TIDMCMCP
RNS Number : 4652U
Content Media Corporation PLC
22 December 2011
22 December 2011
Content Media Corporation plc
Interim Results for the six months ended 30 September 2011
The Board of Content Media Corporation plc (AIM: CMCP), a
pre-eminent owner of media rights supported by strong film, TV and
digital sales divisions, today announces its unaudited interim
results for the six months ended 30 September 2011.
Financial Highlights
-- Turnover of GBP8.5 million (2010: GBP6.6 million)
-- Gross profit before operating expenses of GBP3.8 million
(2010: GBP3.4 million)
-- Normalised EBITDA(1) of GBP0.8 million (2010: GBP0.7
million)
-- Normalised PBT(1) profit of GBP0.2 million (2010: loss of
GBP0.1 million)
-- Normalised basic EPS(1) of 0.1 pence (2010: 0.0 pence)
-- Reported loss of GBP0.2 million (2010: GBP0.7 million)
-- Net debt of GBP19.2m (2010: GBP20.3m).
Operational Highlights
-- Content Television continues to trade well and Collins Avenue
is growing strongly. Visibility into the second half is reasonable
and another solid year is expected
-- Content Film is having a stable year with robust library
sales. Management anticipate a stronger second half as new titles
are delivered
-- Content Digital continues as a market leader in the
distribution of multi-platform programming and its sales to digital
platforms are continuing to grow
-- Overheads remain stable with a small increase predominantly
due to Collins Avenue
Commenting on the Interim Statement, John Schmidt, Chief
Executive Officer of Content Media Corporation, said:
"We have had a comparatively good half year result and we are
well positioned for another year of revenue growth and a solid full
year result. Our investment in Collins Avenue is beginning to yield
positive results for us and it is now set to become a leading US
factual entertainment production company. We hope that further
growth opportunities as well as new investment opportunities will
arise in this area."
(1) - For details on definitions and calculations refer to the
Financial Review below
Enquiries:
John Schmidt/Geoff Webb www.contentmediacorp.com
Content Media Corporation PLC Tel: 020 7851 6500
Robert Emmett
Throgmorton Street Capital Tel: 020 7070 0973
Philip Secrett/Colin Aaronson/David
Hignell
Grant Thornton Corporate Finance Tel: 020 7383 5100
Chairman's Statement
Introduction
For the six months ended 30 September 2011, Content Media
Corporation plc reports an operating profit of GBP0.4 million
(2010: GBP0.2 million). The normalised profit before interest, tax,
depreciation, intangible library amortisation, share option
expenses and exceptionals(1) was GBP0.8 million (2010: GBP0.7
million). The normalised profit before tax(1) was a profit of
GBP0.2 million (2010: loss of GBP0.1 million). The loss before and
after tax was GBP0.2 million (2010: GBP0.7 million).
The results for this half year are up on last year predominantly
due to higher revenues and profits from Collins Avenue - the
Group's factual television production company jointly owned with
Jeff Collins - with all other divisions recording results similar
to last year. The directors consider that these are solid results
and demonstrate the ongoing stability of the Group's
operations.
(1) - For details on definitions and calculations refer to the
Financial Review below
Financial Review
The figures for Normalised EBITDA, Normalised PBT and Normalised
EPS reconcile as follows:
GBPm GBPm GBPm
---------------------------------- ---------------------- -------------------- ----------------------
6 months 6 months 12 months
---------------------------------- ---------------------- -------------------- ----------------------
Sep 2011 Sep 2010 Mar 2011
---------------------------------- ---------------------- -------------------- ----------------------
Operating profit/(loss) 0.4 0.2 2.6
---------------------------------- ---------------------- -------------------- ----------------------
Add back:
---------------------------------- ---------------------- -------------------- ----------------------
Intangible library amortization 0.2 0.4 0.8
---------------------------------- ---------------------- -------------------- ----------------------
Depreciation 0.0 0.0 0.0
---------------------------------- ---------------------- -------------------- ----------------------
Share based payments 0.0 0.0 0.0
---------------------------------- ---------------------- -------------------- ----------------------
Non recurring exceptional items 0.2 0.1 0.2
---------------------------------- ---------------------- -------------------- ----------------------
------------- ------------- -------------
---------------------------------- ---------------------- -------------------- ----------------------
Normalised EBITDA 0.8 0.7 3.6
---------------------------------- ---------------------- -------------------- ----------------------
Less:
---------------------------------- ---------------------- -------------------- ----------------------
Net finance costs (finance costs
less finance income) 0.6 0.8 1.3
---------------------------------- ---------------------- -------------------- ----------------------
------------- ------------- -------------
---------------------------------- ---------------------- -------------------- ----------------------
Normalised PBT 0.2 (0.1) 2.3
---------------------------------- ---------------------- -------------------- ----------------------
======== ======== ========
---------------------------------- ---------------------- -------------------- ----------------------
Sep Sep Mar
------------------------------------- -------------- ------------- ---------------------
2011 2010 2011
------------------------------------- -------------- ------------- ---------------------
Normalised PBT - GBPm 0.2 (0.1) 2.3
------------------------------------- -------------- ------------- ---------------------
Divided by: weighted average number
of ordinary shares 176,820,670 174,698,383 174,739,084
------------------------------------- -------------- ------------- ---------------------
------------- ------------- -------------
------------------------------------- -------------- ------------- ---------------------
Normalised EPS - pence 0.1p 0.0p 1.3p
------------------------------------- -------------- ------------- ---------------------
======== ======== ========
------------------------------------- -------------- ------------- ---------------------
Divisional results break down as follows:
TV TV Film Film DVD DVD Corp Corp Total Total
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
11 10 11 10 11 10 11 10 11 10
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Revenue 7.3 5.3 0.9 0.7 0.3 0.6 0.0 0.0 8.5 6.6
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Less: cost of
sales (4.4) (2.7) (0.1) (0.1) (0.2) (0.4) 0.0 0.0 (4.7) (3.2)
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gross margin 2.9 2.6 0.8 0.6 0.1 0.2 0.0 0.0 3.8 3.4
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gross margin
% 40% 49% 89% 86% 33% 33% 0% 0% 45% 52%
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Less: overhead (1.5) (1.3) (0.5) (0.4) (0.0) (0.1) (1.4) (1.3) (3.2) (3.1)
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Add: library
amortis'n 0.2 0.2 0.0 0.0 0.0 0.2 0.0 0.0 0.2 0.4
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Add: share option
expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Normalised EBITDA 1.6 1.5 0.3 0.2 0.1 0.3 (1.4) (1.3) 0.8 0.7
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Results
Content Television
The television division has had a solid first half and the
highlights have been:
-- Revenues were split GBP1.6m (2010: GBP2.6m) to the Fireworks
library, GBP3.7m (2010: GBP2.6m) to newly acquired product and
GBP2.0m (2010: GBP0.1m) to Collins Avenue. Newly acquired product
is predominantly new television series and factual programming but
also includes library acquisitions like Harmony Gold
-- The Fireworks library and the new drama library continue to
sell broadly across a range of titles which includes our
distribution of "The Emmys" and individual titles including
"Heartland" and "Republic of Doyle"
-- Factual distribution has improved and now includes a number
of awards shows alongside several natural history series like "Wild
Wales" and "Secret Lives of Birds" and historical series including
"Secrets of War"
-- In relation to the Group's third party managed libraries, the
Harmony Gold library continues to sell well and we have also begun
distributing another large episodic library series, "Highway to
Heaven" starring Michael Landon
-- The digital division continues to achieve pleasing results
and is leading the market in the distribution of titles made for
multi-platform programming, including those we distribute from our
Vuguru output deal. Alongside sales of this library, the division
is having great success in exploiting our whole library across the
expanding digital platforms and representing other libraries in the
digital space
-- Collins Avenue has traded well in the first half of the year.
Over the recent period, it has received orders for over 50 hours of
programming and its show "Dance Moms" is a hit for Lifetime.
-- Overheads have increased due to higher overheads in Collins
Avenue with other overheads in the divisions remaining stable
-- Taking account of all the above, the effect is that revenues
have increased significantly whilst profits have increased
marginally due to the fact that Collins Avenue has lower
margins
Management are cautiously optimistic that the outlook for the
division into the second half half of the year continues to be
solid:
-- We have a degree of known library revenue that will be
recognized in the second half
-- Most of our drama series will be delivered in the second half
including the fifth season of "Heartland" and third season of
"Republic of Doyle", together with the third season of BBC
children's series "Young Dracula"
-- Results from our factual distribution division have been
improving which we believe will continue into the second half of
the year
-- Our digital sub-division continues to be a market leader in
the distribution of multi-platform programming for leading
producers in this area. We are taking delivery of several digital
shows including "The Millionaire Tour" and "Strictly Sexual".
Additionally, within the digital and television divisions, we have
also branched out into new live event shows such as the mixed
martial arts event "BAMMA"
-- The outlook for Collins Avenue is positive with an increasing
amount of production activity being undertaken in the second half
based upon known broadcast commissions. The Company is expected to
continue to grow over the coming period.
-- We recently closed a deal to expand our operations into West
England and Wales, through a jointly owned company called Content
West to be run by previous BBC executive Tim Morley. Initial
results from this business have been encouraging with several new
projects having been acquired and others being developed
positively
-- Spirit digital media is performing in line with expectations
and has been achieving promising levels of initial revenue without
breaking out as yet. Nevertheless the trajectory is positive and we
continue to believe this business has strong future prospects.
Content Film
The film division has had a similar result this first half
compared to last year, the key features to note are:
-- Revenues from our new films have been low and most of the
revenues and profits relate to the feature film library
-- The film library continues to grow - it now numbers over 220
feature film tiles - and the revenues from this library are
providing a solid base of regular revenue and cash flow for the
division
-- Overhead remains steady and the division continues to run a
low risk strategy in terms of product acquisition
We expect the division to continue to achieve positive results
for the full year:
-- We have several titles currently in delivery including
"Outpost 2: Black Sun", "The Day", "Hick" and "The Pact", the
latter title having been selected for the Sundance Film
Festival
-- Based on known contractual sales, these new titles will
deliver higher revenues this year versus last year, albeit at lower
margin levels
-- The opportunity to acquire finished films of value continues
to be strong and the LA presence significantly aids this process,
recent acquisitions include "Lovely Molly" and "96 Minutes"
-- Looking into next year, we have recently closed the financing
on "The Numbers Station" starring John Cusack which began filming
recently and will be delivered next year. Additionally, we are
working on the financing for several other higher profile films to
be delivered in FY13
DVD Division: Allumination Filmworks and Phase 4
Our Allumination library continues to deliver profits, albeit
that the level of revenues and general activity in the library is
tailing off.
The Group continues to hold a stake in the North American film
distribution company, Phase 4 Films ("Phase 4"). We do not
consolidate the results of Phase 4 as we do not exert significant
influence over the operations of the company. Further, we value our
investment in Phase 4 at cost as it is not possible to accurately
calculate a fair value for the company given that it is a
relatively young company and is privately held.
We have been pleased with Phase 4's development across North
America and we believe it is becoming a more powerful player in its
market, notwithstanding the challenges in the home entertainment
space.
Phase 4 is also experiencing an improvement in its video on
demand, digital and television revenues as it builds out its
business in this growing part of the market.
Overhead
Group overhead has increased marginally due to the increased
overhead of Collins Avenue, whilst all other corporate and general
overhead has remained stable.
Trading Outlook
Recent Fireworks library sales have been pleasing and we will
take delivery of our main television series in the second half with
pleasing levels of sales already contracted. Our digital division
will also have a much stronger second half based on known
contracted sales. The results for the film division this year will
be heavily dependent on the timing of the sales of our films at
upcoming markets but a stable result is expected. Collins Avenue
will grow strongly in the second half based on known production
commissions which will drive revenue growth, albeit at lower
margins. Taken as a whole, we expect another solid full year
result.
Against these satisfying expectations, it is increasingly
difficult to predict the macro-economic climate - particularly
across Europe - and its possible effect on the Company. If the
general economic outlook does deteriorate further, it will possibly
have an effect on our expected results, given our trading across
European media markets.
Debt, Cash Flow and Liquidity
The Group's senior loan facility is managed by its long term
banker JPMorgan Chase Bank, the world's largest media bank. Other
banks included in our syndicate include Bank of America, IDB Bank
and Manufacturers Bank. The Group has a $US 45m five year revolving
loan facility in place that commenced in July 2008.
The loan under the facility at 30 September 2011 was GBP19.8m
(2010: GBP20.8m) before capitalised financing costs of GBP500,000
(2010: GBP680,000). Taking account of cash on hand, net debt was
GBP19.2m (2010: GBP20.3m). We hold our loan in $US dollars and the
balance of our loan in US dollars was $32.3m (2010: $32.7m).
The Group's working capital availability under its revolving
loan facility is stable. Based on current internal forecasts for a
period in excess of 12 months, we expect to continue to have
ongoing availability under the facility to provide adequate working
capital for the Group to execute its strategy including product
acquisitions.
Interest expenses have fallen in this half year compared to last
year and are projected to continue to fall in the remainder of this
financial year. In particular, a fixed interest rate swap has
recently expired which had an interest rate above recent floating
rates and our cash interest expense will be lower as a result,
given current interest rates.
Carried Forward Tax Losses
The Company has not recorded a tax charge due to its significant
carried forward tax losses in both the UK and the US. As at 31
March 2011, the Group's carried forward tax losses are estimated at
GBP47 million.
Conclusion
The first half of our current financial year has been
satisfactory and stable. We expect a stronger second half based on
our current visibility and look forward to a solid full year
result.
Huw Davies
Chairman
ContentFilm plc
Consolidated Interim Income Statement
For the six months ended 30 September 2011
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 30 September 31 March
30 September 2010 2011
2011
GBP000 GBP000 GBP000
Revenue 8,495 6,635 20,760
Cost of sales (4,681) (3,256) (11,757)
Gross profit 3,814 3,379 9,003
Operating expenses (3,381) (3,179) (6,441)
Operating profit 433 200 2,562
Analysed as:
Normalised EBITDA 835 652 3,583
Intangible library amortization (158) (380) (771)
Depreciation (16) (23) (48)
Share-based payments - - -
Non-recurring exceptional items (228) (49) (202)
433 200 2,562
Finance income 90 - 204
Finance cost (732) (788) (1,512)
Amortisation of capitalised
financing costs (154) (118) (244)
Finance cost - preference shares (118) (118) (235)
Gain on interest rate swap 268 117 377
Net finance cost (646) (907) (1,410)
(Loss)/profit before taxation (213) (707) 1,152
Income tax charge related to
deferred tax asset - - 165
(Loss)/profit for the period (213) (707) 1,317
Basic profit per ordinary share 0.0p 0.0p 0.8p
Diluted profit per ordinary
share 0.0p 0.0p 0.6p
ContentFilm plc
Consolidated Interim Statement of Comprehensive Income
For the six months ended 30 September 2011
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2011 2010 2011
GBP000 GBP000 GBP000
(Loss)/profit for the period (213) (707) 1,317
Other comprehensive Income
Exchange difference on translating
foreign operations 19 1,252 (1,847)
Foreign currency 1,043 (1,130) 2,367
Total comprehensive (loss)/income
for the period 849 (585) 1,837
Attributable to:
Equity shareholders of ContentFilm
plc 849 (585) 1,837
ContentFilm plc
Consolidated Interim Balance Sheet
At 30 September 2011
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2011 2010 2011
GBP000 GBP000 GBP000
ASSETS
Non current assets
Property, plant and equipment 137 46 71
Goodwill 10,776 10,776 10,776
Intangible assets 9,320 9,212 7,714
Investments 1,297 1,298 1,359
Deferred tax 3,642 3,477 3,642
25,172 24,809 23,562
Current assets
Inventory 207 341 204
Trade and other receivables 15,489 11,251 15,226
Cash and cash equivalents 568 514 360
16,264 12,106 15,790
Total Assets 41,436 36,915 39,352
LIABILITIES
Current liabilities
Trade and other payables (14,272) (11,871) (14,055)
Preference shares classed as financial
liabilities (9,756) (9,521) (9,638)
(24,028) (21,392) (23,693)
Non current liabilities
Other non current liabilities (92) (639) (365)
Long term borrowings (19,284) (20,176) (18,111)
(19,376) (20,815) (18,476)
Total Liabilities (43,404) (42,207) (42,169)
NET (LIABILITIES)/ASSETS (1,968) (5,292) (2,817)
EQUITY
Share capital 4,304 4,282 4,304
Share premium account 37,469 37,438 37,469
Equity element on convertible debt 3,100 3,100 3,100
Share option reserve 1,119 1,119 1,119
Merger reserve 506 506 506
Warrant reserve 61 61 61
Foreign currency reserve (1,339) (3,497) (2,382)
Translation Reserve 3,047 3,745 3,028
Profit and loss account (50,235) (52,046) (50,022)
(1,968) (5,292) (2,817)
ContentFilm plc Consolidated Interim Statement of Changes in
Equity
For the six months ended 30 September 2011
Share Share Equity Shares Merger Foreign Trans. Retained Total
Capital Premium on Con. to be and currency reserve earnings Equity
Debt issued Warrant reserve
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at
31 March
2010 4,282 37,438 3,100 1,119 567 (4,749) 4,875 (51,339) (4,707)
Changes in
equity for
period
Exchange
differences
on
translation
of foreign
operations - - - - - - (1,130) - (1,130)
Foreign
currency - - - - - 1,252 - - 1,252
Profit for
the period - - - - - - - (707) (707)
Total
comprehensive
income for
the period - - - - - 1,252 (1,130) (707) (585)
Adjustment - - - - - - - - -
of shares
to be issued
Shares issued - - - - - - - - -
Balance at
30 September
2010 4,282 37,438 3,100 1,119 567 (3,497) 3,745 (52,046) (5,292)
Changes in
equity for
period
Exchange
differences
on
translation
of foreign
operations - - - - - - (717) - (717)
Foreign
currency - - - - - 1,115 - - 1,115
Profit for
the period - - - - - - - 2,024 2,024
Total
comprehensive
income for
the period - - - - - 1,115 (717) 2,024 2,422
Adjustment - - - - - - - - -
of shares
to be issued
Shares issued 22 31 - - - - - - 53
Balance at
31 March
2011 4,304 37,469 3,100 1,119 567 (2,382) 3,028 (50,022) (2,817)
Changes in
equity for
period
Exchange
differences
on
translation
of foreign
operations - - - - - - 19 - 19
Foreign
currency - - - - - 1,043 - - 1,043
Profit for
the period - - - - - - - (213) (213)
Total
comprehensive
income for
the period - - - - - 1,043 19 (213) 849
Adjustment - - - - - - - - -
of shares
to be issued
Shares issued - - - - - - - - -
Balance at
31 March
2011 4,304 37,469 3,100 1,119 567 (1,339) 3,047 (50,235) (1,968)
. . . .
ContentFilm plc Consolidated Interim Cash Flow Statement
For the period ended 30 September 2011
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2011
2011 2010
GBP000 GBP000 GBP000
Cash flows from operating activities:
Profit/(loss) for the period
after tax (213) (707) 1,317
Adjustments for:
Deferred tax asset - - (165)
Depreciation 16 23 48
Amortisation of intangible film
and television rights 605 1,144 5,274
Impairment of intangible film
and television rights - - 158
Decrease/(Increase) in trade
and other receivables (264) 1,194 (2,780)
(Increase)/decrease in inventory (3) (6) 131
(Decrease)/increase in trade
and other payables 29 167 2,348
(Decrease)/increase in other
non-current liabilities - (142) -
Exchange differences 976 79 (150)
Finance cost 646 907 1,410
1,792 2,660 7,591
Interest paid (732) (788) (1,512)
Net cash from operating activities 1,060 1,872 6,079
Cash flows from investing activities:
Purchase of intangible film
and television rights (2,367) (2,875) (5,724)
Purchase of property, plant
and equipment (82) - (50)
Purchase of joint venture investment - (103) (164)
Net cash used in investing activities (2,449) (2,978) (5,938)
Cash flows from financing activities:
Proceeds from borrowings 10,827 8,902 19,860
Repayment of borrowings (9,230) (8,468) (20,827)
Net cash from financing activities 1,597 434 (967)
Net (decrease)/increase in cash 208 (672) (826)
Cash at beginning of period 360 1,186 1,186
Cash at end of period 568 514 360
Notes to the consolidated interim financial statements
1 General Information
The interim Financial Statements for the six months ended 30
September 2011 were authorised for issue in accordance with a
resolution to the Board of Directors on 21 December 2011.
The Company is a public limited company incorporated in the
United Kingdom. The address of its registered office is 19 Heddon
Street, London W1B 4BG.
The Company is listed on the AIM Market of the London Stock
Exchange.
These interim Financial Statements do not comprise statutory
accounts within the meaning of Section 435 of the Companies Act
2006. Statutory accounts for the year ended 31 March 2011 were
approved by the Board of Directors on 25 July 2011 which received
an unqualified auditors' report and have been delivered to the
Registrar of Companies. The financial information contained in this
report is unaudited.
2 Basis of Preparation
These interim Financial Statements should be read in conjunction
with the annual Financial Statements for the year ended 31 March
2011, which have been prepared in accordance with the International
Financial Reporting Standards as adopted by the European Union.
3 Accounting Policies
These consolidated financial statements (the interim financial
statements) have been prepared in accordance with the accounting
policies adopted in the last annual financial statements for the
year to 31 March 2011.
4 Segmental analysis
The operations of the group are managed in four principle
business divisions; film, television, US film and DVD distribution
and Corporate. These divisions are the basis upon which the
management reports its primary segment information.
Revenues by Business Division Six months Six months Twelve month
ended ended ended
30 September 30 September 31 March 2011
2011 2010
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Television 7,297 5,316 16,682
Film 868 711 2,988
US film and DVD distribution 307 585 1,054
Corporate 23 23 36
8,495 6,635 20,760
5 Earnings per share
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
average number of shares in issue during the year.
Reconciliations of the earnings and weighted average number of
shares used in the calculations are set out below:
Six months Six months Twelve months
ended ended ended
30 September 30 September 31 March 2011
2011 2010
Unaudited Unaudited Audited
(Loss)/profit for the
period (GBP) (213,000) (707,000) 1,317,000
Add: Finance cost on preference
shares (GBP) 118,000 118,000 235,000
(Loss)/profit attributable
to ordinary shareholders
(GBP) (95,000) (589,000) 1,552,00
Weighted average number
of ordinary shares 176,820,670 174,698,383 174,739,084
Add:
Weighted average preference
shares 34,840,269 34,840,269 34,840,269
Dilutive share options - - -
and warrants
Weighted average number
of fully diluted shares 209,538,652 209,538,652 209,579,353
Basic (loss)/earnings
per share (pence) 0.0p 0.0p 0.8p
Diluted (loss)/earnings
per share (pence) 0.0p 0.0p 0.6p
Adjusted earnings per share
Six months Six months Twleve months
ended ended ended
30 September 30 September 31 March 2011
2011 2010
Unaudited Unaudited Audited
(Loss)/profit after tax
attributable to Equity
share holders of the parent
(GBP) (213,000) (707,000) 1,317,000
Add back:
Intangible library amortisation 158,000 380,000 771,000
Income tax credit - - (165,000)
(Gain) on interest rate
swap (268,000) (117,000) (377,000)
Finance cost on preference
shares 118,000 118,000 235,000
Depreciation 16,000 23,000 -
Non-recurring exceptional
items 228,000 49,000 202,000
Amortisation of capitalised
financing costs 154,000 118,000 244,000
Adjusted profit/(loss)
after tax 193,000 (136,000) 2,227,000
Adjusted basic earnings
per share (pence) 0.1p 0.0p 1.3p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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