Incident from Tern Belfast and Beechgrove from Tern Aberdeen. Revenues in H1 2021 were lower than anticipated due to lockdown extending longer in Scotland than other parts of the UK and the division being reliant on a number of access driven documentaries.

Tern remains in a strong position to benefit from the BBC and Channel 4's out of London commissioning strategy, providing these remain priorities for the broadcasters.

Red Sauce - popular factual and daytime television produced from London and Manchester

Red Sauce has launched strongly in its first year, securing over GBP4m of new business which will be recognised across FY 2021 and FY 2022. This volume of work demonstrates the confidence the commissioning market has in this label's ability to deliver television at speed and scale from the English regions. In H1 2021 the division secured the Group's first ever commission from Dave (part of UKTV) for a 10 part series titled Special Ops: Crime Squad UK. This programme features exclusive access to some of the UK's most talented and successful police officers assembled as elite teams to tackle some of the UK's most challenging criminals. Following the period end Red Sauce has picked up the Group's biggest ever commission from Channel 5, for 52 episodes of Bargain Loving Brits. Previously the channel only commissioned this series in batches of 6 or 8. This new commission is a considerable achievement for the new label and for the Manchester production community. The division has a strong pipeline and anticipates further commissions and growth in 2022.

Blakeway London - specialist factual television

Blakeway produces television in the areas of history, arts, music and science. Programmes delivered or transmitted in the reporting period include: Blitz Spirit with Lucy Worsley for BBC ONE, the second series of History of Britain with Tony Robinson and 1939: Hollywood's Golden Year, both for Channel 5.

Brook Lapping - current affairs and investigations

Brook Lapping, now more closely defined as the Group's Current Affairs and Investigations label, has continued to perform strongly.

The Hunt for Gaddafi's Billions , a feature-length documentary for BBC, VPRO, ZDF/Arte, SVT, DR, NRK, TSR and several other broadcasters aired in March to great critical acclaim. It won the Banff Festival Rockie award and has since been nominated in the category of best current affairs at the International Emmy Awards on September 28(th) .

Norma Percy's latest series Trump takes on the World, a three-part series for the BBC, ARTE France and other international broadcasters, aired in January 2021. Following its success the next Norma Percy projects are in advanced development.

9/11 - Life Under Attack which, in addition to funding from ITV, secured significant investment from the History Channel US and France 3, aired in the UK on 7(th) September to mark the 20(th) anniversary of the Twin Towers attack. This commission further demonstrates that Brook Lapping is regarded by ITV as a go-to destination for its landmark documentaries.

Films of Record - access and observational documentaries

BBC ONE aired Ian Wright's Home Truths, a documentary exploring domestic abuse, in March 2021. This documentary attracted unprecedentedly high levels of press and discussion across print, radio, television and online, and is another world class piece of reputational television from Zinc Media Group.

Supercollider - live action television for brands and broadcasters

Supercollider is the Group's most recent television label, led by award winning director Mike Christie. Mike's work spans specialist factual, live event television, sport and music. Supercollider is a genre-blending label, which brings Zinc TV's premium factual reputation together with Zinc Communicate's brand and media owner relationships. Its first commission Pinball, with YouTube star Pasha for Red Bull, had its worldwide launch on September 14(th) . Supercollider is already in production on its second live action programme for another new brand. It is also in advanced discussion about a feature documentary with a significant US film director.

Zinc Communicate: CSR, Publishing, Video Marketing and Branded Content

Zinc Communicate has continued to evolve successfully in H1 2021. It is now operating as one single entity under one new Managing Director who was appointed in the reporting period. This business division produces televisual and digital publishing content for brands, partners, trade associations, rights holders and media owners.

Zinc Communicate - Publishing

The publishing business is the heritage division within the new Zinc Communicate. It has performed steadily throughout the Covid pandemic. Revenues in H1 2021 were subdued due to the Covid lockdown, with the publication of some productions being delayed into H2 2021. The biggest challenge to this business is the recruitment and retention of high performing telesales people, and in line with other sectors of the UK economy and TV production, recruitment is challenging as the economy emerges from the Covid-19 pandemic. This division continues to work successfully with the Royal Institute of British Architects (RIBA) under a contract which was renewed in 2020 and runs until 2023.

Zinc Communicate - Video Marketing

This is a new venture launched in 2020. It produces B2B video marketing and communication for partners and associations. The Group forecast to work with 7 partners for 2021, and 6 are now contracted for this financial year. Sales were slower than anticipated in H1 2021 but the run rate of sales has doubled so far in H2.

Zinc Communicate - Branded content

The branded content business won its first advertiser funded commission in H1 2021. This is a breakthrough moment for this new division and demonstrates the benefit of harnessing the cross-selling opportunities within the Group. The opportunity was sourced by Zinc Communicate, developed and created in Tern TV and jointly pitched by both divisions. It will be produced by Tern TV in Glasgow. This division is picking up new business in the area of commercial podcasts and has produced a series titled Going Viral: Vax and the Facts for the Wellcome Trust, a new series titled Lawrence Dallaglio's Lions Podcast with London Pride in partnership with The Evening Standard. This successful push into podcasting comes on the back of the Group's first commission from Amazon Audible in H1 and builds on the heritage radio businesses within the Group.

Mark Browning, Chief Executive Officer

CFO'S REPORT

INCOME STATEMENT

Group revenues in the reporting period were GBP7.0m (H1 2020: GBP7.1m). An additional GBP1.4m of revenue, which was due to be delivered in H1 2021, was delayed due to the Covid-19 lockdown but is expected to be delivered in H2 2021. Programmes that relied on access suffered the biggest delays as individuals and/or institutions were reluctant to allow production until the vaccine programme was suitably advanced. These programmes included Emergency Helicopter Medics for Channel 4 and Critical Incident for BBC1, which involve access to the emergency services and to confined spaces with vulnerable people.

As a result of launching new businesses within Zinc Communicate, revenue has grown by 161% to GBP0.9m (H1 2020: GBP0.4m) within this division, representing 13% of Group revenues in H1 2021 (H1 2020: 5%).

Tern TV continued to perform well, booking GBP2.8m of revenue (H1 2020: GBP2.6m). Its resilient performance is rooted in well established relationships within the BBC network, BBC Scotland, Channel 4 and More 4, and in long running returning series.

London and Manchester's television labels generated GBP3.3m (H1 2020: GBP4.2m) of revenue but were hit harder by the pandemic than other parts of the Group due to their dependence on more expensive programmes, which commissioners found challenging to obtain budget approval for as a result of reduced advertising revenues during lockdown. The new labels Red Sauce and Supercollider are gaining traction in the market, and revenue from new commissions will be recognised in future periods.

During the period, the Group's aggregate gross margin reduced by 0.8% from 34.4% in H1 2020 to 33.6% in H1 2021. This was predominantly due to a reduction in high margin distribution revenues related to programmes produced in prior periods, which fluctuate from one period to another. It is demonstrable that across the 18 month period to December 2020 the aggregate gross margin was 30.1% and this has increased by 3.5% during the six months to June 2021.

Operating costs rose by GBP0.5m compared to H1 2020 due to non-recurring cost reductions which were realised as a result of the first Covid-19 lockdown, through the furlough scheme and salary reductions .

The Group's adjusted EBITDA (being earnings before interest, tax, depreciation, amortisation, share based payment charges, loss on disposal of fixed assets and exceptional items) from continuing operations for H1 2021 was a loss of GBP1.1m (H1 2020: loss of GBP0.5m) due to the impact of Covid-19 on revenues.

Dividend

No dividend is proposed. The Board considers the Group's investment plans, financial position and business performance in determining when to pay a dividend.

STATEMENT OF FINANCIAL POSITION

Asset s

Total assets of the Group have decreased by GBP2.6m in the six month period ended 30 June 2021. This is mainly due to cash reducing by GBP1.3m to GBP5.5m resulting from GBP1.1m of operating outflows driven by the four month Covid-19 lockdown between January and April 2021.

During the period working capital remained flat as cash was managed tightly. The reduction in trade and other payables offset the reduction in trade and other receivables as production activity was lower in May/June than November/December.

Equity and Liabilities

The GBP2.6m reduction in equity and liabilities results from the loss for the period of GBP2.0m and a GBP0.8m reduction in trade and other payables.

The Group had an outstanding balance on long-term debt of GBP3.4m as at 30 June 2021 which has remained the same as the beginning of the period, held by two of the Company's shareholders and with no financial covenants relating to the debt.

Uncertainties due to Covid-19

The biggest potential risk to the Group remains the impact of Covid-19 on the commissioning and production of TV programmes, which is largely dependent on the extent and duration of social distancing measures and the impact on the advertising market and wider economy. The Group is able to produce programmes in a Covid-safe way, albeit some programmes are dependent on events taking place, organisations granting access to production crews and people congregating for filming. In recent months the Group has been able to film the majority of what it has expected to and has significant positive momentum on a number of potential commissions that gives it confidence for the remainder of 2021 and for 2022.

The Group's cash balance and forecasts continue to be monitored and managed carefully. At 30 June 2021 the Group had GBP5.5m of cash and since this date has remained at least GBP5.2m. Along with a GBP0.6m overdraft facility, the Board believes there is sufficient working capital to realise the growth ambitions of the Group.

Will Sawyer

Chief Financial Officer

 
 Zinc Media Group plc consolidated income statement 
 For the six months ended 30 June 2021 
                                                  Unaudited   Unaudited       Audited 
                                                              Half Year     18 Months 
                                               Half Year to          to            to 
                                                    30 June     30 June   31 December 
                                                       2021        2020          2020 
                                        Note        GBP'000     GBP'000       GBP'000 
-------------------------------------  -----  -------------  ----------  ------------ 
 
 Continuing operations 
 Revenue                                 3            6,975       7,144        30,552 
 Cost of sales                                      (4,628)     (4,687)      (21,359) 
-------------------------------------  -----  -------------  ----------  ------------ 
 Gross Profit                                         2,347       2,457         9,193 
 Operating expenses                                 (3,444)     (2,969)       (9,986) 
 Adjusted EBITDA                                    (1,097)       (512)         (793) 
 Depreciation & amortisation                          (727)       (743)       (2,246) 
 Share based payment (charge)/credit                   (40)          17          (22) 
 Profit/(loss) on disposal 
  of tangible assets                                      1        (43)          (22) 
 Exceptional items                       4             (85)       (266)         (589) 
 Operating loss                                     (1,948)     (1,547)       (3,672) 
 Finance costs                                        (121)       (170)         (460) 
 Finance income                                           -           -             2 
-------------------------------------  -----  -------------  ----------  ------------ 
 Loss before tax                                    (2,069)     (1,717)       (4,130) 
 Taxation credit/(charge)                                61          50         (157) 
 Loss for the period from 
  continuing operations                             (2,008)     (1,667)       (4,287) 
 Loss from discontinued operations       5                -       (419)         (624) 
-------------------------------------  -----  -------------  ----------  ------------ 
 Loss for the period                                (2,008)     (2,086)       (4,911) 
 Attributable to: 
 Equity holders                                     (2,016)     (2,086)       (4,944) 
 Non-controlling interest                                 8           -            33 
 Retained loss for the period                       (2,008)     (2,086)       (4,911) 
-------------------------------------  -----  -------------  ----------  ------------ 
 
 Earnings per share 
 From continuing operations: 
 Basic Loss per Share                    6         (12.61)p    (24.80)p      (66.38)p 
 Diluted Loss per Share                  6         (12.61)p    (24.80)p      (66.38)p 
-------------------------------------  -----  -------------  ----------  ------------ 
 
 
 
 Zinc Media Group plc consolidated statement of financial position 
 As at 30 June 2021 
 
 
                                                  Unaudited     Unaudited        Audited 
                                                    30 June       30 June    31 December 
                                                       2021          2020           2020 
                                         Note       GBP'000       GBP'000        GBP'000 
-------------------------------------  ------  ------------  ------------  ------------- 
 Assets 
 Non-current 
 Goodwill and intangible 
  assets                                    7         4,153         4,726          4,505 
 Property, plant and equipment              8           842         1,000            934 
 Right-of-use assets                       10         1,269         1,512          1,277 
                                                      6,264         7,238          6,716 
-------------------------------------  ------  ------------  ------------  ------------- 
 Current assets 
 Inventories                                            154           308            184 
 Trade and other receivables                9         3,505         4,767          4,279 
 Cash and cash equivalents                            5,460         3,379          6,805 
                                                      9,119         8,454         11,268 
-------------------------------------  ------  ------------  ------------  ------------- 
 Total assets                                        15,383        15,692         17,984 
-------------------------------------  ------  ------------  ------------  ------------- 
 Equity and liabilities 
 Shareholders' equity 
 Called up share capital                   12            20         5,941             20 
 Share premium account                                4,785        34,824          4,654 
 Merger reserve                                          27           940             27 
 Share Based payment reserve                            195            95            155 
 Retained earnings                                    (858)      (38,697)          1,158 
-------------------------------------  ------  ------------  ------------  ------------- 
 Total equity attributable 
  to equity holders of the 
  parent                                              4,169         3,103          6,014 
 Non-controlling interests                               18            18             12 
-------------------------------------  ------  ------------  ------------  ------------- 
 Total Equity                                         4,187         3,121          6,026 
 Liabilities 
 Non-current 
 Borrowings                                           3,433         3,693          3,426 
 Deferred tax                                           218             7            277 
 Provisions                                             101            75             75 
 Lease liabilities                         10           931         1,260          1,066 
                                                      4,683         5,035          4,844 
-------------------------------------  ------  ------------  ------------  ------------- 
 Current liabilities 
 Trade and other payables                  11         5,987         6,382          6,771 
 Contingent consideration                                 -           865              - 
 Current tax liabilities                                 10             3              6 
 Lease liabilities                         10           516           286            337 
                                                      6,513         7,536          7,114 
-------------------------------------  ------  ------------  ------------  ------------- 
 Total equity and liabilities                        15,383        15,692         17,984 
-------------------------------------  ------  ------------  ------------  ------------- 
 
 
 
 
   Zinc Media Group plc consolidated statement of cash flows 
 For the six months ended 30 June 2021 
 
                                                                   Unaudited      Unaudited        Audited 
                                                                Half year to   Half year to   18 Months to 
                                                                     30 June        30 June    31 December 
                                                                        2021           2020           2020 
                                                                     GBP'000        GBP'000        GBP'000 
---------------------------------------------------------  -----------------  -------------  ------------- 
 Cash flows from operating activities 
 Loss for the period before tax                                      (2,069)        (2,146)        (4,754) 
 Adjustments for: 
 Depreciation                                                            375            448          1,278 
 Amortisation and impairment of intangibles                              352            356          1,039 
 Finance costs                                                           121            133            460 
 Finance income                                                            -              -            (2) 
 Share based payment charge                                               40           (17)             22 
 (Gain)/loss on measurement of deferred contingent 
  consideration                                                            -           (13)             41 
 Contingent consideration deemed remuneration                              -             59            160 
 (Gain)/Loss on disposal of tangible assets                              (1)             43             22 
 Issue of ordinary share capital in lieu of director fees                131              -              - 
---------------------------------------------------------  -----------------  -------------  ------------- 
                                                                     (1,051)        (1,137)        (1,734) 
 Decrease/(increase) in inventories                                       30           (93)             52 
 Decrease/(increase) in trade and other receivables                      774          1,634          2,579 
 (Decrease)/increase in trade and other payables                       (784)        (1,355)        (1,565) 
---------------------------------------------------------  -----------------  -------------  ------------- 
 Cash (used in)/generated from operations                            (1,031)          (951)          (668) 
 Finance costs paid                                                        -           (27)           (69) 
 Interest on leases                                                     (33)              -           (89) 
 Finance income                                                            -              -              2 
 Net cash flows (used in)/generated from operating 
  activities                                                         (1,064)          (978)          (824) 
---------------------------------------------------------  -----------------  -------------  ------------- 
 Investing activities 
 Payment of contingent consideration                                       -              -          (750) 
 Purchase of property, plant and equipment                              (42)          (848)          (988) 
 Purchase of intangible assets                                             -                         (108) 
 Net cash flows used in investing activities                            (42)          (848)        (1,846) 
---------------------------------------------------------  -----------------  -------------  ------------- 
 Financing activities 
 Issue of ordinary share capital (net of issue costs)                      -          3,272          7,094 
 Borrowings repaid                                                      (83)          (162)          (172) 
 Capital element of finance lease payments                             (160)          (277)          (698) 
 Net cash flows generated from/(used in) financing 
  activities                                                           (243)          2,833          6,224 
---------------------------------------------------------  -----------------  -------------  ------------- 
 Net (decrease)/increase in cash and cash equivalents                (1,349)          1,007          3,554 
 Translation differences                                                   4           (10)             38 
 Cash and cash equivalents at beginning of period                      6,805          2,382          3,213 
 Cash and cash equivalents at end of period                            5,460          3,379          6,805 
---------------------------------------------------------  -----------------  -------------  ------------- 
 
 
 
 Zinc Media Group plc consolidated statement of changes in equity 
 For the six months ended 30 June 2021 
----------------------------------------------------------------------------------------------------------------------------- 
 
                                                                                    Total equity 
                                         Share                                      attributable 
                                         based                                        to equity 
                    Share     Share     payment   Merger    Preference   Retained    holders of     Non-controlling    Total 
                   capital   premium    reserve   reserve     shares     earnings    the parent        interest       equity 
                   GBP'000   GBP'000    GBP'000   GBP'000    GBP'000     GBP'000       GBP'000          GBP'000       GBP'000 
 Balance at 1 
  July 2019         5,928     30,509      133       875        839       (35,625)       2,659              8           2,667 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Total 
  comprehensive 
  income for the 
  year                   -          -      -         -          -        (4,944)       (4,944)            33          (4,911) 
 Equity-settled 
  share-based 
  payments               -          -     22         -          -           -            22                -            22 
 Shares issued 
  in placing            13      7,487      -         -          -           -           7,500              -           7,500 
 Consideration 
  paid in shares         1        489      -        65          -           60           615                            615 
 Share issue in 
  lieu of fees           -         48      -                                             48                             48 
 Shares issued 
  in debt 
  conversion             1        427      -         -          -           -            428               -            428 
 Conversion of 
  preference 
  shares                 8        923   -         -         (839)        -                92        -                 92 
 Expenses of 
  issue of 
  shares                 -      (406)      -         -          -           -           (406)              -           (406) 
 Capital 
  reduction        (5,931)   (34,823)      -       (913)        -         41,667          -                -             - 
 Dividends paid          -          -      -         -          -           -             -              (29)          (29) 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Total 
  transactions 
  with owners of 
  the Company      (5,908)   (25,855)     22       (848)      (839)       36,783        3,355              4           3,359 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Balance at 31 
  December 2020         20      4,654     155       27          -         1,158         6,014             12           6,026 
 
 Balance at 1 
  January 2020      5,928     30,598      112       940        767       (36,611)       1,734             18           1,752 
 Total 
  comprehensive 
  income for the 
  year                -         -          -         -          -        (2,086)       (2,086)             -          (2,086) 
 Equity-settled 
  share-based 
  payments            -         -        (17)        -          -           -           (17)               -           (17) 
 Shares issued 
  in placing          5       3,267        -         -          -           -           3,272              -           3,272 
 Conversion of 
  preference 
  shares              8        852         -         -        (767)         -            93                -            93 
 Shares issued 
  in debt 
  conversion       -         77                                            -            77          -                 77 
 Directors' 
  remuneration 
  paid in shares      -         30         -         -          -           -            30                -            30 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Total 
  transactions 
  with owners of 
  the Company        13       4,226      (17)        -        (767)      (2,086)        1,369              -           1,369 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Balance at 30 
  June 2020         5,941     34,824      95        940         -        (38,697)       3,103             18           3,121 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 
 
                                                                                     Total equity 
                                         Share                                       attributable 
                                         based                                        to equity 
                    Share     Share     payment   Merger    Preference   Retained     holders of    Non-controlling    Total 
                   capital   premium    reserve   reserve     shares     earnings     the parent       interest       equity 
                   GBP'000   GBP'000    GBP'000   GBP'000    GBP'000     GBP'000       GBP'000          GBP'000       GBP'000 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Balance at 1 
  January 2021       20       4,654       155       27          -         1,158         6,014             12           6,026 
 Total 
  comprehensive 
  income for the 
  year                -         -          -         -          -        (2,016)       (2,016)             8          (2,008) 
 Equity-settled 
  share-based 
  payments            -         -         40         -          -           -            40                -            40 
 Directors' 
  remuneration 
  paid in shares      0        131         -         -          -           -            131               -            131 
 Dividends paid       -         -          -         -          -           -             -               (2)           (2) 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Total 
  transactions 
  with owners of 
  the Company         0        131        40         -          -        (2,016)       (1,845)             6          (1,839) 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 Balance at 30 
  June 2021          20       4,785       195       27          -         (858)         4,169             18           4,187 
----------------  --------  ---------  --------  --------  -----------  ---------  --------------  ----------------  -------- 
 
 

Notes to the consolidated financial statements

   1)   GENERAL INFORMATION 

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.

   2)   BASIS OF PREPARATION 

The interim results for the six months ended 30 June 2021 have been prepared on the basis of the accounting policies expected to be used in the 2021 Zinc Media Group plc Annual Report and Accounts and in accordance with the recognition and measurement requirements of UK adopted International Accounting Standards (IAS) but does not include all the disclosures that would be required under IAS and should be read in conjunction with the accounts for the 18 month period ended 31 December 2020.

The same accounting policies, presentation and methods of computation are followed in these interim condensed set of financial statements as have been applied in the Group's latest annual audited financial statements.

The interim results, which were approved by the Directors on 24 September 2021, are unaudited. The interim results do not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006.

Comparative figures for the 18 months ended 31 December 2020 have been extracted from the statutory accounts for the Group for that period, which carried an unqualified audit report, did not include a reference to any matters to which the auditor drew attention by way of emphasis of matter, did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and have been delivered to the Registrar of Companies.

   3)   SEGMENTAL INFORMATION 

The operations of the group are managed in two principal business divisions: Zinc TV and Zinc Communicate. These divisions are the basis upon which the management reports its primary segmental information. The activities undertaken by the TV segment include the production of television. The Zinc Communicate unit includes publishing, radio and content production. Items included under 'Central and Plc' do not constitute an operating segment and relate mainly to Group activities based in the United Kingdom. Central and plc costs relate to Directors, support functions and costs resulting from being listed.

 
                                                             Unaudited      Unaudited        Audited 
                                                          Half Year to   Half Year to   18 Months to 
                                                           30 Jun 2021    30 Jun 2020    31 Dec 2020 
 Revenues by Business Division (continuing operations)       GBP'000's      GBP'000's      GBP'000's 
-------------------------------------------------------  -------------  -------------  ------------- 
 Zinc TV                                                         6,054          6,791         27,790 
 Zinc Communicate                                                  921            353          2,759 
 Central and Plc                                                     -              -              3 
-------------------------------------------------------  -------------  -------------  ------------- 
 Total                                                           6,975          7,144         30,552 
-------------------------------------------------------  -------------  -------------  ------------- 
 
   4)   EXCEPTIONAL ITEMS 

Exceptional items are presented separately as, due to their nature or the infrequency of the events giving rise to them, this allows shareholders to understand better the elements of financial performance for the period, to facilitate comparison with prior periods and to assess better the trends of financial performance.

 
                                                                               Unaudited      Unaudited        Audited 
                                                                            Half Year to   Half Year to   18 Months to 
                                                                             30 Jun 2021    30 Jun 2020    31 Dec 2020 
                                                                               GBP'000's      GBP'000's      GBP'000's 
-------------------------------------------------------------------------  -------------  -------------  ------------- 
 Change in fair value of contingent consideration in respect of Tern 
  Television                                                                           -             13           (41) 
 Reorganisation and restructuring costs                                             (85)          (220)          (388) 
 Contingent consideration treated as remuneration                                      -           (59)          (160) 
 Total                                                                              (85)          (266)          (589) 
-------------------------------------------------------------------------  -------------  -------------  ------------- 
 
   5)   DISCONTINUED OPERATIONS 

The CSR division has had a negative impact on the Group's overall profitability since the loss of the TFL sponsorship contract for The Children's Traffic Club in 2019. Following a strategic and market review of the highly specialised niche market of CSR and STEM education the Group decided to withdraw from this market in early 2020 and wind down all the loss-making contracts in the CSR business.

 
                                          Unaudited     Unaudited       Audited 
                                                        Half Year     18 Months 
                                       Half Year to            to            to 
                                        30 Jun 2021   30 Jun 2020   31 Dec 2020 
                                          GBP'000's     GBP'000's     GBP'000's 
-----------------------------------  --------------  ------------  ------------ 
 Revenue                                          -           160           628 
 Expenses                                         -         (424)       (1,061) 
-----------------------------------  --------------  ------------  ------------ 
 Adjusted EBITDA loss                             -         (264)         (433) 
 Exceptional items                                -         (104)         (119) 
 Amortisation and depreciation                    -          (61)          (72) 
 Loss before tax from discontinued 
  operations                                      -         (429)         (624) 
-----------------------------------  --------------  ------------  ------------ 
 Income tax                                       -            10             - 
-----------------------------------  --------------  ------------  ------------ 
 Loss after tax from discontinued 
  operations                                      -         (419)         (624) 
-----------------------------------  --------------  ------------  ------------ 
 

The CSR business was closed in the 18 month period to December 2020 and the associated close down costs were disclosed as exceptional items in that period.

   6)   EARNINGS PER SHARE 

Basic loss per share (EPS) for the period equals the loss after tax from continuing operations attributable to the Company's ordinary shareholders divided by the weighted average number of issued ordinary shares.

When the Group makes a profit from continuing operations, diluted EPS equals the profit attributable to the Company's ordinary shareholders divided by the diluted weighted average number of issued ordinary shares. When the Group makes a loss from continuing operations, diluted EPS equals the loss attributable to the Company's ordinary shareholders divided by the basic (undiluted) weighted average number of issued ordinary shares. This ensures that EPS on losses is shown in full and not diluted by unexercised share options or awards.

 
                                                            Unaudited      Unaudited        Audited 
                                                         Half Year to   Half Year to   18 Months to 
                                                          30 Jun 2021    30 Jun 2020    31 Dec 2020 
                                                              GBP'000        GBP'000        GBP'000 
------------------------------------------------------  -------------  -------------  ------------- 
 Weighted average number of shares used 
  in basic and diluted earnings per share calculation      15,989,252      6,721,224      6,507,620 
 Potentially dilutive effect of share options                 788,342        193,559        416,485 
------------------------------------------------------  -------------  -------------  ------------- 
 
 
  Continuing operations 
------------------------  -------------------- 
 Basic Loss per Share      (12.61)p   (24.80)p   (66.38)p 
 Diluted Loss per Share    (12.61)p   (24.80)p   (66.38)p 
------------------------  ---------  ---------  --------- 
 
 
   7)   GOODWILL AND INTANGIBLE ASSETS 
 
                                                Customer              Distribution 
                      Goodwill   Brands    Relationships   Software      Catalogue    Total 
                        GBP000   GBP000           GBP000     GBP000         GBP000   GBP000 
 -----------------------------  -------  ---------------  ---------  -------------  ------- 
 Net Book Value 
 At 30 June 2021         3,055      161              743         77            117    4,153 
----------------------  ------  -------  ---------------  ---------  -------------  ------- 
 At 30 June 2020         3,055      257            1,207          -            207    4,726 
 At 31 December 2020     3,055      209              975        104            162    4,505 
----------------------  ------  -------  ---------------  ---------  -------------  ------- 
 
 
   8)   PROPERTY, PLANT AND EQUIPMENT 
 
                           Land and buildings   Office and computer equipment      Total 
                                     GBP000's                        GBP000's   GBP000's 
------------------------  -------------------  ------------------------------  --------- 
 Net book value 
------------------------  -------------------  ------------------------------  --------- 
 As at 30 June 2021                       274                             568        842 
------------------------  -------------------  ------------------------------  --------- 
 As at 30 June 2020                       788                             212      1,000 
 As at 31 December 2020                   306                             628        934 
------------------------  -------------------  ------------------------------  --------- 
 
   9)   TRADE AND OTHER RECEIVABLES 
 
                                    Unaudited     Unaudited       Audited 
                                  30 Jun 2021   30 Jun 2020   31 Dec 2020 
                                      GBP'000       GBP'000       GBP'000 
-------------------------------  ------------  ------------  ------------ 
 Current 
 Trade receivables                      2,507         3,187         2,628 
 Less provision for impairment          (487)         (134)         (468) 
-------------------------------  ------------  ------------  ------------ 
 Net trade receivables                  2,020         3,053         2,160 
 Other receivables                          -           328             - 
 Prepayments                              497           400           364 
 Accrued income                           988           986         1,755 
 Total                                  3,505         4,767         4,279 
-------------------------------  ------------  ------------  ------------ 
 

The carrying amount of trade and other receivables approximates to their fair value. The creation and release of provision for impaired receivables have been included in administration expenses in the income statement.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset above. The Group does not hold any collateral as security for trade receivables. The Group is not subject to any significant concentrations of credit risk.

10) LEASES AND RIGHT OF USE ASSETS

The Group has leases for office space and equipment. With the exception of some short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-us asset and a lease liability. The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on balance sheet:

 
                                 No. of right-of-use assets       Range of remaining term      Average remaining lease 
                                                     leased                       (years)                 term (years) 
 Short leasehold land and 
  buildings                                               5                       <1 to 5                          2.5 
 Office and computer 
  equipment                                               7                       <1 to 2                          1.6 
-----------------------------  ----------------------------  ----------------------------  --------------------------- 
 

Right-of-use assets

Additional information on the right-of-use assets by class of assets is as follows:

 
                                   Short leasehold land and buildings   Office and computer equipment     Total 
                                                              GBP'000                         GBP'000   GBP'000 
 Balance as at 30 June 2020                                     1,254                             258     1,512 
 Depreciation                                                   (181)                            (54)     (235) 
--------------------------------  -----------------------------------  ------------------------------  -------- 
 Balance as at 31 December 2020                                 1,073                             204     1,277 
 Additions                                                        204                               -       204 
 Depreciation                                                   (166)                            (46)     (212) 
--------------------------------  -----------------------------------  ------------------------------  -------- 
 Balance as at 30 June 2021                                     1,111                             158     1,269 
 

The right-of-use assets are included in the same line item as where the corresponding underlying assets would be presented if they were owned, which is property, plant & equipment.

Lease liabilities

Lease liabilities are presented in the statement of financial position as follows:

 
                  Unaudited     Unaudited       Audited 
                30 Jun 2021   30 Jun 2020   31 Dec 2020 
                   GBP000's      GBP000's       GBP'000 
-------------  ------------  ------------  ------------ 
 Current                516           286           337 
 Non-current            931         1,260         1,066 
                      1,447         1,546         1,403 
-------------  ------------  ------------  ------------ 
 

Additional information on the lease liabilities are as follows:

 
                                   Short leasehold land and buildings   Office and computer equipment     Total 
                                                              GBP'000                         GBP'000   GBP'000 
--------------------------------  -----------------------------------  ------------------------------  -------- 
 Balance as at 30 June 2020                                     1,282                             264     1,546 
 Interest expense                                                  25                               9        34 
 Lease payments                                                 (116)                            (61)     (177) 
--------------------------------  -----------------------------------  ------------------------------  -------- 
 Balance as at 31 December 2020                                 1,191                             212     1,403 
 Additions                                                        204                               -       204 
 Interest expense                                                  23                              10        33 
 Lease payments                                                 (138)                            (55)     (193) 
 Balance as at 30 June 2021                                     1,280                             167     1,447 
--------------------------------  -----------------------------------  ------------------------------  -------- 
 

11) TRADE AND OTHER PAYABLES

 
                                      Unaudited     Unaudited       Audited 
                                    30 Jun 2021   30 Jun 2020   31 Dec 2020 
                                        GBP'000       GBP'000       GBP'000 
---------------------------------  ------------  ------------  ------------ 
 Current 
 Trade payables                             945           517           568 
 Other payables                             657            66            58 
 Other taxes and social security            296           766           985 
 Accruals                                 2,989         3,149         3,885 
 Contract liabilities                     1,100         1,884         1,275 
 Total                                    5,987         6,382         6,771 
---------------------------------  ------------  ------------  ------------ 
 

The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The Group's payables are unsecured.

12) SHARE CAPITAL

 
                      Unaudited Half Year             Unaudited Half Year               Audited 18 Months 
                          to 30 Jun 21                    to 30 Jun 20                    To 31 Dec 2020 
                                         Share                            Share                            Share 
                      Number of        Capital         Number of        Capital         Number of        Capital 
                         Shares        GBP'000            Shares        GBP'000            Shares        GBP'000 
 Ordinary 
 Shares 
 At start of 
  period             15,963,039             20     1,489,573,609            3.7     1,419,113,435          5,928 
 Shares issued          237,880              0         4,963,768            6.2        83,444,066        (5,908) 
 Share 
  consolidation 
  (1 for 500)                 -              -   (1,486,594,462)              -   (1,486,594,462) 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 At end of 
  period             16,200,919             20         7,942,915            9.9        15,963,039             20 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 Deferred 
 Shares 
 At start of 
  period                      -              -       276,666,012          5,506       276,666,012          5,506 
 Deferred 
  shares 
  arising on 
  preference 
  share 
  conversion                  -              -           332,049            6.6                 -              - 
 Capital 
  reduction                   -              -                 -              -     (276,666,012)        (5,506) 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 At end of 
  period                      -              -       276,998,061          5,513                 -              - 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 D Deferred 
 Shares 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 At start of 
  period                      -              -       419,397,339            418       419,397,339            418 
 Capital 
  reduction                   -              -                 -              -     (419,397,339)          (418) 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 At end of 
  period                      -              -       419,397,339            418                 -              - 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 
 Total called 
  up share 
  capital            16,200,919             20       704,338,315          5,941        15,963,039             20 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 Preference 
 shares 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 At start of 
  period                      -              -           767,354            767           767,354            767 
 Conversion of 
  preference 
  shares to 
  ordinary 
  shares                      -              -         (767,354)          (767)         (767,354)          (767) 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 At end of                    -              -                 -              -                 -              - 
  period 
---------------  --------------  -------------  ----------------  -------------  ----------------  ------------- 
 
 

12) SHARE CAPITAL CONTINUED

Issue of shares

On the 11 June 2021 the Group issued a total of 237,880 new ordinary shares to Directors in lieu of payment of director fees, of which 44,809 shares were issued at a price of 66.95p per share and 193,071 shares at a price of 52.5p per share.

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END

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