Milestone Group PLC: Final Results

Milestone Group PLC: Final Results

MILESTONE GROUP PLC
("Milestone" or the "Company")

Final Results

Milestone, the AIM quoted (AIM: MSG) provider of digital media and technology solutions announces its final results for the year ended 30 September 2014.

Highlights

  • Engagement of 2,000 young people within the Passion Project
  • Fee paying corporate members and sponsors of the Passion Project post year-end
  • Resilience and emotional intelligence training delivered to Poplar HARCA vulnerable young adults
  • Acquisition of Disorder UK Magazine
  • Appointment to the management team of Frank Sweeney as Passion Project Programme Director and Anthony Webb as Disorder Magazine Commercial Director

Deborah White, CEO and Interim Chairman, commented:

"We are pleased with the developments during the period and particularly since the period end. Each of the separate business offerings has shown the beginnings of their revenue potential with growing interest being shown from an ever-expanding customer base and further new revenues visible in the near future.

"The coming together of the elements necessary for the continued development and expansion of the Passion Project have clearly been demonstrated. Much of the Project's preparatory groundwork is now complete and early indications have helped to highlight not only the number of new possible revenue lines, but also the scale of their potential.

"The Passion Project platform offers the Group a unique opportunity to set itself apart in the digital community as a provider of innovative products and solutions. Through its continually developing eco-system, it offers the Company an expanding marketplace through which to promote its products and services whilst reinforcing its vision of creating a media brand synonymous with the creation and delivery of market leading products that deliver both financial and social value."

For further information:

Milestone Group PLC  
Deborah White, Chief Executive Tel: 020 7929 7826
   
Cairn Financial Advisers LLP, Nominated Adviser  
Liam Murray / Avi Robinson Tel: 020 7148 7900
  
Hybridan LLP, Broker 
Claire Louise Noyce Tel: 020 3713 4581

CHAIRMAN'S STATEMENT

Foreword

It is a pleasure to deliver this report on behalf of the Board and management team. During the year, and since the year end, Milestone has continued to develop its product offerings to the point of delivering revenue from across the Group. A lot of team effort and resources have gone into the development of each of these revenue streams and it is exciting to see the results starting to take shape in the form of innovative market leading products and services that are set to deliver real financial and social value.

Developments

Passion Project

The Passion Project is a large-scale aggregator that promotes cross-sector collaboration between organisations responsible for the engagement and transition of young people into the world of work. Through its design, the Passion Project partnerships support and encourage the development of the young person, whilst actively cross-promoting and matching its network of partner organisations. This process creates a self-sustaining "marketplace" that underpins the delivery of commercial and socially motivated outcomes.

The Passion Project process utilises and actively promotes all of the Group's products and services. It is expected that as the Passion Project grows it will provide a constant stream of new business relationships and revenue opportunities to all the Group's individual business units.

Whilst each department within the Group is capable of operating on a stand-alone basis, direct to external clients, they are also actively involved in providing support in the delivery and expansion of the Passion Project.

The Passion Project uses a combination of human interaction, supported by a digital platform and mobile applications offering the audience access to engaging social media content, educational materials and training services. These are designed to provide a holistic and secure approach to delivering both the needs of the participants and of any relevant support organisation.

Through the network of existing partners, it is anticipated that the Passion Project will have access to a social media audience reach of over 40m by the end of Q2 2015. This offers an exciting opportunity for anyone interested in audience activation, youth engagement, sponsorship, advertising, product placement, training or distribution opportunities.

The first stage of the Passion Project involves the engagement of young people and, during the period, Milestone successfully held the first engagement event for the Passion Project. This was the 'Be United' football competition, which was hosted in conjunction with ten of London's Professional Football Clubs' community trust schemes and culminated in the finals at the London Soccerdome in February 2014. This competition resulted in the large-scale engagement of 2,000 young people from across the London Boroughs.

All participants now have the opportunity to engage further with the Passion Project and to be matched to employers, sector skills academies and supply chain consortiums for interviews, work placements and employment. All those young people participating in the employment route-way will also be offered the opportunity to participate in the Company's emotional intelligence training and other employment related training programmes (see below).

The formal launch of the Passion Project happened post year-end on 10 December 2014. The event was held at the Cass Business School with over 200 guests, the Project's Ambassadors and over 50 Founding Partners, including Big Invest, Ambition UK, NCVO, Be The Best 21st Century Legacy and Each One Teach One ("EOTO"). In the run up to the event, and since, the Passion Project has generated significant interest and exposure and is continuing to gather momentum.

The Project has started to attract fee paying Corporate Members to its network. As part of the programme, members have access to Milestone's range of products and services to help support and deliver their Corporate Social Responsibility ("CSR") activities. The activities include staff engagement initiatives, recruitment targeted marketing campaigns, PR, advertising, product distribution, digital consultancy and business solutions. Corporate Members of the Passion Project can participate in a range of networking events offered by the partnership and will have the option to provide employment opportunities to the young people engaged in the programme. For example, it is anticipated that the Rank Group plc will be providing in the region of 1,500 employment opportunities during 2015.

Also, as announced on 7 January 2015, the Company signed an agreement with CWM FX to sponsor the Passion Project 'Game' for 12 months. The 'Game' is the career profiling tool of the Passion Project - matching a young person's skills and talents with career options. This is the first of a series of sponsorship opportunities that will be coming available during the coming months and attracted an initial upfront sponsorship fee of £130,000.

The signing up of fee paying corporate members as well as the first sponsor demonstrates the immediate commercial viability of the Project, which complements the social benefit of the initiative and we are looking forward to further developments expected in early 2015.

Milestone Foundation

The Milestone Foundation was established in July 2013 for the specific purpose of underpinning the Passion Project. The Foundation's activities and areas of focus target youth unemployment, assist with the provision of safe spaces for young people and promote the use of emotional intelligence.

The Foundation's role in the delivery of the Passion Project is at present limited to the creation of engagement initiations, the establishment of appropriate service level agreements for the Passion Project partners, along with the capturing and monetisation of the associated outcomes.

It was important to ensure that all proposed "for-profit" and "not-for-profit" activities of the Passion Project were clearly defined and allocated appropriately between Milestone Group and the Milestone Foundation at the outset. Whilst the operational framework may seem complex, it is, in reality, quite simple and is based on a common set of objectives, key principles and rules of engagement.

The proposed operational framework for the Passion Project was reviewed and incorporated into the Foundation's Articles by Stephen Lloyd, who, at the time, was Senior Partner from Bates, Wells and Braithwaite. Stephen was a recognised legal expert in Charity Law, specialising in innovation in the charitable and voluntary sector.

This independent relationship between Milestone and the Foundation enables both entities to focus on their area of expertise. The Foundation uses the Passion Project under licence from Milestone to generate and deliver positive outcomes for young people and commercialise these outcomes. At the same time, Milestone commercialises the digital platform, mobile applications and training opportunities amongst other media related activities through the surrounding partner relationships. Milestone does not look to monetise the young people the Passion Project has been established to support.

In July 2014, the Foundation appointed Lord Patel of Bradford OBE, Lord Kennedy of Southwark, Commodore Christopher Waite and Richard Evans as Independent Trustees to the Foundation Board, Kevin Everett as Executive Chairman and David Williams as Company Secretary. These independent trustees join the existing board of Deborah White, Malcolm Pickles and Paul Elliott CBE.

Education and Training

The education and training department of Milestone has also seen some exciting developments in the last year.

Winning in the Game of Life ("WITGOL") is a programme which addresses the aspects of Spiritual, Moral, Social and Cultural curriculum learning needs of pupils as per the Department of Education's expectations and Ofsted's requirements. The programme, which promotes the use of emotional intelligence to teach values and build resilience, was successfully piloted in over 30 Primary Schools across the UK in 2013. In February 2014, Milestone obtained an extension to its existing licence agreement expanding the age range of the audience and variety of the materials that could be offered under the agreement.

The expanded licence allowed Milestone to develop materials for the youth marketplace, and where appropriate, will see these integrated into the bedrock of the Passion Project, as well as making them available to the Passion Project partners as a commercial stand alone training opportunity.

In response to delays experienced with our proposed distribution partners, the Company has now started its own marketing campaign to promote the WITGOL product's roll out to all 22,000 of the UK primary schools. The Company is presenting at exhibitions and working with the original pilot group, using applications for grant funding to accelerate the take up process. 

During the year we have delivered emotional intelligence focused training to a sample of youth groups. Initially these were delivered to vulnerable groups of young adults as part of the London-wide "Talent Match" initiative in association with Poplar Housing and Regeneration Community Association achieving very positive results.

The training was commissioned to help support these vulnerable young adults to become navigators of their own lives and in doing so help integrate them back into the community, society and employment. Following the success of these initial courses, the Company has since agreed to the delivery of a further five training events, one of which is in collaboration with the Peer Outreach group at the Greater London Authority. These training events include the training of youth workers, which will help facilitate the expansion of the training.

Mobile Business Solutions

The Company's Mobile Business Solutions products offer businesses and organisations a modular approach to the creation and provision of remote working force, asset tracking or logistics workflow management tools.

This modular approach allows businesses to achieve the effectiveness offered by bespoke solutions without the usual software development cost overheads. The modules incorporate all aspects of the management, business process and auditing requirements enabling the provision of comprehensive, flexible and cost-effective solutions. Additional modules, where requested, can be developed to meet requirements of specific use cases.

In October 2013, Milestone signed an agreement with STM Security Ltd for a paid trial of the OnGuard software, which is designed for the management of mobile workforces, in this case in the security sector. In April 2014, the pilot was expanded to include Viper Cleaning Services.

In September 2014, Intervictus, a specialist in the supply of Energy Management Systems, agreed to licence an adapted version of the OnGuard offering, which has been configured as a new audit and assessment application. This is currently being run as a pilot with a London Housing Association and it is anticipated that on completion there will be up to 250 auditors using the application, which, if sustained, would generate a £60,000 per annum revenue as the service carries a monthly user cost of £20 per person.

This modular approach has also been used to create the mobile applications required to monitor the training and delivery of the engagement activities involved in the Passion Project and measure the associated social impact. This mobile service is already included in 30+ construction industry bids via current Passion Project partners offering significant user uptake and revenue potential to the Group.

Creative Solutions

In the last period, Milestone's wholly owned subsidiary, Oil Productions Ltd, underwent a reorganisation and rebranding with Darren Groucutt taking over as Creative Director leading a young and talented team. The rebranded company, now trading as "Relative", has been recognised in a number of notable ways during the year, including at the South by Southwest Interactive Festival in Austin, Texas, USA as part of Hackney Council's trade mission, Hackney House.

During the period, the team developed a strong relationship with Sudler & Hennessey, part of the WPP Group, resulting in a number of exciting projects. One of these was to produce a micro-site for the Peace by Piece campaign for the Animals Asia Foundation, which went on to be nominated for the Cannes Lion Award.

In April 2014, Relative was commissioned by Hotel Creative Ltd to work on the Nike launch for the England Football team's new kit for the 2014 FIFA World Cup in Brazil. Relative developed an app that allowed fans of England and Nike to join in and express their support of the team by creating their own "Supporter Selfie" to be added to the video wall in Nike stores.

Post year-end, Relative also contributed to an interesting project for the Financial Services Income Protection task force ("IPTF"), who commissioned the production of an innovative way of communicating the financial consequences and the practical impact on daily life of not being able to work due to long-term illness or disability. The team delivered a winning pitch to support the "7 Families" initiative, which has seen the IPTF winning the Health Insurance and Protection Industry "Cover" magazine award for outstanding achievement and has been featured in the Mail on Sunday, Sunday Express, Money Marketing and the Independent. In December 2014, Relative continued their relationship with Hackney Council by being invited to use their digital expertise in the creation of an interactive piece for Hackney Town Hall's annual light display.

As well as working for external clients, the Relative team has been continuing to support internal projects within the Group including a new website for Milestone Group, the development of the Passion Project, WITGOL collateral and the development of Disorder Magazine's print and digital presence.

Disorder UK Magazine

In April 2014, Milestone acquired all rights and title to the publication, Disorder UK Magazine and its associated TV channel. The magazine was re-launched with a 10,000-issue print-run to an ever increasing and targeted circulation. The most recent edition (issue 2), was produced post-period end and included the highly anticipated Graduate Fashion Week content that will be delivered in digital format to a number of newly engaged London and UK Fashion colleges. In keeping with the magazines history of unveiling up and coming artists this issue's front cover featured the new UK band "Catfish and the Bottlemen" who then went on to be featured on the David Letterman Show, and win an "Introducing Award" at the first BBC awards event in December 2014.

As well as promoting new fashion and music, the magazine has a strong history of training young people across a range of creative industries, including photography, design and journalism. In the coming months, the team will start to leverage the in-house relationships across the group and will work in collaboration with Job Centre Plus and various colleges, to access grant funding, using Relative's digital services and its own access to industry talent and unique content. This activity will help drive its business development and marketing opportunities. Disorder UK is already in the process of expanding the online Disorder UK offering to increase its reach and relevance to young people.

The combination of industry connections and in-house capabilities will allow the team to deliver quality industry-focused training as part of producing the magazine, giving young people important experience and skills to help them find employment in the industry whilst also generating new revenues for the Group.

As well as working with young talent, Disorder UK will become a key physical and digital promotional vehicle for the Passion Project and its activities through the generation of original content, creation of events and competitions supported by influential guest editors and contributors.

Management Changes

In March 2014, Frank Sweeney was appointed to the management team as Programme Director of the Passion Project. Frank brought with him a number of youth initiatives, contacts and network, which he is integrating into the Passion Project to assist with the Project's expansion and engagement with young people. One of the relationships Frank brought to the Passion Project this year is one with the Greater London Authority ("GLA"), who included the Passion Project in the development of a series of knowledge exchange workshops, branded Creative Exchange. Going forward these workshops will enable pan-London, cross sector, youth-arts partnerships with public, not-for-profit, commercial and academic organisations to work together to deliver the common goal of creating better and increased opportunities for young people perfectly matching the ethos and vision of the Passion Project.  

In April 2014, Anthony Webb also joined the team. Anthony came on board to assist with the commercialisation of Disorder UK Magazine and its brand. He is well versed in the marketing, brand development and digital marketplace and is credited with being part of the team that helped build Rio Ferdinand's No 5 magazine into one of the world's most successful multi-platform publications as well as representing a number of brands, talents and government organisations in this space.

Financial Summary

During the year, the Group's net loss was £1,071,383  (2013: £980,570), which includes a realised gain on the sale of investments of £409,453  (2013: £440,605). Revenues were £157,377 (2013: £152,373) and net liabilities at the period end were £1,162,250  (2013: £1,017,950).

These results are presented under European Union Adopted International Financial Reporting Standards ("EU Adopted IFRS").

Funding

During the year, the Company issued 136,782,779 new ordinary shares for a total consideration of £1,351,828 of which £1,276,779 was received in cash, £27,049 was in exchange for goods or services received and the remainder was the final part of the purchase of Oil Productions Ltd.

Since the year-end, the Company has issued 16,175,000 new ordinary shares, raising £130,000 in cash and exchanging £31,750 worth for services. The Company continues to carefully manage its working capital position and will need to raise further monies through subscriptions for new shares in the short term to continue to support its business activities until they are fully revenue generating.

The Company is firmly focused on generating revenue through all of its activities, as well as developing further opportunities. Protecting the interest of the Company's shareholders is a priority and the Board's strategy is to seek to raise funds on a basis that is fair to all.

Outlook

The Board is pleased with the developments during the period and particularly since the period end. Each of the separate business offerings has shown the beginnings of their revenue potential with growing interest being shown from an ever-expanding customer base and further new revenues visible in the near future.

The coming together of the elements necessary for the continued development and expansion of the Passion Project have clearly been demonstrated. Much of the Project's preparatory groundwork is now complete and early indications have helped to highlight not only the number of new possible revenue lines, but also the scale of their potential.

The Passion Project platform offers the Group a unique opportunity to set itself apart in the digital community as a provider of innovative products and solutions. Through its continually developing eco-system, it offers the Company an expanding marketplace through which to promote its products and services whilst reinforcing its vision of creating a media brand synonymous with the creation and delivery of market leading products that deliver both financial and social value.

Deborah White
Chief Executive Officer and Interim Chairman

25 February 2015

Consolidated statement of comprehensive income for the year ended 30 September 2014

        20142013
        ££
           
Revenue     157,377152,373
          
Cost of sales     (247,087) (119,924)
          
Gross (loss) / profit     (89,710)32,449
          
Other operating income   1,500 287,500
Realised gain on disposal   409,453 440,605
Administrative expenses     (1,428,018) (1,632,909)
           
        (1,017,065) (904,804)
           
Loss from operations     (1,106,775)(872,355)
           
           
Net finance income / (expense) 35,392 (108,215)
           
Loss before taxation   (1,071,383)(980,570)
           
Taxation charge     - -
           
Net loss for the year     (1,071,383)(980,570)
         
Items which may be reclassified subsequently to profit or loss    
Adjustment in carrying value of held for sale investments (14,080) (23,160)
 

Items reclassified to profit or loss
   
Recycling of realised gain on sale of held for sale investments (335,304) (440,605)
           
Total comprehensive loss for the year   (1,420,767)(1,444,334)
        
Attributable to owners of the parent(1,420,767)(1,444,334)
   
Basic and diluted loss per share (pence)(0.23)(0.24)

Consolidated statement of financial position at 30 September 2014   Company No: 04689130

      20142013
      ££
         
Non-current assets     
Intangible assets   56,728 189,488
Held for sale investments - 454,763
      56,728644,251
Current assets      
Trade and other receivables 114,983 50,728
Cash and cash equivalents 75,855 17,025
      190,83867,753
         
Current liabilities      
Trade and other payables   (1,336,289) (1,259,017)
Interest bearing loans   (73,527) (470,937)
      (1,409,816)(1,729,954)
        
    
Net liabilities   (1,162,250)(1,017,950)
         
Capital and reserves attributable to
owners of the Company
   
Share capital   553,961 417,178
Share premium account   13,056,175 11,847,178
Shares to be issued   40,000 109,313
Merger reserve   11,119,585 11,119,585
Capital redemption reserve   2,732,904 2,732,904
Retained losses   (28,664,875) (27,244,108)
Total Equity   (1,162,250)(1,017,950)

Consolidated statement of cash flows for the year ended 30 September 2014

Cash flow from operating activities20142013
 ££
   
Loss for the year(1,071,383)(980,570)
Adjustments for:    
Amortisation of intangible assets 37,814 37,814
Impairment of investments 61,713 -
Realised gain on disposal of held for sale investments (409,453) (440,605)
Impairment of goodwill 94,947 313,040
Net bank and other interest charges (35,392) 108,215
Services settled by the issue of shares 27,049 16,768
Adjustment to deferred consideration payable - (280,000)
     
Net cash before changes in working capital(1,294,705)(1,225,338)
   
(Increase) / decrease in trade and other receivables (64,255) 36,468
Increase in trade and other payables 119,754 275,219
     
Cash outflow from operations(1,239,206)(913,651)
   
Interest received 56 17
Interest paid (5,866) (2,248)
     
Net cash flows from operating activities(1,245,016)(915,882)
   
Investing activities  
Purchase of available for sale investments (232,937) -
Proceeds from sale of held for sale investments 350,057 447,135
Acquisition of intangible assets (1) -
     
Net cash flows used in investing activities117,119447,135
   
Financing activities  
Issue of ordinary share capital 1,207,467 407,500
Repayment of loan (23,740) (93,137)
New loans raised 3,000 131,000
     
Net cash flows from financing activities1,186,727445,363
   
   
Net increase / (decrease) in cash 58,830(23,384)
Cash and cash equivalents at beginning of year 17,025 40,409
     
Cash and cash equivalents at end of year75,85517,025

Consolidated statement of changes in equity for the year ended 30 September 2014

  Share
Capital
Share
Premium
Shares to
be issued
Other
Reserves
Retained
Earnings
Total
Equity
  ££££££
             
Balance at
30 Sept 2012
372,97711,395,96170,00013,852,489(25,799,773)(108,346)
             
Loss for the year - - - - (980,570) (980,570)
Other
comprehensive
income
- - - - (463,765) (463,765)
Cash received
in advance of
share issue
- - 69,313 - - 69,313
Shares issued 44,201 451,217 (30,000) - - 465,418
             
Balance at
30 Sept 2013
417,17811,847,178109,31313,852,489(27,244,108)(1,017,950)
             
Loss for the year - - - - (1,071,383) (1,071,383)
Other
comprehensive
income
- - - - (349,384) (349,384)
Shares issued 136,783 1,208,997 (69,313) - - 1,276,467
             
Balance at
30 Sept 2014
553,96113,056,17540,00013,852,489(28,664,875)(1,162,250)

Notes to the financial statements

1.             Basis of preparation

Milestone Group PLC is a company registered and resident in England and Wales.

The financial information set out in this announcement does not constitute the Group's statutory accounts, as defined in Section 435 of the Companies Act 2006, for the years ended 30 September 2014 or 30 September 2013, but is derived from the 2014 Annual Report. Statutory accounts for 2013 have been delivered to the Registrar of Companies and those of 2014 will be delivered in due course.

The consolidated statement of comprehensive income, consolidated statement of financial position, consolidated cash flow, consolidated statement of changes in equity (above) and associated notes are extracts from the financial statements and do not constitute the Group's statutory accounts.

Statutory accounts for the year to 30 September 2013 and 30 September 2014 have been reported on by the Independent Auditors.

The Group financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the EU ("EU Adopted IFRSs").

The Independent Auditor's Report on the Annual Report and Financial Statements for 2013 was unqualified, but did draw attention to matters by way of emphasis relating to the basis of preparation. This emphasis drew attention to the Company's requirement to manage the timing of settlement of its liabilities and raise funds in the immediate to short term and the profitability of key projects thereafter to satisfy liabilities associated with its activities. It noted that a material uncertainty remains which may cast significant doubt about the Company's ability to continue as a going concern.

The Independent Auditor's Report on the Annual Report and Financial Statements for 2014 was unqualified, but did draw attention to matters by way of emphasis relating to the basis of preparation, which is reproduced below. This emphasis drew attention to the Company's requirement to manage the timing of settlement of its liabilities and raise funds in the immediate to short term and the profitability of key projects thereafter to satisfy liabilities associated with its activities. It noted that a material uncertainty remains which may cast significant doubt about the Company's ability to continue as a going concern.

The basis of preparation is reproduced below.

Going Concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's statement. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Strategic report and the Director's report. In addition note 17 to the financial statements includes the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and exposures to credit risk and liquidity risk.

The net liability balance sheet position as at 30 September 2014, being the Group's financial year-end, was £1,162,250 (2013: £1,017,950).  Subsequent to the balance sheet date, the Board has been able to agree funding in the form of further share issues raising £130,000 in cash and exchanged £31,750 worth of shares for services received.

The Company is reliant upon its continuing ability to manage the timing of settlement both of its current liabilities, many of which are overdue, and future liabilities as they arise. Future fundraising will be required in the immediate to short term thereafter. As such, the Directors intend to strengthen the Company's financial position through a combination of further fundraises in the immediate to short term and from trading activities.

The future business model is based around generating revenue through its subsidiary, Oil Productions, trading as Relative, as well as through its projects. The Group is already producing revenues and new contracts post year end have been positive. As a result, the Board has prepared forecasts to reflect this and the agreements that have or are expected to be entered into.  These forecasts show the business being profitable and cash generative in the future.  However, achieving these forecasts will be dependent upon achieving sales and obtaining sufficient funding to settle existing and future obligations. Should any of these factors not deliver the funding envisaged by the Directors, then alternative sources of funds would be needed, any discussions for which have not been initiated.

The Directors have concluded that the need to generate future funds from further fundraising and from trading activities to satisfy the settlement of its ongoing and future liabilities represents a material uncertainty, which may cast significant doubt upon the Group's and the Company's ability to continue as a going concern. Nevertheless after making enquiries and considering this uncertainty and the measures that can be taken to mitigate the uncertainty, the Directors have a reasonable expectation that the Group and the Company will have adequate resources to continue in existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the annual report and accounts. The financial statements do not include any adjustments that would result if the Group and Company was unable to continue as a going concern.

2.             Loss per share

The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted loss per share is based on the basic loss per share, adjusted to allow for the issue of shares and the post tax effect of dividends and interest, on the assumed conversion of all other dilutive options and other potential ordinary shares.

There were 19,085,000 share options outstanding at the year-end (2013: 29,179,650). However, the figures for 2014 and 2013 have not been adjusted to reflect conversion of these share options as the effects would be anti-dilutive.

    2014  2013
   Weighted  Weighted 
   averagePer share averagePer share
  Lossnumber ofAmountLossnumber ofamount
  £sharesPence£sharesPence
Basic and diluted loss per share
attributable to shareholders
(1,071,383) 471,318,047 (0.23) (980,570) 402,324,052 (0.24)
             

3.             Posting of Accounts

The Report and Accounts of Milestone Group PLC, including the Notice of Annual General Meeting will be posted to shareholders shortly. A further announcement will be made by the Company at such time.




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Milestone Group PLC via Globenewswire

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