TIDMDBOX
RNS Number : 3864U
Digitalbox PLC
28 March 2023
28 March 2023
Digitalbox plc
("Digitalbox", the "Group" or the "Company")
Final Audited Results for the year ended 31 December 2022
Digitalbox plc, the mobile-first digital media business, which
owns leading websites Entertainment Daily, The Daily Mash, The Poke
and The Tab, today publishes its final audited results for the year
ended 31 December 2022.
The Company will host a live investor presentation through the
Investor Meet Company platform today at 10.00am (further details
below).
Financial Highlights
2022 2021 Variance
GBP'000 GBP'000
Group revenue 3,578 3,667 -2.4%
Gross profit 3,044 3,138 -3.0%
Adjusted EBITDA(1) 1,081 1,029 +5.1%
Adjusted EBTDA margin(1) 30.2% 28.1% +2.1ppts
Cash generated by operations 1,418 586 +142%
Gross cash 2,827 2,186 +29%
Net Cash 2,509 1,755 +43%
(1) Adjusted EBITDA is defined as the operating profit after
adding back depreciation, amortisation, impairment, share based
payments, acquisition costs, direct costs associated with business
combinations and capital restructure costs
Operational Highlights
-- Encouraging progress across the portfolio despite challenging
market conditions. Audience levels in terms of sessions increased
by 7% to 293m
-- Successfully acquired The Poke in December 2022. Integration
has been smooth and the brand has been re-platformed to start to
benefit from the Company's Graphene technology stack and drive its
commercial success
-- Graphene Ad Stack (GAS) now powers Entertainment Daily, The
Daily Mash, The Tab and, most recently, The Poke, enabling
market-leading performance and optimisations to be rapidly
applied
-- Exchanged contracts on the acquisition of the assets of
tvguide.co.uk which is expected to complete in H1 2023
-- The Tab successfully paid back 100% of its purchase costs within the period
-- Entertainment Daily saw overall sessions (visits) growth of 17% YoY
-- Launch of the Entertainment Daily Awards attracted more than
150k votes and national coverage including the opening segment of
ITV's This Morning
-- The launch of an ad-free premium content experience on The
Daily Mash continues to show encouraging signs with over 1,400
monthly subscribers
Current trading and outlook
-- Acquisitions of The Daily Mash, The Tab and The Poke have
proved the potential of the Digitalbox operating model and its
Graphene platform, giving continued confidence in the Group's
ability to build a larger portfolio of successful profitable
digital brands
-- Trading for the current financial year remains in line with
expectations with advertising markets expected to bounce back as we
head into 2024
James Carter, CEO, Digitalbox plc, said: "Digitalbox delivered a
solid performance in 2022, despite some challenging market
conditions. The growth we have achieved in profitability and cash
generated, is a testament to the agility and hard work of our teams
enabling us to navigate a volatile trading environment.
We successfully delivered profitable growth and made significant
progress in delivering our strategy of building a leading
mobile-focused media business, developing an enlarged portfolio,
attracting new audiences, and monetising them effectively.
Current trading remains in line with market expectations and our
expanded portfolio is primed for future growth when the economy
returns. The business is well placed to deal with any foreseeable
challenges in 2023 and to take advantage of further acquisition
opportunities given our ability to quickly improve margins and
recover purchase costs."
Investor Presentation - Investor Meet Company
Digitalbox will also provide a live investor presentation
through the Investor Meet Company platform today at 10.00am. The
presentation is open to all existing and potential shareholders.
Questions can be submitted at any time during the live
presentation. Investors can sign up to Investor Meet Company for
free and add to meet Digitalbox plc via
https://www.investormeetcompany.com/digitalbox-plc/register-investor
.
Investors who have already registered and added to meet the
Company will be automatically invited.
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
(MAR).
Enquiries:
Digitalbox c/o SEC Newgate
James Carter, CEO
Panmure Gordon (Financial Adviser, Nominated Adviser & Joint Broker ) Tel: 020 7886 2500
James Sinclair-Ford
Rupert Dearden
Leander Capital Partners (Joint Broker) Tel: 07786150915
Alex Davies
SEC Newgate (Financial PR) Tel: 07540 106 366
Robin Tozer / Molly Gretton / Harry Handyside digitalbox@secnewgate.co.uk
About Digitalbox plc
Based in the UK, Digitalbox is a 'pure-play' digital media
business with the aim of profitable publishing at scale on mobile
platforms.
Digitalbox operates the following trading brands, "Entertainment
Daily", "The Daily Mash", "The Tab", and "The Poke". Entertainment
Daily produces and publishes online UK entertainment news covering
TV, showbiz and celebrity news. The Daily Mash produces and
publishes satirical news content. The Tab is the UK's biggest youth
culture site fuelled by students. The Poke expertly curates and
editorialises the funniest content from around the web and social
media.
Digitalbox primarily generates revenue from the sale of
advertising in and around the content it publishes. The Group's
optimisation for mobile enables it to achieve revenues per session
significantly ahead of market norms for publishers on mobile.
71
CHAIRMAN'S STATEMENT
I am delighted to report that Digitalbox plc ('Digitalbox')
successfully delivered an Adjusted EBITDA* for 2022 of GBP1.1m, an
increase of 5.1% on the prior year and, importantly, the business
increased profitability with the Adjusted EBITDA margin of 30.2%
compared to 28.1% in the prior year.
The business maintained its strategic focus delivering a 'mobile
first' media operation at scale through the use of leading
technologies to optimise both audience engagement and commercial
performance. As the mobile channel represents the key segment of
the fast-growing digital advertising market, we continue to see
this as an excellent area to operate within.
The aftershocks of the global pandemic together with the war in
Ukraine had a profound impact on global food and energy prices
which have negatively impacted consumer spending power and, in
turn, advertising spend. The result was a highly volatile trading
environment in 2022 which was well navigated by the management
team. We reported seeing the headwinds arriving in the middle of
the year and the team adapted to deliver full year revenues of
GBP3.6m and Adjusted EBITDA within market guidance.
Digitalbox closed the year with gross cash of GBP2.8m which is
GBP0.6m up on the prior year and with net cash (gross cash less
bank debt) of GBP2.5m which is GBP0.7m up on the prior year.
On the acquisition front, in accordance with Digitalbox's stated
buy and build strategy, we have exchanged contracts on the
acquisition of the assets of tvguide.co.uk ltd and completed the
purchase of The Poke, the latter having hit the ground running and
demonstrating its potential from the outset. The acquisition of
tvguide.co.uk is expected to complete in H1 2023.
With the enlarged portfolio of Entertainment Daily, The Daily
Mash, The Tab, The Poke and tvguide.co.uk, the business will be
well placed to deal with the challenges of 2023 and to take
advantage of further acquisition opportunities that the trading
conditions will likely bring to the fore.
Marcus Rich
Chairman
27 March 2023
*Adjusted EBITDA is defined as the operating profit after adding
back depreciation, amortisation, impairment, share based payments,
acquisition costs, direct costs associated with business
combinations and capital restructure costs
CHIEF EXECUTIVE'S STATEMENT
2022 was another significant year for Digitalbox, once again
delivering profitable growth and making further progress on our
strategy of building a leading mobile-focused media business. We
developed our portfolio with the addition of The Poke, attracted
new audiences and monetised them effectively. The successful
year-end outcome has been greatly aided by our knowledge, focus and
agility allowing us to drive benefit from our strategic positioning
and navigate challenging trading environments.
With the economic turmoil arising from the pandemic, the war in
Ukraine and other issues within the UK economy itself, marketers
continue to choose media which presents the most accountable and
relevant commercial solutions within the marketing mix, in
particular mobile digital media. As we have continued to develop
our audience verticals we are now the most significant online
publisher of humour/comedy content in the UK and one of the largest
publishers for women, continuing to benefit from the market
movement towards quality advertising inventory at scale.
Financial review
We are pleased to deliver Adjusted EBITDA* of GBP1.1m, which
reflected an increase of 5.1% on the prior year and a margin of
30.2% (2021: 28.1%). Cash generation is a key feature of this
business and we closed the year with gross cash of GBP2.8m, an
uplift of GBP0.6m on the prior year and with net cash (gross cash
less bank debt) of GBP2.5m an uplift of GBP0.7m on the prior
year.
These cash increases are despite the business having continued
to invest in its products and having acquired The Poke in an
all-cash purchase towards the end of the year. This underlines the
cash generative nature of the business delivering Cash Generated by
Operations of GBP1.4m which is 131% of Adjusted EBITDA.
Full year revenues of GBP3.6m are 2.4% down overall on 2021 but
mask the challenging macro trading environment of 2022 which saw
the Group's underlying revenues up 40% in H1 and down 27% in H2 on
the same periods in the prior year
The revenue model for The Daily Mash changed from purely
consumer advertising dependent to a hybrid subscription model
during the year, which required the Directors to provide for a full
impairment of the carrying value of this cash generating unit.
Accordingly, an impairment charge of GBP716k has been charged to
the profit and loss account.
Operating review
Digitalbox currently owns and operates four trading brands -
Entertainment Daily, The Daily Mash, The Tab and The Poke.
Entertainment Daily produces and publishes online UK entertainment
news covering TV, showbiz and celebrities. The Tab is the UK's
largest student and youth culture site fuelled by a London-based
core team and a national network of 30 local university sites. The
Daily Mash delivers online satirical news articles in its own
distinctive style and The Poke expertly curates the funniest
content from around the web and social media. All four brands
generate revenue from advertising in and around the content they
publish.
Whilst 2022 was a year of continued uncertainty, it further
demonstrated the effectiveness of the digital advertising medium as
its share grew to 65% of global ad spend. As post-pandemic trends
continued to evolve the adoption of ecommerce via the most personal
of channels, the mobile device, continued to grow. With
Digitalbox's mobile-first focus, we were well positioned in 2022
and remain very well placed for the forecast growth over coming
years.
Our audience levels in term of sessions increased by 7% to 293m.
As well as building out further content strands to our existing
brands we invested in acquiring The Poke, with the deal completing
in December 2022. Integration has been smooth and we have quickly
re-platformed the brand to gain benefit from our technology stack
and drive its commercial success.
Compelling content remains at the core of the Digitalbox
offering, created by talented teams with an expert understanding of
their respective audiences. We marry their expertise with our
proprietary mobile-first tech stack, Graphene. Named after the
incredibly fast, light, super-conductive material, Graphene has
been developed to deliver the best user experience through the
fastest and lightest page load speeds on mobile.
Alongside this highly optimised, low-friction content delivery,
part of the Graphene suite, the Graphene Ad Stack (GAS) now powers
Entertainment Daily, The Daily Mash, The Tab and, most recently,
The Poke. We are seeing significant value creation here as The
Poke's improved data from our deployment of GAS has enabled it to
significantly grow advertising session values within the early
stages of our ownership.
As our portfolio expands GAS's role in optimising revenue
performance across the business and speeding the route to enhanced
profitability for acquired properties is key for us.
The Tab has proved to be a great success since its acquisition
at the end of 2020 having fully paid back its purchase costs within
the first two years and we hope to deliver similar results with The
Poke. We continue to evaluate further acquisitions and have seen a
significant increase in opportunities as other publishers with
lower margin headroom endured challenging trading conditions in
2022. We remain ready to move quickly where we can realise the
appropriate value.
The Digitalbox team was scaled during 2022 to bring capacity for
further growth on our existing brands and to ensure any
acquisitions can be quickly integrated, whilst operational
efficiencies will remain strong.
Leading as a mobile-first business
Our strategy to create a mobile-first business has helped
position us as a leader in the market for both audience engagement
and monetisation. Push media skills remain critical and our brands
continue to engage consumers at scale through this channel with 91%
of our audience across the portfolio visiting on mobile devices.
With an average of over 24m monthly user visits to our sites, we
present truly significant user scale to the market especially when
combined with our capacity to engage.
Mobile advertising spend was growing well ahead of the economic
issues of 2022 and we anticipate its acceleration once we emerge
from this challenging period. As part of our Graphene technology
suite that supports our mobile-first strategy, we have built a new
Graphene Ad Stack (GAS) which enables optimisations to be rapidly
applied. As previously reported, our GAS set up on The Tab quickly
drove it to profitability and we are seeing similar results on The
Poke. This will give Digitalbox a distinct advantage as we look to
further optimise our existing portfolio, complete more acquisitions
and benefit from the forecast growth in the digital ad market.
PROJECTED GLOBAL DIGITAL / MOBILE AD SP
2022 2023 2024 2025 2026
Global digital ad spend $bn* 567 627 696 766 836
----- ----- ----- ----- -----
Mobile share of global digital ad spend* 65% 67% 69% 71% 73%
----- ----- ----- ----- -----
*Source: eMarketer, Oct 2022
https://www.insiderintelligence.com/content/worldwide-digital-ad-spending-2023
Portfolio growth
Humour curation site The Poke is the most recent addition to the
Digitalbox portfolio, with its acquisition completing in December.
We feel The Poke is an excellent stablemate for The Daily Mash with
a distinct editorial proposition of its own. It brings 1m social
followers.
Entertainment Daily saw overall session (visits) growth of 17%
year-on-year despite Google algorithm changes causing some
challenges. Google accounted for 25m sessions in 2022 and Facebook
also performed well in the first half of the year contributing to
record organic traffic levels in Q1. The editorial team continued
to hit all the TV and showbiz stories as the news broke, maximising
traffic and social engagement around moments that caught the
nation's imagination. This year also saw the launch of the
Entertainment Daily Awards, which attracted more than 150k votes
and national coverage including the opening segment of ITV's
daytime flagship, This Morning.
The Tab continues to perform on strategy delivering consistent
positive contribution now we have transitioned it onto our Graphene
platform which will enable further optimisations going forward.
This year saw another year of strong, campaigning editorial
alongside its established output in entertainment and culture
coverage, new hires into the social and editorial team and
increased content output from its 30 local teams.
The Daily Mash had a steady year of recovery growing back from
the Facebook strike that caused problems in H1 when the platform
struggled to identify the difference between fictional individuals
identified in satire and mainstream news articles. With a highly
loyal core audience and genuinely unique content, the Mash
represented an ideal opportunity to diversify its revenue sources.
Our launch of an ad-free premium content experience behind a
paywall continues to show encouraging signs with 1,400 monthly
subscribers. The impact of the brand was further extended with The
Late Night Mash TV show returning for a second series on UK TV's
Dave channel. This season the show had a well-received new host in
the form of Rachel Parris and continued to perform well with
audience levels once again placed it in the top three programmes
for the channel.
Culture and people
We remain focused on creating a culture that enables talented
people to do their best work. Even before the pandemic that meant
being flexible and agile rather than harbouring traditional views
of office culture or adopting a one-size-fits-all approach. We
continue to mix office-based roles and remote working arrangements,
full-time and part-time positions, staff and freelance contributor
agreements to marry the needs of the business with those of our
people. A hybrid scenario of both home and office working is what
we have found most successful.
During the year our teams fully embraced flexible working while
delivering great results. Good communication and a sense of
inclusion are important to us, so we continue to publish monthly
all-staff updates on progress and stage weekly leadership sessions
alongside daily team meetings. Building on this, in July we held
our second all-staff conference and party in Bath followed by a
December trip to London's Winter Wonderland, both providing
fantastic opportunities for the entire company to gather and share
ideas.
Recruiting and retaining great people is crucial to our growth.
Our success hiring younger talent on Entertainment Daily through
its apprentice programme has continued along with new development
opportunities, training and development for more senior staff. The
Daily Mash has strengthened its commissioning team and we have used
The Tab's outreach network to bring new writing talent onto the
site.
Everyone at Digitalbox benefits from the company's life
assurance and pension schemes and we aim to ensure our staff are
rewarded fairly and have opportunities to progress within the
business. All team members and their immediate families have access
to our free wellbeing and support programme including personalised
healthy eating and exercise plans, mental health support, legal and
medical advice and ways to prevent burnout. A share options scheme
also exists for senior staff.
I would like to take the opportunity to thank all Digitalbox
staff for their incredible hard work and enthusiasm during the last
year and their valuable contribution to these results. As the
company continues to grow it's a pleasure to be working with such a
talented and committed team.
Business outlook
Digitalbox has continued to develop as a profitable UK digital
media business positioned squarely in the mobile space.
Despite the highly challenging macroeconomic environment, global
digital advertising spend is forecast to grow by more than 40% in
the next four years. The market reaction to both economic and
health-related turbulence of the last few years has accelerated the
trends which benefit Digitalbox, pushing the business to the
forefront as mobile devices' share is forecast to shift from 65% of
all digital ad spend in 2022 to 70% in 2027 and our content and
tech teams continue to strengthen delivery through this
channel.
Beyond the advertising market, entertainment production houses
are expected to increase their spend to over GBP10bn for UK TV in
2023, providing increasing engagement from both the big terrestrial
channels and the streamers. This increasing investment stimulates
our various audiences leading to big shows like I'm a Celebrity Get
Me Out Of Here and Love Island showing record engagement on our
sites in 2022.
The three acquisitions completed since being listed on AIM - The
Daily Mash, The Tab and The Poke - have all proved the potential of
our model, giving us confidence we can continue to create growth
within the portfolio and make further acquisitions when the fit is
right.
Whilst 2021 saw a strong recovery from the pandemic and the
markets adjusted to work with the new realities attached to changed
consumer behaviour, 2022 was a clear story of two halves. The trend
towards digital and mobile advertising spend continued accelerating
in the first half followed by a second half slowdown driven by the
global impact of spiralling energy and food prices impacting
consumer spending power. With global economies subject to these
headwinds into H1 2023, the open ad market is a good place to be as
it has the ability to adapt in real time. Global commentary points
towards the market recovering in the second half of 2023 with a
full return forecast for 2024. We have no reason to doubt these
predicted changes and are confident the business is very well
placed for the returning market.
We enter 2023 with an expanded portfolio primed for future
growth when the economy returns, a stronger investor base and a
confident digital advertising sector expected to significantly
increase its share of global ad spend over coming years.
James Carter
Chief Executive
27 March 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2022
Year ended Year ended
31 December 31 December
2022 2021
Note GBP'000 GBP'000
Revenue 7 3,578 3,667
Cost of sales (534) (529)
------------ ------------
Gross profit 3,044 3,138
Administrative expenses (2,999) (2,508)
Other operating income 8 - 10
-------------- --------------
Operating profit 8 45 640
Memorandum:
Adjusted EBITDA(1) 1,081 1,029
Depreciation (7) (31)
Amortisation (191) (215)
Impairment of goodwill and intangible (716) -
assets
Share based payments (62) (143)
Direct costs of business combinations (60) -
and capital restructure
-------------- --------------
Profit from Operations 45 640
--------------------------------------------- ----- --------------- ---------------
Finance costs 10 (8) (14)
Finance income 8 1
------------ ------------
Profit before taxation and attributable
to equity holders of the parent 45 627
Taxation 11 759 (231)
------------ ------------
804 396
Profit after tax ------------ ------------
All profits after taxation arise from continuing
operations.
There was no other comprehensive income for 2022 (2021: GBPNIL).
GBP GBP
Gain per share
Basic (continuing) 12 0.00683 0.00340
========= =========
Gain per share
Diluted (continuing) 12 0.00670 0.00335
========= =========
(1) Adjusted EBITDA is defined as the operating profit after
adding back depreciation, amortisation, impairment, share based
payments, acquisition costs, direct costs associated with business
combinations and capital restructure costs.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2022
Share based payment Retained (deficit)/
Share capital Share premium 2022 earnings Total equity
2022 2022 2022 2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2021 1,163 11,149 321 (99) 12,534
Equity settled
share-based
payments - - 143 - 143
Profit after tax - - - 396 396
-------------- -------------- -------------- -------------- --------------
Balance at 31
December 2021 1,163 11,149 464 297 13,073
-------------- -------------- -------------- -------------- --------------
Issue of new shares 16 20 - - 36
Equity settled
share-based
payments - - 62 - 62
Reserves transfer in
respect of lapsed
options - - (330) 330 -
Profit after tax - - - 804 804
-------------- -------------- -------------- -------------- --------------
Balance at 31
December 2022 1,179 11,169 196 1,431 13,975
-------------- -------------- -------------- -------------- --------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022 31 December 2021
ASSETS Note GBP'000 GBP'000
Non-current assets
Property, plant and equipment 13 52 46
Intangible fixed assets 14 10,194 10,710
Deferred tax asset 19 617 -
----------------- -----------------
Total non-current assets 10,863 10,756
Current assets
Trade and other receivables 15 952 1,770
Cash and cash equivalents 16 2,827 2,186
----------------- -----------------
Total current assets 3,779 3,956
----------------- -----------------
Total assets 14,642 14,712
========= =========
LIABILITIES
Current liabilities
Trade and other payables 17 (288) (739)
Lease liabilities 17 - (29)
Bank loans 17 (112) (112)
Corporation tax 17 (61) (163)
----------------- -----------------
Total current liabilities (461) (1,043)
----------------- -----------------
Non-current liabilities
Lease liabilities 17 - (2)
Bank loans 17 (206) (319)
Deferred tax liability 19 (275)
------------------ ------------------
(206) (596)
------------------ ------------------
Total liabilities (667) (1,639)
------------------ ------------------
Total net current assets 3,318 2,913
------------------ ------------------
Total net assets 13,975 13,073
========= =========
Capital and reserves attributable to owners of the parent
Share capital 21 1,179 1,163
Share premium 23 11,169 11,149
Share based payment reserve 23 196 464
Retained earnings 23 1,431 297
------------------ ------------------
Total equity 13,975 13,073
========= =========
The financial statements were approved by the Board and
authorised for issue on 27 March 2023.
James Carter David Joseph
CEO CFO
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2022
Year ended Year ended
31 December 2022 GBP'000 31 December 2021 GBP'000
Cash flows from operating activities
Profit from ordinary activities
Adjustments for: 804 396
Income tax expense (759) 231
Share based payments 62 143
Depreciation on property plant and equipment 7 31
Amortisation of intangible assets 191 215
Impairment on goodwill and intangible 716 -
assets
Loss on disposal of property, plant and 30 -
equipment
Finance costs 8 14
Finance income (8) (1)
----------------- -----------------
Cash flows from operating activities before
changes in working capital 1,051 1,029
Decrease / (increase) in trade and other
receivables 818 (723)
(Decrease) / increase in trade and other
payables (451) 280
----------------- -----------------
Cash generated by operations 1,418 586
Income tax paid (235) (76)
----------------- -----------------
Net cash from operating activities 1,183 510
Investing activities
Purchase of property, plant and equipment (43) (2)
Purchase of intangibles (391) (86)
Interest received 8 1
----------------- -----------------
Net cash used in investing activities (426) (87)
Financing activities
Finance costs (8) (4)
Loan and lease repayments (144) (86)
Issue of new share capital 36 -
----------------- -----------------
Net cash from financing activities (116) (90)
----------------- -----------------
Net increase in cash and cash equivalents 641 333
Cash and cash equivalents at beginning of the
period 2,186 1,853
------------------ ------------------
Cash and cash equivalents at end of the period 2,827 2,186
========= =========
Reconciliation of net cash flow to movement in
net funds: Year ended 31 December 2022 Year ended 31 December 2022
GBP000 GBP000
Net increase in cash and cash equivalents 641 333
Inception of finance leases - (56)
Repayment of loans and leases 144 86
----------------- -----------------
Movement in net funds in the year 785 363
Net funds at 1 January 1,724 1,361
----------------- -----------------
Net funds at 31 December 2,509 1,724
========= =========
Breakdown of net funds
Cash and cash equivalents 2,827 2,186
Lease liabilities - (31)
Bank loans (318) (431)
----------------- -----------------
Net funds at 31 December 2,509 1,724
========= =========
NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARED 31 DECEMBER 2022
GENERAL INFORMATION
Digitalbox Plc is a public limited company incorporated and
domiciled in the United Kingdom. The address of the registered
office Jubilee House, 92 Lincoln Road, Peterborough, England, PE1
2SN. The Company is listed on AIM of the London Stock Exchange.
The principal activity of the Group and of the Company are
disclosed in the Directors' Report.
These financial statements are presented in pounds sterling
because that is the currency of the primary economic environment in
which the Group operates. Foreign operations are included in
accordance with the policies set out in note 4.
2. STANDARDS, AMMENTS AND INTERPRETATIONS ADOPTED IN THE CURRENT
FINANCIAL YEARED 31 DECEMBER 2022
The following IFRS standards, amendments or interpretations
became effective during the year ended 31 December 2022 but have
not had a material effect on this Consolidated Financial
Information:
Standard
Amendments to IFRS 3: Reference to the Conceptual Framework
Amendments to IAS 16: Property Plant and Equipment (Proceeds
before intended use)
Amendments to IAS 37: Onerous Contracts (Cost of fulfilling a
contract)
Amendments to IFRS 1, Annual Improvements to IFRS Standards
2018-2020 IFRS 9, IFRS 16 and IAS 41
All new standards and amendments to standards and
interpretations effective for annual periods beginning on or after
1 January 2022 that are applicable to the Group have been applied
in preparing these Consolidated Financial Statements.
3. NEW AND REVISED IFRS STANDARDS IN ISSUE BUT NOT YET EFFECTIVE
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Consolidated Financial
Statements are disclosed below. The Group intends to adopt these
standards, if applicable, when they become effective.
Effective
Standard date
------------------------------------------------------- ----------
Amendments to IAS 1 Disclosure of accounting policies 1 January
2023
Amendments to IAS 8 Definition of accounting estimates 1 January
2023
Amendments to IAS 12 Deferred tax related to assets 1 January
and liabilities arising from 2023
a single transaction
The Directors are continuing to assess the potential impact that
the adoption of the standards listed above will have on the
Consolidated Financial Statements for the year ended 31 December
2023.
4. ACCOUNTING POLICIES
Principal accounting policies
The Group is a public Group incorporated and domiciled in the
United Kingdom. The principal accounting policies applied in the
preparation of these consolidated financial statements are set out
below. These policies have been consistently applied to all the
periods presented, unless otherwise stated.
4. ACCOUNTING POLICIES (continued)
Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively IFRS) issued
by the International Accounting Standards Board (IASB) as adopted
by the United Kingdom ("adopted IFRSs") and those parts of the
Companies Act 2006 which apply to companies preparing their
financial statements under IFRSs. The financial statements are
presented to the nearest round thousand (GBP'000) except where
otherwise indicated.
Basis of Consolidation
The Group comprises the parent company and its subsidiaries, as
detailed in note III to the company financial statements. All of
these have been included in the consolidated financial statements
in accordance with the principles of acquisition accounting as laid
out by IFRS 3 Business Combinations.
Going concern
The Group generated profit during the year of GBP804k (2021:
GBP396k), the Group had closing net assets of GBP13,975k (2021:
GBP13,073k), net current assets of GBP3,318k (2021: GBP2,913k) and
cash at bank and in hand of GBP2,827k (2021: GBP2,186k).
The Group generated net cash from operating activities of
GBP1,183k during the year (2021: GBP510k). The Group has remained
cash generative during a difficult economic period which saw the
impact of the war in Ukraine and the effect that has had on
inflation in the UK.
In considering going concern, the Directors consider the current
financial position and performance of the business, as well as
reviewing financial information for a period of at least 12 months
from the date of approval of the financial statements. Given the
strong and liquid balance sheet position and ongoing financial
performance of the Group, the successful acquisition of The Poke
and the expectations from forecast financial information, the
Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future.
The Directors believe that they can continue to accommodate the
impact of increasing inflation which has been demonstrably achieved
in the year ended 31 December 2022, and accordingly continue to
adopt the going concern basis in preparing the financial
statements.
Business combinations and goodwill
Acquisitions of subsidiaries and business are accounted for
using the acquisition method. The assets and liabilities and
contingent liabilities of the subsidiaries are measured at their
fair value at the date of acquisition. Any excess of acquisition
over fair values of the identifiable net assets acquired is
recognised as goodwill. Goodwill arising on consolidation is
recognised as an asset and reviewed for impairment at least
annually. Any impairment is recognised immediately in profit or
loss accounts and is not subsequently reversed. Acquisition related
costs are recognised in the income statement as incurred.
Transactions between wholly owned group members involving the
hive-up or hive-across of trade and / or assets and liabilities are
outside the scope of IFRS 3 on the grounds that they represent
common control business combinations. The group has elected to
apply IFRS 3 in accounting for all such transactions, which
involves a full fair value exercise at the date of the transaction.
This accounting policy has been consistently applied to all such
transactions, and has been chosen on the grounds that the nature of
these transactions is the amalgamation of acquired businesses into
the existing trading business, which generally takes place shortly
after the original acquisition.
4. ACCOUNTING POLICIES (continued)
Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Group. and the revenue can be
reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
The Group does not expect to have any contracts where the period
between the transfer of the promised goods or services to the
customer and payment exceeds one year. As a consequence, the
Company does not adjust any of the transaction prices for the time
value of money.
The Group monitors the performance obligations in accordance
with IFRS 15 considering that the performance obligations are met
upon the Group delivering the advertisement to the customer.
A receivable is recognised when the services are delivered at
this is the point in time that the consideration is unconditional
because only the passage of time is required before the payment is
due.
Rendering of services
Revenue from providing services is recognised in the accounting
period in which the services are rendered.
Revenue from the sale of advertising space is recognised upon
the advertisement being generated and the Group delivering the
advertisement to the customer. The Group recognises revenue when
the amount of revenue can be reliably measured, it is probable
future economic benefits will flow to the entity and the Group has
satisfied the performance obligations. Revenue is not received in
advance and therefore the Group does not account for contract
liabilities.
Leases
The Group assesses whether a contract is or contains a lease, at
inception of a contract. The Group recognises a right-of-use asset
and a corresponding lease liability with respect to all lease
agreements in which it is the lessee, except for short-term leases
(defined as leases with a lease term of 12 months or less) and
leases of low value assets. For these leases, the Group recognises
the lease payments as an operating expense on a straight-line basis
over the term of the lease unless another systematic basis is more
representative of the time pattern in which economic benefits from
the leased asset are consumed.
The lease liability is initially measured at the present value
of the lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease. If this rate
cannot be readily determined, the Group uses its incremental
borrowing rate. The Group assesses its discount rate using its
incremental borrowing rate.
Lease payments included in the measurement of the lease
liability comprise fixed lease payments (including in-substance
fixed payments), less any lease incentives.
The lease liability is included in Payables in the Statement of
Financial Position.
The lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (using
the effective interest method) and by reducing the carrying amount
to reflect the payments made.
The right-of-use assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or before the
commencement day and any initial direct costs. They are
subsequently measured at cost less accumulated depreciation and
impairment losses.
4. ACCOUNTING POLICIES (continued)
Leases (continued)
Right-of-use assets are depreciated over the shorter period of
lease term and useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the
right-of-use asset reflects that the Group expects to exercise a
purchase option, the related right-of-use asset is depreciation
over the useful life of the underlying asset.
The depreciation starts at the commencement date of the
lease.
The right-of-use assets are included in the tangible fixed
assets in the Statement of Financial Position.
The Group applies IAS 36 to determine whether a right-of-use
asset is impaired and accounts any identified impairment
losses.
Foreign currency
The individual financial statements of each group company are
presented in the currency of the primary economic environment in
which it operates (its functional currency). For the purpose of the
consolidated financial statements, the results and financial
position of each group company are expressed in pound sterling,
which is the functional currency of the Group, and the
presentational currency for the consolidated financial
statements.
In preparing the financial statements of the individual
companies, transactions in currencies other than the individual
company's functional currency (foreign currencies) are recorded at
rates of exchange prevailing on the dates of the transactions. At
the reporting date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates
prevailing on the reporting date. Non-monetary items carried at
fair value that are denominated in foreign currencies are
translated at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured in terms of
historical cost in foreign currency are not retranslated. Exchange
differences arising on the settlement of monetary items, and on the
retranslation of monetary items, are included in profit or loss for
the period. Exchange differences arising on the retranslation of
non-monetary items carried at fair value are included in profit or
loss for the period except for differences arising on the
retranslation of non-monetary items in respect of which gains and
losses are recognised directly in equity. For such non-monetary
items, any exchange component of the gain or loss is also
recognised directly in equity.
For the purpose of presenting consolidated financial statements,
the assets and liabilities of the Group's foreign operations are
translated at exchange rates prevailing on the reporting date.
Income and expense items are translated at the average exchange
rates for the period, unless exchange rates fluctuate significantly
during the period, in which case the exchange rates at the date of
transactions are used. Exchange differences arising, if any, are
classified as equity and transferred to the Group's translation
reserve. Such translation differences are recognised as income and
expense in the period in which the operation is disposed of.
Goodwill and fair value adjustments arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rates.
Intangible assets
Intangible assets include goodwill arising on the acquisition of
subsidiaries and represents the difference between the fair value
of the consideration payable and the fair value of the net assets
that have been acquired. The residual element of Goodwill is not
being amortised but is subject to an annual impairment review.
4. ACCOUNTING POLICIES (continued)
Intangible assets (continued)
Also included within intangible assets are various assets
separately identified in business combinations (such as brand
value) to which the Directors have ascribed a fair value and a
useful economic life. The ascribed value of these intangible assets
is being amortised on a straight-line basis over their estimated
useful economic life, which is considered to be 7 years.
Other intangible assets purchased by the Group are initially
recognised at cost. After recognition, under the cost model,
intangible assets are measured at cost less any accumulated
amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost less
their residual values over their useful lives, which is considered
to be 3 years straight line.
Financial instruments
The Group classifies financial instruments, or their component
parts, on initial recognition as a financial asset, a financial
liability or an equity instrument.
Contract liabilities
Contract liabilities comprise payments in advance of revenue
recognition and revenue deferred due to contract performance
obligation not being completed. They are classified as current
liabilities if the contract performance obligations payments are
due to be completed within one year or less (or in the normal
operating cycle of the business if longer). If not, they are
presented as non-current liabilities. Contract liabilities are
recognised initially at fair value and subsequently at amortised
cost.
Trade and other receivables
Trade and other receivables are measured at initial recognition
at fair value, and subsequently measured at amortised cost using
the effective interest method. A provision is established when
there is objective evidence that the Group will not be able to
collect all amounts due. The amount of any provision is recognised
in profit or loss.
The Group always recognises lifetime expected credit losses
(ECL) for trade receivables and amounts due on contracts with
customers. The expected credit losses on these financial assets are
estimated based on the Group's historical credit loss experience,
adjusted for facts that are specific to the debtors, general
economic conditions and an assessment of both the current as well
as the forecast director of conditions at the reporting date,
including time value of money where appropriate. Lifetime ECL
represents the expected credit losses that will result from all
possible default events over the expected life of a financial
instrument.
Cash and cash equivalents
Cash and cash equivalents are recognised as financial assets.
They comprise cash held by the Group and short-term bank deposits
with an original maturity date of three months or less.
Trade payables
Trade payables are initially recognised as financial liabilities
measured at fair value, and subsequent to initial recognition
measured at amortised cost.
Equity instruments
An equity instrument is any contract that evidences a residual
interest in the assets of an entity after deduction of all its
liabilities. Equity instruments issued by the Group are recorded at
the proceeds received net of direct issue costs.
4. ACCOUNTING POLICIES (continued)
Share based payments
Where share options are awarded to employees, the fair value of
the options at the date of grant is charged to the statement of
comprehensive income on a straight-line basis over the vesting
period.
Non-market vesting conditions are taken into account by
adjusting the number of options expected to vest at each statement
of financial position date so that, ultimately, the cumulative
amount recognised over the vesting period is based on the number of
options that eventually vest. Market vesting conditions are
factored into the fair value of the options granted. The cumulative
expense is not adjusted for failure to achieve a market vesting
condition.
Fair value is calculated using the Black-Scholes model, details
of which are given in note 22.
Pensions
The pension schemes operated by the Group are defined
contribution schemes. The pension cost charge represents the
contributions payable by the Group.
Property, plant and equipment
Property, plant and equipment are stated at cost net of
accumulated depreciation and provision for impairment. Depreciation
is provided on all property plant and equipment, at rates
calculated to write off the cost less estimated residual value, of
each asset on a straight-line basis over its expected useful life.
The residual value is the estimated amount that would currently be
obtained from disposal of the asset if the asset were already of
the age and in the condition expected at the end of its useful
economic life.
The method of depreciation for each class of depreciable asset
is:
Office equipment - 25% reducing balance
Right-of-Use asset - over term of lease
Impairment of Assets
Impairment tests on goodwill are undertaken annually at the
balance sheet date. The recoverable value of goodwill is estimated
on the basis of value in use, defined as the present value of the
cash generating units with which the goodwill is associated. This
is computed by applying an appropriate discount rate to the
estimated value of future cash flows. When value in use is less
than the book value, an impairment is recorded and is
irreversible.
Other non-financial assets are subject to impairment tests
whenever circumstances indicate that their carrying amount may not
be recoverable. Where the carrying value of an asset exceeds its
estimated recoverable value (i.e. the higher of value in use and
fair value less costs to sell), the asset is written down
accordingly. Where it is not possible to estimate the recoverable
value of an individual asset, the impairment test is carried out on
the asset's cash-generating unit. The carrying value of property,
plant and equipment is assessed in order to determine if there is
an indication of impairment. Any impairment is charged to the
statement of comprehensive income. Impairment charges are included
under administrative expenses within the consolidated statement of
comprehensive income.
4. ACCOUNTING POLICIES (continued)
Taxation and deferred taxation
Corporation tax payable is provided on taxable profits at
prevailing rates.
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the balance sheet
differs from its tax base, except for differences arising on:
-- the initial recognition of goodwill; and
-- the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of
the transaction affects neither accounting nor taxable profit.
Recognition of deferred tax assets is restricted to those
instances where it is probable that future taxable profit will be
available against which the asset can be utilised. The amount of
the asset or liability is determined using tax rates that have been
enacted or substantively enacted by the balance sheet date and are
expected to apply when the deferred tax liabilities/(assets) are
settled/(recovered).
Deferred tax assets and liabilities are offset when the Group
has a legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate to
taxes levied by the same tax authority on either:
-- the same taxable Group company; or
-- different Group entities which intend either to settle
current tax assets and liabilities on a net basis, or to realise
the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax assets
or liabilities are expected to be settled or recovered.
There were unused tax losses at 31 December 2022 amounting to
GBP3,172k. In the majority, these were restricted for use for 5
years against future taxable profits arising from the trade
formerly carried on in Tab Media Limited and now carried on in
Digitalbox Publishing Limited. A deferred tax asset has been
recognised in relation to these losses for the first time, as these
are now considered to be highly likely to be recoverable against
future profits.
Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the Executive Directors, who are
responsible for allocating resources and assessing performance of
the operating segments.
A business segment is a group of assets and operations, engaged
in providing products or services that are subject to risks and
returns that are different from those of other operating
segments.
A geographical segment is engaged in providing products or
services within a particular economic environment that are subject
to risks and returns that are different from those of segments
operating in other economic environments. The Executive Directors
assess the performance of the operating segments based on the
measures of revenue, profit before taxation and profit after
taxation. Central overheads are not allocated to business
segments.
Government grants
Government grants are recognised when there is reasonable
assurance that the grant conditions will
be met and the grants will be received, and are recognised as a
separate component of other operating income, rather than being
offset against the costs to which they relate.
5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the Group's accounting policies, which are
described in note 4, the Directors are required to make judgements,
estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on experience and
other factors considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
The following are the critical judgements and estimations that
the Directors have made in the process of applying the Group's
accounting policies and that have the most significant effect on
the amounts recognised in the financial statements.
Critical accounting judgements
Impairment of goodwill
Impairment of the valuation of the goodwill relating to the
acquisition of subsidiaries is considered annually for indicators
of impairment to ensure that the asset is not overstated within the
financial statements. The annual impairment assessment in respect
of goodwill requires estimates of the value in use (or fair value
less costs to sell) of subsidiaries to which goodwill has been
allocated.
This requires the Directors to estimate the future cash flows
and an appropriate discount factor, in order that the net present
value of those cash flows can be determined. Discounted cash flow
forecasts give due consideration to the impact of COVID-19 on the
future cash flows, and are stress tested under a range of
scenarios. In all instances, the headroom is sufficient to satisfy
the Directors that there are no indicators of impairment based on
circumstances that were present or could be reasonably foreseen at
the reporting date.
Critical accounting Estimates
Amortisation of intangible assets
The periods of amortisation adopted to write down capitalised
intangible assets requires judgements to be made in respect of
estimating the useful lives of the intangible assets to determine
an appropriate amortisation rate. Development costs (domain names
and website costs) are being amortised on a straight-line basis
over the period during which the economic benefits are expected to
be received, which has been estimated at 3 years. Intangible assets
recognised in relation to the brand names are being amortised
straight-line over 7 years.
Depreciation
The useful economic lives of tangible fixed assets are based on
management's judgement and experience. When management identifies
that actual useful economic lives differ materially from the
estimates used to calculate depreciation, that charge is adjusted
retrospectively.
Share based payment expense
Non-market performance and service conditions are included in
the assumptions about the number of options that are expected to
vest. At the end of each reporting period the Group revises its
estimates of the number of options that are expected to vest based
on the non-market vesting conditions. It recognises the impact
of
5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)
the revision to the original estimates, if any, in the
consolidated statement of comprehensive income, with a
corresponding adjustment to equity.
This requires a judgement as to how many options will meet the
future vesting criteria as well as the judgements required in
estimating the fair value of the options.
Provision for bad and doubtful debts
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses using a lifetime expected credit loss
provision for trade receivables. To measure expected credit losses
on a collective basis, trade receivables are grouped based on
similar ageing. The expected loss rates are based on the Group's
historical credit losses experience over the twelve month period
prior to the period end. Forward looking issues have been
considered, including in relation to the ongoing impact of the
hostile global trading conditions driven by the impact of the war
in Europe. This has had an immaterial effect on the expected credit
loss rate.
6. SEGMENTAL INFORMATION
A segmental analysis of revenue and expenditure is as
follows:
2022 Entertainment Mashed The Tab The Poke Head Office Total 2022
Daily Productions
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 2,261 243 1,059 15 - 3,578
Cost of sales (224) (190) (118) (2) - (534)
Administrative
expenses* (529) (111) (398) (6) (919) (1,963)
Adjusted
EBITDA 1,508 (58) 543 7 (919) 1,081
Amortisation,
depreciation,
and impairment - - - - (914) (914)
Acquisition
costs - - - - (57) (57)
Capital
restructure
costs - - - - (3) (3)
Share based
payments - - - - (62) (62)
Finance income - - - - 8 8
Finance costs - - - - (8) (8)
Tax - - - - 759 759
------------- ------------- ------------- ------------- ------------- -------------
Profit/(loss)
for the year 1,508 (58) 543 7 (1,196) 804
====== ====== ====== ====== ======== ======
6. SEGMENTAL INFORMATION (continued)
2021 The
Entertainment Daily Mashed Productions Tab Head Office Total 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 2,463 308 896 - 3,667
Cost of sales (205) (171) (153) - (529)
Administrative expenses* (474) (86) (287) (1,272) (2,119)
Other operating income - - - 10 10
Adjusted EBITDA 1,784 51 456 (1,262) 1,029
Amortisation,
depreciation, and
impairment - - - (246) (246)
Share based payments - - - (143) (143)
Finance Income 1 1
Finance costs - - - (14) (14)
Tax - - - (231) (231)
------------- ------------- ------------- ------------- -------------
Profit/(loss) for the
year 1,784 51 456 (1,895) 396
======= ====== ====== ======= =======
*Administrative expenses exclude depreciation, amortisation,
impairment, share based payments and acquisition and listing
costs.
The segmental analysis above reflects the parameters applied by
the Board when considering the Group's monthly management
accounts.
External revenue by location of Net tangible capital
customer Total assets by location expenditure by location
31 December 31 December 31 December 31 December 31 December 31 December
2022 2021 2022 2021 2022 2021
Continuing Continuing
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 759 1,683 14,097 14,205 43 58
Europe 1,381 665 284 141 - -
Rest of World 1,438 1,319 261 366 - -
------------- ------------- ------------- ------------- ------------- -------------
3,578 3,667 14,642 14,712 43 58
====== ======= ======= ======= ====== ======
At the end of 2021, a key UK based customer was acquired by a
large European based business. The acquired business continued to
be a key customer of the Group with its revenues billed from
Holland instead of the UK. This is the reason for the change in
proportion of revenue from the UK and Europe.
7. REVENUE
2022 2021
Revenue by stream is split: GBP'000 GBP'000
Advertising space 3,578 3,667
3,578 3,667
Revenue by location is split:
United Kingdom 759 1,683
Europe 1,381 665
Rest of world 1,438 1,319
3,578 3,667
The Group had four customers whose revenue individually represented 10% or more of the Group's
total revenue, being 19.70%, 13.65%, 12.33% and 11.03% respectively.
8. PROFIT FROM OPERATIONS
2022 2021
GBP'000 GBP'000
This is arrived at after charging/(crediting):
Continuing operations
Staff costs (see note 9) 1,322 1,584
Direct costs of business combinations 57 -
Depreciation of property, plant & equipment 31 31
Amortisation of intangible fixed assets 191 215
Impairment on goodwill and intangible assets 716 -
Foreign exchange differences - 17
Government grants - (10)
====== ======
Auditors' remuneration in respect of the Company 18 18
Audit of the Group and subsidiary undertakings 41 34
59 52
In 2022, government grants of GBPNIL (2021: GBP10k) were
received as part of the Government's initiatives to provide
immediate financial support as a result of the COVID-19 pandemic.
There are no future related costs associated with these grants
which were received solely as compensation for costs incurred in
the year.
9. STAFF COSTS
2022 2021
GBP'000 GBP'000
Staff costs for all employees, including Directors consist of:
Wages and salaries 1,176 1,284
Social security costs 134 101
Pensions 12 14
1,322 1,399
Share based payment charge 62 143
1,384 1,542
2022 2021
The average number of employees of the group during the year was as follows: Number Number
Directors 6 6
Management and administration 4 3
Content 22 20
32 29
Directors' Detailed Emoluments
Details of individual Directors' emoluments for the year are as
follows:
Salary Consultancy Bonus Pension Total Total
2022 2022 2022 2022 2022 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
N Burton (resigned 17 February
2021) - - - - - 3
J Carter 137 - - 1 138 *288
J Douglas 137 - - 1 138 *288
M Higginson - 25 - - 25 25
D Joseph 45 - - - 45 41
R Miller (resigned 17 February
2021) - - - - - 14
M Armitage (resigned 1 July 2021) - - - - - 13
P Machray (joined 1 July 2021) 25 - - - 25 13
M Rich (joined 17 February 2021) 35 - - - 35 30
----------- ----------- ----------- ----------- ----------- -----------
Total 379 25 - 2 406 715
===== ===== ===== ===== ===== =====
*these sums included bonuses paid in accordance with and
Executive Bonus Scheme, with the net proceeds being used to
extinguish director loans.
STAFF COSTS (continued)
9.
All pension contributions represent payments into defined
contribution schemes.
The Executive Directors have service contracts with the Company
which are terminable by the Company or relevant director after a
fixed term of 12 months followed by 6 months' notice.
The Directors' interests in the issued ordinary share capital of
the Company was as follows:
Shares of GBP0.01 Shares of GBP0.01
Director 31/12/2022 31/12/2021
James Carter 10,908,078 9.3% 10,908,078 9.4%
Jim Douglas 10,908,078 9.3% 10,908,078 9.4%
David Joseph* 600,000 0.5% - -
*David Joseph acquired shares through Integral 2 Limited, a
company controlled by him.
There is a share-based payment charge attributable to options
held by the directors' during the year amounting to GBP17k (2021:
GBP100k). These options subsequently lapsed on 28 February
2022.
Effective options in Digitalbox plc exist due to two directors
having warrants in its subsidiary company, Digital Publishing
(Holdings) Limited, which, when exercised, are satisfied by issuing
shares in Digitalbox plc.
These are set out in the table below,
'Effective Option' Number of
Holder Shares
James Carter 681,958
Jim Douglas 681,958
1,363,916
==========
The warrants had vested prior to admission onto AIM on 28
February 2019 and carry an effective exercise price of 2.28 pence
per share issued in Digitalbox plc. On 16 February 2022 Martin
Higginson exercised 1,590,936 warrants at 2.28 pence per share and
subsequently disposed of these shares.
Further information on share options is included in note 22.
The market price of the shares at 31 December 2022 was 8.50p
with a quoted range from throughout 2022 of 8.25p to 16.25p. The
options vest based on performance criteria detailed in note 22.
10. FINANCE COSTS
2022 2021
GBP'000 GBP'000
Interest on lease liabilities - 2
Interest on bank loans 8 12
------------ ------------
8 14
====== ======
11. TAXATION ON PROFIT/LOSS FROM ORDINARY ACTIVITIES
2022 2021
GBP'000 GBP'000
Current tax
UK corporation tax on profits for the current period 132 165
Adjustment in respect of prior periods 1 24
Deferred tax
Origination and reversal of temporary differences (96) 27
Changes in tax rates (3) -
Benefit arising from previously unrecognised tax losses (793) -
Adjustments in respect of prior periods - 15
------------ ------------
Total tax charge/(credit) (759) 231
====== ======
The tax assessed for the year differs from the standard rate of
corporation tax in the UK applied to loss before tax.
2022 2021
GBP'000 GBP'000
Total profit on ordinary activities before tax 45 627
------------ ------------
Profit on ordinary activities at the standard rate of corporation tax in the UK of
19% (2021:
19%) 9 119
Effects of:
Expenses not deductible for tax purposes 24 30
Income not taxable (6) -
Impairment on goodwill 61 -
Adjustments to prior periods 1 39
Fixed asset differences (2) -
Deferred tax asset not previously recognised (793) -
Deferred tax not recognised - loss relief in current period (50) (23)
Effect of changes in tax rates on deferred tax (3) 66
------------- -------------
Tax charge/(credit) for the year (759) 231
====== ======
In the Budget on 3 March 2021, the Chancellor announced the
intention to increase the main rate of UK corporation tax to 25%
for the financial year beginning 1 April 2023. This was
substantively enacted on 24 May 2021.Deferred tax at the balance
sheet date has therefore been measured using the enacted tax rate
of 25% (2021: 25%) in these financial statements.
There were unused tax losses at 31 December 2022 amounting to
GBP3,172k. In the majority, these were restricted for use for 5
years against future taxable profits arising from the trade
formerly carried on in Tab Media Limited and now carried on in
Digitalbox Publishing Limited. A deferred tax asset has been
recognised in relation to these losses for the first time, as these
are now considered to be highly likely to be recoverable against
future profits.
12. EARNINGS PER SHARE
2022 2021
GBP'000 GBP'000
The earnings per share is based
on the following:
Continuing earnings post tax
attributable to shareholders 804 396
Basic weighted average number
of shares 117,718,533 116,332,457
Diluted weighted average number
of shares 120,002,622 118,297,010
Basic earnings per share (GBP) 0.00683 0.00340
Diluted earnings per share (GBP) 0.00670 0.00335
Earnings per ordinary share has been calculated using the
weighted average number of shares in issue during the relevant
financial periods. IAS 33 requires presentation of diluted EPS when
a company could be called upon to issue shares that would decrease
earnings per share or increase the loss per share. The exercise
price of the outstanding share options is significantly more than
the average and closing share price. Therefore, as per IAS33 the
potential ordinary shares which could arise from exercised share
options are disregarded in the calculation of diluted EPS.
13. TANGIBLE FIXED ASSETS
IFRS 16 Office Total
Right-of-Use equipment
Asset
GBP'000 GBP'000 GBP'000
Cost
Balance at 1 January 2021 33 27 60
Additions 56 2 58
Disposals (33) - (33)
Balance at 1 January 2022 56 29 85
Additions - 43 43
Disposals (56) (14) (70)
Balance at 31 December 2022 - 58 58
Accumulated depreciation
Balance at 1 January 2021 31 10 41
Depreciation charge 27 4 31
Depreciation eliminated on disposal (33) - (33)
Balance at 1 January 2022 25 14 39
Depreciation charge - 7 7
Depreciation eliminated on disposal (25) (15) (40)
Balance at 31 December 2022 - 6 6
Net Book Value
At 31 December 2022 - 52 52
At 31 December 2021 31 15 46
The net book value of owned and leased assets included as
"Property, plant and equipment" in the Statement of Financial
Position is as follows:
2022 2021
GBP'000 GBP'000
Tangible fixed assets owned 52 15
Right-of-Use tangible fixed assets - 31
52 46
13. TANGIBLE FIXED ASSETS (continued)
Information about the Right-of-Use assets is summarised
below:
Net Book Value 2022 2021
GBP'000 GBP'000
Property - 31
===== =====
Depreciation charge in respect of the Right-of-Use asset is as
follows:
2022 2021
GBP'000 GBP'000
Property - 27
===== =====
14. INTANGIBLE FIXED Goodwill Arising on Other Intangible Development costs Total
ASSETS Consolidation Assets
GROUP
GBP'000 GBP'000 GBP'000 GBP'000
Cost
Balance at 1 January 2021 9,610 1,476 35 11,121
Additions - - 86 86
----------- ----------- ----------- ---------------
Balance at 1 January 2022 9,610 1,476 121 11,207
Additions - 18 171 189
Business combinations (note
24) - 202 - 202
----------- ----------- ----------- ---------------
Balance at 31 December 2022 9,610 1,696 292 11,598
----------- ----------- ----------- ---------------
Accumulated
amortisation
Balance at 1 January 2021 - 247 35 282
Amortisation - 211 4 215
----------- ----------- ----------- ---------------
Balance at 1 January 2022 - 458 39 497
Amortisation - 159 32 191
Impairment 321 395 - 716
----------- ------------ ------------ ---------------
Balance at 31 December 2022 321 1,012 71 1,404
------------ ------------ ------------ ---------------
Net Book Value
At 31 December 2022 9,289 684 221 10,194
====== ====== ====== ======
At 31 December 2021 9,610 1,018 82 10,710
====== ====== ====== ======
At 31 December 2020 9,610 1,229 - 10,839
====== ====== ====== ======
14. INTANGIBLE FIXED ASSETS (continued)
The company acquired the intellectual property of The Poke in
December 2022 for GBP202,000.
Amortisation is charged to administrative expenses in the
Statement of Comprehensive Income.
GOODWILL AND IMPAIRMENT
The carrying value of goodwill in respect of each cash generating unit is as follows:
31 December 31 December
2022 2021
GBP'000 GBP'000
Digitalbox Publishing (Holdings) Limited 9,171 9,171
Mashed Productions Limited - 321
Tab Media Limited 118 118
------------- -------------
9,289 9,610
====== =======
The Group is obliged to test goodwill annually for impairment,
or more frequently if there are indications that goodwill and
indefinite life intangibles might be impaired, due to the goodwill
deemed to have an indefinite useful life. In order to perform this
test, management is required to compare the carrying value of the
relevant cash generating unit ("CGU") including the goodwill with
its recoverable amount. The recoverable amount of the CGU is
determined from a value in use calculation. It is considered that
any reasonably possible changes in the key assumptions would not
result in an impairment of the present carrying value of the
goodwill.
Digitalbox Publishing (Holdings) Limited
The recoverable amount of Digitalbox Publishing (Holdings)
Limited relates to the Entertainment Daily segment and has been
determined from a review of the current and anticipated performance
of this unit. In preparing this projection, a discount rate of 10%
has been used based on the weighted average cost of capital and a
future growth rate of 3% has been assumed. It has been assumed
investment in capital equipment will equate to depreciation over
the year. The discount rate was based on the Group's cost of
capital as estimated by management. After applying sensitivity
analysis in respect of the results and future cash flows, in
particular for presumed growth rates and discount rates, management
is satisfied that it is highly improbable that such a change in key
assumptions would reduce the recoverable amount below book value.
The key sensitivity is the discount rate which does not breach the
outer sensitivity of a 15 year useful economic lifetime until it
reaches an improbable 16%.
Mashed Productions Limited
The recoverable amount of Mashed Productions Limited has been
determined with reference to the trade and assets hived across to
Digitalbox Publishing Limited in 2020. Due to a change in the
revenue model for this CGU the recoverable amount has been deemed
as GBPNIL in 2022 and therefore, a full impairment of Mashed
Productions Limited has been made.
Tab Media Limited
The recoverable amount of the Tab Media segment, which was hived
up from Tab Media Limited to Digitalbox Publishing Limited on 1
October 2020, has been determined from a review of the current and
anticipated performance of this unit. In preparing this projection,
a discount rate of 10% has been used based on the weighted average
cost of capital and a future growth rate of 3% has been assumed. It
has been assumed investment in capital equipment will equate to
depreciation over the year. The discount rate was based on the
Group's cost of capital as estimated by management. After applying
sensitivity analysis in respect of the results and future cash
14. INTANGIBLE FIXED ASSETS (continued)
flows, in particular for presumed growth rates and discount
rates, management is satisfied that it is highly improbable that
such a change in key assumptions would reduce the recoverable
amount below book value. The key sensitivity is the discount rate
which does not breach the outer sensitivity of a 15 year useful
economic lifetime until it reaches an improbable 16%.
15. TRADE AND OTHER RECEIVABLES 31 December 31 December
2022 2021
GBP'000 GBP'000
Trade receivables 784 1,428
Prepayments and accrued income 100 104
Other receivables 68 238
------------- -------------
952 1,770
====== ======
16. CASH AND CASH EQUIVALENTS 31 December 31 December
2022 2021
GBP'000 GBP'000
Cash at bank and in hand 2,827 2,186
------------- -------------
2,827 2,186
====== ======
17. LIABILITIES 31 December 31 December
2022 2021
GBP'000 GBP'000
Current liabilities
Trade payables 124 86
Social security and other taxes 84 144
Accruals 76 508
Lease liabilities - 29
Other payables 4 1
Bank loans 112 112
Corporation tax payable 61 163
------------- -------------
461 1,043
====== ======
Non-current liabilities
Lease liabilities - 2
Bank loans 206 319
----------- ------------
206 321
====== ======
18. LOANS 31 December 31 December
2022 2021
GBP'000 GBP'000
Bank loans
Due in less than one year 112 112
Due in between one and two years 122 122
Due in between two and five years 84 197
------------- -------------
318 431
====== ======
On 7 October 2020, Digitalbox Publishing Limited drew down a
loan facility amounting to GBP450k under the CBILS scheme. The
present value of the loan at inception discounted at a market rate
of interest was GBP440k. The loan is for a term of five years and
is repayable in equal monthly instalments which commenced in 2021.
Interest is charged at a fixed rate of 2.43% per annum, with the
cost being fully subsidised by central Government for the first 12
months.
The loan is secured by a debenture over the assets of the
Digitalbox Publishing Limited and a GBP450k guarantee granted by
Digitalbox plc. The outstanding balance at 31 December 2022 was
GBP318k (2021: GBP431k).
19. DEFERRED TAX
Total
GBP'000
Balance at 1 January 2022 (275)
Deferred tax charge for the year 892
Balance at 31 December 2022 617
The deferred tax provision comprises: 31 December 2022 31 December
2021
GBP'000 GBP'000
Intangible asset timing differences (176) (275)
Tax losses 793 -
617 (275)
The expected net reversal of deferred tax in 2023 is GBP35k.
20. FINANCIAL RISK MANAGEMENT
The Group is exposed to risks that arise from its use of
financial instruments. These financial instruments are within the
current assets and current liabilities shown on the face of the
statement of financial position and comprise the following:
Credit risk
The Group is exposed to credit risk primarily on its trade
receivables. The Group maintains its cash reserves at a reputable
bank. It is group policy to assess the credit risk of each new
customer before entering into binding contracts.
20. FINANCIAL RISK MANAGEMENT (continued)
The maximum exposure to credit risk is represented by the
carrying value in the statement of financial position. The credit
risk on liquid funds is low as the funds are held at a bank with a
high credit rating assigned by international credit agencies.
31 December 2022 31 December 2021
GBP'000 GBP'000
Current financial assets
Trade receivables 784 1,428
Other receivables 67 238
Cash and cash equivalents 2,827 2,186
------------- -------------
3,678 3,852
====== ======
The table below illustrates the due date of trade
receivables:
31 December 2022 31 December 2021
GBP'000 GBP'000
Current 286 577
31 - 60 days 215 421
61 - 90 days 158 267
91 - 120 days 68 126
121 and over 57 37
------------- -----------
784 1,428
====== ======
The table below illustrates the geographical location of trade
receivables:
31 December 2022 31 December 2021
GBP'000 GBP'000
United Kingdom 252 921
Europe 270 141
Rest of world 262 366
------------- -----------
784 1,428
====== ======
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses using a lifetime expected credit loss
provision for trade receivables. To measure expected credit losses
on a collective basis, trade receivables are grouped together based
on similar credit risk and ageing. The average credit period given
on sales is 30 days. There are no receivable balances impaired at
the reporting date. In determining the provision for impairment of
trade receivables, the Group stratifies the receivables into one
component being corporate debtors. The expected credit loss
allowance for impairment is trivial and so no impairment has been
recognised at the year-end.
20. FINANCIAL RISK MANAGEMENT (continued)
Liquidity risk
Liquidity risk arises from the Group's management of working
capital and the finance charges and repayments of its
liabilities.
The Group's policy is to ensure that it will have sufficient
cash to allow it to meet its liabilities when they become due and
so cash holdings may be high during certain periods throughout the
period.
The Group's policy in respect of cash and cash equivalents is to
limit its exposure by reducing cash holding in the operating units
and investing amounts that are not immediately required in funds
that have low risk and are placed with a reputable bank.
Cash at bank and cash equivalents
31 December 2022 31 December
2021
GBP'000 GBP'000
At the year end the Group had the following cash balances: 2,827 2,186
====== ======
Cash at bank comprises Sterling and US Dollar cash deposits.
All monetary assets and liabilities within the group are
denominated in the functional currency of the operating unit in
which they are held. All amounts stated at carrying value equate to
fair value.
31 December 2021 31 December
GBP'000 2021
GBP'000
Financial liabilities at amortised
cost
Trade payables 124 86
Accruals 76 508
Lease liabilities - 31
Bank loans 318 431
Other payables 4 1
------------- -------------
522 1,057
======= =======
The table below illustrates the maturities of trade
payables:
31 December 2022 31 December
2021
GBP'000 GBP'000
Current 93 45
31 - 60 days 21 28
61 - 90 days - 12
91 - 120 days - -
121 and over 10 1
---------------- ---------------
124 86
======== ========
20. FINANCIAL RISK MANAGEMENT (continued)
The table below shows the maturities of financial
liabilities:
2022 Carrying amount 6 months or less 6-12 months 1 or more year
GBP'000 GBP'000 GBP'000 GBP'000
Trade
payables 124 114 - 10
Accruals 76 76 - -
Loans 318 56 56 206
Other
payables 4 4 - -
---------------- --------------- --------------- ---------------
522 250 56 216
======== ======== ======== ========
2021 Carrying amount 6 months or less 6-12 months 1 or more year
GBP'000 GBP'000 GBP'000 GBP'000
Trade payables 86 85 1 -
Accruals 508 508 - -
Lease
liabilities 31 14 15 2
Loans 431 56 56 319
Other payables 1 1 - -
---------------- --------------- --------------- -
--------------
1,057 664 72 321
======== ======== ======== ========
Capital Disclosures and Risk Management
The Group's management define capital as the Group's equity
share capital and reserves.
The Group's objective when maintaining capital is to safeguard
its ability to continue as a going concern, so that in due course
it can provide returns for shareholders and benefits for other
stakeholders.
The Group manages its capital structure and makes adjustments to
it in the light of changes in the business and in economic
conditions. In order to maintain or adjust the capital structure,
the Group may from time to time issue new shares, based on working
capital and product development requirements and current and future
expectations of the Company's share price.
Share capital is used to raise cash and as direct payments to
third parties for assets or services acquired.
Market risk
Interest rate risk
Interest rate risk is the risk that the value of financial
instruments will fluctuate due to changes in market interest rates.
The Group considers the interest rates available when deciding
where to place cash balances.
Foreign currency risk
Foreign exchange transaction risk arises when individual Group
operations enter into transactions denominated in a currency other
than the functional currency. The principal risk arises from the
Group's reliance on US Dollar denominated annual revenues which
amounted to $1.8m (2021: $1.9m) with a trade debtor balance at the
year-end of $11k (2021: $214k). The Group mitigates foreign
exchange risk by selling forward US Dollars on a quarterly
basis.
21. SHARE CAPITAL No. Value No. Value
31 December 2022 GBP'000 31 December 2021 GBP'000
Called up share
capital
Allotted, called
up and fully paid
Ordinary shares of
GBP0.01 each 117,923,393 1,179 116,332,457 1,163
--------------------------- ------------ --------------------------- ------------
117,923,393 1,179 116,332,457 1,163
============= ====== ============== ======
No. GBP'000
As at 1 January 2022 116,332,457 1,163
Issue of shares 1,590,936 16
---------------------------- --------------
As at 31 December 2022 117,923,393 1,179
============== =======
On 16 February 2022, 1,590,936 shares were issued pursuant to
the exercise of warrants for consideration of GBP0.0228 per share,
resulting in share premium of GBP20k.
SHARE BASED PAYMENTS
22.
During the year, the Group incurred a GBP62k share based payment
charge (2021: GBP143k). Of this total, GBP17k (2021: GBP100k)
was recorded as an expense in Digitalbox plc and GBP45k (2021:
GBP43k) was recorded as an expense in Digitalbox Publishing Limited.
2022 Weighted 2021 Weighted
No. of average No. of average
share exercise share exercise
options price options price
Outstanding at beginning
of year 9,141,663 7.74p 8,298,757 8.19p
Granted during the
year - - 1,002,906 6.00p
Exercised during the
year (1,590,936) 2.28p - -
Expired during the
year (3,008,808) 14.0p (160,000) 20.00p
------------- ---------- ---------- ----------
Outstanding at the
end of the year 4,541,919 5.51p 9,141,663 7.74p
------------- ---------- ---------- ----------
3,008,718 options are exercisable after 3 years (see page 23),
or an exit event.
169,285 options are exercisable immediately.
1,363,916 options relates to Warrants issued prior to the group's
admission by Digitalbox Publishing (Holdings) Limited, a subsidiary
of the company. These are exercisable upon the exercise of
those warrants in a share for share exchange arrangement, under
which the company acquires all shares issued in Digitalbox
Publishing (Holdings) Limited and in consideration, issues
shares to the warrant holders.
A Black-Scholes model has been used to determine the fair value
of the share options on the date of grant. The fair value is expensed
to the income statement on a straight-line basis over the vesting
period, which is determined annually. The model assesses a number
of factors in calculating the fair value. These include the market
price on the date of grant, the exercise price of the share options,
the expected share price volatility of the Company's share price,
the expected life of the options, the risk-free rate of interest
and the expected level of dividends in future periods.
23. RESERVES
Full details of movements in reserves are set out in the
consolidated statement of changes in equity. The following
describes the nature and purpose of each reserve within owners'
equity:
Share premium: Amount subscribed for share capital in excess of
nominal value.
Retained earnings: Cumulative net gains and losses recognised in
the consolidated statement of comprehensive income.
Share based payment reserve: Cumulative charges recognised in
the consolidated statement of comprehensive income in relation to
share based payments.
ACQUISITION OF A BUSINESS
24.
On 30 November 2022 the company acquired an unincorporated
business, thepoke.co.uk, for consideration of GBP204,000.
Book Value Fair Value
GBP'000 GBP'000
Intangible assets (Brand) - 202
Property, plant & equipment 2 2
------------- -------------
Total consideration 2 204
====== =======
Satisfied by: GBP'000
Cash 204
=======
Contribution by the acquired business for the reporting period included in the group statement
of comprehensive income since acquisition:
GBP'000
Revenue 15
Profit after tax 5
=======
25. LEASING COMMITMENTS
Group as a lessee
In 2022, the group exited their head office lease.
Lease liabilities are due as follows:
31 December 2022 31 December
2021
GBP'000 GBP'000
Current - 29
Non-current - 2
------------- -------------
- 31
===== =====
Contractual undiscounted cash flows are due as follows:
31 December 2022 31 December
2021
GBP'000 GBP'000
Current - 30
Non-current - 3
------------- -------------
- 33
===== =====
There is not considered to be any significant liquidity risk by the Group in respect of leases.
The following amounts in respect of leases, where the Group is a lessee, have been recognised
in the profit or loss:
31 December 2022 31 December
2021
GBP'000 GBP'000
Interest expense on lease liabilities - 2
Expenses relating to short-term leases - 29
------------- -------------
- 31
======= ======
26. CAPITAL COMMITMENTS
At 31 December 2022 and 31 December 2021 there were no capital
commitments.
27. RELATED PARTY TRANSACTIONS
At 31 December 2022, the Group was due GBPnil (2021: GBP171k)
from James Carter and Jim Douglas, two Directors of the company,
both having used the net proceeds of the 2021 bonus payment to
repay their Director loans in full.
During the year, Integral2 Limited billed GBP65k (2021: GBP53k)
to the Group, a company related by virtue of David Joseph, a member
of key management personnel, having control over the entity. As at
31 December 2022, GBP6k (2021: GBP5k) was owed to Integral2
Limited. During the year, David Joseph acquired 600,000 shares in
Digitalbox plc at 8 pence per share through Integral 2 Limited.
During the year, M Capital Investment Properties Limited billed
GBP25k (2021: GBP25k) to the Group, a company related by virtue of
Martin Higginson, a member of key management personnel, having
control over the entity. As at 31 December 2022, GBP2.5k (2021:
GBP2.5k), was accrued as owing to M Capital Investment Properties
Limited.
During the prior year, Robin Miller Consultants Limited billed
GBP11k to the Group, a company related by virtue of Robin Miller, a
member of key management personnel for part of the prior year,
having control over the entity. As at 31 December 2022, GBPnil
(2021: GBP1.7k), was owed to Robin Miller Consultants Limited. The
balances stated here were for transactions up to the point that
Robin Miller resigned as a director and was therefore no longer a
related party.
The key management personnel are considered to be the Board of
Directors. Their remuneration is disclosed in detail in note 9. Key
management were remunerated GBP406k in the year ended 31 December
2022 (2021: GBP715k).
The key management personnel have been provided with a total of
1,363,916 effective share options resulting in a charge of GBP17k
in the period (2021: GBP100k).
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END
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March 28, 2023 02:00 ET (06:00 GMT)
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