Interim Results
September 21 2006 - 3:37AM
UK Regulatory
RNS Number:2661J
Ludorum PLC
21 September 2006
Ludorum plc
Interim results for the period ending 30 June 2006
Ludorum plc today announces its interim results for the period from its
incorporation on 18 October 2005 to 30 June 2006.
The highlight of the period was the successful #5 million placing and listing of
Ludorum's shares on the Alternative Investment Market of the London Stock
Exchange in April.
Rob Lawes, Chief Executive Officer of Ludorum, today said "We were delighted
with the response of shareholders to our placing in April. Ludorum was formed to
exploit intellectual property assets across the broad spectrum of distribution
outlets now available and we have been greatly encouraged by the opportunities
we've seen since we came to the market. We look forward with confidence to the
successful development and implementation of our strategy."
Enquiries
Ludorum plc
Rob Lawes 020 8849 8735
Brunswick
Kate Holgate 020 7404 5959
Chief Executive's Statement
I am pleased to report the first set of results since Ludorum plc came to the
Alternative Investment Market in April. Ludorum was formed to exploit
intellectual property assets across the broad spectrum of distribution outlets
now available. Our view that significant opportunities exist to create
shareholder value through this strategy has been reaffirmed by the breadth of
opportunities we have been able to review since coming to the market.
Results
The results for the period, which are reported under IFRS, were a loss before
taxation of #456,000, comprising operational costs offset to some extent by
interest income from the company's cash reserves. The loss per share was 26.0
pence.
In accordance with the requirements of IFRS, the company has estimated the fair
value of awards granted under its incentive option plan and has charged a total
of #82,000 to the profit and loss account for the period in respect of these
awards. Without this charge, the loss before tax for the period would have been
#374,000 and the loss per share 21.3 pence.
Outlook
Ludorum stated its strategy, on its admission to AIM, to exploit intellectual
property assets through the experience of its management team and the
opportunities for distribution offered by the increasing range of new media
platforms that are becoming available. We look to acquire companies that offer
the opportunity to create value through the application of our management
expertise, to build a library of high-quality IP assets through acquisition and
internal development and, where appropriate, to acquire interests in businesses
within the media and entertainment fields that have the potential to accelerate
our access to new media platforms or content libraries. We are convinced by the
opportunities to create shareholder value that this strategy offers and look
forward to making significant progress in the months ahead.
Ludorum plc
Consolidated income statement
for the period from incorporation on 18 October 2005 to 30 June 2006
Unaudited
2006
Notes #000
--------------------------------------------------------------------------------
Continuing operations
Administrative expenses (463)
Other expenses (37)
--------------------------------------------------------------------------------
Operating loss (500)
Interest payable and similar charges (1)
Interest receivable 45
--------------------------------------------------------------------------------
Loss before taxation 2 (456)
Taxation 4 -
--------------------------------------------------------------------------------
Loss for the period (456)
--------------------------------------------------------------------------------
Basic and diluted earnings per share 5 (26.0)p
--------------------------------------------------------------------------------
Ludorum plc
Consolidated balance sheet as at 30 June 2006
Unaudited
2006
Notes #000
--------------------------------------------------------------------------------
Assets
Non-current assets
Property, plant and equipment 6 12
--------------------------------------------------------------------------------
12
--------------------------------------------------------------------------------
Current assets
Trade and other receivables 7 64
Cash and cash equivalents 8 4,315
--------------------------------------------------------------------------------
4,379
--------------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other payables 9 (91)
--------------------------------------------------------------------------------
(91)
--------------------------------------------------------------------------------
Net current assets 4,288
--------------------------------------------------------------------------------
Non-current liabilities
Provisions 10 (7)
--------------------------------------------------------------------------------
Net assets 4,293
--------------------------------------------------------------------------------
Shareholders' equity
Ordinary shares 11 50
Deferred shares 11 50
Share premium 12 4,574
Other reserves 13 75
Retained losses 14 (456)
--------------------------------------------------------------------------------
Total shareholders' equity 4,293
--------------------------------------------------------------------------------
Ludorum plc
Statement of changes in shareholders' equity
Total
Share Share Retained Other shareholders'
capital premium earnings reserves equity
#000 #000 #000 #000 #000
--------------------------------------------------------------------------------
At 18 October 2005 - - - - -
Loss for the period - - (456) - (456)
Charge relating to incentive
option plan - - - 75 75
New shares issued 100 4,901 - - 5,001
Costs relating to the issue
of shares (327) - - (327)
--------------------------------------------------------------------------------
At 30 June 2006 100 4,574 (456) 75 4,293
--------------------------------------------------------------------------------
Ludorum plc
Consolidated cash flow statement
for the period from incorporation on 18 October 2005 to 30 June 2006
Unaudited
2006
Notes #000
--------------------------------------------------------------------------------
Cash flows from operating activities
Cash used in operations 15 (353)
Interest received 9
Interest paid (1)
--------------------------------------------------------------------------------
Net cash used in operating activities (345)
--------------------------------------------------------------------------------
Cash flows from investing activities
Purchase of property,plant and equipment 6 (14)
--------------------------------------------------------------------------------
Net cash used in investing activities (14)
--------------------------------------------------------------------------------
Cash flows from financing activities
Net proceeds from issue of share capital 11,12 4,674
--------------------------------------------------------------------------------
Net cash generated from financing activities 4,674
--------------------------------------------------------------------------------
Net increase in cash and cash equivalents 4,315
Cash and cash equivalents at 18 October 2005 -
--------------------------------------------------------------------------------
Cash and cash equivalents at 30 June 2006 8 4,315
--------------------------------------------------------------------------------
Ludorum plc
Notes to the interim financial statements
for the period from incorporation on 18 October 2005 to 30 June 2006
1 Accounting policies
The principal accounting policies adopted in the preparation of these interim
financial statements are set out below. These policies have been consistently
applied to the whole period presented.
Basis of preparation
These interim financial statements have been prepared in accordance with
International Financial Reporting Standards and IFRIC interpretations as adopted
by the EU and with those parts of the Companies Act 1985 applicable to companies
reporting under IFRS. The interim financial statements have been prepared under
the historical cost convention. A summary of the more important group accounting
policies is set out below.
The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates and assumptions that affect
the reported amounts of 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 the
amount, event or actions, actual results ultimately may differ from these
estimates.
Basis of consolidation
These interim financial statements include the results of the company and its
subsidiary. The results of businesses acquired during the period are included
from the effective date of acquisition.
Property, plant & equipment
Property, plant and equipment comprises office equipment which is recorded at
purchase cost. Depreciation is calculated so as to write off the cost of the
assets, less their estimated residual values, over their expected useful economic
lives. Office equipment is depreciated on a straight-line basis over its
estimated useful life of three years.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances held in a UK clearing bank
account or held on treasury deposit.
Tax and deferred tax
Taxation is recognised on profits at the rate of corporation tax applicable
to small companies of 19%. Deferred tax is recognised in respect of all timing
differences that have originated but not reversed at the balance sheet date
where there is an obligation to pay more tax or a right to pay less tax in
the future. Deferred tax assets are recognised only when, on the basis of all
available evidence, it can be regarded as more likely than not that there will
be available taxable profits against which the future reversal of the
underlying timing differences can be offset.
Operating leases
Payments relating to operating leases are recognised in the income statement
on a straight line basis over the lease term. Initial rent deposits are shown
as a debtor in the balance sheet.
Incentive option plan
The company has granted share options under the Incentive Option Plan which
will result in share-based payments to optionholders on exercise of the options.
The fair value of these options, which the company has estimated at the award
date using a Monte Carlo valuation model, is expensed through the income
statement over the vesting period of the options.
Share capital
The company's share capital consists of ordinary shares with a nominal value
of 1p each and deferred shares with a nominal value of 99p each. No dividends
have been declared or paid on the ordinary shares. The rights of the deferred
shares to receive dividends or participate in distributions of capital on a
winding-up are so limited as to render the deferred shares of negligible value.
2 Loss before taxation
2006
#000
--------------------------------------------------------------------------------
The following items have been included in arriving
at loss before taxation:
Staff costs 346
Depreciation of property, plant and equipment 2
Operating lease rentals - property, plant and equipment 19
--------------------------------------------------------------------------------
3 Employees and directors
Staff costs for the group during the period
2006
#000
--------------------------------------------------------------------------------
Wages and salaries 220
Social security costs 27
Other pension costs 17
-----------
264
Costs attributable to the Incentive Option Plan 82
--------------------------------------------------------------------------------
346
--------------------------------------------------------------------------------
The group had five employees (including executive directors) at 30 June 2006.
4 Taxation
2006
#000
--------------------------------------------------------------------------------
Current tax
Continuing operations -
--------------------------------------------------------------------------------
-
Deferred tax
Continuing operations -
--------------------------------------------------------------------------------
Taxation -
--------------------------------------------------------------------------------
The tax assessed for the period differs from the standard rate of corporation tax
in the UK. The differences are explained below:
2006
#000
--------------------------------------------------------------------------------
Loss before taxation (456)
--------------------------------------------------------------------------------
Loss before taxation multiplied by the rate
of UK corporation tax applicable to small companies of 19% (87)
Effect of:
Expenses not deductible for tax purposes 1
Losses available to carry forward and other timing differences 86
--------------------------------------------------------------------------------
Taxation -
--------------------------------------------------------------------------------
The unprovided deferred tax asset at 30 June 2006 is estimated to be #86,000 and
is in respect of trading losses incurred and other timing differences.
5 Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares outstanding
during the period. Because basic EPS results in a loss per share the diluted EPS
is calculated using the undilutive weighted average number of shares.
Weighted
average
number Per-share
Earnings of shares amount
#000 pence
--------------------------------------------------------------------------------
Basic and diluted EPS
Loss attributable to ordinary shareholders ( 456 ) 1,754,494 (26.0)
--------------------------------------------------------------------------------
(26.0)
--------------------------------------------------------------------------------
6 Property, plant and equipment
Office
equipment
#000
--------------------------------------------------------------------------------
Cost
At 18 October 2005 -
Additions 14
--------------------------------------------------------------------------------
At 30 June 2006 14
--------------------------------------------------------------------------------
Accumulated depreciation
At 18 October 2005 -
Charge for the period 2
--------------------------------------------------------------------------------
At 30 June 2006 2
--------------------------------------------------------------------------------
Net book amount at 30 June 2006 12
--------------------------------------------------------------------------------
The company considers at each reporting date whether there is any indication of
impairment of its assets. In the event that impairment is identified, the
carrying amount of the assets is written down immediately to its estimated
recoverable amount.
7 Trade and other receivables
2006
#000
--------------------------------------------------------------------------------
Amounts falling due within one year:
Bank interest receivable 36
Rent deposit 4
VAT recoverable 3
Prepayments and accrued income 21
--------------------------------------------------------------------------------
64
--------------------------------------------------------------------------------
On 11 January 2006, the Company entered into an agreement for the rental of office
accommodation for a six-month period commencing on 16 January 2006. The agreement
was subsequently amended so as to expire on 31 January 2007. A deposit was
lodged with the lessor which is repayable after the premises have been vacated.
8 Cash and cash equivalents
2006
#000
--------------------------------------------------------------------------------
Cash and cash equivalents
Cash at bank and in hand 4,315
--------------------------------------------------------------------------------
4,315
--------------------------------------------------------------------------------
9 Trade and other payables
2006
#000
--------------------------------------------------------------------------------
Trade payables 8
Other creditors 42
Accruals 41
--------------------------------------------------------------------------------
91
--------------------------------------------------------------------------------
10 Provisions
Social
Security
Costs
#000
--------------------------------------------------------------------------------
At 18 October 2005 -
Income statement charge 7
--------------------------------------------------------------------------------
At 30 June 2006 7
--------------------------------------------------------------------------------
Social security costs
The company is providing for the anticipated employer's national insurance
contribution that will arise on the exercise of awards granted under the
2006 Incentive Option Plan.
11 Called up share capital
2006
Shares #000
--------------------------------------------------------------------------------
Authorised
Ordinary shares of 1 pence each 7,666,667 77
Deferred shares of 99 pence each 50,001 50
--------------------------------------------------------------------------------
127
--------------------------------------------------------------------------------
Issued and fully-paid
Ordinary shares of #1 each
At 18 October 2005 2 -
Issued during the period 49,999 50
Converted during the period 50,001 (50)
--------------------------------------------------------------------------------
At 30 June 2006 -
--------------------------------------------------------------------------------
Ordinary shares of 1 pence each
At 18 October 2005 - -
Arising on conversion 50,001 -
Issued during the period 4,950,000 50
--------------------------------------------------------------------------------
At 30 June 2006 50
--------------------------------------------------------------------------------
Deferred shares of 99 pence each
At 18 October 2005 - -
Arising on conversion 50,001 50
--------------------------------------------------------------------------------
At 30 June 2006 50
--------------------------------------------------------------------------------
On incorporation, the authorised share capital of the Company was #50,000 divided
into 50,000 ordinary shares of #1.00 each, of which two ordinary shares were
issued at par fully paid up to the subscribers.
On 10 January 2006, the Company's authorised share capital was increased to
#50,001 and 49,999 ordinary shares of #1.00 each were issued paid up as to
one-quarter of their nominal value. The balance of the nominal value of the
partly-paid ordinary shares was paid up in full on 28 March 2006.
On 28 March 2006, each ordinary share of #1.00 each in the capital of the Company
was converted into one ordinary share of 1 pence and one deferred share of 99 pence
each. The authorised share capital of the Company was increased from #50,001 to
#126,168 by the creation of 7,616,666 ordinary shares.
On 3 April 2006, 4,950,000 ordinary shares of 1 pence each were issued at a price
of #1 per share.
12 Share premium account
#000
--------------------------------------------------------------------------------
At 18 October 2005 -
Premium on shares issued during the period 4,901
Costs relating to the issue of shares (327)
--------------------------------------------------------------------------------
At 30 June 2006 4,574
--------------------------------------------------------------------------------
13 Other reserves
#000
--------------------------------------------------------------------------------
At 18 October 2005 -
Charge relating to the incentive option plan 75
--------------------------------------------------------------------------------
At 30 June 2006 75
--------------------------------------------------------------------------------
14 Retained losses
#000
--------------------------------------------------------------------------------
At 18 October 2005 -
Loss for the period (456)
--------------------------------------------------------------------------------
At 30 June 2006 (456)
--------------------------------------------------------------------------------
15 Cash flow from operating activities
2006
#000
--------------------------------------------------------------------------------
Continuing operations
Operating loss (500)
Adjustments for:
Depreciation 2
Charge relating to the incentive option plan 75
Changes in working capital:
Increase in Trade and other receivables (28)
Increase in Payables 91
Increase in Provisions 7
--------------------------------------------------------------------------------
Cash used in continuing operations (353)
--------------------------------------------------------------------------------
16 Operating lease commitments
2006
#000
--------------------------------------------------------------------------------
Commitments under non-cancellable operating leases expiring:
Within one year 36
--------------------------------------------------------------------------------
36
--------------------------------------------------------------------------------
The Company has entered into a short-term non-cancellable operating lease on its
head office in Chiswick, London.
17 Related party transactions
During the period, the Company received loans from directors totalling #24,000.
These loans were repaid on 31 March 2006. No other transactions with related
parties have been identified during the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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