Interim Results
October 31 2007 - 11:22AM
UK Regulatory
RNS Number:7449G
Vitesse Media PLC
31 October 2007
Date: 31 October 2007
On behalf of: Vitesse Media Plc ("Vitesse", the "Company" or the "Group")
Immediate Release
Vitesse Media Plc
Interim Results
The Board of Vitesse Media Plc (AIM: VIS), the publishing, events and
multimedia company, today announces its interim results for the six month ending
31 July 2007.
Highlights include:
* Revenues for the six months to 31 July 2007 up 65% to #2.36 million
(continuing operations up by 27%) (2006: #1.43 million)
* Gross profit up by 74% to #1.56 million (2006: #0.9 million)
* Maiden net profit for the six months to 31 July 2007 of #2,000 (2006:
loss of #188,000)
Commenting on the results, Vitesse Media's Chairman, Sara Williams, said:
"The Group has made good progress for the first six months of the year,
achieving strong organic growth in online activities and events. We are
committed to drive and develop the Group further and the Board remains
optimistic about our future prospects."
- Ends -
Enquiries:
Vitesse Media Plc Via Redleaf Communications
Sara Williams www.vitessemedia.co.uk
KBC Peel Hunt Tel: 020 7972 8900
Patrick Booth-Clibborn/Gordon Suggett
Redleaf Communications Ltd Tel: 020 7822 0200
Emma Kane/Sanna Lehtinen
Chairman's Statement
We are very pleased with the progress that the Group has made in the first six
months of the financial year, showing strong growth in revenues up 65% to
#2.357m. There has also been a good turn round in gross profit, up 74%, and at
the bottom line (profit of #2,000 compared to a loss of #188,000 in 2006). Of
particular note is the strong growth in our online activities, revenues up 34%
to #458,000, and our events, revenues up 27% to #623,000. During the period,
there was a further increase in the proportion of our revenues accounted for by
subscriptions, delegate payments and publication sales, now constituting some
24% of total revenues. The Group is committed to making further increases in
these higher visibility earnings.
Our acquisition of What Investment has been very successful in this period and
performing ahead of our expectations. We have seen the traffic increasing to
www.Whatinvestment.co.uk by 60% during this period and will shortly relaunch the
site allowing us to drive up traffic even more. We also intend to launch the
What Investment awards, as well as research documents and other publications to
sell.
Outlook
The Group has made significant progress in the first part of the year and we are
seeing strong organic growth in our core businesses. We believe we are well
positioned to drive the Group's growth and development further.
Sara Williams
Chairman and Chief Executive
31 October 2007
Consolidated Income Statement
For the six months ended 31 July 2007
6 months ended 6 months ended Year ended
31 July 2007 31 July 2006 06 February 2007
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Revenue - Continuing 1,813 1,429 3,265
- Acquired 544 - -
2,357 1,429 3,265
Cost of sales 802 533 1,149
Gross profit 1,555 896 2,116
Administration expenses 1,546 1,085 2,447
Operating profit 9 (189) (331)
Finance costs (7) 1 (9)
Profit/(loss) before taxation 2 (188) (340)
Taxation - - -
Profit/(loss) for the period 2 (188) (340)
Earnings/(loss) per share (pence) - 0.001p (0.96)p (1.95)p
basic and diluted
Consolidated Balance sheet
As at 31 July 2007
6 months ended 6 months ended 12 months ended
31 July 2007 31 July 2006 6 February 2007
Assets (unaudited) (unaudited) (audited)
#'000 #'000 #'000
(Restated)
Non-current assets
Tangible fixed assets 257 186 241
Intangible assets 1,469 805 1,469
1,726 991 1,710
Current assets
Trade and other receivables 1,298 667 642
Cash and cash equivalents - 434 181
1,298 1,101 823
Total Assets 3,024 2,092 2,533
Equity and liabilities
Equity
Share capital 2,091 1,812 2,091
Share premium 1,843 1,616 1,845
Other reserves 139 131 136
Retained Earnings (3,095) (2,945) (3,096)
978 614 976
Non current liabilities
Financial liabilities 58 119 76
Current liabilities
Trade and other payables 1,966 1,359 1,450
Bank overdrafts and loans 22 - 31
1,988 1,359 1,481
Total equity and liabilities 3,024 2,092 2,533
Consolidated Cash Flow Statement
For the six months ended 31 July 2007
6 months to 6 months to 12 months to
31 July 2007 31 July 2006 6 February 2007
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Restated
Cash inflow from operating activities
Profit from operations 9 (189) (331)
Adjustments for:
Depreciation 42 38 86
51 (151) (245)
Share option costs 3 5 10
Decrease/(increase) in receivables (656) (82) (57)
Decrease in liabilities 490 (227) (239)
Cash generated from operations (112) (455) (531)
Interest paid (8) (4) (10)
Interest received 1 5 1
Income tax paid - - -
Net cash (used in) from operating activities (119) (454) (540)
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired) (2) (36) (36)
Purchase of intangibles assets - - (626)
Purchase of plant and equipment (43) (27) (70)
Net cash (used in) investing activities (45) (63) (732)
Cash flows from financing activities
Issue of ordinary share capital for cash - 500 1,008
Repayment of bank loan (10) (5) -
Finance lease principle payments (29) (9) (20)
Net cash (used in) / generated from financing (39) 486 988
activities
Net /(decrease) in cash and cash equivalents (203) (31) (284)
Cash and cash equivalents at beginning of period 181 465 465
Cash and cash equivalents at end of period (22) 434 181
Consolidated Statement of changes in equity
For the six months ended 31 July 2007
Share Share Retained Other Share Total
capital premium earnings reserves options
account reserve
#'000 #'000 #'000 #'000 #'000 #'000
6 months ended 31 July 2006
As at 1 February 2006 1,595 1,333 (2,757) 104 22 297
Profit for the period (188) (188)
Shares issued 217 283 500
Share based payment charge 5 5
As at 31 July 2006 1,812 1,616 (2,945) 104 27 614
12 months ended 6 February 2007
As at 1 February 2006 1,595 1,333 (2,757) 104 22 297
Profit for the period (340) (340)
Shares issued 496 512 1,008
Share based payment charge 10 10
As at 6 February 2007 2,091 1,845 (3,097) 104 32 975
6 months ended 31 July 2007
As at 7 February 2007 2,091 1,845 (3,097) 104 32 975
Profit for the period 2 2
Share issue costs (2) (2)
Share based payment charge 3 3
As at 31 July 2007 2,091 1,843 (3,095) 104 35 978
Notes to the Interim Results
1. Basis of preparation
The Interim Results for the six months ended 31 July 2007 are unaudited and do
not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.
Full accounts for the year ended 6 February 2007, on which the auditors gave an
unqualified report and contained no statement under Section 237 (2) or (3) of
the Companies Act 1985, have been delivered to the Registrar of Companies.
2. Adoption of International Financial Reporting Standards (IFRS)
For all periods up to 6 February 2007 Vitesse Media plc has prepared its
financial statements in accordance with UK Generally Accepted Accounting
Principles (UK GAAP). AIM Rules require that the annual consolidated financial
statements of Vitesse Media plc for the year ended 31 January 2008 be prepared
in accordance with International Financial Reporting Standards (IFRS).
Accordingly, these interim financial statements which are for the six months
ending 31 July 2007 have been prepared for the first time in accordance with
International Financial Reporting Standards and are covered by IFRS1, First-time
Adoption of IFRS.
The information presented within these interim financial statements is in
compliance with IAS 34 'Interim Financial Reporting'.
In preparing these interim financial statements the comparative figures
previously reported under UK GAAP have been restated for the transition to IFRS.
The disclosures required by IFRS 1 regarding the transition for the relevant
periods are given in note 3 below. Unless noted the same accounting policies
and methods of computation have been followed in the interim financial
statements as compared to the most recent annual financial statements.
3. Transition from UK GAAP to IFRS
As required under IFRS 1, the equity reconciliations at 1 January 2006 (the
transition date for IFRS) and at 6 February 2007 (date of last UK GAAP financial
statements) are set out below. For comparative purposes, the equity
reconciliation at 31 July 2006 is also included to enable a comparison of the
2007 published interim figures
The amortisation charged under UK GAAP for the year ended 6 February 2006 was
charged in accordance with UK GAAP policies and was also considered necessary to
bring the goodwill to an accurate carrying value. Under IFRS goodwill cannot be
amortised but an impairment is instead required for the year ended 6 February
2006. The resulting loss for the year ended 6 February 2006 is therefore the
same under IFRS as reported in the audited accounts prepared under UK GAAP.
4. Reconciliation of UK GAAP equity to IFRS equity
6 February 2007 31 July 2006 1 January 2006
Capital and reserves according to UK GAAP 976 614 298
Effect of adopting IFRS - - -
976 614 298
Equity according to IFRS
Under IFRS goodwill previously accounted for on the acquisition of investments
has been restated as "Other intangible assets" in accordance with IFRS 3 -
Business combinations. This reclassification does not affect the figures
previously stated. In addition the total assets, equity and liabilities reported
under UK GAAP are the same as that reported under IFRS.
5. Segmental information
The group operates in one geographical location being the UK. Accordingly the
primary segmental disclosure is based on activity.
Print
Online publishing Events Total
#'000 #'000 #'000 #'000
6 months ended 31 July 2007
Segmental revenue - continuing 458 732 623 1,813
segmental revenue - acquired 54 490 - 544
Total segmental revenue 512 1,222 623 2,357
Segmental result 480 753 322 1,555
6 months ended 31 July 2006
Segmental revenue - continuing 343 596 490 1,429
segmental revenue - acquired - - - -
Total segmental revenue 343 596 490 1,429
Segmental result 327 361 208 896
12 months ended 6 February 2007
Segmental revenue - continuing 696 1,539 1,030 3,265
segmental revenue - acquired
Total segmental revenue 696 1,539 1,030 3,265
Segmental result 648 1,009 459 2,116
6. Earnings/(loss) per share
The calculation of loss per share is based on the following losses and numbers
of shares. The diluted loss per share is the same as the basic loss per share,
in accordance with FRS14 which prescribes that the potential ordinary shares
should only be used as dilutive when,and only when, their conversion to ordinary
shares would decrease net profit or net loss per share from continuing
operations
6 months to 31 July 6 months to 31 July Year end 6 February
2007 2006 2007
(Unaudited) (Unaudited) (audited)
#'000 #'000 #'000
Earnings/(loss) for the period 2 (188) (340)
No. No. No.
Weighted average number of shares 20,908,914 15,131,177 17,429,667
7. Dividends
No dividend is proposed for the six months ended 31 July 2007.
8. Restated Interim 31 July 2006 accounts
An error in the treatment of acquisitions in the Balance Sheet in the previous
years interim accounts has been restated per analysis below
6 months to 31 July 6 months to 31 July
2006 2006
Restated Interim
(unaudited) (unaudited)
#'000 #'000
Equity 614 396
Current Liabilities 1,359 1,296
Intangible Assets 805 524
8. Copies of Interim Results
Copies of the Interim Results will be available from www.vitessemedia.co.uk and
from the Company's registered office, 20 Black Friars Lane, London EC4V 6HD
This information is provided by RNS
The company news service from the London Stock Exchange
END
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