Second Interim Results 2000
October 31 2000 - 2:00AM
UK Regulatory
RNS Number:2854T
Internet Music & Media PLC
31 October 2000
Contact: Nicholas Cowan, Chairman (020) 7352 6688
Jon Cunningham, Chief Executive 001 206 861 7601
Alex Hillinger 001 206 861 7611
Internet Music & Media PLC
David Bick (020) 7929 5599
Holborn Public Relations david.bick@holbornpr.co.uk
INTERNET MUSIC & MEDIA PLC ("IMM")
Second interim results for the ten months to 30 June 2000
Second Interim Results
Since the acquisition of Groovetech was completed in April
2000, the results for the period show the figures for
Groovetech for only May and June. Groovetech is a leading
internet broadcaster of live electronic dance music.
Total Groovetech revenues for the first six months of 2000
at #170,500 are approximately seven times greater than
the same period last year and approximately double the
revenues for the whole of 1999. Revenues are continuing
to grow.
The Company has maintained a gross profit margin of about
30 percent. Groovetech operates in a part of the music
market which is not subject to the intense price-cutting
that has affected other sectors of the online music
industry.
Announcements regarding forthcoming projects currently in
development at Groovetech are expected to be made in the
near future.
Jon Cunningham, Chief Executive of IMM, commented:
"Our Groovetech website and related commercial activities
continue to make good progress. We are seeing steady
growth in our music sales and the internet broadcasting
space in general."
Notes to Editors:
Recognized as a pioneer of streaming broadcasts on the
Web, Groovetech formed in 1996 to serve the global,
electronic dance music community. With offices in Seattle
and London, and broadcast partners in San Francisco, Los
Angeles, Detroit and Rio de Janeiro, Groovetech is the
finest source for electronic dance music on the Web. More
information is available at www.groovetech.com.
Internet Music & Media PLC
Unaudited Interim Results
Profit and Loss Account
for the period ended 30 June 2000
#000
Turnover 69
Cost of sales (49)
-----
Operating profit 20
Administrative expenses (513)
Amortisation of goodwill (545)
-----
Operating loss for the period (1,038)
Net interest receivable 32
-----
Loss on ordinary activities before taxation (1,006)
Tax on loss on ordinary activities -
-----
Retained loss for the period (1,006)
-----
-----
Loss per share
Basic 14.1p
Fully diluted 13.6p
The above profit and loss account reflects the results for
the period from the company's incorporation on 1 September
1999 to 30 June 2000. The company's acquisition of its
subsidiaries took place on 4 May 2000; thus the profit and
loss account represents the company's results since
incorporation together with the results of the group for
the period from the date of acquisition up to 30 June
2000.
No dividend is being declared.
Internet Music & Media PLC
Balance Sheet
at 30 June 2000
#000
Fixed Assets
Intangible fixed assets 15,830
Tangible fixed assets 351
------
16,181
------
------
Current assets
Stock 191
Debtors 254
Cash at bank and in hand 2,128
------
2,573
Creditors: amounts falling due within one year (279)
------
Net current assets 2,294
------
Total assets less current liabilities 18,475
------
------
Capital and reserves
Share capital 4,263
Share premium 15,211
Profit and loss account (1,006)
Unrealised gain on foreign currency translation 7
------
Equity shareholders' funds 18,475
------
------
Internet Music & Media PLC
Reconciliation of movement in shareholders' funds
for the period ended 30 June 2000
#000
Proceeds from shares issued in the period 20,023
Placing costs offset against share premium (549)
Unrealised gain on foreign currency translation 7
Loss for the period (1,006)
------
Shareholders' Funds 18,475
------
------
Cash Flow Statement
for the period ended 30 June 2000
#000
Net cash outflow from operating activities (2,180)
Returns on investment and servicing of finance
Interest received 32
Capital expenditure and financial investment
Purchase of tangible fixed assets (148)
Acquisitions and disposals
Net overdraft acquired with subsidiary undertakings (37)
Financing
Issue of shares 4,381
-----
Increase in cash in the period 2,048
-----
-----
Internet Music & Media PLC
Notes to the interim accounts
for the period ended 30 June 2000
Accounting Policies
1. Basis of preparation
The information in this Interim Report is unaudited and
does not constitute statutory accounts within the meaning
of Section 240 of the Companies Act (1985).
2. Goodwill
Under current accounting standards, acquisition goodwill
must be capitalised and either written off over a suitable
period, or be subject to annual impairment reviews. The
Board has elected to write off goodwill arising on the
acquisition Groovetech LLC over a period of five years.
3. Goodwill Movement #000
Goodwill on acquisition 16,375
Goodwill amortisation (545)
------
15,830
------
------
4. Reconciliation of operating loss to net cash flow from
operating activities
#000
Operating loss (1,038)
Amortisation of goodwill 545
Depreciation charges 21
Placing costs offset against share premium (549)
Unrealised gain on foreign currency translation 7
Increase in stock (191)
Increase in debtors 391
Decrease in creditors (1,366)
------
Net cash outflow from operating activities (2,180)
------
------
5. Reconciliation of net cashflow to movement in net debt
#000
Increase in cash in the period 2,048
------
Net funds as at 30 June 2000 2,048
------
------
6. Analysis of changes in net debt
At
Cash flows 30.06.2000
#000 #000
Cash in hand and at bank 2,128 2,128
Bank overdrafts (80) (80)
-----------------------
2,048 2,048
-----------------------
-----------------------
7. Purchase of subsidiary undertakings
Net assets acquired #000 #000
Tangible fixed assets 223
Debtors 646
Creditors (1,565)
Bank overdraft (37)
------
(733)
Goodwill 16,375
------
15,642
------
------
Satisfied by:
Shares 15,642
------
------
8. Loss per share Fully
Basic Diluted
#000 #000
Loss for the period (1,006) (1,006)
----------------------
Weighted average number ----------------------
of ordinary shares outstanding 7,089,382 7,399,382
----------------------
----------------------
Loss per share 14.1p 13.6p
----------------------
----------------------
INDEPENDENT REVIEW REPORT TO INTERNET MUSIC & MEDIA PLC
Introduction
We have been instructed by the Company to review the
financial information set out on pages 3 to 7 and we have
read the other information contained in the interim report
and considered whether it contains any apparent
misstatement or material inconsistencies with the
financial information.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved by the directors. The AIM Rules of the London
Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be
consistent with group policies, except where any changes,
and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance
contained in Bulletin 1999/4 issued by the Auditing
Practices Board. A review consists principally of making
enquiries of management and applying analytical procedures
to the financial information and underlying financial data
and based thereon, assessing whether the accounting
policies and presentation have been consistently applied
unless otherwise disclosed. A review excludes audit
procedures such as test of controls and verification of
assets, liabilities and transactions. It is substantially
less in scope than an audit performed in accordance with
Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an
audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any
material modifications that should be made to the
financial information as presented for the ten months
ended 30 June 2000.
Gerald Edelman
Chartered Accountants
25 Harley Street
London
W1G 9BR 30 October 2000
Immupharma (LSE:IMM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Immupharma (LSE:IMM)
Historical Stock Chart
From Jul 2023 to Jul 2024
