TIDMATC
RNS Number : 2586B
All Things Considered Group PLC
30 September 2022
30 September 2022
All Things Considered Group Plc
("ATC", the "Company" or the "Group")
Interim Results for the half year ended 30 June 2022
All Things Considered Group Plc (AQSE: ATC), the independent
music company housing talent management, live booking,
livestreaming and talent services, announces its unaudited interim
results for the half year ended 30 June 2022 ("H1 2022").
Financial highlights:
-- Group consolidated revenue increased 19% to GBP6.0m (H1 2021: GBP5.0m)
-- Gross profit increased to GBP2.6m (H1 2021: loss of GBP0.9m)
-- Loss after tax of GBP0.18m (H1 2021: loss of GBP2.55m)
-- Operational cash generated of GBP3.0m (H1 2021: cash absorbed of GBP1.7m)
-- The Group retains a sufficiently healthy net cash position (after current debt) of GBP3.0 million. The net cash
position (after current and long-term debt) as at 30 June 2022 was GBP1.5m (H1 2021: debt of GBP1.8m) as a result
of the IPO in December 2021, allowing the Group to further grow the Live and Management businesses and to pursue
the Group's acquisition plans
Operational highlights:
-- Good progress with both our artists and the recruitment of new artist managers joining the ATC Group
-- ATC Live has emerged from lockdown in a strong position and expects to deliver over 6,000 shows in 2022 for its
clients
-- New client gains across our substantial artist representation businesses in Management and Live Agency which now
manage more than 70 and 400 clients respectively
-- Established "Company X" in the USA, a new joint venture brand agency with Arrival Artists, servicing our
collective client base and third parties
Post period and current trading:
-- Announced substantial developments for our livestreaming business Driift, including the acquisition of technology
and commerce platform Dreamstage, concurrent with GBP4m additional investment from Deezer into Driift to maintain
its market leading position
-- Established ATC Experience as a new division to capitalise upon the changing commercial and creative models
developing globally across the live entertainment sector
-- Strengthened the management team with the addition of Despina Tsatsas, an experienced theatre producer and
creative leader, who will head up ATC Experience
-- Excluding Driift, we expect the remaining Group businesses in aggregate to show growth in 2022 in line with, or
slightly ahead of, expectations
-- Taking a prudent view for the 2022 financial outlook for, and additional investment in, Driift (as also enlarged
by the transaction announced today), the livestreaming division is expected to report a loss this year. As Driift
is currently a significant contributor to the Group's consolidated results, the Group now expects to show a small
overall loss for the 2022 financial year
Adam Driscoll, Chief Executive Officer of ATC Group plc,
commented : "These results, covering the first six months of the
year demonstrate the resilience of our business model and market
relevance of our full-service artist offering aligned to a rapidly
changing music industry. We are pleased with the overall progress
achieved in the first half of the year, both in terms of financial
performance and operational developments, with many lead indicators
performing as expected."
"As we enter the second half, the pipeline of opportunities is
encouraging across the business divisions. Driift continues to
cement its leading position within the fast-evolving livestreaming
sector and we are delighted to continue to attract investment to
scale that business. The opportunity ahead is significant as
artists increasingly look to partner with creative agencies aligned
to their interest, and we believe we have the right model, focus
and platform to achieve significant growth"
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014.
For more information, please contact:
ATC Group plc Via Alma PR
Adam Driscoll, CEO
Rameses Villanueva, CFO
Canaccord Genuity +44(0)20 7523 8000
Aquis Corporate Adviser and Broker
Adam James / Patrick Dolaghan
Alma PR +44(0)20 3405 0205
Financial PR
Hilary Buchanan/ Lily Soares Smith
Notes to Editors
ATC Group is a prominent independent music company offering live
rights, live agency, production, artist management and investment
and a range of other music artist services. ATC Group is the only
independently owned company in the industry housing talent
management, live booking, livestreaming and talent services within
the same group.
The Company has an established, long-standing client base with
over 70 artists on its management roster and over 400 acts on the
live roster. One of its livestreaming offerings, Driift, has
delivered shows with Niall Horan, Andrea Bocelli, Kylie, Johnny
Marr, The Smile and others, selling over 600,000 tickets across 190
countries since being established in June 2020.
The Group's six key divisions, grouped under two segments,
are:
-- Artist management and development
-- ATC Management - artist management
-- ATC Live - live event booking agency for artists
-- ATC Services- Promotional, agency services and technology solutions provider
-- ATC Experience - creator and distributor of artist-led digital and in-person experiences
-- Polyphonic - an artist partnerships venture
-- Live streamed events
-- Driift - a global livestreaming business, and Flymachine, a livestreaming platform
The Group is headquartered in London, with offices in Los
Angeles, New York and Copenhagen and is led by an experienced
management team who have operated across multiple music industry
sectors.
For more information see: www.atcgroupplc.com
Chief Executive's Review
Overview
The interim results to 30 June 2022 represent the first six
months of trading of the Group since being admitted to the Aquis
Growth Market in December 2021. The Board is pleased to deliver a
strong first half of double-digit revenue growth and improved
profitability, demonstrating that the Group's strategy and
positioning within the music industry is robust and delivering in
line with our vision.
Strategy
The Group has the advantages of a resilient and diversified
business model that captures income and value from multiple
verticals within the music industry. This ensures that we can
benefit from the overall growth of the market through cycles,
including the periods of significant disruption as was demonstrated
by our growth through the pandemic,
The Group's model is to provide a fully integrated service
empowering creators and artists to build optimum commercial
structures to generate increased revenues and profits.
Our substantial artist representation businesses in Management
(more than 70 clients) and Live Agency (more than 400 clients),
means that we are in business with the real revenue generators in
the industry - the artists. Building new and exciting opportunities
for artists and developing a more collaborative model enables us to
develop new revenue streams which we can benefit from and is a key
growth driver. We have been delivering upon that ambition in
2022.
Performance Review
Since we last updated on the Group's progress in our annual
report, which was published on 27(th) June, we have continued to be
encouraged by many of our lead indicators.
ATC Live
The live music industry continues to make a sustained come back
after the challenges of the Covid shutdown. At ATC Live we continue
to perform in line with our expectations, notwithstanding the fact
that the first two months of the year were challenged by continuing
Covid disruptions. Despite having experienced a record number of
cancelled or rescheduled dates in the first part of the year, ATC
Live has emerged in a strong position and expects to deliver circa
6,000 shows for its clients in 2022. This augurs well for future
periods.
ATC Management
In our management businesses we are seeing good progress with
both our artists and the recruitment of new managers joining the
ATC Group, with overall performance in line with expectations. Nick
Cave and the Bad Seeds have recently completed a hugely successful
tour across multiple territories. The Smile continue to receive
plaudits for their shows and have sold out multiple venues across
North America during Q4 2022. Amaarae is concluding a substantial
new recording deal and Jonny Marr is touring the US with The
Killers. We recently took on the management of globally recognised
artists The Hives and are building exciting plans with them for
2023 and beyond. We have recently announced that they will be the
support act for The Arctic Monkeys on their upcoming stadium tour.
In the US, Cuco and Santigold have just released their latest
albums to critical and commercial acclaim. Newer developing artists
on our roster such as underscores, The Goa Express and Izzi De-Rosa
continue to excite business partners and audiences alike.
Our composer roster within management is showing growth and
success with clients such as Isobel Waller Bridge, Ben Frost and
Brendan Angelides all delivering new projects with a range of
global partners including Apple TV and Netflix.
Over the last three months we have been delighted to welcome Dan
McEvoy, Ben Rafson, Brandon Sánchez and Jordan Alper as new
managers joining the ATC team bringing a selection of exciting
clients with substantial prospects.
Livestreaming and Driift
Livestreaming came to the fore during the Covid shutdown when
the opportunity to sell concert tickets to an 'at home' audience
showed the longer-term growth prospects for this new vertical and
established the format in the minds of artists and viewers alike.
During 2022 Driift has continued to deliver fantastic shows from
the likes of Little Mix, Jack Johnson, Westlife and, in the last
few days, 5 Seconds of Summer from the Royal Albert Hall, with
approximately 25,000 tickets sold for that show.
Third party market forecasters continue to predict that
livestreaming will be a multi-billion dollar segment over the next
3 to 5 years. Driift's market leading position gives it a
substantial opportunity to be the beneficiary of that growth and
the acquisition of Dreamstage and the increased support from
Deezer, as separately announced today, makes that prospect ever
more possible. The acquisition of livestreaming platform Dreamstage
provides Driift a new array of ticketing and technology tools to
create a market leading 'end-to-end' livestreaming business. The
acquisition was delivered alongside a new investment of GBP4m from
Deezer. These combined transactions have substantially strengthened
Driift's position in its sector and are a positive development for
the Group given the wider context of the growing livestreaming
market in which we remain convinced that we can build substantial
value.
The recent investment round was consistent with our current
balance sheet valuation of our Driift equity. As we now hold 32.5%
of the combined Driift and Dreamstage business, we will report it
as an associated undertaking in future, taking our share of its
result into our group income statement.
We are taking a prudent view of Driift results for 2022,
especially given the increased cost base as we are now reporting a
share of the ongoing Dreamstage platform investment. We expect
Driift to deliver a loss in 2022 as the business continues to
invest in shows and infrastructure to secure its leading position
in the market.
Complementary offerings: ATC Experience, ATC Services and
Polyphonic
A key part of our strategy, as noted above, is to develop new
business opportunities for our own clients and for other leading
artists. Having delivered an online experience for Radiohead in
partnership with Epic Games in 2021, we are focussed on building
new audience experiences and entertainment offerings and creating
new revenue streams.
As a result, we have recently established ATC Experience as a
new division to capitalise upon the changing commercial and
creative models developing globally across the live entertainment
sector. This is a new opportunity to drive incremental revenue
growth for the Group via co-commission, co-production, investment
and partnership strategies. ATC Experience will create and
distribute artist-led digital and in-person experiences for global
audiences.
The division is headed by Despina Tsatsas, an experienced
theatre producer and creative leader, who is a great addition to
our management team. Despina was most recently the Executive
Director of the Young Vic and prior to that was the Executive
Producer at Punchdrunk Global.
In the USA we have further developed our relationship with live
agency Arrival Artists by establishing a new joint venture brand
agency, Company X, which will service our collective client base
and third parties. Led by Mara Frankel, who was previously Senior
Creative Director for Brand Partnerships at Atlantic Records, we
are confident that this new service offering will be welcomed by
our clients and will be a new source of profit contribution to the
Group.
Current Trading and FY22 outlook
In aggregate, with the exception of Driift, our Group businesses
have performed in line with expectations in the first half of 2022
and we expect that to continue for the full year.
As noted above, in order to cement its market-leading position,
the business has invested significantly into Driift in the year to
date and following the transactions announced separately today, we
will continue to see increased investment in Driift events and in
its Dreamstage platform. We feel that our investment to date has
been validated by the recent acquisition and new capital injection
and expect this to deliver long term value to shareholders.
However, Driift will report a loss this year which will be a
significant contributor to our Group results and we now expect to
show a small overall loss for the financial year. Excluding Driift,
we expect the remaining Group businesses in aggregate to show
growth in 2022 in line with, or slightly ahead of,
expectations.
The Group retains a sufficiently healthy net cash position
(after current debt ) of GBP3.0 million and net cash position
(after current and long-term debt ) of GBP1.5 million.
Chief Financial Officer's Review
Overview
During the period, despite the presence of COVID related global
lockdowns during the first quarter of 2022, the Group's results
continued to demonstrate resilience.
Revenue
Across the period, the Group's consolidated revenue posted 19%
growth (H1 2022: GBP6.0 m vs H1 2021: GBP5.0m) mainly due to the
following:
-- Artist management and development - The Services division has
earned significant gross commission from its consulting services of
approximately $ 2.2 million (c. GBP1.75 million) while other
divisions have benefited from the uptick in live performances and
management services activities during the second quarter of
2022.
-- Livestreamed events - Driift generated GBP1.85 million in
2022, a 36% decrease over an exceptional comparative period (2021:
GBP3.3 million) due to the one-off revenue stream from
'Glastonbury's Live at Worthy Farm'. In May 2021, Driift delivered
GBP1.7 million in gross revenues by livestreaming the event which
was not replicated in 2022 which contributed to the decline for
H12022. Excluding the revenue generated from Glastonbury in H12021,
revenue in this division increased by 12 % (2022: GBP1.85 million
vs 2021: GBP1.65million) as Driift continued to tap into the
consumer's demand for in-home shows via streaming during this
period.
Administrative expenses
Administrative expenses increased by 53% from GBP2.01 million in
2021 to GBP3.07 million in 2022. The increase is due mainly to the
additional overheads of the artist management and development
businesses/divisions that were acquired in 2021; new hirings in the
live and management businesses which have enabled us to grow the
artist, writer, producer and composer rosters, and group services
which resulted in an increase in salary cost; increase in
professional and consultancy fees related to the post IPO
compliance work and completed and ongoing business deals; and,
travelling expenses due to increased activities in the live and
management businesses in 2022
Conversely, Driift's overheads decreased by 11% or GBP0.05k
(2022: GBP0.42m vs 2021: GBP0.47 m).
Loss Before Tax and Non-controlling interest (NCI)
The loss before tax and non-controlling interest decreased by
90.2% (H1 2022: loss of GBP0.17 million, H12021: loss of GBP2.55
million). The loss was mainly due to losses incurred in Driift in
May 2021 arising from the Glastonbury event which was disrupted by
technical issues caused by a third-party supplier that resulted in
customer refunds and a reduction in ticket sales.
Excluding the net loss of the Glastonbury event, the net loss
before tax and NCI improved by GBP0.41 million in 2022 (H1 2022:
GBP0.172 million vs H1 2021: GBP0.213 million) due mainly to the
significant commission earned by the Services division and the
reversal of losses in the UK management business during the
period.
IPO and net cash/(debt)
The Group's net cash position (after current and long-term debt)
was GBP1.5 million which is a significant improvement over its net
debt position in 2021 of GBP1.82 million. The Group listed on the
Apex segment of the Aquis Growth Market in December 2021 and raised
a total of GBP4.1m, before costs, which improved its cash position
and allowed the Group to further grow the Live and Management
businesses by hiring new agents, and managers. It also provides
additional working capital to further develop Group businesses and
to pursue the Group's acquisition plans.
Financing costs of GBP0.077m (2021: GBP0.045m) was comprised
mainly of interest expenses on loans.
2022 2021
Current
- Cash and cash equivalents 8,398,106 1,864,823
- Funds held on behalf of clients (4,905,279) (600,099)
- Short-term borrowings (334,443) (780,604)
- Right of use liabilities (ST) (142,041) (167,090)
Net cash/(debt) after current debt 3,016,343 317,030
------------ ------------
Long term
- Long term borrowings (1,324,199) (1,823,019)
- Right of use liabilities (LT) (176,957) (318,381)
(1,501,156) (2,141,400)
------------ ------------
Net cash/(debt) 1,515,187 (1,824,370)
============ ============
Earnings per share
Basic and diluted earnings per share for the period was (1.87)
pence per share (H1 2021: (38.12) pence per share)
Going Concern
The accounts have been prepared on a going concern basis. The
Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future, based on projections for at least twelve months from the
date of approval of the interim accounts.
Consolidated statement of
comprehensive
income
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
Notes GBP GBP GBP
Revenue 2 6,015,313 5,037,428 9,143,638
Cost of sales 2 (3,413,243) (5,965,860) (8,297,894)
Gross profit/(loss) 2,602,070 (928,432) 845,744
Other operating income 3 352,402 437,764 1,163,496
Administrative expenses 4 (3,068,380) (2,007,125) (5,390,877)
Provision for amounts owed by -
associates
and joint ventures - - -
Operating loss 2 (113,908) (2,498,127) (3,381,637)
Share of results of associates and
joint ventures 5 18,908 (5,524) 167,568
Finance income 7 5 4,852
Finance costs (77,365) (45,286) (96,968)
Provision against amounts owed by
participating interests - (334) (333)
Adjusted loss before tax (172,358) (2,548,932) (2,689,783)
IPO and related costs - - - (616,735)
--------------------------------------------- ------------------------ ------------ -------------
Loss before taxation (172,358) (2,548,932) (3,306,518)
Income tax expense (6,627) (1,152) (1,256)
Loss for the period (178,985) (2,550,084) (3,307,774)
Other comprehensive income:
Currency translation differences 53,813 2,790 (5,208)
Revaluation gain on unlisted investments 53,638 - 139,061
Total comprehensive income for the period (71,534) (2,547,294) (3,173,921)
Loss for the financial period is attributable
to:
- Owners of the parent company (100,825) (1,645,234) (2,353,468)
- Non-controlling interests (78,160) (904,850) (954,306)
(178,985) (2,550,084) (3,307,774)
Total comprehensive income for the period
is attributable to:
- Owners of the parent company 6,626 (1,642,444) (2,219,615)
- Non-controlling interests (78,160) (904,850) (954,306)
(71,534) (2,547,294) (3,173,921)
Earnings per share
Basic and diluted (In pence) 6 (1.87) (38.12) (34.51)
Consolidated statement of financial position
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
ASSETS
Non-current assets
Goodwill 1,135,403 902,187 1,135,403
Property, plant and equipment 367,268 458,635 398,506
Investments 187,336 165,844 244,604
1,690,007 1,526,666 1,778,513
Current assets
Trade receivables and other
current
assets 2,569,897 2,744,123 2,558,201
Cash and cash equivalents 8,398,106 1,864,824 5,532,272
sni
10,968,003 4,608,947 8,090,473
Total assets 12,658,010 6,135,613 9,868,986
EQUITY
Called up share capital 95,840 34,358 95,840
Share premium account 3,983,970 2,917,969 3,983,970
Merger reserve 2,883,611 - 2,883,611
Currency translation reserve 44,063 11,557 (9,750)
Retained earnings (4,933,832) (5,303,784) (4,898,864)
Equity attributable to the
shareholders
of the parent company 2,073,652 (2,339,900) 2,054,807
Non-controlling interests 117,667 (982,829) 197,649
Total equity 2,191,319 (3,322,729) 2,252,456
LIABILITIES
Non-current liabilities
Borrowings 1,324,199 1,823,019 1,676,986
Other creditors 59,058 - 53,085
Right of use lease liabilities 176,957 318,381 248,238
1,560,214 2,141,400 1,978,309
Current liabilities
Trade and other payables 8,429,994 6,369,249 5,373,866
Borrowings 334,443 780,603 124,068
Right of use lease liabilities 142,040 167,090 140,287
8,906,477 7,316,942 5,638,221
Total liabilities 10,466,691 9,458,342 7,616,530
Total equity and liabilities 12,658,010 6,135,613 9,868,986
Consolidated statement of changes in shareholders' equity
Share Share Merger Currency Retained Non-controlling Total
capital premium reserve translation earnings interests
account reserve
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2022 95,840 3,983,970 2,883,611 (9,750) (4,898,864) 197,649 2,252,456
Period ended 30
June 2022:
Loss for the
period - - - - (100,825) (78,160) (178,985)
Other
comprehensive
income:
Currency
translation
differences and
revaluation
reserve
movements - - - 53,813 53,638 - 107,451
Total
comprehensive
income for the
period - - - 53,813 (47,187) (78,160) (71,534)
Other movements - - - - 12,219 (1,822) 10,397
Balance at 30
June 2022 95,840 3,983,970 2,883,611 44,063 (4,933,832) 117,667 2,191,319
Balance at 1
January 2021 32,649 2,449,703 - 8,767 (3,687,758) 10,395 (1,186,244)
Period ended 30
June 2021:
Loss for the
period - - - - (1,645,234) (904,850) (2,550,084)
Other
comprehensive
income:
Currency
translation
differences - - - 2,790 - - 2,790
Total
comprehensive
income for the
year - - - 2,790 (1,645,234) (904,850) (2,547,294)
Issue of share
capital 1,709 468,266 - - - - 469,975
Distributions - - - - - (24,959) (24,959)
Acquisition of
non-controlling
interests - - - - 29,208 (63,415) (34,207)
Balance at 30
June 2021 34,358 2,917,969 - 11,557 (5,303,784) (982,829) (3,322,729)
Share Share Merger Currency Retained Non-controlling Total
capital premium reserve translation earnings interests
account reserve
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2021 32,649 2,449,703 - (4,542) (3,442,423) 10,395 (954,218)
Year ended 31
December 2021:
Loss for the
period - - - - (2,353,468) (954,306) (3,307,774)
Other
comprehensive
income:
Revaluation gain * 139,061 - 139,061
on unlisted
investments
Currency
translation
differences - - - (5,208) - - (5,208)
Total
comprehensive
income for the
year - - - (5,208) (2,214,407) (954,306) (3,173,921)
Issue of share
capital of
previous parent 1,709 399,550 - - - - 401,259
Issue of share
capital 95,840 3,983,970 - - - - 4,079,810
Merger reserve (34,358) (2,849,253) 2,883,611 - - - -
Acquisition of
non-controlling
interests
and related
adjustments - - - - 757,966 1,141,560 1,899,526
Balance at 31
December 2021 95,840 3,983,970 2,883,611 (9,750) (4,898,864) 197,649 2,252,456
Consolidated statement of cash flows
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Cash flows from operating activities
Loss for the period after tax (178,985) (2,550,084) (3,307,774)
Adjustments for:
Taxation charged 6,626 1,152 1,256
Finance costs 77,365 45,286 96,968
Finance income (7) (5) (4,852)
Gain on disposal of property, plant
and equipment - - -
Depreciation of property, plant and
equipment 65,247 66,597 133,023
Share of results of associates and joint
ventures (18,908) (15,146) (167,568)
Provision against investment in associates
and joint ventures - - 333
Movements in working capital:
Increase in trade receivable and other
current assets 45,988 (1,497,717) (572,660)
Increase in trade and other payables 2,999,364 2,258,245 1,136,345
Cash (absorbed by)/generated from
operations 2,996,690 (1,691,672) (2,684,929)
Interest paid (77,365) (45,286) (96,968)
Tax paid (57,471) (1,152) (1,256)
Net cash (outflow)/inflow from
operating activities 2,861,854 (1,738,110) (2,783,153)
Investing activities
Net additions to property, plant and
equipment (32,083) (15,469) (20,984)
Investment in unlisted shares - - (53,085)
Purchase of subsidiaries (net of
cash acquired) - 738,307 274,700
Net amount withdrawn/(injected)
in associates and joint ventures 97,806 24,885 -
Interest received 7 5 4,852
Net cash generated from investing
activities 65,730 747,728 205,483
Financing activities
Proceeds from issue of shares - 469,975 4,011,094
Proceeds from issue of shares in
previous parent - - 300,025
Proceeds from borrowings - 500,000 500,000
Repayment of borrowings (171,733) (254,156) (735,800)
Proceeds from non-controlling interest
additional investment ((Driift) - - 2,000,000
Payment of lease liabilities (69,527) (39,919) (136,865)
Distributions to non-controlling
interest - (24,959) -
Net cash generated from financing
activities (241,260) 650,941 5,938,454
Net (decrease)/increase in cash and
cash equivalents 2,686,324 (339,441) 3,360,784
Cash and cash equivalents at beginning
of period 5,532,272 2,200,821 2,178,505
Effect of foreign exchange rates 179,510 3,444 (7,017)
Cash and cash equivalents at end
of period 8,398,106 1,864,824 5,532,272
Notes to the interim
financial statements
1 Basis of preparation
The results for the six months ended 30 June 2022 and 30 June
2021 are unaudited. This interim report, which has neither been
audited nor reviewed by independent auditors, was approved by
the board of directors on 29 September 2022.
The results for the six months ended 30 June 2021 are extracted
from the Growth Prospectus ('Prospectus') dated 14 December 2021
and include the results of ATC Artist Management Inc (previously
Courtyard Production Inc) for the whole of the six months as
it was under common control for that period. As required under
IFRS 3 business combinations, the results for the year ended
31 December 2021, extracted from the annual report and accounts,
include the results of the business from the date of acquisition,
19 February 2021.
The consolidated Group financial statements represent the
consolidated
results of All Things Considered Group plc and its subsidiaries,
(together referred to as the "Group"). The consolidated interim
financial information has been prepared in accordance with
International
Financial Reporting Standards, International Accounting Standards
and Interpretations (collectively IFRSs), as adopted by the United
Kingdom.
The accounting policies applied by the Group are the same as
those applied by the Group in its financial statements for the
year ended 31 December 2021. The independent auditors' report
was unqualified, did not draw attention to any matters by way
of emphasis, and did not contain a statement under 498(2) or
498(3) of the Companies Act 2006.
2 Segmental analysis
Unaudited six months
ended 30 June Artist management Live streamed
2022 and development events Total
GBP GBP GBP
4,168,342
4,168,341.73
Revenue 6,015,313.08 1,846,971 6,015,313
Cost of sales (1,491,095) (1,922,148) (3,413,243)
Gross profit/(loss) 2,677,247 (75,177) 2,602,070
Other operating
income 81,074 271,328 352,402
Administrative
expenses (2,646,790) (421,590) (3,068,380)
Provision for
amounts owed by
associates
and joint ventures - - -
-
Operating profit/ (
loss) 111,531 (225,439) (113,908)
Share of results of
associates and
joint ventures 18,908 - 18,908
Finance income 7 - 7
Finance costs (77,234) (131) (77,365)
Profit/ (loss)
before taxation 53,212 (225,570) (172,358)
Income tax expense (6,627) - (6,627)
Profit/ (loss) for
the period 46,585 (225,570) (178,985)
2 Segmental analysis
Unaudited six months ended 30 June Artist
2021 management Live streamed
and development events Total
GBP GBP GBP
Revenue 1,728,218 3,309,210 5,037,428
Cost of sales (1,064,867) (4,900,993) (5,965,860)
Gross profit/(loss) 663,351 (1,591,783) (928,432)
Other operating income 437,764 - 437,764
Administrative expenses (1,535,885) (471,240) (2,007,125)
Provision for amounts owed by associates
and joint ventures (334) - (334)
Operating loss (435,104) (2,063,023) (2,498,127)
Share of results of associates and joint
ventures (5,524) - (5,524)
Finance income 5 - 5
Finance costs (45,286) - (45,286)
Loss before taxation (485,909) (2,063,023) (2,548,932)
Income tax expense (1,152) - (1,152)
Loss for the period (487,061) (2,063,023) (2,550,084)
Audited year ended 31 December 2021 Artist
management Live streamed
and development events Total
GBP GBP GBP
Revenue 4,501,426 4,642,212 9,143,638
Cost of sales (2,088,401) (6,209,493) (8,297,894)
Gross profit/(loss) 2,413,025 (1,567,281) 845,744
Other operating income 617,517 545,979 1,163,496
Administrative expenses (4,268,933) (1,121,944) (5,390,877)
Operating loss (516,352) (2,143,245) (3,381,636)
Share of results of associates and joint
ventures 167,568 - 167,568
Finance income 4,852 - 4,852
Finance costs (96,968) - (96,968)
Provision against amounts owed by participating
interests (333) - (333)
Loss before taxation (1,163,273) (2,143,245) (3,306,518)
Income tax expense (1,256) - (1,256)
Loss for the period (1,164,529) (2,143,245) (3,307,774)
3 Other operating income
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Government grants received 77,944 420,482 523,896
Film tax relief credit 271,328 - 545,979
Sundry income 3,130 17,282 93,621
352,402 437,764 1,163,496
4 Administrative expenses
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Staff costs 1,835,057 903,158 2,364,472
Rent, rates and service costs 193,572 142,428 367,960
IPO and related costs - - 616,735
Legal and professional fees 102,386 216,761 642,641
Consultancy fees 289,131 317,716 580,895
Depreciation of property, plant and
equipment 65,247 66,597 133,023
Exchange (gain) losses (82,109) 5,191 61,406
Profit or loss on sale of tangible
assets - (19,694)
Travelling and entertainment expenses 228,666 16,832 120,476
Other expenses 436,430 338,442 522,963
3,068,380 2,007,125 5,390,877
5 Share of results of associates and joint ventures
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
ATC 4 LLP 4,791 29,626 154,439
ATC 7 LLP 5,169 31 630
ATC 9 LLP 8,948 1,751 28,251
One Eskimo LLP - - 510
Frank Carter & The Rattlesnakes LLP - (20,670) -
Your Army LLC - (16,262) (16,262)
18,908 (5,524) 167,568
6.
Earnings
per
share
Unaudited Unaudited Audited
Six months Six months Year ended
30 June 2022 30 June 31 December
2021 2021
Basic and diluted earnings/(loss) (1.87) pence (38.12) (34.51)
per share pence pence
Basic and diluted number of
shares in issue 9,584,020 6,690,314 9,584,020
Basic earnings per share is calculated by dividing the profit/loss
after tax attributable to the equity holders of All Things Considered
group plc by the numbers of shares in issue after the allotment
of ordinary shares on 14 December 2021. The same number of shares
is used for the corresponding period in order to provide a meaningful
comparison.
Events after the reporting date
7.
On 29 September 2022, subsidiary undertaking Driift
Holdings
Limited entered into a transaction whereby it
acquired, in a
share for share exchange, the shares and business
of Dreamstage
Inc. and, at the same time, Deezer SA (which was an
existing
shareholder of Dreamstage) invested GBP4m into the
combined business
of Driift and Dreamstage to fund its future growth.
The transaction
results in the Group's undiluted shareholdings in
Driift reducing
to 32.5% from 52%. As a result, from 30 September
2022, Driift
will no longer be a subsidiary undertaking but will
be accounted
for as an associated undertaking.
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END
NEXFKLLLLKLBBBF
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