Interim Results
September 28 2001 - 3:01AM
UK Regulatory
RNS Number:7983K
Internet Music & Media PLC
28 September 2001
Date 28 September 2001
Contacts Nicholas Cowan
Internet Music & Media PLC 020 7352 6688
John East / David Worlidge
John East & Partners Limited 020 7628 2200
David Bick
Holborn Public Relations 020 7929 5599
david.bick@holbornpr.co.uk
Internet Music & Media plc ("the Company")
Unaudited Interim Results
for the six months ended 30 June 2001
* Turnover continues to increase
* Successfully completed Placing and Open Offer raising #
1.85 million after expenses
* Opening of warehouse and distribution centre in London,
to supply the UK and Europe
* Launch of Groovetech's own record label
* Launch of new website
Chairman's Statement
The loss of #2.966 million incurred in the half year ended 30 June 2001
includes goodwill amortisation of #1.636 million in respect of the acquisition
of Groovetech and also reflects the final stages of the expenditure involved
in setting up the new website launched in March 2001, the completion of our
London facility, including warehouse and shipping facilities for Europe, and
the launch of Groovetech's own record label. All these projects are now
complete and operational.
Since the end of the period under review, we completed a Placing and Open
Offer, which raised #1.85 million for the Company after expenses, repaying
short-term debt of #1.43 million and providing additional working capital.
In recent months we had seen substantial increases in revenue together with
improved margins. Trading in August was particularly buoyant, with revenues
of #150,000 and we were delighted that Groovetech was voted online retailer of
the year at the Music Week online music awards held on 27 September 2001,
beating such household names as Amazon and HMV.
However, the tragic events of 11 September have had an immediate negative
impact on our business particularly in the US and it remains to be seen
whether this will affect us in the short or longer term. In view of these
uncertainties, it is not possible to predict business trends in the short
term, although your directors remain optimistic that trading will recover when
the general economic environment improves.
Nicholas Cowan
Chairman
28 September 2001
Consolidated Profit and Loss Account (unaudited)
For the six months ended 30 June 2001
6 months ended Period ended
30 June 2001 31 December 2000
#'000 #'000
Turnover 446 294
Cost of sales (392) (228)
-------------- --------------
Gross profit 54 66
Administrative expenses (1,384) (2,080)
Amortisation of goodwill (1,636) (2,181)
-------------- --------------
Net Operating Loss (2,966) (4,195)
Interest receivable/(payable) - (5) 54
net
-------------- --------------
Loss on Ordinary Activities (2,971) (4,141)
before Taxation
Tax on loss on Ordinary - -
Activities
-------------- --------------
Loss on Ordinary Activities (2,971) (4,141)
after Taxation
======== ========
Loss per Share Pence Pence
Basic (17.43) (38.99)
======== ========
Statement of Total Recognised Gains and Losses
6 months ended Period ended
30 June 2001 31 December 2000
#'000 #'000
Loss for the financial period (2,971) (4,141)
Unrealised foreign currency translation 126 (19)
difference
-------------- --------------
Total recognised gains and loss relating to the
Period (2,845) (4,160)
======== ========
Consolidated Balance Sheet (unaudited)
As at 30 June 2001
6 months ended Period ended
30 June 2001 31 December 2000
Note #'000 #'000
Fixed Assets
Intangible assets 12,542 14,178
Tangible assets 1,862 1,726
-------------- --------------
14,404 15,904
Current Assets
Stock 430 276
Debtors 107 73
Cash at bank and in hand 127 192
-------------- --------------
664 541
Creditors
Amounts falling due within one year 7 (2,035) (594)
-------------- --------------
Net Current Liabilities (1,371) (53)
-------------- --------------
Total Assets less Current Liabilities 13,033 15,851
Creditors
Amounts falling due after more than one (600) (573)
year
-------------- --------------
12,433 15,278
======== ========
Capital and Reserves
Called up Share capital 4,262 4,262
Share premium account 15,176 15,176
Profit and Loss Account (7,005) (4,160)
-------------- --------------
Equity Shareholders' funds 12,433 15,278
======== ========
Consolidated Cash Flow Statement (unaudited)
For the six months ended 30 June 2001
6 months ended Period ended
30 June 2001 31 December
2000
Note #'000 #'000
Net cash inflow/(outflow) from operating
activities 5 227 (2,735)
Return on investment and servicing of
finance
Net interest (payable)/receivable (5) 54
Capital expenditure
Acquisition of fixed assets (377) (1,603)
Acquisitions and disposals
Purchase of subsidiary undertaking - 109
Financing
Issue of Ordinary Share capital - net - 3,796
proceeds
Bank loan received 27 573
-------------- --------------
(Decrease)/increase in cash in the period 6 (128) 192
======== ========
Notes to the Interim Results
1. Basis of Preparation
The results for the six months ended 30 June 2001 are unaudited
and have not been reviewed by the auditors. They have been prepared on
accounting bases and policies that are consistent with those used in the
preparation of the financial statements of the company for the period ended 31
December 2000.
The financial statements contained in this report do not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. The results for the period ended 31 December 2000 were
reported on by the auditors and received an unqualified audit report. Full
accounts for the period ended 31 December 2000 have been delivered to the
Registrar of Companies.
2. Dividends
No dividend is proposed for the period ended 30 June 2001.
3. Taxation
No taxation is expected to arise on the result for the period.
4. Earnings per Share
The loss per share for the six months ended 30 June 2001 has been calculated
on the basis of the loss after taxation for the period of #2,971,897 and the
weighted average number of shares in issue during the period of 17,050,000.
Notes to the Interim Results (continued)
5. Net cash outflow from operating activities
6 months ended 12 months
30 June 2001 ended
31 December
2000
#'000 #'000
Operating loss (2,966) (4,195)
Depreciation of tangible assets 241 101
Amortisation of goodwill 1,636 2,181
Increase in stocks (154) (138)
(Increase)/decrease in debtors (34) 199
Increase/(decrease) in creditors 1,378 (864)
Net effect of foreign exchange 126 (19)
differences
-------------- --------------
Net cash inflow/(outflow) from 227 (2,735)
operating activities
======== ========
6. Reconciliation of net cash flow to movement in net funds/debt
1 January Cash flow 30 June
2001 movement 2001
#'000 #'000 #'000
Cash in hand and bank 192 (65) 127
Bank overdraft - (63) (63)
-------- -------- --------
192 (128) 64
Debt:
Debts falling due after one year (573) (27) (600)
-------- -------- --------
Net debt (381) (155) (536)
======== ======== ========
7. Creditors: Amounts falling due within one year
Amounts falling due within one year include loans of #1,431,000 which were
repaid after the period end following the completion of a placing and open
offer which raised #1.85 million for the Company after expenses.
8. Copies of the Interim Results will be sent to Shareholders shortly
and will be available to members of the public from the Company's registered
office, Unit 10, Latimer Road Industrial Estate, Latimer Road, London W10 6RQ.
- ENDS -
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