Interim Results

Digitalbox PLC

24 September 2024

 

24 September 2024

Digitalbox plc

("Digitalbox", the "Group" or the "Company")

Unaudited interim results for the six months ended 30 June 2024

Digitalbox plc, the mobile-first digital media business, which owns leading websites Entertainment Daily, The Daily Mash,  The Tab, The Poke and tvguide.co.uk today publishes its interim results for six months to 30 June 2024  (the "First Half", the "Period", or "H1 2024").

Financial Highlights:

	H1 2024	H1 2024	Var
	£m	£m
Group revenue	1.6	1.2	32%
Gross profit	1.4	1.0	44%
Adjusted EBITDA*	0.2	(0.1)	260%
Cash generated from operations	0.3	(0.1)	487%
Gross cash balance	2.0	2.6	(24)%
Net cash balance	1.8	2.3	(22)%
Gross margin	84%	77%	+7 ppts
Adjusted EBITDA* margin	14%	(11)%	+25 ppts
	Pence	Pence	Pence
EPS	0.02	(0.15)p	0.17

Cash at bank on 20 September 2024 was £2.2m, up 13% since 31 December 2023.

*Adjusted EBITDA is stated before depreciation, amortization, impairment of goodwill and intangible assets and share based payment charges.

Highlights

·    Group revenue up 32% to £1.6m (H1 2023: £1.2m).

·    Buoyant January and February Entertainment Daily session volumes (traffic) via Facebook and Google.

·    The Tab session volume growth of 3%.

·    The Poke session volume growth of 21%.

·    The Daily Mash Premium content offering reaches over 4,200 paying subscribers.

·    Daily Mash signs book deal to publish "The Daily Mash Class Wars - A Field Guide to Being British" in Q4.

·    Development of Emmerdale Insider.

·    Session value growth on Entertainment Daily and the Poke, up 29% and 39% year on year respectively.

·    Delivered an 18 month pay-back period for The Poke.

·    Generated 31% of the cost to acquire TV Guide in the period keeping it on track for an 18-24 month pay-back timescale.

Outlook

·    The Board expects Group to be in line with market expectations for the full year and grow in 2025.

James Carter, CEO, Digitalbox, said: This performance has exceeded our expectations during a strong first half of 2024, providing evidence of a strong operating model dealing with a fast-evolving media landscape. The success is in part due to the commercial transformation of the latest addition to our portfolio, TV Guide. Also, our strategic focus on mobile publishing, success of established brands Entertainment Daily, The Tab and The Poke, and good progress with the pivot to a paid subscription model on the Daily Mash. The combination of this performance and Digitalbox's optimised operating model gives us confidence that we are well placed to embrace challenges and seize opportunities to further strengthen the Company's position."

"We anticipate further consolidation across the market as media companies look to grow audience and extract cost synergies. Digitalbox is alive to all strategic options these opportunities present and has the tools and technology to further grow brands it is engaged with."

Commenting on the Group's performance and prospects for the year, Chairman Marcus Rich said: "We exceeded our expectations in H1 and continued to offer further evidence of a resilient operating model and agile leadership. The performance of TV Guide further validates our strategy of buy and build as we report full pay-back of The Poke investment after 18 months. The global digital advertising market continued to move cautiously in the first half of the year whilst both publishers and major platforms continued to plot their journeys through the AI opportunity."

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Digitalbox	c/o SEC Newgate
James Carter, CEO
Panmure Liberum (Financial Adviser, Nominated Adviser & Joint Broker )	Tel: [phone]
James Sinclair-Ford
Rupert Dearden
Leander Capital Partners  (Joint Broker)	Tel:  [phone]
Alex Davies
SEC Newgate (Financial PR)	Tel: [phone]
Robin Tozer / Molly Gretton	[e-mail]

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", "The Poke" and "TV Guide". 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. TV Guide serves as the definitive guide to what is on TV.

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.

InteriM Statement

Overview

The performance of the Group in the first six months has been strong and exceeded our expectations. With a focus on becoming an entertainment powerhouse, we delivered significant volumes of Google-sourced traffic on Entertainment Daily in January and February and saw continued improvement in the monetisation of Entertainment Daily and The Poke.

Revenue increased 32% year on year to £1.6 million. Importantly, Digitalbox reported Adjusted EBITDA of £0.2 million which was ahead of management expectations. Further, the gross cash balance has increased from £1.9 million as at 31 December 2023 to £2.0 million as at 30 June 2024.

Operating Review

The two main factors that drive the Group's revenue are the volume of traffic and value of advertising. The volume is reflected in the number of visits (or sessions) that the Group's websites receive from users that come to read our content. The value is the price paid by advertisers to reach these users during these sessions. The number of visits to the Group's websites increased year on year in H1, chiefly due to the organic growth at the Tab and The Poke alongside the acquisition of TV Guide. Entertainment Daily had a very strong start to the year with significant traffic volumes from Google but was then impacted by the Google Core Update to its algorithm in March. While we anticipated broadly stable advertiser demand across the period, we did not anticipate Google's algorithm blocking our biggest brand.

The delivery of the Group's strategy has progressed. H1 2024 represents the first period we have been operating five brands, and we remain open to further acquisition opportunities that may enable faster scaling of the business. As well as considering bolt-on acquisitions, we have been focused on organic expansion through investment in the existing portfolio, alongside launching new products as evidenced by our new site, Emmerdale Insider (further details below).

Product Review

Entertainment Daily - which is focused on TV and showbusiness news - had a superb first two months in the period with the number of visits up 42% on the same period last year. This performance reflected the site regaining visibility with Google in November 2023, but this was removed again in March. The team worked hard to regain visibility and had success reinstating Google Search and News traffic but not Discover. We remain focused on tactics to get the site reinstated across all three key channels after a further Google Core Update in August.

The Daily Mash saw its subscription model strengthen with the 'Mash Premium' offering moving from £20 p.a. to £30. The paid subscriber base has now reached over 4,200 in total as we adjusted the metered paywall to allow one free article a month.  As well as the focus on the Mash Premium subscribers, we entered into a contract to publish "The Daily Mash Class Wars - A Field Guide to Being British" which is due to hit the shelves of UK bookstores in Q4.

The Tab has continued to perform well, with session volumes up year on year and delivering a positive contribution every month since achieving its full repayment after an 18 month period, following its acquisition in 2020. Our 30 university campus teams deliver c.3000 articles a year, providing engagement across student communities, while the central team's entertainment output has increased traction with US youth audiences.

The Poke had a strong six months as it engaged through further political absurdity in both the UK and US. Audiences grew and session values increased as a result of Digitalbox's Graphene Ad Stack (G.A.S.) being in place for 12 months. Having joined the Group in December 2022, the site has now fully repaid its acquisition costs after 18 months.

Whilst the acquisition of TV Guide took longer than expected, we are very pleased to have this brand as a highly complementary part of the portfolio. We have delivered a series of technical improvements since we acquired it with the introduction of a seamless experience across Mobile, Desktop, Tablet and App. These changes have resulted in a 30% uplift in web traffic whilst we have also introduced Streaming content and plan to expand its output further in Q4. Especially pleasing is the site repaying one third of its acquisition cost during H1 2024.

Looking ahead, further acquisition opportunities continue to be considered as the pace of change in the market continues at a rapid rate. With a close eye on the future, we have decided to launch a number of sites around our core competence; entertainment. We have labelled this our "Verticals strategy" as we aim to deliver highly targeted sites that benefit from fan bases delivering super engagement which is increasingly favoured by the platforms. Our first to launch is Emmerdale Insider and we plan further releases this year.

Outlook

Looking ahead, the tough macro-economic conditions are expected to ease with the global advertising market likely to strengthen in Q4. The primary platforms - Facebook and Google - will continue to be challenged by the volume of content being created by the AI boom, with Google focusing on its pivot away from pure Search to a Search Generative Experience.  In this time of seismic change for media businesses globally, there are expected to be challenges and opportunities in equal measure for companies like Digitalbox.  The Board holds the view that after a very strong first half alongside a proven operating model, Digitalbox expects to be in line with market expectations for the full year and continue to build into 2025.

Financial review

The Directors are pleased to report strong absolute growth in revenues with a period-on-period uplift of 32% to £1.6 million, driven by the additional inventory brought by the two new products, The Poke and tvguide.co.uk.

Further, gross margins are up from 77% last period to 84% this period serving to highlight the high efficiency of successful digital media businesses like Digitalbox. This efficiency is growing due to the low scaling costs of servicing the new products added to the portfolio.

With Adjusted EBITDA of £0.2 million, which is the true cash generating indicator for the business, plus strong working capital management, cash flow from operations amounted to £0.3 million which compares very favourably to the outflow of £0.1 million in the comparable period last year. Net cash at the bank reduced by £0.5m period on period despite the business investing over £1m in intangible assets since 30 June 2023.

INTERIM CONSOLIDATED INCOME STATEMENT

for the six months ended 30 June 2024

		Unaudited	Unaudited	Audited
	Notes	Six months to	Six months to	12 months to
		30 June 24	30 June 23	31 December 23
		£'000	£'000	£'000
Continuing Operations	3
Revenue		1,630	1,238	2,790
Cost of sales		(256)	(282)	(606)
		__________	__________	__________
Gross profit		1,374	956	2,184
Administrative expenses		(1,382)	(1,245)	(8,957)
		__________	__________	__________
Operating loss		(8)	(289)	(6,773)
"Adjusted EBITDA" being operating profit/(loss) before exceptional charges, amortisation and depreciation		222	(139)	20
Depreciation		(7)	(7)	(14)
Amortisation		(181)	(105)	(265)
Impairment on goodwill and intangible assets		-	-	(6,384)
Share based payment charge		(42)	(38)	(96)
Direct cost of intangible asset acquisitions		-	-	(34)
		__________	__________	__________
Operating loss		(8)	(289)	(6,773)
Finance income		31	14	44
Finance costs		(3)	(4)	(6)
		_________	_________	__________
Profit/(loss) before taxation		20	(279)	(6,735)
Tax charge		(2)	100	58
		__________	__________	__________
Profit/(loss) for the period from continuing operations		18	(179)	(6,677)
TOTAL INCOME FOR THE PERIOD		18	(179)	(6,677)
		=============	=============	=============
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD		-	-	-
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD		18	(179)	(6,677)
		=============	=============	=============
Earnings/(loss) per share	4
		Pence	Pence	Pence
Basic EPS from continuing operations		0.02	(0.15)	(5.66)
		__________	__________	__________
Diluted EPS from continuing operations		0.02	(0.15)	(5.66)
		__________	__________	__________

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2024

	Share Capital	Share Premium reserve	Share based payment reserve	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000
Balance at 1 January 2023	1,179	11,169	196	1,431	13,975
Total comprehensive income for the period	-	-	-	(179)	(179)
Share based payment charge	-	-	38	-	38
Reserve transfer for lapsed options	-	-	(135)	135	-
	_____	_____	_____	_____	_____
Balance at 30 June 2023	1,179	11,169	99	1,387	13,834
Total comprehensive expense for the period	-	-	-	(6,498)	(6,498)
Share based payment charge	-	-	58	-	58
Reserve transfer for lapsed options	-	-	31	(31)	-
	_____	_____	_____	_____	_____
Balance at 31 December 2023	1,179	11,169	188	(5,142)	7,394
Total comprehensive income for the period	-	-	-	18	18
Share based payment charge	-	-	42	-	42
Reserve transfer for lapsed options	-	-	(42)	42	-
	_____	_____	_____	_____	_____
Balance at 30 June 2024	1,179	11,169	188	(5,082)	7,454
	_____	_____	_____	_____	_____

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2024

		Unaudited	Unaudited	Audited
	Notes	30 June 24	30 June 23	31 December 23
		£'000	£'000	£'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	5	37	51	46
Intangible assets	6	4,440	10,105	4,594
Deferred tax asset		592	712	547
		______	______	_______
TOTAL NON-CURRENT ASSETS		5,069	10,868	5,187
		______	______	_______
CURRENT ASSETS
Trade and other receivables		605	713	866
Corporation tax recoverable		33	40	80
Cash and cash equivalents		1,967	2,579	1,913
		______	______	_______
TOTAL CURRENT ASSETS		2,605	3,332	2,859
		______	______	_______
TOTAL ASSETS		7,674	14,200	8,046
		______	______	_______
LIABILITIES
CURRENT LIABILITIES
Trade and other payables		70	104	228
Deferred consideration		-	-	181
Bank loans		113	112	149
		_______	_______	________
TOTAL CURRENT LIABILITIES		183	216	558
		_______	_______	________
NON-CURRENT LIABILITIES
Bank loans		37	150	94
		_______	_______	________
TOTAL NON-CURRENT LIABILITIES		37	150	94
		_______	_______	________
TOTAL LIABILITIES		220	366	652
TOTAL NET CURRENT ASSETS		2,422	3,116	2,301
		_______	_______	________
TOTAL NET ASSETS		7,454	13,834	7,394
		_______	_______	________
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY SHAREHOLDERS
Issued share capital	7	1,179	1,179	1,179
Share premium account		11,169	11,169	11,169
Share based payment reserve		188	99	188
Retained earnings		(5,082)	1,387	(5,142)
		_______	_______	________
		7,454	13,834	7,394
		_______	_______	________

CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 30 June 2024

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Period to
	30 June 24	30 June 23	31 December 23
	£'000	£'000	£'000
OPERATING ACTIVITIES
Loss from ordinary activities	18	(179)	(6,677)
Adjustments for: Income tax credit /(expense)	2	(100)	(58)
Share based payment charge	42	38	96
Amortisation of intangibles	181	105	265
Impairment on goodwill and intangible assets	-	-	6,384
Depreciation on property plant and equipment	7	7	14
Loss on disposal of property, plant and equipment	2	-	-
Finance costs	3	4	6
Finance income	(31)	(14)	(44)
	_____	_____	_____
Cash flows from operating activities before changes in working capital	224	(139)	(14)
Decrease in trade and other receivables	261	239	86
Decrease in trade and other payables	(158)	(184)	121
	_____	_____	_____
Cash generated by / (used in) operations	327	(84)	193
Income tax paid	-	(96)	(13)
	_____	_____	_____
Cash generated by / (used in) operating activities	327	(180)	180
	_____	_____	_____
INVESTING ACTIVITIES
Purchase of property, plant and equipment	-	(6)	(8)
Purchase of intangible assets	(27)	(16)	(1,049)
Interested received	31	14	44
Payment of deferred consideration	(181)	-	-
	_____	_____	_____
Cash generated by / (used in) investing activities	(177)	(8)	(1,013)
	_____	_____	_____
FINANCING ACTIVITIES
Finance costs	-	-	(44)
Loan and lease repayments	(58)	(60)	(75)
Bank overdraft	(38)	-	38
Cash used in financing activities	_____ (96)	_____ (60)	_____ (81)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	--------------- 54	--------------- (248)	--------------- (914)
Cash and cash equivalents at beginning of the period	1,913	2,827	2,827
	_____	_____	_____
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	1,967	2,579	1,913
	_____	_____	_____
Represented by:
Cash at bank and in hand	1,967	2,579	1,913
	========	========	========

NOTES TO THE INTERIM REPORT

for the six months ended 30 June 2024

 

1.   Corporate information

The interim consolidated financial statements of the group for the period ended 30 June 2024 were authorised for issue in accordance with a resolution of the directors on 24 September 2024. Digitalbox plc ("the company") is a Public Limited Company listed on AIM, incorporated in England and Wales. The interim consolidated financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

2.   Statement of Accounting policies

2.1 Basis of Preparation

The entities consolidated in the half year financial statements of the company for the six months to 30 June 2024 comprise the company and its subsidiaries (together referred to as "the group").

The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements.

The directors are satisfied that, at the time of approving the consolidated interim financial statements, it is appropriate to adopt a going concern basis of accounting and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the United Kingdom ("IFRS"). In reaching this conclusion the directors have considered the financial position of the Group, its cash, liquidity position and borrowing facilities together with its forecasts and projections for a period in excess of 12 months from the date of approval. At the reporting date the Group had £1,967k of cash at bank and in hand providing a strong position to support the continued and future success of the Group.

2.2 Accounting Policies

The principal accounting policies adopted in the preparation of the financial statements are set out below.  The policies have been consistently applied to all the years presented, unless otherwise stated.

The interim results announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS"), International Accounting Standards and Interpretations issued by the International Accounting Standards Board as adopted by the United Kingdom ("IFRSs") and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under IFRSs.  The consolidated financial statements have been prepared under the historical cost convention.

The preparation of these consolidated half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates in preparing these consolidated half year financial statements.

3.   Segment Information

The Group's primary reporting format for segment information is business segments which reflect the management reporting structure in the Group and of its core media assets.

Unaudited six months to 30 June 2024

		Entertainment Daily	The Daily Mash	The Tab	The Poke	TV Guide	Head Office	Total Six months to 30 June 2024
		£'000	£'000	£'000	£'000	£'000	£'000	£'000
	Revenue	759	59	444	155	213	-	1,630
	Cost of sales	(128)	(52)	(40)	(32)	(4)	-	(256)
	Admin expenses*	(262)	(63)	(219)	(55)	(40)	(513)	(1,152)
		----------------	----------------	----------------	----------------	----------------	----------------	--------------------
	Adjusted EBITDA	369	(56)	185	68	169	(513)	222
	Amortisation and depreciation	-	-	(44)	-	-	(144)	(188)
	Share based payment charge	-	-	-	-	-	(42)	(42)
	Finance income	-	-	-	-	-	31	31
	Finance costs	-	-	-	-	-	(3)	(3)
	Tax	-	-	-	-	-	6	6
		----------------	----------------	----------------	----------------	----------------	----------------	--------------------
	Profit/(loss) for the period	369	(56)	141	68	169	(673)	18
		----------------	----------------	----------------	----------------	----------------	----------------	--------------------

Unaudited six months to 30 June 2023

		Entertainment Daily	The Daily Mash	The Tab	The Poke	Head Office	Total Six months to 30 June 2023
		£'000	£'000	£'000	£'000	£'000	£'000
	Revenue	656	58	422	102	-	1,238
	Cost of sales	(137)	(87)	(43)	(15)	-	(282)
	Admin expenses*	(286)	(48)	(243)	(41)	(477)	(1,095)
		----------------	----------------	----------------	----------------	----------------	--------------------
	Adjusted EBITDA	233	(77)	136	46	(477)	(139)
	Amortisation, depreciation and impairment	-	-	(44)	-	(68)	(112)
	Share based payment charge	-	-	-	-	(38)	(38)
	Finance income	-	-	-	-	14	14
	Finance costs	-	-	-	-	(4)	(4)
	Tax	-	-	-	-	100	100
		----------------	----------------	----------------	----------------	----------------	--------------------
	Profit/(loss) for the period	233	(77)	92	46	(473)	(179)
		----------------	----------------	----------------	----------------	----------------	--------------------

12 months to 31 December 2023

		Entertainment Daily	The Daily Mash	The Tab	The Poke	TV Guide	Head Office	Total Year to 31 December 2023
		£'000	£'000	£'000	£'000	£'000	£'000	£'000
	Revenue	1,440	117	921	219	93	-	2,790
	Cost of sales	(305)	(147)	(110)	(40)	(4)	-	(606)
	Admin expenses*	(484)	(122)	(444)	(87)	(9)	(1,018)	(2,164)
		----------------	----------------	----------------	-----------------	-----------------	----------------	--------------------
	Adjusted EBITDA	651	(152)	367	92	80	(1,018)	20
	Amortisation, depreciation and impairment	-	-	-	-	-	(6,663)	(6,663)
	Acquisition and listing costs	-	-	-	-	-	(34)	(34)
	Share based payment charge	-	-	-	-	-	(96)	(96)
	Finance income	-	-	-	-	-	44	44
	Finance costs	-	-	-	-	-	(6)	(6)
	Tax	-	-	-	-	-	58	58
		----------------	----------------	----------------	-----------------	-----------------	----------------	--------------------
	Profit/(loss) for the period	651	(152)	367	92	80	(7,715)	(6,677)
		----------------	----------------	----------------	--------------	-----------------	----------------	--------------------

* Admin expenses exclude share based payment charges, amortisation, depreciation, impairment charges and acquisition and listing costs.

       External revenue by location of customer

	Six months to 30 June 2024	Six months to 30 June 2023	Year to 31 December 2023
	£'000	£'000	£'000
United Kingdom	505	607	477
Europe	698	506	1,249
Rest of World	427	125	1,064
	________	________	________
Total	1,630	1,238	2,790
	________	________	________

4.   Earnings per share

The calculation of the group basic and diluted loss per ordinary share is based on the following data:

		Unaudited	Unaudited	Audited
		Six months to	Six months to	12 months to
		30 June 24	30 June 23	31 December 23
		£'000	£'000	£'000
	The earnings per share is based on the following:
	Continuing earnings/(losses) after tax attributable to shareholders	18	(179)	(6,677)
		==========	==========	==========
	Basic Weighted average number of shares	117,923,393	117,923,393	117,923,393
	Diluted Weighted average number of shares	118,475,243	119,103,181	118,809,024
		==========	==========	==========
		Pence	pence	pence
	Basic earnings per share	0.02	(0.15)	(5.66)
	Diluted earnings per share	0.02	(0.15)	(5.66)
		==========	==========	==========

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.

5.    Tangible Assets

Office equipment £'000 Cost At 1 January 2024 76 Disposals (3) _____ At 30 June 2024 73 Depreciation At 1 January 2024 30 Charge for the period 7 Disposal (1) _____ At 30 June 2024 36 _____ Net book value 30 June 2024 37 _____ 31 December 2023 46 _____

6.    Intangible Assets

Goodwill arising on consolidation Other Intangible Assets Development costs Total £'000 £'000 £'000 £'000 Cost At 1 January 2024 9,610 2,633 404 12,647 Additions - - 27 27 _____ _____ _____ _____ At 30 June 2024 9,610 2,633 431 12,674 Amortisation & impairment At 1 January 2024 6,662 1,189 202 8,053 Charge for the period - 133 48 181 _____ _____ _____ _____ At 30 June 2024 6,662 1,322 250 8,234 _____ _____ _____ _____ Net book value 30 June 2024 2,948 1,311 181 4,440 _____ _____ _____ _____ 31 December 2023 2,948 1,444 202 4,594 _____ _____ _____ _____

The other intangible assets are being amortised over a period of 7 years and development costs are being amortised over 3 years on completion of the project.

Amortisation is charged to administrative costs in the Statement of Comprehensive Income.

7.    Share capital

Allotted, issued and fully paid		No.	Value £'000
Ordinary shares of 0.01p each		117,923,393	1,179
		---------------------------	-------------------------
Total		117,923,393	1,179
		=============	============

     There were no shares issued in the 6 months to 30 June 2024 (6 months to 30 June 2023: nil).

8.    Related party transactions

During the period, Integral 2 Limited, a company related by virtue of David Joseph, a member of key management personnel, having control over the entity, charged £32k (6 months to 30 June 2023: £36k, 12 months to 31 December 2023: £73k) to the Group. As at 30 June 2024, £6.5k (30 June 2023: £6k, 31 December 2023: £7k) was owed to Integral 2 Limited.

During the period, M Capital Investment Partners (Holdings) Limited, a company related by virtue of Martin Higginson, a former member of key management personnel, having control over the entity, billed £0 (6 months to 30 June 2023: £6k, 12 months to 31 December 2023: £6k) to the Group. As at 30 June 2024, £nil (30 June 2023: £nil, 31 December 2023: £nil) was owed to M Capital Investment Partners (Holdings) Limited.

The key management personnel are considered to be the Board of Directors. Key management were remunerated £228k in the period ended 30 June 2024 (6 months to 30 June 2023: £211k, 12 months to 31 December 2023: £431k).

The key management personnel have been provided with a total of 1,363,916 effective share options resulting in a charge of £28k in the period (6 months to June 2023: £14k, 12 months to 31 December 2023: £46k).

9.    Seasonality

The Group's activities are not subject to significant seasonal variation outside the normal parameters of a consumer media business.

 

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