Audioboom Group PLC Half Yearly Report -4-
July 24 2015 - 2:00AM
UK Regulatory
Notes to the financial statement
1. General information and basis of preparation.
Audioboom Group plc is incorporated in Jersey under the
Companies (Jersey) Law 1991. The Company's shares are traded on the
Alternative Investment Market of the London Stock Exchange
("AIM").
These consolidated interim financial statements, which are
unaudited, have been approved by the Board of Directors on 23 July
2015. They have been drawn up using accounting policies and
presentation expected to be adopted in the Group's full financial
statements for the year ending 30 November 2015, which are not
expected to be significantly different to those set out in note 1
to the Company's audited financial statements for the period ended
30 November 2014.
The consolidated interim financial statements have been prepared
under the historical cost convention and in accordance with
International Financial Reporting Standards ("IFRS") and with IAS
34 "Interim financial reporting", as adopted by the EU.
The preparation of financial statements in accordance with IFRS
requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period. Although these estimates are based on
management's best knowledge of current events and actions, actual
results may ultimately differ from those estimates.
The comparative periods provided in these financial statements
are for the 5 months to 31 May 2014 (unaudited) and 11 months to 30
November 2014 (audited). This is due to the 31 December year end
that had been used by Audioboom Limited, which was acquired by the
Company during 2014. Further detail on the basis of preparation of
those comparative periods is set out in note 1 to the Company's
audited financial statements for the period ended 30 November
2014.
Going concern
These interim financial statements have been prepared on the
going concern basis, which assumes that the Company will have
sufficient funds to continue in operational existence for the
foreseeable future. The Company's forecasts for the combined group,
including due consideration of the continued operating losses of
the group, and projections, taking account of reasonably possible
changes in trading performance, indicate that the group has
sufficient cash available to continue in operational existence for
at least the next 12 months. The Board has considered various
alternative operating strategies should these be necessary and are
satisfied that revised operating strategies could be adopted if and
when necessary. As a consequence, the Board believes that the Group
is well placed to manage its business risks, and longer term
strategic objectives, successfully. Therefore the Directors
consider the going concern basis appropriate.
2. Loss per share
Basic earnings per share is calculated by dividing the loss
attribuable to shareholders by the weighted average number of
ordinary shares in issue during the period.
IAS33 requires presentation of diluted EPS when a company coud
be called upon to issue shares that would decrease earnings per
share, or increase the loss per share. For a loss-making company
with outstanding share options, net loss per share would be
decreased by the exercise of share options. Therefore, as per
IAS33:36, the antidilutive potential ordinary shares are
disregarded on the the calculation of diluted EPS.
Reconciliation of the loss and weighted average number of shares
used in the calculation are set out below:
31-May-15
Loss Weighted average number Per share
of shares amount
Basic and Diluted EPS GBP'000 Thousand Pence
Loss attributable to shareholders:
- Continuing and discontinued
operations (3,273) 532,988 (0.61)
31-May-14
Loss Weighted average number Per share
of shares amount
Basic and Diluted EPS GBP'000 Thousand Pence
Loss attributable to shareholders:
- Continuing and discontinued
operations (2,078) 15,507 (13.40)
30-Nov-14
Loss Weighted average number Per share
of shares amount
Basic and Diluted EPS GBP'000 Thousand Pence
Loss attributable to shareholders:
- Continuing and discontinued
operations (3,825) 326,118 (1.17)
3. Share Capital
Issued and fully paid - ordinary shares of no par value
At 30 November 2014 532,734,557
At 31 May 2015 533,014,577
On 17 December 2014 the Company issued 280,000 new ordinary
shares to Malcolm Wall, a director, pursuant to his terms of
appointment and in lieu of his first year's director's fee.
The total number of instruments over equity outstanding at the
period end was 91,479,985, comprising 40,219,884 warrants and
51,260,101 share options.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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