RNS Number:8167X
asSeenonScreen Holdings PLC
26 June 2002
AS SEEN ON SCREEN HOLDINGS PLC
("the Group" or "ASOSH")
Report and Financial Statements for the year ended 31st December 2001
Background
asSeenonScreen Holdings PLC was incorporated in June 2000, and in September 2000
acquired the Group's two trading subsidiaries, asSeenonScreen.com Limited
("ASOS") and Entertainment Marketing UK Ltd ("EM").
ASOS is a fashion based Internet retailer and EM is an established product
placement business.
The Group's entire issued ordinary share capital was admitted to trading on the
Alternative Investment Market ("AIM") of the London Stock Exchange on 3rd
October 2001.
The report and financial statements for the year ended 31st December 2001
represent the first full years trading of the Group.
Key Points
• Group Turnover - £1,702,388 (June - December 2000 - £335,097)
• Profit / Loss Before Tax - (£1,114,265) (June - December 2000 - (£186,382))
• Successful placing of 1,125,000 placing shares at 20p each raising
£225,000 on 3rd October 2001
• Successful acquisition of Brindle Ltd, a cash shell with net funds of
£359,000 on 3rd October2001
• Admission of the Gorup's entire issued ordinary share capital to trading
on the Alternative Investment Market ("AIM") of the London Stock Exchange on
3rd October 2001
CHIEF EXECUTIVE'S STATEMENT
2001 was the first full year for the Group and saw annual revenues of £1.7m
against £0.34 for the 6 months ending December 2000. The full year loss of £1.1m
compares to a half-year loss of £0.49m for the six months ending December 2000.
I am pleased to report that Group revenues have continued to grow steeply. Our
trading companies achieved profitability in May 2002, ahead of expectations, and
we expect this to continue in June 2002 and for the remainder of the year.
asSeenonScreen.com
The majority of this growth is attributable to asSeenonScreen.com Limited,
("ASOS") the fashion based Internet retailer that launched in June 2000. The
board have been pleased with the progress of this company throughout 2001 and to
date in 2002. Costs have been tightly controlled and gross margin has improved
significantly from 28% in 2000 to 39% in 2001. This have further increased to
45% plus in the period from 1 January 2002 to 31st May 2002 (un-audited).
This is a result of improved supplier relationships, increased order volumes and
exclusive Internet retail rights in the UK for certain key brands such as
Playboy, Hooch and Bench.
In a short space of time, ASOS has established a reputation for Internet fashion
excellence, being nominated in the 2002 Retail Week awards for 'Best Newcomer'
and in June 2002, it received a 'Highly Commended' certificate in the e-Trading
category of the London e-Commerce awards 2002.
Entertainment Marketing
Entertainment Marketing, the traditional marketing services business,
specialising in Product Placement, saw year on year revenues rise 9% to £576,000
in 2001. This is particularly pleasing given the current climate and
specifically the downturn in advertising revenues.
The loss of the British Airways account after the events of September 11th was
off set by a number of new account wins including Red Bull and the Masterfoods
and Pedigree Pet Foods accounts.
Outlook
The short-term goal of creating a profitable retail and marketing services group
has been achieved and the Group is now poised to benefit from the efficiencies
of the Internet retail model.
The next phase is to build on the ASOS proposition of affordable star style
amongst its core audience of 16-24 year olds, not just in the UK but selected
English speaking territories. In addition, to broaden the product offering and
increase margins still further.
Initial advertising trials have provided a very healthy return on investment and
an accelerated sales rate is anticipated on the back of a controlled advertising
spend.
The Internet continues to provide a very cost effective sales platform and there
is no indication that the growth in on-line shoppers and on-line expenditure is
set to slow in the short to medium term. That said, the Board are constantly
reviewing additional sales channels for ASOS and a move to off-line stores and
or television shopping is likely, either through organic growth or by
acquisition in the short-medium term.
With regard to Entertainment Marketing, the Board feels that further
consolidation in the marketing services sector is likely and we are ideally
positioned to take advantage of this via acquisition or merger.
Despite the economic uncertainty, I am confident that 2002 will be a strong year
for the Group, with significant revenue and margin gains.
Nick Robertson
Chief Executive
Date: 26 June 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2001
31 December 2001 2 June 2000 to
31 December 2000
£ £ £ £
Turnover 1,702,388 335,097
Cost of sales (704,915) (141,698)
________ ________
Gross profit 997,473 193,399
Distribution costs (37,279) (19,220)
Administration expenses (1,811,991) (592,353)
Purchased goodwill amortisation (263,503) (64,434)
_________ ________
(2,112,773) (676,007)
__________ _________
OPERATING LOSS (1,115,300) (676,007)
Other operating income 3,412 2
_________ ________
(1,111,888) (482,606)
Interest payable (2,377) (3,776)
_________ ________
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (1,114,265) (486,382)
Tax on profit on ordinary activities - -
________ ________
LOSS ON ORDINARY ACTIVITIES (1,114,265) (486,382)
AFTER TAXATION ======== =======
EARNINGS PER SHARE
Basic (2.6p) (1.7p)
======== =======
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2001
2001 2000
£ £ £ £
Fixed assets
Intangible assets 3,362,182 2,218,900
Tangible assets 99,427 122,451
_________ ________
3,461,609 2,341,351
Current assets
Stocks 165,842 87,524
Debtors falling due within one year 191,536 204,866
Debtors falling due after more than one year 54,094 81,141
Cash at bank and in hand 116,198 81,291
________ ________
527,670 454,822
Creditors: amounts falling due within one year (450,859) (387,555)
________ ________
NET CURRENT ASSETS 76,811 67,267
________ ________
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,538,420 2,408,618
Loan stock - (1,895,000)
________ _________
3,538,420 513,618
======= ========
Capital and reserves
Called up share capital 2,157,042 1,000,000
Share premium account 2,982,025 -
Profit and loss account (1,600,647) (486,382)
_________ _________
SHAREHOLDERS FUNDS 3,538,420 513,618
_________ _________
The accounts were approved by the Board of Directors on 26th June 2002 and signed on its behalf by:
N Robertson
Director
J Morgan
Director
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2001
31 December 2001 2 June 2000 to
31 December 2000
£ £ £ £
Net cash outflow from operating activities (811,028) (412,037)
Returns on investments and servicing of finance
Interest received 3,412 2
Interest paid (2,377) (3,776)
_______ ________
Net cash outflow from returns on
Investments and servicing of finance 1,035 (3,774)
Investing activities
Payments to acquire tangible fixed assets (26,430) (131,920)
Purchase of subsidiary undertakings - (1,283,334)
Cash acquired on the acquisition of subsidiary 359,698 -
_______ ________
Net cash outflow from investing activities 333,268 (1,415,254)
_______ ________
NET CASH OUTFLOW BEFORE FINANCING (476,725) (1,831,065)
Financing
Issue of loan stock 456,300 1,895,000
Net inflow from issue of ordinary shares 71,284 -
_______ ________
Net cash (outflow)/inflow from financing 527,584 1,895,000
_______ ________
INCREASE IN CASH AND CASH EQUIVALENTS 50,859 63,935
====== =======
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET DEBT
Increase in cash for the year 50,859 63,935
Cash inflow from increase in debt (456,300) (1,895,000)
________ _________
Change in net debt resulting from cashflows (405,441) (1,831,065)
Ordinary share capital issued as settlement for debt 2,301,300 -
________ ________
Movement in net debt in year 1,895,859 (1,831,065)
Net debt at 1 January (1,831,065) -
_________ _________
Net debt at 31 December 64,794 (1,831,065)
======== ========
Notes:
1. Statutory accounts
The financial information presented does not constitute statutory accounts
as defined in Section 240 of the Companies Act 1985. The results have been
extracted from the accounts of the Group for the year ended 31 December
2001. The accounts, on which the auditors have issued an unqualified report,
will be sent to shareholders and delivered to the Registrar of Companies in
due course.
2. Earnings per ordinary share
The calculation of basic earnings per share of -2.6p (2000: -1.7p) is based
on a loss on ordinary activities after taxation of £1,137,712 (2000: Loss:
£486,382) and the weighted average of 42,964,556 (2000: 28,571,429 restated)
ordinary shares of 3.5p each in issue during the year.
3. Dividends
The Directors are not proposing that a dividend payment be made.
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