Interim Results
March 31 2006 - 2:02AM
UK Regulatory
RNS Number:7198A
Eicom PLC
31 March 2006
FOR IMMEDIATE RELEASE 31 March 2006
EICOM plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DEC 2005
Eicom plc ("Eicom" or "the Company"; stock code: EIC), the digital TV channel
management company, announces its interim results for the period ended 31
December 2005.
Key points:
* Performance Channel now available in 1 million homes outside the UK and
continuing to grow
* Performance Channel showed 20% increase in advertising revenue over 2005
* New Indian Cable & Satellite initiative for SciTech TV
* Job Channel - new revenue model developed
* Job Channel agrees commercial relationship with Available4 Ltd
* Turnover for the six months to 31 December 2005 #421,000 (12 months to
June 2005: #365,000)
* EBITDA loss of #410,000 and a net loss of #504,000 for the period
* Results affected by software rebuild at the Job Channel
Commenting on the results, Chief Executive, Steve Timmins commented:
"We have made substantial progress in the period and reaching the 1 million
homes figure is a significant milestone. Despite Job Channel performing below
expectations turnover is greater than for the whole of the year to 30 June 2005.
"We are continuing to see strong international demand for our programming and we
are actively looking to further expand our channel and content portfolio."
For further information, please contact:
Steve Timmins, Chief Executive, Eicom plc 07005 964091
www.eicom.co.uk
Susan Scott / Michael Padley 020 7444 4140
Bankside Consultants
About EICOM
Eicom plc is building a portfolio of digital channels, which already includes
the music and arts service, Performance Channel, and the Science Channel,
SciTech TV, with a mission to exploit these channels through their distribution
in the UK and overseas and on a wide variety of platforms including satellite,
cable and broadband.
Chief Executive's Review
Overview
I am pleased to report that the company continues to make good progress with its
plans to create a portfolio of digital TV channels. Currently the company owns
and operates Performance Channel, SciTech TV and the Job Channel.
The channels continue to gain contracts outside the UK and, with the signing of
an agreement for the carriage of the Performance Channel on the T-Kabel cable
system in Hungary, we are pleased to announce that it is now carried on 11
platforms in countries across Europe including Denmark, Belgium, The
Netherlands, Germany, Portugal, Latvia, Slovenia and Hungary with a reach of
more than 1 million homes outside the UK.
Trading
In the UK, advertising revenue on Performance Channel was up on the previous
year by 20%. Revenues from the daytime sale of three home shopping hours per day
and the sale of the channel's overnight hours to a third party broadcaster have
been consistent throughout the period.
The company's science channel, SciTech TV, has been slower to launch in
territories outside the UK than expected, but progress is being made both in
Europe and further afield. Following the Company's most recent visit to India,
new contractual opportunities have emerged for SciTech TV to be distributed
across cable and satellite platforms throughout the sub-continent. The directors
are considering this and their existing relationships in India.
Job Channel's software required considerable re-building as the company's sales
model has been re-engineered in order to address the recruitment needs of
Government departments and agencies. Revenues have, therefore, been
significantly down because of this, but important relationships have been
developed. We are also pleased to announce that an agreement has been reached
with Available4 Limited, a temporary staff mobile phone SMS service which tracks
temporary vacancies. This service acts as a back-up and complementary offering
to the Job Channel with temps able to use SMS text messaging to switch their
availability for work on and off.
Results
The results were affected by the software rebuild at the Job Channel. However,
despite this and SciTech TV performing below expectation, turnover rose
substantially to #421,000 and was greater than that in the whole of the last
financial year (12 months to June 2005: #365,000). The Company recorded an
EBITDA loss of #410,000 and a net loss of #504,000 for the period.
Trading Outlook
Despite revenues being lower than anticipated for two of the three channels, the
company is satisfied with its performance in the six months under review. We are
continuing to see strong international demand for our channels and are hopeful
of further expanding our channel portfolio and our revenue streams over the
course of 2006.
S. Timmins
Chief Executive Officer
30.03.06
EICOM PLC INTERIM STATEMENT
SIX MONTHS ENDED 31 DECEMBER 2005
EICOM PLC
Consolidated Profit and Loss Account
For the six months ended 31 December 2005
Notes 31 Dec 31 Dec 30 June
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months 12 Months
#'000 #'000 #'000
Turnover 421 16 365
Cost of sales 3 (542) (25) (380)
Gross (Loss)/Profit (121) (9) (15)
Other Operating Expenses (368) (135) (498)
Operating Loss (489) (144) (513)
Interest (payable)/ (15) 4 (8)
receivable
Adjustment arsing from
administration
0 0 7
Net (loss)/profit for the (504) (140) (514)
period
(Loss)/earnings per share 4
(pence per share)
(0.11) (0.04) (0.1)
EICOM PLC
Consolidated Balance Sheets
31 December 2005
Notes 31 December 31 December 30 June
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Intangible assets 456 0 456
Tangible assets 263 7 219
___________ ___________ ___________
719 7 675
___________ ___________ ___________
Current assets
Debtors 526 9 585
Cash at bank and in 20 181 260
hand
___________ _________ _________
546 190 845
Creditors falling due
within one year
(852) (244) (722)
Convertible loans 5 (468) 0 (453)
___________ ___________ ___________
Net (liabilities)/ (55) (47) 345
assets
========== ========== ==========
Capital and Reserves
Called up share 5,807 5,299 5,803
capital
Shares to be issued 150 0 150
Share Premium 8,789 8,676 8,788
Capital Redemption 117 117 117
Reserve
Profit and Loss (14,918) (14,040) (14,414)
Account
Merger Reserve 0 (99) (99)
___________ _________ __________
Shareholders' Funds (55) (47) 345
========== ======== =========
EICOM PLC
Consolidated Cash Flow Statements
For the six months ended 31 December 2005
31 December 31 December 30 June
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months 12 Months
#'000 #'000 #'000
Cash flow from operating (215) (387) (384)
activities
Returns on investments and
servicing of finance 0 4 5
Taxation 0 0 0
Capital expenditure and
financial investment (45) (6) (7)
Acquisitions and disposals 0 0 (514)
___________ ___________ ___________
Cash Outflow before Financing (260) (389) (900)
Financing 20 187 728
___________ ___________ __________
(Decrease)/Increase in Cash (240) (202) (172)
in the Period
========== ========== ==========
Reconciliation of Net Cash
Flow to Movement in Debt
(Decrease)/Increase in Cash (240) (202) (172)
in the Period
New Loan Funding 0 0 (440)
Loan Repayments 0 0 0
Non-cash changes 34 320 307
___________ ___________ ___________
Movement in Net Funds/(Debt) (206) 118 (305)
in Period
Net Funds/(Debt) at Start of (242) 63 63
Period
___________ ___________ ___________
Net Funds/(Debt) at Close of (448) 181 (242)
Period
========== ========== ==========
EICOM PLC
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL INFORMATION
1. The interim results are unaudited and do not comprise full accounts within
the meaning of Section 240 of the Companies Act 1985.
2. The comparative results have been extracted from the audited accounts for
the 12 months ended 30 June 2005 and the unaudited interim accounts to 31
December 2004.
3. Cost of Sales includes an amount of #77,000 representing the release of
prepaid programming rights (June 2005 - #76,000, December 2004 - nil).
4. Earnings per share have been calculated on a weighted average of 453,277,159
Ordinary Shares in issue (June 2005 - 351,297,341 Ordinary Shares, and December
2004 - 317,874,689 Ordinary Shares).
5. Convertible Loans are repayable in three equal, annual tranches commencing
31 January 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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