TIDMTMO
RNS Number : 6705U
Time Out Group plc
30 March 2023
30 March 2023
Time Out Group plc
("Time Out," the "Company" or the "Group")
Unaudited results for the six months ended 31 December 2022
Continued momentum post pandemic delivers positive Group
Adjusted EBITDA
Time Out Group plc (AIM: TMO), the global media and hospitality
business, today announces its unaudited results for the six months
ended 31 December 2022.
Commenting on the results, Chris Ohlund, CEO of Time Out Group
plc, said:
"We are encouraged by the momentum and progress we have seen
across the business, continuing to deliver positive Group Adjusted
EBITDA and improved margins, positioning Time Out Group for further
profitable growth. We have built out an experienced management team
across the Group to continue our momentum.
"Our digital-first multi-platform strategy has resulted in Time
Out Media exceeding our expectations across key areas such as
audience growth, higher-margin digital advertising and higher-value
bespoke campaigns - in a performance founded on Time Out's content
which inspires and enables people to experience the best of the
city all of which continues to attract leading brands advertising
with us. The same mission is at the heart of Time Out Market, which
continues to successfully build its following and offering - giving
us further confidence in our unique proposition, which we are
bringing to more cities around the world. Since October 2022, we
have signed four new agreements, increasing our pipeline to eight
new sites, with more in advanced negotiations as landlords
recognise Time Out Market's ability to turn a property into a
destination. As part of our ongoing expansion, our focus remains on
signing Management Agreements, which generate a recurring earnings
stream, without the need for the Company to fund capex."
Financial highlights
-- Gross revenue increased by 68% to GBP53.8m (2021: GBP32.0m)
and net revenue (1) by 60% to GBP39.5m (2021: GBP24.7m)
-- Gross profit increased 61% to GBP31.8m (2021: GBP19.7m)
-- Group Adjusted EBITDA ( (2) () i ncreased to GBP2. 4 m (2021:
GBP0.8m loss) with both divisions positive
-- Group operating loss reduced to GBP6.8m (2021: GBP8.5m loss)
-- Cash of GBP5.3m at 31 December 2022 (2021: GBP8.5m) and
borrowings of GBP 31 . 3 m (2021: GBP20.3m), resulted in Adjusted
net debt( (3) () of GBP2 6 . 0 m (2021: GBP11.9). Reported net debt
was GBP5 2 . 7 m (2021: GBP34.6m) including GBP26.7m (2021:
GBP22.7m) of IFRS 16 lease liabilities
-- Refinancing completed in November 2022 with a new four-year
term loan facility of EUR35.0m ; EUR5.8m of the facility remains
undrawn and the agreement allows an extension to EUR47.5m by mutual
consent
Operational highlights
-- Time Out Market: continued revenue growth and accelerated signing of new Management Agreements
o First reporting period of uninterrupted trading with net
revenue growth of 78% to GBP21.2m (2021: GBP11.9m)
o Growing portfolio includes 1 5 open and contracted sites with
Cape Town, Vancouver and Riyadh Management Agreements signed in the
period , Barcelona lease agreement signed post period end and a
strong pipeline of locations in advanced negotiations
o Construction under way in both the Porto and Cape Town sites,
which are set to open towards the end of calendar 2023
-- Time Out Media: exceeding management expectations with
digital-first strategy driving benefits
o 65% growth in digital revenue following the completed
transition from print to a digital-first strategy
o Success in higher-margin digital advertising space and with
higher-value bespoke campaigns including unique 'digi-physical'
advertising propositions combining the power of Time Out Media and
Time Out Market
o Strong relationships with an expanding advertising client base
in both existing and new sectors
Outlook
The progress made in calendar year 2022 was the beginning of the
Time Out rebuild; the reopening of Markets which barely had an
opportunity to establish themselves after opening in 2019, the
ability to continue signing new Markets again, the full transition
of Media from print to digital and the leveraging of the complete
Time Out platform to create high value marketing solutions. Whilst
the Board remains cautious in light of current economic
uncertainty, due to the actions taken, we expect to gain
significant further traction in the year ahead as we continue to
grow momentum. We are encouraged by Time Out Media's progress with
further revenue growth expected in the second half as advertisers
seek access to our large global dynamic audience, in a positive
brand-safe environment. Whilst the Time Out Market portfolio of 15
existing and future Time Out Markets includes eight Management
Agreements which, once all open and with a term of at least 10
years, will deliver a recurring minimum earnings stream
contributing c.GBP13m to EBITDA every year. Given current interest
levels from landlords, we are confident of signing further
Management Agreements over the short and medium term.
(1) Net revenue is calculated as gross revenue less the
concessionaires' share of revenue. See note 4 to the condensed
consolidated statements.
(2) Adjusted EBITDA is operating loss stated before interest,
taxation, depreciation, amortisation, share-based payments,
exceptional items and profit/(loss) on the disposal of fixed
assets. This is a non-GAAP alternative performance measure ("APM")
that management uses to aid understanding of the underlying
business performance. See note 4 for reconciliation to statutory
numbers.
(3) Adjusted net cash/(debt) excludes lease-related liabilities
under IFRS 16. This is an APM. See note 7 to the condensed
financial statements for a reconciliation to statutory numbers.
For further information, please contact:
Time Out Group plc Tel: +44 (0)207 813
3000
Chris Ohlund, CEO
Patrick Foley, CFO
Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker) Tel: +44 (0)203 100
2222
Andrew Godber / Clayton Bush / Edward Thomas
FTI Consulting LLP Tel: +44 (0)203 727
1000
Edward Bridges / Stephanie Ellis / Fiona Walker
Notes to editors
About Time Out Group
Time Out Group is a global media and hospitality business that
inspires and enables people to experience the best of the city
through its two divisions - Time Out Media and Time Out Market.
Time Out launched in London in 1968 to help people discover the
exciting new urban cultures that had started up all over the city -
today it is the only global brand dedicated to city life. Expert
journalists curate and create content about the best things to Do,
See and Eat across 333 cities in 59 countries and across a unique
multi-platform model spanning both digital and physical channels.
Time Out Market is the world's first editorially curated food and
cultural market, bringing a city's best chefs, restaurateurs and
unique cultural experiences together under one roof. The portfolio
includes seven open Markets, several new locations with expected
opening dates in 2023 and beyond, in addition to a pipeline of
further locations in advanced discussions. Time Out Group PLC,
listed on AIM, is headquartered in the United Kingdom.
FORWARD-LOOKING STATEMENTS
This document contains "forward-looking statements", which
include all statements other than statements of historical facts,
including, without limitation, any statements preceded by, followed
by or that include the words "targets", "believes", "expects",
"aims", "intends", "will", "may", "anticipates", "would", "could"
or similar expressions or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Group's
control that could cause the actual results, performance or
achievements of the Group to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking, including, among others, the achievement of
anticipated levels of profitability, growth, the impact of
competitive pricing, volatility in stock markets or in the price of
the Group's shares, financial risk management and the impact of
general business and global economic conditions. Such
forward-looking statements are based on numerous assumptions
regarding the Group's present and future business strategies and
the environment in which the Group will operate in the future. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. These
forward-looking statements speak only as at the date as of which
they are made, and each of Time Out Group Plc and the Group
expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements
contained herein to reflect any change in Time Out Group Plc's or
the Group's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based. Neither the Group, nor any of its agents, employees or
advisors intends or has any duty or obligation to supplement,
amend, update or revise any of the forward-looking statements
contained in this document.
Chief Executive's Review
Group overview
Financial summary
Unaudited Unaudited
6 months to 6 months to
31 December 31 December
2022 2021 Change
GBP '000 GBP'000 %
Market 21,15 4 11,867 78%
Media 18,353 12,836 43%
------------------------------- ------------- ------------- -------
Group net revenue(1) 39,50 7 24,703 60%
Gross profit 31,7 52 19,694 68%
Gross margin % (2) 80% 80% -
Divisional Adjusted operating
expenses(3) (28,2 05) (19,423) 45%
Divisional Adjusted EBITDA(3) 3,5 47 271
------------------------------- ------------- ------------- -------
Market 1,4 55 (619) 335%
Media 2,092 890 135%
------------------------------- ------------- ------------- -------
Corporate costs (1,172) (1,120) 5%
Group Adjusted EBITDA(3) 2,3 7 5 (849) 380%
------------------------------- ------------- ------------- -------
(1) Net revenue is calculated as gross revenue less the
concessionaires' share of revenue. See note 4.
(2) Gross margin calculated as gross profit as a percentage of net revenue.
(3) Adjusted measures are stated before interest, taxation,
depreciation, amortisation, share-based payments, exceptional items
and profit/(loss) on the disposal of fixed assets. These are APMs
that management uses to aid understanding of the underlying
business performance. See note 4 for reconciliation to statutory
numbers.
The first half of the financial year - the first reporting
period of uninterrupted trading since 2019 - saw the Group make a
substantial and sustained post pandemic recovery and progress
across both business divisions. Following the relaunch of the
Markets and their restored curation in full year 2022, this period
has seen further operational improvements, increased footfall and
continued revenue growth in this division while the Media business
reaped the benefits from its full transition from print to digital
and winning big ticket, high-profile campaigns.
The Group's net revenue increased by 60% to GBP39.5m (2021:
GBP24.7m), albeit from a comparative period that was still impacted
by Covid-19 restrictions. Gross margin was maintained at 80%.
Operating expenses continue to be constantly reviewed as we remain
focused on profitable growth. These combined to produce an
improvement in the Divisional Adjusted EBITDA of GBP3.5m (2021:
GBP0.3m) and resulted in a positive Group Adjusted EBITDA of
GBP2.4m (2021: GBP0.8m Group Adjusted EBITDA loss).
Time Out Market trading overview
Unaudited Unaudited
6 months to 6 months to
31 December 31 December
2022 2021 Change
GBP'000 GBP'000 %
Owned operations 19,06 1 10,429 83%
Management fees 2,093 1,438 46%
-------------------------------- ------------- ------------- -------
Net revenue 21,15 4 11,867 78%
-------------------------------- ------------- ------------- -------
Gross profit 17,39 3 9,882 76%
Gross margin % 82% 83% (1)%
Adjusted operating expenditure
(trading) (2) (11,290 ) (8,210) 38%
-------------------------------- -------------
Trading EBITDA(1) 6,103 1,672 265%
Market central costs (4,64 8 ) (2,291) 103%
-------------------------------- ------------- ------------- -------
Adjusted EBITDA(2) 1,4 5 5 (619) 335%
-------------------------------- ------------- ------------- -------
(1) Trading EBITDA represents the Adjusted EBITDA from owned and
operated markets post opening, Management Agreement fees, and the
development fees relating to Management Agreements. It is presented
before pre-opening costs of new markets and other central costs of
the Market business.
(2) Adjusted measures are stated before interest, taxation,
depreciation, amortisation, share-based payments, exceptional items
and profit/(loss) on the disposal of fixed assets. These are APMs
that management uses to aid understanding of the underlying
business performance. See note 4 for reconciliation to statutory
numbers.
Time Out Market net revenue increased significantly and by 78%
to GBP21.2m (2021: GBP11.9m) generating an Adjusted EBITDA of
GBP1.5m (2021: GBP0.6m Adjusted EBITDA loss) in the first reporting
period of uninterrupted trading and with the comparative period
still impacted by some restrictions. Operating expenses continue to
be managed and improvements, as well as commercial initiatives to
optimise margins, are being implemented to further drive
profitability. Central costs increased to further strengthen the
Time Out Market team's focus on driving growth in our existing
Markets and accelerating our global expansion including sourcing
new locations and preparing several upcoming openings.
Time Out Market is a food and cultural market that brings the
best of the city together under one roof - as such, we regularly
update our curated mix and continue to attract high calibre chefs
and restaurateurs. New concessions in the period include in Lisbon
O Frade, a MICHELIN Bib Gourmand; in New York foodie favourites
Bark, Dough Doughnuts and La Bella Ferrara; and Time Out Market
Chicago launched its first standalone fine dining concept,
Valhalla, with award-winning Chef Stephen Gillanders to outstanding
reviews.
Alongside the culinary curation, each Market offers cultural and
seasonal activations to drive differentiation and footfall.
Examples include Time Out Market Dubai and New York revealing
murals by local artists; Football World Cup viewings across all
sites, Time Out Market Chicago's Oktoberfest and a Formula 1 event
with driver Nico Hülkenberg at Time Out Market Dubai. For the first
time, a coordinated approach to events across all locations for the
holiday season was implemented and an enhanced corporate and group
events strategy helped drive further revenues.
In line with our strategy, Time Out Market's ongoing global
expansion is focused on Management Agreements under which the Group
receives a share of revenues and profits (subject to a guaranteed
fee) but does not contribute to the capital cost of the site. To
accelerate the rate of new signings, we have evolved our commercial
formats allowing us to target more opportunities and the internal
development team - also supported by external real estate partners
- is engaging with an increasing pool of landlords and developers
interested in Time Out Market proposition. This was underlined in
November 2022, when Time Out Market was recognised as Hospitality
Operator of the Year at the Global RLI Awards.
Alongside seven existing Markets, we have eight contracted sites
and a strong pipeline of locations in advanced negotiations.
Between October 2022 and January 2023, four new agreements were
signed: Time Out Market Cape Town (Management Agreement with
V&A Waterfront Holdings Ltd); Time Out Market Vancouver
(Management Agreement with QuadReal Property Group and Westbank);
Time Out Market Riyadh (Management Agreement with Diriyah Gate
Development Authority); and in January 2023 we entered into a lease
agreement with Klépierre Real Estate España S.L.U., a member of the
Klépierre Group, to open Time Out Market Barcelona. While the
ongoing expansion is focused on Management Agreements, Time Out
Market Barcelona is a lease agreement and as a result will be an
Owned & Operated Market, with Time Out receiving 100% of site
profits. The majority of the construction capex will be covered by
a contribution from the landlord, as well as a sponsorship provided
by beer brand Estrella Damm.
The current opening pipeline of eight new Markets includes:
-- Porto (Owned & Operated) - calendar 2023 (construction under way)
-- Cape Town (Management Agreement) - calendar 2023 (construction under way)
-- Barcelona (Owned & Operated) - calendar 2024
-- Vancouver (Management Agreement) - calendar 2024
-- Abu Dhabi (Management Agreement) - calendar 2025
-- Prague (Management Agreement) - calendar 2025
-- Osaka (Management Agreement) - calendar 2025
-- Riyadh (Management Agreement) - calendar 2027
In February 2023, we confirmed that we will not proceed with the
development of a Time Out Market at 106 Commercial Street in
London. Although recommended for approval by planning officers, the
Tower Hamlets Development Committee chose to defer its decision on
our application in 2022 after a process which had already taken
several years. With an expectation of the process being drawn out
by further delays we have decided to no longer proceed with our
application but focus our resources on other opportunities.
Time Out Media trading overview
Unaudited Unaudited
6 months 6 months
to to
December December
2022 2021 Change
GBP'000 GBP'000 %
Digital advertising 14,685 8,894 65%
Print 554 1,673 (67)%
Live events 499 539 (7)%
Local Marketing Solutions 743 485 53%
------------------------------------ ---------- ---------- -------
Advertising sales 16,481 11,591 42%
Affiliates & offers 1,337 1,245 33%
Franchises 535 239 124%
Net revenue 18,353 12,836 43%
------------------------------------ ---------- ---------- -------
Gross profit 14,359 9,812 46%
Gross margin % 78% 76% 2%
Adjusted operating expenditure (1) (12,267) (8,922) 37%
------------------------------------ ---------- ---------- -------
Adjusted EBITDA(1) 2,092 890 135%
------------------------------------ ---------- ---------- -------
(1) Adjusted measures are stated before interest, taxation,
depreciation, amortisation, share-based payments, exceptional items
and profit/(loss) on the disposal of fixed assets. These are APMs
that management use to aid understanding of the underlying business
performance. See note 4 for reconciliation to statutory
numbers.
Time Out Media trading saw significant growth with net revenue
up 43% to GBP18.4m (2021: GBP12.8m) generating Adjusted EBITDA of
GBP2.1m (2021: GBP0.9m). Digital revenue grew by 65% to GBP14.7m
(2021: GBP8.9m) in what were the first six months of Time Out being
digital-only in the UK and in which we continued our digital growth
in North America as well as in other regions. This demonstrates a
successful replacement of print with digital revenue as part of our
digital-first multi-platform strategy which also led to improved
gross margin of 78% (2021: 76%). With the last regular Time Out
London print magazine published in June 2022, almost all of the 333
Time Out cities in which we cover content are now fully digital
with print issues only in Barcelona (monthly), Madrid and Lisbon
(quarterly) and in a few cities within our franchise network. We
continue to closely manage our operating expenditure with the 37%
increase representing investment in people with the appropriate
skills to drive our digital and video product offerings.
This digital-first strategy has positioned the Media division to
increasingly tap into higher-value campaigns from leading brands
and the higher-margin growing digital advertising space. We
continue to believe that our brand-safe content environment is
increasingly attractive to major brands. As a result, we have been
able to take advantage of post-pandemic advertising spend -
something we first achieved in our North America business, followed
recently in our revitalised UK business and this is now gathering
pace across other regions too.
The Media division globally - including franchises - is now led
by Stacy Bettman who was appointed Time Out Media CEO in March
2023, reporting to Group CEO Chris Ohlund. Her appointment follows
her success in leading the North American business from loss making
in 2019 to EBITDA of GBP3.7m in the period.
The recent progress has been founded on successfully offering
bespoke - and therefore higher-value - advertising solutions to
premium global brands and informs the direction of the division
going forward. Rooted in our unique content, the client campaigns
we delivered spanned multiple digital channels including website,
social media, video, newsletters as well as live events which we
increasingly host at Time Out Markets to add 'in real life'
campaign elements. This combined power of Time Out Media
(high-quality content) plus Time Out Market (real-life experiences)
proves to be a differentiator that no other media brand can offer,
giving us pricing authority for these types of "digi-physical"
campaigns.
Furthermore, strong relationships with both direct and agency
partners enabled us to attract more clients in existing and new
sectors. We delivered campaigns - in some cases repeatedly or as
part of long-term partnerships - for clients including drinks
brands Bacardi, Glen Grant and Pernod Ricard; travel, transport and
mobility brands such as P&O Cruises, TAP Portugal and FreeNow;
Mastercard, Nickelodeon as well as in new sectors such as cosmetics
(Maybelline New York) and gaming (DraftKings).
Time Out's global monthly brand audience(1) grew to 73.1m (2021:
71.6m) and we achieved several milestones in reach, engagement and
creativity. We reimagined the way we share content on social media,
unveiled new video formats, launched new email formats, expanded
our national footprints which enhanced our proposition for
advertisers and in September 2022 delivered the third biggest
growth of all UK news publishers(2) .
A key element of bringing Time Out's "best of the city" content
to life across digital channels is a continued investment in the
production of our own videos, which is a media our audience
increasingly engages with. We use these videos across TikTok, our
fastest growing social channel, and Instagram where we more than
doubled video views. As we produce more original Time Out videos,
we have upgraded our onsite video capabilities via a partnership
with JW Player. This enables us to use our videos across our own
website (not only across social media) and to leverage our video
content strategy in line with client demands, both in terms of
direct and programmatic revenue.
(1) Global brand audience is the estimated monthly average in
the period including all Owned & Operated cities and
franchises. It includes print circulation and unique website
visitors (Owned & Operated), unique social users (as reported
by Facebook and Instagram with social followers on other platforms
used as a proxy for unique users), social followers (for other
social media platforms), opted-in members and Market visitors.
(2) Source: Press Gazette using data from (c) Ipsos, Ipsos iris,
1-30 September 2022
Financial Review
Unaudited Unaudited
6 months 6 months
to to
December December
2022 2021 Change
GBP'000 GBP'000 %
Gross revenue 53,801 32,049 68%
Concessionaire share (14,294) (7,346) 95%
---------------------------------- ---------- ---------- -------
Net revenue 39,50 7 24,703 60%
Gross profit 31,75 2 19,694 61%
Gross margin 80% 80%
( 38,561
Administrative expenses ) (28,202) 45%
---------------------------------- ---------- ---------- -------
Operating loss ( 6,809) (8,508) (20)%
---------------------------------- ---------- ---------- -------
Operating loss (6, 809) (8,508) (20)%
Depreciation & amortisation
- Intangible assets 1,126 1,378 (18)%
- Property, plant and equipment 3, 679 3,275 12%
- Right-of-use assets 1 ,046 908 15%
Loss on disposal of fixed assets 2 - -
Share-based payments 1,02 9 450 129%
Exceptional items 2,302 1,648 40%
Adjusted EBITDA(1) 2,3 75 (849) 380%
---------------------------------- ---------- ---------- -------
Finance income 11 501 (98)%
(5, 704
Finance costs ) (2,465) 131%
---------------------------------- ---------- ---------- -------
(1 2 ,
Loss before tax 502) (10,472) 19%
---------------------------------- ---------- ---------- -------
(1) Adjusted EBITDA is operating loss stated before interest,
taxation, depreciation, amortisation, share-based payments,
exceptional items and profit/(loss) on the disposal of fixed
assets. This is an APM that management uses to aid understanding of
the underlying business performance. See note 4 for reconciliation
to statutory numbers.
Group gross revenue for the period increased by 6 8 % to
GBP53.8m (2021: GBP32.0m) driven by the uninterrupted trading
across all Time Out Markets and the successful delivery of Time Out
Media's print to digital strategy. This allowed the gross margin as
a percentage of net revenue to be maintained at 80%. Despite this,
the current trading environment is being buffeted by the challenges
of cost inflation, political uncertainty and rising interest
rates.
Adjusted Group operating expenses (excluding corporate costs,
depr eciation, amortisation, share-based payments and exceptional
items) increased by GBP8. 8 m to GBP28.2m (2021 : GBP19.4m)
reflecting the increased activity in the period. In line with many
companies, the macro challenges mentioned above led us to a review
of all ongoing operating costs. This resulted in the deferral of
some initiatives (Metaverse) and some staff redundancies.
Optimisation of our cost base is an on-going exercise and may
result in further changes over the second half of the year. The
benefits of these changes will be fully realised in the next
financial year. Corporate costs of GBP1.2m are largely in line with
the previous period.
Group Adjusted EBITDA(1) improved to GBP 2 . 4 m (2021: GBP0.8m
Group Adjusted EBITDA loss).
The net exceptional costs of GBP2.3m (2021: GBP1.6m) includes
staff redundancy costs GBP(1.3m) and the write-off of capitalised
costs relating to Time Out Market Spitalfields which we have exited
of (GBP1.0m).
Net finance costs of GBP5. 7 m (202 1 : GBP 2 . 0 m) primarily
relates to interest on debt of GBP 2 . 5 m (2021: GBP 0 . 9 m) and
lease liabilities of GBP 1 .6m (2021: GBP 1 . 1 m). In addition, it
includes a charge of GBP1.6m in respect of fair value of share
warrants granted to lenders following the new loan arrangements
concluded in November 2022.
The depreciation charge of GBP4.7m increased by GBP0.6m (2021:
GBP4.1m). The amortisation of intangible assets of GBP1.1m
decreased by GBP0.3m (2021: GBP1.4m). The share-based payments
charge of GBP1.0m increased by GBP0.5m (2021: GBP0.5m) as a result
in new grants in the period.
These non-cash costs results in a reporting operating loss of
was GBP6.8m (2021: GBP8.5m).
Cash and debt
Unaudited Audited Unaudited
31 December 30 June 31 December
2022 2022 2021
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 5,344 4,849 8,459
( 31 , 362
Borrowings ) (21,978) (20,328)
---------------------------- ------------- --------- -------------
(2 6,018
Adjusted net debt ) (17,129) (11,869)
IFRS 16 Lease liabilities (26,712) (27,420) (22,698)
---------------------------- ------------- --------- -------------
Net cash debt ( 52 ,730) (44,549) (34,567)
---------------------------- ------------- --------- -------------
Cash and cash equivalents decreased by GBP 0.5 m since 30 June
2022 to GBP 5 . 3 m. This was driven primarily by the Group
Adjusted EBITDA of GBP 2 . 4 m (2021: GBP 0 . 8 m Group Adjusted
EBITDA loss), exceptional costs cash outflow of GBP 1 . 3 m (202 1:
GBP 1 . 6 m), net working capital outflow of GBP0.3m (2021: GBP2.9m
outflow), capital expenditure of GBP1.6m (2021: GBP1.9m), net cash
inflow following refinancing of the Incus Capital facility of
GBP6.2m (2021: GBP3.7m outflow) , taxation payments of GBP0.3m and
the repayment of lease liabilities of GBP2.8m (2021: GBP4.0m).
Capital expenditure of GBP1.3m principally comprises GBP0.6m
investment in the construction of Time Out Market Porto and GBP0.5m
invested by Media in on-going technology development costs. In
addition, GBP1.4m was used to fund the cash collateral required to
secure a new facility to fund the remaining Time Out Market Porto
construction.
The Incus Capital Finance facility of GBP20.9m was fully repaid
on 30 November 2022.
On 24 August, the Group agreed an unsecured loan facility of up
to GBP8.0 million with Oakley Capital Investments Limited ("OCI").
The drawn balance on this facility as 30 November 2022 of GBP5.2m
has been converted to a loan note ("OCI Loan Note") and extended to
31 December 2023. Interest will be charged at a 90 day average
SONIA rate plus 10% per annum, with an arrangement fee of 2% and an
exit premium.
On 24 November 2022, the Group agreed a new EUR35.0m secured
four-year term loan facility with Crestline Europe LLP ("Crestline
facility") was used to refinance the Incus Capital Facility. The
facility has a term of four years, with the right to settle in full
after two years. Interest may be capitalised or paid in cash, at
the election of the Company, during the first year at a rate of
9.5% plus 3-month EURIBOR and from the second year onwards interest
will be paid in cash at a rate of 8.5% plus 3-month EURIBOR. There
will separately be an exit premium payable upon full repayment of
the facility, calculated by reference to the principal amount
drawn. The facility is subject to quarterly financial covenants
based on minimum liquidity levels (quarterly testing commencing on
31 March 2023 ) and target leverage ratio (quarterly testing
commencing on 30 June 2023).
The Company has also executed an equity warrant instrument and
agreed to issue 11,400,423 equity warrants on 30 November 2022 and
a further 2,264,468 at full drawdown of the Loan Note Facility (in
total representing approximately 3.6% of its fully diluted share
capital) to the Crestline subscribers. The five-year equity
warrants, which have customary anti-dilution protections, have an
exercise price of 39 pence per ordinary share.
Going concern
The financial statements have been prepared under the going
concern basis of accounting as the Directors have a reasonable
expectation that the Group and Company will continue in operational
existence and be able to settle their liabilities as they fall due
for the foreseeable future, being a period of not less than one
year from the date of approval of the condensed financial
statements ("forecast period"). In making this determination, the
Directors have considered the financial position of the Group,
projections of its future performance and the financing facilities
that are in place.
As set out earlier, the Group has successfully refinanced the
Incus Capital loan facility which was fully settled on 30 November.
EUR5.8m of the new EUR35.0m Crestline facility remains undrawn and
the agreement allows for the facility to be extended to EUR47.5m by
mutual consent. All related covenant tests are expected to be met
over the forecast period.
The Board is satisfied that the Group will be able to operate
within the level of its current debt and financial covenants and
will have sufficient liquidity to meet its financial obligations as
they fall due for a period of at least 12 months from the date of
signing these financial statements. For this reason, the Group and
Company continue to adopt the going concern basis in preparing its
financial statements.
Outlook
The progress made in calendar year 2022 was the beginning of the
Time Out rebuild; the reopening of Markets which barely had an
opportunity to establish themselves after opening in 2019, the
ability to continue signing new Markets again, the full transition
of Media from print to digital and the leveraging of the complete
Time Out platform to create high value marketing solutions. Whilst
the Board remains cautious in light of current economic
uncertainty, due to the actions taken, we expect to gain
significant further traction in the year ahead as we continue to
grow momentum. We are encouraged by Time Out Media's progress with
further revenue growth expected in the second half as advertisers
seek access to our large global dynamic audience, in a positive
brand-safe environment. Whilst the Time Out Market portfolio of 15
existing and future Time Out Markets includes eight Management
Agreements which, once all open and with a term of at least 10
years, will deliver a recurring minimum earnings stream
contributing c.GBP13m to EBITDA every year. Given current interest
levels from landlords, we are confident of signing further
Management Agreements over the short and medium term.
Chris Ohlund
Group Chief Executive
30 March 2023
Consolidated Income statement
6 months ended 31 December 2022
Unaudited Unaudited
6 months 6 months Audited
ended 31 ended 31 Year ended
December December 30 June
Note 2022 2021 2022
---------- ---------- ------------
GBP'000 GBP'000 GBP'000
1,
Gross revenue 4 53,801 32,049 72,933
Cost of sales 4 (22,049) (12,355) (28,350)
----------
Gross profit 31,752 19,694 44,583
Administrative expenses (38,561) (28,202) (58,724)
---------- ---------- ------------
Operating loss (6,809) (8,508) (14,141)
Finance income 11 501 8
Finance costs (5,704) (2,465) (5,329)
----------
Loss before income tax 4 (12,502) (10,472) (19,462)
Income tax (charge)/credit (518) 16 (97)
---------- ---------- ------------
Loss for the period (13,020) (10,488) (19,559)
---------- ---------- ------------
Loss for the period attributable
to:
Owners of the parent (13,016) (10,483) (19,553)
Non-controlling interests (4) (5) (6)
---------- ---------- ------------
(13,020) (10,488) (19,559)
---------- ---------- ------------
Loss per share:
Basic and diluted loss
per share (p) 6 3.9 3.1 5.9
Consolidated Statement of Other Comprehensive Income
6 months ended 31 December 2022
Unaudited Unaudited
6 months 6 months Audited
ended 31 ended 31 Year ended
December December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
Loss for the period (13,020) (10,488) (19,559)
Other comprehensive income:
Items that may be subsequently
reclassified to the profit
or loss:
Currency translation differences 536 3,520 4,803
----------- ---------- ------------
Other comprehensive income/(expense)
for the period, net of tax 536 3,520 (4,803)
Total comprehensive expense
for the period (12,484) (6,968) (14,756)
----------- ---------- ------------
Total comprehensive expense
for the period attributable
to:
Owners of the parent (12,480) (6,963) (14,748)
Non-controlling interests (4) (5) (8)
----------- ---------- ------------
(12,484) (6,968) (14,756)
----------- ---------- ------------
Condensed Consolidated Statement of Financial Position
At 31 December 2022
Unaudited Audited
31 December 30 June
Note 2022 2022
------------- ----------
GBP'000 GBP'000
Assets
Non-current assets
Intangible assets - Goodwill 30,200 29,893
Intangible assets - Other 7,663 8,219
Property, plant and equipment 35,549 37,851
Right-of-use assets 19,692 20,490
Other receivables 1,773 3,554
94,877 100,007
------------- ----------
Current assets
Inventories 971 986
Trade and other receivables 19,300 14,906
Cash and cash equivalents 7 5,344 4,849
25,615 20,741
------------- ----------
Total assets 120,492 120,748
------------- ----------
Liabilities
Current liabilities
Trade and other payables (17,475) (14,872)
Borrowings 7 (5,254) (21,131)
Lease liabilities 7 (4,701) (5,056)
(27,430) (41,059)
------------- ----------
Non-current liabilities
Deferred tax liability (1,079) (1,158)
Borrowings 7 (24,500) (847)
Warrants liabilities 7 (1,607) -
Lease liabilities 7 (22,011) (22,364)
(49,197) (24,369)
------------- ----------
Total liabilities (76,627) (65,428)
------------- ----------
Net assets 43,865 55,320
------------- ----------
Equity
Called up share capital 9 336 336
Share premium 185,563 185,563
Translation reserve 8,398 7,862
Capital redemption reserve 1,105 1,105
Retained earnings / (losses) (151,509) (139,522)
Total parent shareholders' equity 43,893 55,344
------------- ----------
Non-controlling interest (28) (24)
Total equity 43,865 55,320
------------- ----------
Condensed Consolidated Statement of Changes in Equity
At 31 December 2022 (Unaudited)
Called
up Capital Retained Total parent Non-
Share Share Translation Redemption earnings/ Shareholders' Controlling Total
capital premium reserve reserve (losses) equity interest equity
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2022 336 185,563 7,862 1,105 (139,522) 55,344 (24) 55,320
Changes in
equity
Loss for the
period - - - - (13,016) (13,016) (4) (13,020)
Other
comprehensive
income - - 536 - - 536 - 536
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Total
comprehensive
income - - 536 - (13,016) (12,480) (4) (12,484)
Share-based
payments - - - - 1,029 1,029 - 1,029
Adjustment
arising on
change
of
non-controlling
interest - - - - - - - -
Issue of shares - - - - - - - -
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Balance at 31
December 2022 336 185,563 8,398 1,105 (151,509) 43,893 (28) 43,865
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Condensed Consolidated Statement of Changes in Equity
At 31 December 2021 (Unaudited)
Called
up Capital Retained Total parent Non-
Share Share Translation Redemption earnings/ Shareholders' Controlling Total
capital premium reserve reserve (losses) equity interest equity
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2021 332 185,563 3,057 1,105 (121,182) 68,875 (48) 68,827
Changes in
equity
Loss for the
period - - - - (10,483) (10,483) (5) (10,488)
Other
comprehensive
income - - 1,952 - - (1,952) - (1,952)
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Total
comprehensive
income - - 1,952 - (10,483) (8,531) (5) (8,536)
Share-based
payments - - - - 450 450 - 450
Adjustment
arising on
change
of
non-controlling
interest - - - - (13) (13) 13 -
Issue of shares 4 - - - - 4 - 4
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Balance at 31
December 2021 336 185,563 5,009 1,105 (131,228) 60,785 (40) 60,745
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Condensed Consolidated Statement of Changes in Equity
At 30 June 2022 (Audited)
Called
up Capital Retained Total parent Non-
Share Share Translation Redemption earnings/ Shareholders' Controlling Total
capital premium reserve reserve (losses) equity interest equity
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2021 332 185,563 3,057 1,105 (121,182) 68,875 (48) 68,827
Changes in
equity
Loss for the
period - - - - (19,553) (19,553) (6) (19,559)
Other
comprehensive
income - - 4,805 - - 4,805 (2) 4,803
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Total
comprehensive
income - - 4,805 - (19,553) (14,748) (8) (14,756)
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Share-based
payments - - - - 1,817 1,817 - 1,817
Adjustment
arising on
change
of
non-controlling
interest (604) (604) 32 (572)
Issue of new
shares 4 - - - - 4 - 4
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Balance at 30
June 2022 336 185,563 7,862 1,105 (139,522) 55,344 (24) 55,320
-------- --------- ------------ ----------- ---------- -------------- ------------ ---------
Condensed Consolidated Statement of Cash Flows
6 months ended 31 December 2022
Unaudited Unaudited
6 months 6 months Audited
ended 31 ended 31 Year ended
December December 30 June
Note 2022 2021 2022
---------- ---------- ------------
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from/ (used
in) operations 8 755 (4,511) (4,544)
Interest paid (1,027) (1,885) (2,497)
Tax paid (329) - -
Net cash used in operating
activities (601) (6,396) (7,041)
Cash flows from investing
activities
Purchase of property, plant
and equipment (1,141) (531) (1,173)
Purchase of intangible assets (499) (288) (740)
Interest received 11 - 2
Net cash used in investing
activities (1,629) (819) (1,911)
Cash flows from financing
activities
Repayment of borrowings (21,651) (2,084) (1,505)
Proceeds from borrowings 30,220 257 254
Costs of refinancing (1,378) - -
Restricted Cash (1,749) - -
Repayment of lease liabilities (2,758) (1,578) (4,035)
Acquisition of minority interest - - (203)
Net cash from financing activities 2,684 (3,405) (5,489)
Increase/(decrease) in cash
and cash equivalents 454 (10,620) (14,441)
Cash and cash equivalents
at beginning of period 4,849 19,070 19,070
Effect of foreign exchange
rate change 31 9 220
---------- ---------- ------------
Cash and cash equivalents
at end of period 5,334 8,459 4,849
---------- ---------- ------------
Notes to the condensed consolidated statements
1. Preliminary Information
The financial information ("condensed consolidated statements")
set out in this announcement represents the results of the Group
and its subsidiaries for the six months ended 31 December 2022.
While the financial information included in these condensed
consolidated statements has been prepared in accordance with the
recognition and measurement criteria of International Accounting
Standards ("IAS") in conformity with the requirements of the
Companies Act 2006, this announcement does not itself contain
sufficient information to comply with lASs and IFRSs.
The condensed financial information is unaudited and has not
been reviewed by the Group's auditor. The financial information for
the year ended 30 June 2022 is derived from the audited financial
statements for the year ended 30 June 2022, which have been
delivered to the Registrar of Companies. The external auditor has
reported on the accounts and their report did not contain any
statements under Section 498 of the Companies Act 2006.
The financial information is prepared under the historical cost
basis, unless stated otherwise in the accounting policies.
These statements were approved by the Board on 31 March
2022.
Alternative performance measures
The Group uses alternative performance measures ("APM") to help
management and analysts to assess the underlying business before
one-off and non-cash items. These include:
-- Adjusted EBITDA is calculated as profit or loss before
interest, taxation, depreciation, amortisation, share-based
payments, exceptional items and profit/(loss) on the disposal of
fixed assets.
-- Adjusted net debt excludes the lease liabilities recognised
in accordance with IFRS 16 "Leases".
-- Net revenue is calculated as gross revenue less the share of
concessionaire revenue, further detailed in Note 4.
Going Concern
The financial statements have been prepared under the going
concern basis of accounting as the Directors have a reasonable
expectation that the Group and Company will continue in operational
existence and be able to settle their liabilities as they fall due
for the foreseeable future, being a period of not less than one
year from the date of approval of the condensed financial
statements ("forecast period"). In making this determination, the
Directors have considered the financial position of the Group,
projections of its future performance and the financing facilities
that are in place.
As set out earlier, the Group has successfully refinanced the
Incus Capital loan facility which was fully settled on 30 November.
EUR5.8m of the new EUR35.0m Crestline facility remains undrawn and
the agreement allows for the facility to be extended to EUR47.5m by
mutual consent. All related covenant tests are expected to be met
over the forecast period.
The Board is satisfied that the Group will be able to operate
within the level of its current debt and financial covenants and
will have sufficient liquidity to meet its financial obligations as
they fall due for a period of at least 12 months from the date of
signing these financial statements. For this reason, the Group and
Company continue to adopt the going concern basis in preparing its
financial statements.
2. Accounting policies
The same accounting policies and methods of computation are
followed in these condensed set of financial statements as applied
in the Group's latest annual audited financial statements.
3. Exchange rates
The significant exchange rates to UK Sterling for the Group are
as follows:
6 months 6 months
ended ended Year ended
31 December 31 December 30 June
2022 2021 2022
------------------ ------------------ ------------------
Closing Average Closing Average Closing Average
rate rate rate rate rate rate
US dollar 1.21 1.18 1.35 1.37 1.21 1.34
Euro 1.13 1.16 1.19 1.17 1.16 1.18
Australian dollar 1.78 1.75 1.86 1.86 1.76 1.84
Singaporean dollar 1.62 1.65 1.82 1.85 1.69 1.82
Hong Kong dollar 9.45 9.24 10.53 10.65 9.52 10.45
Canadian dollar 1.64 1.56 1.72 1.72 1.56 1.69
4. Segmental information
In accordance with IFRS 8, the Group's operating segments are
based on the figures reviewed by the Board, which represents the
chief operating decision maker. The Group comprises two operating
segments:
-- Time Out Market - this includes Time Out's share of
concessionaires' sales, revenues from Time Out operated bars and
other revenues include retail, events and sponsorship.
-- Time Out Media - this includes the sale of digital and print
advertising, local marketing solutions, live events tickets and
sponsorship, commissions generated from e-commerce transactions,
and fees from our franchise partners.
6 months ended 31 December 2022
(Unaudited)
Time Out Time Out Corporate
Market Media costs Total
GBP'000 GBP'000 GBP'000 GBP'000
Gross revenue 35,448 18,353 - 53,801
Concessionaire share (14,294) - - (14,294)
----------------------------------- --------- --------- ---------- ---------
Net revenue 21,154 18,353 - 39,507
----------------------------------- --------- --------- ---------- ---------
Gross profit 17,393 14,359 - 31,752
Administrative expenses (22,066) (14,219) (2,276) (38,561)
----------------------------------- --------- ---------
Operating (loss)/ profit (4,673) 140 (2,276) (6,809)
Operating (loss)/ profit (4,673) 140 (2,276) (6,809)
Amortisation of intangible assets 4 1,122 - 1,126
Depreciation of property, plant
and equipment 3,580 99 - 3,679
Depreciation of right-of-use
assets 900 146 - 1,046
Loss on disposal of fixed assets - 2 - 2
----------------------------------- --------- --------- ---------- ---------
EBITDA (loss)/ gain (189) 1,509 (2,276) (956)
Share-based payments - - 1,029 1,029
Exceptional items 1,644 583 75 2,302
Adjusted EBITDA gain/ (loss) 1,455 2,092 (1,172) 2,375
--------- --------- ----------
Finance income 11
Finance costs (5,704)
---------
Loss before income tax (12,502)
Income tax charge (518)
---------
Loss for the period 13,020
---------
6 months ended 31 December 2021
(Unaudited)
Time Out Time Out Corporate
Market Media costs Total
GBP'000 GBP'000 GBP'000 GBP'000
Gross revenue 19,213 12,836 - 32,049
Concessionaire share (7,346) - - (7,346)
----------------------------------- --------- --------- ---------- ---------
Net revenue 11,867 12,836 - 24,703
----------------------------------- --------- --------- ---------- ---------
Gross profit 9,882 9,812 - 19,694
Administrative expenses (14,912) (10,624) (2,666) (28,202)
----------------------------------- ---------
Operating loss (5,030) (812) (2,666) (8,508)
Operating loss (5,030) (812) (2,666) (8,508)
Amortisation of intangible assets 49 1,329 - 1,378
Depreciation of property, plant
and equipment 3,209 66 - 3,275
Depreciation of right-of-use
assets 908 - - 908
----------------------------------- --------- --------- ---------- ---------
EBITDA loss (864) 583 (2,666) (2,947)
Share-based payments 186 241 23 450
Exceptional items 59 66 1,523 1,648
Adjusted EBITDA loss (619 ) 890 (1,120) (849)
--------- --------- ----------
Finance income 501
Finance costs (2.465)
---------
Loss before income tax (10,472)
Income tax charge (16)
---------
Loss for the period (10,488)
---------
Year ended 30 June 2022
(Audited)
Time Out Time Out Corporate
Market Media costs Total
GBP'000 GBP'000 GBP'000 GBP'000
Gross revenue 46,454 26,479 - 72,933
Concessionaire share (17,530) - - (17,530)
----------------------------------- --------- --------- ---------- ---------
Net revenue 28,924 26,479 - 55,403
----------------------------------- --------- --------- ---------- ---------
Gross profit 24,081 20,502 - 44,583
Administrative expenses (29,921) (22,728) (6,075) (58,724)
----------------------------------- --------- ---------
Operating loss (5,840) (2,226) (6,075) (14,141)
Operating loss (5,840) (2,226) (6,075) (14,141)
Amortisation of intangible assets 14 2,526 - 2,540
Depreciation of property, plant
and equipment 6,425 150 - 6,575
Depreciation of right-of-use
assets 2,017 48 - 2,065
Loss on disposal of fixed assets - 47 - 47
----------------------------------- --------- --------- ---------- ---------
EBITDA (loss)/ gain 2,616 545 (6,075) (2,914)
Share-based payments - - 1,817 1,817
Exceptional items (391) 1,159 1,548 2,316
Adjusted EBITDA (loss)/ gain 2,225 1,704 (2,710) 1,219
--------- --------- ----------
Finance income 8
Finance costs (5,329)
---------
Loss before income tax (19,462)
Income tax credit (97)
---------
Loss for the period (19,559)
---------
Gross revenue is analysed geographically by origin as
follows:
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
31 December 31 December 30 June
2022 2021 2022
------------- ------------- ------------
GBP'000 GBP'000 GBP'000
Europe 14,636 10,386 25,826
Americas 34,893 18,972 41,703
Rest of World 4,272 2,691 5,404
------------- ------------- ------------
53,801 32,049 72,933
------------- ------------- ------------
Gross revenue represents the total value of all food, beverage
and retail sales transactions in relation to the North American
markets, the Group's share of sales transactions in relation to the
Lisbon market and any Management Agreement fees. Net revenue is
calculated as gross revenue less the concessionaires' share of
revenue.
5. Exceptional items
Exceptional items are analysed as follows:
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
31 December 31 December 30 June
2022 2021 2022
------------- ------------- ------------
GBP'000 GBP'000 GBP'000
Restructuring costs 1,253 819 1,958
Time Out Market Spitalfields
exit costs 1,049 - -
Gain on recognition / derecognition
of right-of-use asset and
related lease liability - 829 (475)
Discontinued corporate transaction
costs - - 833
------------- ------------- ------------
2,302 1,648 2,316
------------- ------------- ------------
6. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to shareholders by the weighted average number of
shares during the period.
For diluted loss per share, the weighted average number of
shares in issue is adjusted to assume conversion for all dilutive
potential shares. All potential ordinary shares including options
and deferred shares are antidilutive as they would decrease the
loss per share and are therefore not considered. Diluted loss per
share is equal to basic loss per share.
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
31 December 31 December 30 June
2022 2021 2022
------------- ------------- ------------
Number Number Number
Weighted average number of
ordinary shares for the purpose
of basic and diluted loss
per share 335,937,085 335,582,084 334,198,517
GBP'000 GBP'000 GBP'000
Losses from continuing operations
for the purpose of loss per
share 13,016 10,483 19,553
Pence Pence Pence
Basic and diluted loss per
share 3.9 3.1 5.9
7. Cash and debt
Unaudited Unaudited Audited
31 December 31 December 30 June
2022 2021 2022
------------- ------------- ---------
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 5,344 8,459 4,849
Borrowings (31,362) (20,328) (21,978)
------------- ------------- ---------
Adjusted net debt (26,018) (11,869) (17,129)
IFRS 16 Lease liabilities (26,712) (22,698) (27,420)
------------- ------------- ---------
Net debt (52,730) (34,567) (44,549)
------------- ------------- ---------
Borrowings comprise principally the Crestline four-year loan
facility, which refinanced the Incus Capital Finance loan facility
on the 30 November 2022.
8. Notes to the cash flow statement
Reconciliation of loss before income tax to cash used in
operations
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
31 December 31 December 30 June
2022 2021 2022
------------- ------------- ------------
GBP'000 GBP'000 GBP'000
Loss before income tax (12,502) (10,472) (19,462)
Add back:
Net finance costs 5,693 1,964 5,321
Share-based payments 1,029 450 1,817
Depreciation charges 4,725 4,183 8,640
Amortisation charges 1,126 1,378 2,540
Loss on disposal of property,
plant and equipment 2 - 47
Impairment of market assets 1,049 - -
Gain on recognition / derecognition
of right-of-use asset and
related lease liability - - (475)
Other non-cash movements (22) (67)
Decrease in inventories 17 104 18
Increase in trade and other
receivables (982) (2,796) (3,961)
Increase/ (decrease) in trade
and other payables 620 678 1,038
------------- ------------- ------------
Cash generated from/ (used
in) operations 755 (4,511) (4,544)
------------- ------------- ------------
9. Share capital
Unaudited Audited
Nominal value 31 December 30 June
per share 2022 2022
------------- ------------
Number Number
Ordinary shares 335,937,085 335,870,417
Aggregate amounts 335,937,085 335,870,417
------------- ------------
GBP'000 GBP'000
Ordinary shares GBP0.001 336 336
Aggregate amounts 336 336
------------- ------------
10. Principal risks and uncertainties
The 2022 Annual Report sets out on pages 60 and 61 the principal
risks and uncertainties that could impact the business.
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IR FLFSEVSIAFIV
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