Interim Results

MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 AIM listed Milestone Group PLC ("Milestone" or the "Group") announces its results for the six months ended 31 March 2009. Highlights * Group operating loss of £0.17 million (six months ended 31 March 2008 operating loss: £0.33 million) * Current liabilities reduced to £0.51 million (year ended 30 September 2008 current liabilities: £0.60 million) * SixTV in Oxford was closed in April 2009 (year ended 30 September 2008 operating loss: £75,336) * Board exploring further fundraising and new business opportunities in line with previous statements Milestone Chairman, John Sanderson, said: "We have tightened our rein on costs which will be helped as we go forward by the decision to close our loss-making local TV business, and we are pleased with our progress in seeking attractive exposures for our shareholders to new media opportunities" For further information Milestone John Sanderson, Chairman Tel: 020 7580 2444 Deborah White, Chief Executive Tel: 020 7929 7826 Arden Partners PLC Richard Day / Adrian Trimmings Tel: 020 7398 1632 MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 CHAIRMAN'S STATEMENT Less than three months have elapsed since we reported the Group's full year results. I am glad to report that in that time the slow but steady improvement of our overall position has continued. On the financial front, Group operating losses have narrowed further to £0.17 million (six months ended 31 March 2008 operating loss: £0.33 million) as we minimise costs while seeking to begin our programme of securing exposures to robust future-facing new media and new media technology business models. It should be noted that the first half figures included continuing losses from our local television business which we have now closed (see below). We have continued with new small fundraisings and our balance sheet has been further strengthened through ongoing management efforts to secure terms with creditors, a number of whom have demonstrated their support for the future of the business by converting part of their dues into shares. Current liabilities have reduced as a consequence to £0.51 million (year ended 30 September 2008 current liabilities: £0.60 million) and negotiations remain ongoing. We have been pleased to see some improvement in the share price as investors gain in confidence about the Group's future and perhaps start to anticipate the arrival of the first new exposures that we have said we are seeking. On the trading front, we have continued to work on the Nexstar project previously discussed and we have now completed our review of our position in local TV. The latter resulted in the decision to close SixTV in Oxford, which has now been effected. My last statement indicated that no satisfactory policy conclusions about local TV were appearing from the Government to give us any encouragement. Together with the backdrop of weakening local advertising, our own lack of success in seeking a profitable formula for local TV operation and the similar lack of success of others who have held these licences, it did not seem likely to us that any worthwhile improvement in trading could be achieved. The end of continuing losses in Oxford would also be a relief. In the full year to September 2008 the operation of SixTV in Oxford resulted in operating losses of £75,336. From April 2009 this drain on the company will have ceased. We will continue to hold our four local TV licences in dormant trading mode. On the investment front, we continue to seek interesting worthwhile exposures and hope soon to be in a position to report some tangible progress. I am sure that I hardly need to explain to shareholders that progress cannot be expected to be other than on the slow side given our starting position, but we believe that in seeking deals, we have a good deal to offer to the right parties John Sanderson Chairman MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 CONSOLIDATED INCOME STATEMENT Note Unaudited Unaudited Audited Six months Six months Year ended Ended ended 30th 31st March 31st March September 2009 2008 2008 £ £ £ Revenue 15,443 6,784 34,300 Cost of Sales (26,281) (25,402) (51,296) Gross (loss) / profit (10,838) (18,618) (16,996) Other operating income 16,115 21,861 38,736 Administrative expenses (170,292) (328,538) (822,237) (170,292) (328,538) (822,237) Loss from operations (165,014) (325,295) (800,497) Finance Expense (2,073) (12) (407) Finance income 18 2,595 3,433 Loss before taxation (167,070) (322,712) (797,471) Taxation Expense - - Loss from continuing Operations (167,070) (322,712) (797,471) Profit/(loss) on - discontinued operations Minority Interest Loss for Period (167,070) (322,712) (797,471) Attributable to equity shareholders of the parent (167,070) (320,995) (797,471) Attributable to minority interest (1,717) MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 CONSOLIDATED BALANCE SHEET Note Unaudited Unaudited Audited Six months Six months Year Ended Ended ended 30th 31st March 31st March September 2009 2008 2008 £ £ £ Non-current Assets Goodwill - - Property, plant - - &equipment 32,352 - 32,352 - Current Assets Trade and Other receivables 75,837 101,190 71,152 Cash and cash equivalents 1,792 21,644 18,141 77,628 122,834 89,293 Current Liabilities Bank overdrafts - (3,260) Trade and Other payables (513,755) (432,397) (596,687) (513,755) (432,397) (599,947) Net Assets (436,127) (277,211) (510,654) Capital and reserves attributable to equity holders of the company Share capital 5 2,808,252 2,760,510 2,790,795 Share premium account 8,247,152 7,692,985 8,023,012 Merger reserve 11,119,585 11,432,467 11,119,585 Retained losses (22,611,116) (22,163,173) (22,444,046) Total Equity (436,127) (277,211) (510,654) MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 CONSOLIDATED CASH FLOW STATEMENT Note Unaudited Unaudited Audited Six months Six months Year ended ended ended 30th 31st March 31st March September 2009 2008 2008 £ £ £ Loss for the period (167,070) (325,294) (797,471) Adjustments for Depreciation of tangible assets - 2,287 8,834 Profit on disposal of property, plant and equipment - Net Bank and other interest charges 2,056 (3,026) Profit on sale of discontinued operations net of tax (36,408) Recognition of negative goodwill (24,212) Net loss before changes in working capital (165,014) (323,007) (852,283) Decrease/(increase) in trade and other receivables 19,690 (19,249) 4,875 (Decrease)/increase in trade and other payables (122,364) 166,853 341,639 Cash from operations (267,688) (175,403) (505,769) Interest received 18 (12) 3,433 Interest paid (2,073) 2,595 (407) Net cash flows from operating activities (269,743) (172,820) (502,743) Investing Activities Acquisitions of subsidiary undertakings net of cash and overdraft acquired 93,191 56,314 Sale of subsidiary undertakings (3,539) Purchase of property, plant and equipment (1,170) (1,170) Sales proceeds of property plant and equipment Net cash flows used in investing activities - 92,021 51,605 Financing Activities Issue of ordinary share capital 241,596 322,816 Repayment of loan - New loans raised 8,375 37,500 Net cash flows from financing activities 249,971 360,316 Net decrease in cash (19,772) (80,799) (90,822) Cash and cash equivalents at beginning of period 11,621 102,443 102,443 Cash and cash equivalents at end of period (8,151) 21,644 11,621 MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 NOTES TO THE INTERIM FINANCIAL INFORMATION for the six month period ended 31 March 2009 1. General information The principal activity of Milestone Group PLC and its subsidiaries (the Group) is to hold and operate businesses in the media and technology sectors. Milestone Group PLC is the Group's ultimate parent company and it is incorporated in the United Kingdom with registration number 4689130. Milestone Group PLC is domiciled in the United Kingdom and has its registered office at 1st Floor, 2 Royal Exchange, London EC3V 3DG, and this is its principal place of business. Milestone Group PLC's shares are listed on the AIM market of the London Stock Exchange. Milestone Group PLC's consolidated financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent Company. These consolidated financial statements have been approved for issue by the Board of Directors on 11 June 2009. 2. Basis of preparation The financial information in the half yearly report has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The principal accounting policies used in preparing the half yearly report are those the Group expects to apply in its financial statements for the year ending 30 September 2009 and are unchanged from those disclosed in the Group's Director's report and consolidated financial statements for the year ended 30 September 2008. The financial information for the six months ended 31 March 2009 and the six months ended 31 March 2008 is unaudited and does not constitute the group's statutory financial statements for those periods. The comparative financial information for the full year ended 30 September 2008 has, however, been derived from the audited statutory financial statement for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 237(2)-(3) of the Companies Act 1985. While the financial figures included in this half-yearly report have been computed in accordance with IFRSs applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34. MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 Going concern As stated in the year end accounts to 30 September 2008, the Board's cash flow projections show a requirement for additional funding to support the Company's working capital and development plans in the coming twelve months in order to meet its liabilities as they fall due. The Company has previously experienced difficulty drawing down on the £0.5m loan facility it had entered into with its former director. The Company has managed to successfully draw down a part of this facility and raise other funds to provide working capital. The Board is also exploring a range of options to enhance the Group's access to supplementary sources of finance to fund its future activities. The directors have concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the Group's and the Company's ability to continue as a going concern. Nevertheless after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the Group and the Company will have adequate resources to continue in operational existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the annual report and accounts. 3. Segmental analysis The Group's primary reporting segments are the following business segments: Loss for Total Total Net Revenue Period Assets Liabilities Liabilities 2009 2009 2009 2009 2009 £ £ £ £ £ Analysis by class of business TV Division 14,823 (37,745) 29,987 (74,856) (44,869) Head office 620 (166,324) 47,641 (475,898) (428,258) 15,443 (204,070) 77,628 (550,755) (473,127) 4. Loss per share Basic loss per share has been calculated in accordance with FRS 22. Basic loss per share has been calculated by dividing the loss on ordinary activities after taxation by the weighted average number of ordinary shares in issue during the year. The weighted average number of equity shares in issue was 91,723,712 and the loss was £167,070. The effect of all potential ordinary shares is antidilutive. Loss for period after tax and minority interest (167,070) No of shares at start of period 80,495,424 No of shares at end of period 102,951,999 Average no of shares in issue in the period. 91,723,712 Earnings per share (pence) (0.18) MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 5. Share Capital 2008 2009 Number £ Number £ Authorised Ordinary shares of .01p 2,267,095,595 2,267,096 2,267,095,595 2,267,096 Deferred shares of 9.9p 27,605,095 2,732,904 27,605,095 2,732,904 2,294,700,690 5,000,000 2,294,700,690 5,000,000 Allotted, called up and fully paid Ordinary shares of .01p 52,890,329 57,891 75,346,904 299,487 Deferred shares of 9.9p 27,605,095 2,732,904 27,605,095 2,732,904 80,495,424 2,790,795 102,951,999 3,032,391 6. Interim Report Copies of the interim report are available to shareholders. Additional copies may be obtained from Milestone Group PLCs registered office: 1st Floor, 2 Royal Exchange Steps, London EC3V 3DG or on the company's website at www.milestonegroup.co.uk. MILESTONE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 COMPANY INFORMATION Directors: John Sanderson, Non-Executive Chairman appointed Non-Executive Chairman, 1 February 2006 served as Acting Finance Director, 7 March 2008 to 31 March 2008 Deborah White, Executive Director served as Non-Executive Director, 15 January 2008 to 30 March 2008 served as Chief Executive Officer, 31 March 2008 to 23 February 2009 appointed as Executive Director (combining functions of Chief Executive Officer and Finance Director), 23 February 2009 Company Secretary: Graham Urquhart appointed 1 February 2009 Timothy Eustace resigned 31 January 2009 Registered in England 4689130 company no: Auditors: BDO Stoy Hayward LLP Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Nominated Adviser to the Arden Partners plc Company: Nicholas House, 3 Laurence Pountney Hill, London EC4R 0EU Broker: Arden Partners plc Nicholas House, 3 Laurence Pountney Hill, London EC4R 0EU Registrars: Capita IRG plc Northern House, Woodsome Park, Fenay Bridge, Huddersfield, West Yorkshire HD8 OLA Solicitors: Lawrence Graham LLP 4 More London Riverside, London SE1 2AU Address and registered Milestone Group PLC office: 1st Floor, 2 Royal Exchange Steps, The Royal Exchange, London EC3V 3DG Telephone: +44 (0)20 7929 7826 Fax: +44 (0)870 891 2914 Email: enquiries@milestonegroup.co.uk Website: www.milestonegroup.co.uk ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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