asSeenonScreen Holdings PLC
15 October 2001
AS SEEN ON SCREEN HOLDINGS PLC ('ASOSH' or the 'Group')
Interim Report for the Six Months Ended 30 June 2001
ASOSH was incorporated in June 2000 and in September 2000 acquired the Groups
two subsidiaries, Entertainment Marketing UK Ltd ('EM') and asSeenonScreen.com
Ltd ('ASOS')
ASOSH is a marketing services and retail group providing product placement
services to a number of national and international companies via EM and
operates a retail division, specialising in the sale of products and brands
associated with celebrities and film stars via ASOS.
KEY POINTS
* Group turnover - £787,000
* Loss - £623,000
* Successful placing of 1,125,000 placing shares at 20p each raising £
225,000 on 3 October 2001
* Successful acquisition of Brindle Ltd, a cash shell with net funds of £
350,000, on 3 October 2001
* Admission of the Group's entire issued ordinary share capital to trading
on the Alternative Investment Market ('AIM') of the London Stock Exchange
on 3 October 2001
Chief Executive's Report
I am pleased to report a positive six months trading for the Group following
the acquisition of Entertainment Marketing UK Ltd and asSeenonScreen.com Ltd
in September 2000.
In the six months to 30 June 2001, ASOS sales grew 100% to £466,000 on the
previous six months and EM revenues grew 12% to £321,000 on the previous six
months.
The Group is already a leading provider of product placement services in the
UK via EM and ASOS is quickly establishing a reputation for e-commerce
excellence, voted one of 'The World's 20 Best Online Stores' by The Net
magazine in July 2001 and described as 'Brilliant' by The Sunday Times 'Doors
Section' in October 2001.
Since the period covered by this statement, the Group was successfully
admitted to AIM on 3 October 2001, at which time it placed 1,125,000 ordinary
shares of 20p, which raised £225,000 before expenses. Simultaneously, it
acquired the entire issued share capital of Brindle Ltd, a non-trading cash
shell.
In July 2001, ASOS commenced its off-line concession programme in Top Man's
Oxford Street Branch and has since extended this to include Liverpool.
Sales for ASOS continue to grow on the Internet via a number of partnerships
including Warner Brothers and News International. We also expect to be
operating across most major interactive TV Platforms by the end of the year as
well as extending our off-line concession activity into additional Top Man
stores.
EM has had a good start to the year picking up additional business from
Philips, Red Bull, and The London Eye and since the period covered by this
statement has consolidated the Mars business by adding Master Foods and
Pedigree to its existing Mars Confectionery business.
Nick Robertson
Chief Executive Officer
Unaudited Consolidated Profit and Loss Account
for the six months ended 30 June 2001
Unaudited 6 months Audited Period from
to 30 June 2001 20 September 2000 to
31 December 2000
£000 £000
Turnover 787 335
Costs of Sales (299) (142)
Gross Profit 488 193
Adminstrative Expenses (998) (612)
Amortisation of goodwill (113) (64)
Profit / (loss) before taxation (623) (483)
Taxation - -
Profit / (loss) after taxation (623) (483)
Unaudited Consolidated Balance Sheet at 30 June 2001
Unaudited 6 Audited Period
months from
to 30 June 2001 20 September 2000
to
£000
31 December 2000
£000
Fixed Assets
Intangible Assets 2,106 2,219
Tangible Assets 121 123
Current Assets
Stock 177 88
Debtors 227 286
Cash at bank and in hand - 81
Creditors: amounts falling due within one
year
(439) (388)
Loan Stock (2,301) (1,895)
Net Assets (109) 514
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (1,109) (486)
Shareholders funds (109) 514
Notes to the Accounts
1. The results for the six months ended 30 June 2001 have been prepared on the
basis of the accounting policies set out in the audited accounts of the
Company for the year ended 31 December 2000.
2. The interim accounts for the six months ended 30 June 2001 are unaudited
and do not constitute statutory accounts in accordance with section 240 of
the Companies Act 1985.
3. The Directors are not declaring a dividend for the six months ended 30 June
2001.
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