Final Results

Immedia Broadcasting plc 05 April 2006 5 April 2006 IMMEDIA BROADCASTING PLC Preliminary Results for the year ended 31 December 2005 and Acquisition of Cube Group Immedia Broadcasting PLC ('Immedia'), the UK's leading provider of live tailored radio for retailers, announces its preliminary results for the year to 31 December 2005. Financial Highlights 2005 2004 £'000 £'000 Turnover 3,008 2,970 Operating profit before depreciation and amortisation, exceptional items and 73 138 interest Depreciation and amortisation (699) (544) Impairment charge (446) - Net interest receivable 20 39 Loss for the financial year (1,051) (367) Basic loss per share (9.43)p (3.29)p Net assets 1,680 2,726 Net funds 643 627 Acquisition - Agreement to purchase the entire capital of Cube Group of companies subject to shareholder approval. Operating Highlights - 'HSBC Live' and 'IKEA Live' successfully rolled-out. - Strategic change to the Impulse Live! business model towards a subscription based model. - Appointment of ABC, specialists in in-store advertising, strengthens our sales team. - New brands sign for Impulse Live: Northcliffe, Alphyra. Commenting on the results and prospects, Bruno Brookes, Chief Executive, said: 'I am very pleased to announce today the acquisition of Cube Group of Companies, a leader in in-store TV. It will further strengthen the appeal of our offering and underpin our confidence in establishing ourselves as the number one in the market. The Company has a healthy pipeline of blue chip opportunities, and is driving towards profitability. The business remains cash generative and Immedia is ideally positioned to benefit from good momentum in the sector.' For further information please contact: Immedia Broadcasting Plc Bruno Brookes - Chief Executive 01635 572 800 Hudson Sandler Nick Lyon / Sandrine Gallien 020 7796 4133 Daniel Stewart & Company Plc Tom Jenkins / Marc Young 020 7776 6550 Please visit Immedia Broadcasting's website at www.immediabroadcasting.com Chairman's statement I am pleased to be able to report that the Group continued to trade profitably at the EBITDA level, and continued to generate cash. The Group reported net funds at the year-end of £643,000. The Board undertook a review of the strategic options open to the company with the objective of accelerating the growth of the business with a faster move to full profitability. As a result two strategic initiatives have been undertaken: The first is the proposed acquisition of Cube Group of Companies. Further information in respect of the acquisition will be set out in a circular to be sent to shareholders. The second initiative is the refinement of the Impulse Live! business model. Since its launch as Newsagents Radio the Impulse Live! station has matured into a marketing platform for the rapidly expanding convenience store retail sector and the profile of retailers taking the station has shifted from the small independent sector to larger branded symbol groups. This change of client profile has enabled a shift to primarily subscription based revenue streams and away from solely advertising based revenue. The change of business model and the impact of it on the financials of Impulse Live! is covered in detail in the Chief Executive's review which follows. Prospects for the current year are good. The strategic initiatives described above will have an immediate positive impact, whilst there are reasons to be optimistic that the subscription stations currently broadcast will be added to. Geoff Howard-Spink Chairman 4 April 2006 Chief Executive's review Acquisition of Cube Group I am delighted to announce that Immedia Broadcasting, the UK's leading provider of live tailored radio for retailers, has agreed to purchase the entire share capital of Cube Group of Companies ('Cube') for an aggregate consideration of £2.43 million to be satisfied in part by cash (£1.5 million) and in part by the issue of approximately 3.3 million new shares. The consideration is subject to adjustment depending on the extent to which certain specified revenue and gross profit targets are met by Cube. If any deferred cash payment becomes due and payable, it is to be paid together with an amount equal to 8 per cent per annum of such deferred sum. Cube produces digital media in the form of audio or audio-visual programming primarily for the retail sector, and within that the fashion and hair & beauty sectors. This programming is used as in-store entertainment, for promotion and advertising. Additionally, Cube provides a range of associated services such as hardware design and installation, content distribution, content aggregation and scheduling, creation of visual media and hardware support and maintenance. The Directors believe Cube is a high quality service provider. In 2005 we announced the launch of the RadioVision product and identified the need for a strong visual partner. By acquiring Cube, I believe we have achieved that goal. Cube brings a wealth of TV broadcast talent, it shares a similar in-store strategy and introduces Immedia to exciting new clients such as Top Shop, Top Man, Burberry and Toni&Guy. Cube produces high quality in-store programmes and promotions, supported by premium screen installations. Their product fits well with RadioVision, where live radio triggers engaging plasma visuals in real time. We will launch our first subscription trial for RadioVision at the end of April 2006 and believe the acquisition of Cube will allow us to accelerate the development and sales of RadioVision. Cube reported turnover of £1.68 million and pre-tax profit of £154,000 in the year to September 2005. It is intended that Fiona Ryder and Ross Penney of Cube will be appointed to the Board of the Company on completion of the acquisition. Ms Ryder's proposed annual salary is £80,000 per annum, increasing to £100,000 per annum with effect from 1 January 2007, and Mr Penney's proposed annual salary is £63,000 per annum, increasing to £83,000 per annum with effect from 1 January 2007. Ms Ryder and Mr Penney would also be entitled to receive certain benefits in line with those receivable by the other executive directors of Immedia. Their proposed service contracts would be terminable on six months' notice. Preliminary results for the year ended 31 December 2005 I am also pleased to present our results for the 12 month period ending 31 December 2005 and report further progress in the development of Immedia's business. Immedia retained a sound financial position for the year with net funds of £643,000 at the 31st December 2005. Turnover for the year increased to £3.01 million, with gross margin improving by £72,000. Direct costs were managed down, whilst staff costs rose slightly in order to prepare for new projects currently in the pipeline. We removed our internal sales function and outsourced all of our advertising sales by appointing ABC media, who have started well. EBITDA for the year was £73,391 and the Group generated £182,000 of cash. The Company continued to work hard to demonstrate the key benefits of its live radio stations to retailers. Now more than ever our clients are comfortable that a tailored live station from Immedia dramatically improves incremental sales, assists internal communications and helps integrate all other communication channels. Subscription Channels The year saw Immedia working with some of the largest retail brands on the high street. Following a successful trial for HSBC in 50 of their branches we successfully converted this opportunity to a roll-out of 'HSBC Live', a bespoke radio station, in over 400 branches across the UK. This was a milestone for the Company, as we won a new category of client and were able to demonstrate our ability to work in a highly regulated environment. We also successfully launched a trial for IKEA and have since converted this into a contract that covers all 14 existing stores in the UK. We have been informed that the station will be rolled out to all future stores as part of the IKEA UK retail development programme. Finally, we have other subscription trials underway with an excellent prospect of winning additional long-term contracts. Strategic change for the Impulse Live! network The Impulse Live! network serves nearly 4,000 convenience stores. Historically the radio hardware was provided to independent retailers free of charge so that Immedia could establish a critical mass of listeners and prove the concept. Immedia's turnover came from advertising sales. In my report last year, I highlighted the opportunity to transfer the Impulse 'free to retail' model to a subscription model. This new model enables us to keep the majority of the advertising rights and charge a fee for the service. The Impulse Live! network has established itself as an important promotional tool for convenience stores and branded symbol groups like Spar have recognised the benefits of it. New customers now pay for the hardware as well as the licence fee. This year we have signed Northcliffe Retail on this new subscription model. In another major development, we are now able to provide our branded symbol clients with a 'traffic managed' tailored service that not only provides them with announcements and advertising specific to their group but also includes a solution to trigger local advertising relevant to each specific store. We are in negotiations to provide this similar service to a number of large branded symbol groups across the UK. Impairment Following a meeting of the Board on 16 March 2006, it was decided to write down the carrying value of the Impulse Live! network hardware provided to independent retailers. The impairment is £445,849 for the year ending 31 December 2005. As a result of this write-down, the carrying value of the Company's assets will reflect their economic value more accurately and the profitability of the Company will, as a result of the ongoing reduction in the depreciation charge, more closely match the Company's operating cash generation. Impulse Live Ireland Another development for the Impulse Live! brand was the launch of a subscription trial for Alphyra, Europe's largest electronic cash collection company. On the 17th October we launched a new tailored Impulse station specifically for Irish convenience stores. Following the successful trial, Alphyra signed a 5 year contract with Immedia to roll out the station to up to 3,000 convenience stores in Ireland. Alphyra will provide all the necessary equipment in stores to help promote Alphyra products, including mobile top-up and bill payments. This agreement could help procure further radio stations with Alphyra across Europe. New advertising sales house Whilst Immedia is moving from a solely 'free to retailer' model to one which includes subscription revenues, it continues to generate revenues from the advertising sales on the network. Last November we strengthened the sales team by appointing ABC, an agency dedicated to in-store advertising and are pleased with their progress so far. Nestle continued their chocolate sector exclusive contract on Impulse, whilst News Group International and other brands continued their campaigns. Other new advertisers included the National Lottery and Pepsi. ABC is also selling advertising onto the Lloyds Pharmacy Live network with success. Outlook Over the last two years, the market has recognised the potential of in-store radio and television. Immedia, with the acquisition of Cube, now provides services to some of the most well known names on the high street. This deal will further strengthen the appeal of our offering and underpin our confidence in establishing ourselves as the number one in the market. The Company has a healthy pipeline of blue chip opportunities, and is driving towards profitability. Bruno Brookes Chief Executive 4 April 2006 Financial review Group trading results Group turnover increased by 1.3% to £3.01 million (2004: £2.97m) whilst gross profits increased by 4.5% to £1.70m (2004: £1.63m). Underlying administrative expenses increased by £292,338 to £2.32 million, following increased depreciation charges of £155,122 on historic investment, additional personnel costs of £99,145 as the number of full time employees rose from 22 to 25, and other costs of £38,071. Exceptional impairment charges of £445,849 increased the total administration charge for the year to £2.77 million (2004: £2.03 million). The operating profit before depreciation and amortisation, exceptional impairment charge and interest was £73,391 (2004: £138,174). After depreciation and amortisation of £699,279, impairment charge of £445,849 and net interest receivable of £20,321, the overall loss for the financial year increased to £1,051,416 (2004: loss £367,448). Consolidated balance sheet and cash flows At the year-end net assets were £1.68 million (2004: £2.73 million) of which net funds totalled £643,497 (2004: net funds fell by £1.9 million to £626,858). The business has generated positive cash flows of £16,639. Robert Parker Finance Director 4 April 2006 Consolidated Profit and Loss account for the year ended 31 December 2005 Note 2005 2004 £ £ Turnover 4 3,007,688 2,969,651 Cost of sales (1,308,281) (1,342,677) Gross profit 1,699,407 1,626,974 Administrative expenses (2,771,144) (2,032,957) (including in 2005 an exceptional impairment charge of £445,849) Operating loss (1,071,737) (405,983) Operating profit before depreciation, amortisation, 73,391 138,174 exceptional impairment charge and interest Depreciation and amortisation (699,279) (544,157) Impairment charge (445,849) - Net interest receivable 20,321 38,535 Interest receivable and similar income 37,817 63,011 Interest payable and similar charges (17,496) (24,476) Loss on ordinary activities before taxation (1,051,416) (367,448) Tax on loss on ordinary activities - - Loss for the financial year (1,051,416) (367,448) Loss per share - basic 5 (9.43) p (3.29) p In the two years to 31 December 2005, the Group made no acquisitions and had no discontinued operations. Consolidated statement of total recognised gains and losses for the year ended 31 December 2005 Note 2005 2004 £ £ Loss for the financial year (1,051,416) (367,448) Effect of adoption of FRS 25 on 1 January 2005 (with 2004 not restated) (10,546) - Total recognised gains and losses relating to the financial year 14 (1,061,962) (367,448) There is no difference between the loss on ordinary activities before taxation and the retained loss for the financial years stated above, and their historical cost equivalents. Consolidated Balance Sheet at 31 December 2005 Note 2005 2004 £ £ Fixed assets Intangible assets 8 36,637 73,267 Tangible assets 9 1,155,712 1,790,232 1,192,349 1,863,499 Current assets Debtors 10 866,422 1,125,604 Cash at bank and in hand 838,452 1,000,215 1,704,874 2,125,819 Creditors: amounts falling due within one year 11 (1,217,614) (1,053,565) Net current assets 487,260 1,072,254 Total assets less current liabilities 1,679,609 2,935,753 Creditors: amounts falling due after more than one year 12 - (200,000) Provisions for liabilities and charges - (10,000) Net assets 1,679,609 2,725,753 Capital and reserves Called up share capital 13 1,173,897 1,170,791 Share premium account 14 3,390,411 3,372,960 Merger reserve 14 2,245,333 2,245,333 Profit and loss account 14 (5,130,032) (4,063,331) Equity shareholders' funds 15 1,679,609 2,725,753 Consolidated Cash Flow Statement for the year ended 31 December 2005 Note 2005 2004 £ £ Cash inflow/(outflow) from operating activities 6 464,524 (789,491) Return on investments & servicing of finance Interest received 37,817 63,011 Interest paid (17,496) (24,476) Net cash inflow from returns on investments & servicing of finance 20,321 38,535 Taxation Corporation tax paid - - Capital expenditure & financial investment Payments to acquire tangible fixed assets (473,978) (1,170,938) Receipts from sales of tangible fixed assets 500 815 Net cash outflow on capital expenditure and financial investment (473,478) (1,170,123) Net cash inflow/(outflow) before management of liquid resources and 11,367 (1,921,079) financing Management of liquid resources Cash withdrawn from short-term deposit 210,000 2,200,000 Financing Repayment of other loans (50,000) (500,000) Purchase of own shares for Immedia Employee Benefit Trust (6,865) - Share issue costs (taken against share premium account) (10,498) - Effect of adoption of FRS 25 on 1 January 2005 28,253 - (with 2004 not restated) Net cash outflow from financing (39,110) (500,000) Increase/(decrease) in cash in the year 182,257 (221,079) Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash in the year 182,257 (221,079) Cash outflow from decrease in liquid resources (210,000) (2,200,000) Cash outflow from decrease in debt 44,382 500,000 Movement in net debt 16,639 (1,921,079) Net funds at 1 January 626,858 2,547,937 Net funds at 31 December 7 643,497 626,858 Notes to the preliminary results 1 Basis of preparation The financial information set out above does not constitute the company's statutory accounts for the year ended 31 December 2005 (but is derived from those accounts). Statutory accounts for 2004 have been delivered to the registrar of companies: the auditors have reported on those accounts; their reports were unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985. The 2005 accounts will be delivered to the registrar of companies following the company's Annual General Meeting. The Annual Report and Notice of Annual General Meeting will be posted to the shareholders by 6 April 2006. This preliminary announcement was approved by the Board on 4 April 2006. Basis of consolidation: on 20 November 2003 a new holding company was brought into the group. This was carried out by a share for share exchange and the existing shareholders of Immedia Broadcast Limited received 1,000 10p Ordinary shares in Immedia Broadcasting Plc for every share held. There was no cash consideration. T This group reconstruction has been accounted for as a merger as permitted by FRS 6 acquisitions and mergers. Classification of financial instruments issued by the Group. Following the adoption of FRS 25, financial instruments issued by the Group are treated as equity (i.e. forming part of shareholders' funds) only to the extent that they meet the following two conditions: a) they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); and b) where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares. Where a financial instrument that contains both equity and financial liability components exists these components are separated and accounted for individually under the above policy. The finance cost on the financial liability component is correspondingly higher over the life of the instrument. Finance payments associated with financial liabilities are dealt with as part of interest payable and similar charges. Finance payments associated with financial instruments that are classified as part of shareholders' funds (see dividends policy), are dealt with as appropriations in the reconciliation of movements in shareholders' funds. Notes (continued) Both the Group and the Company have taken advantage of the transitional arrangements of FRS 25 not to restate corresponding amounts in accordance with the above policy. The adjustments necessary to implement this policy have been made as at 1 January 2005 with the net adjustment to net assets, after tax, taken through the 2005 reconciliation of movements in shareholders' funds. The main differences between the 2004 and 2005 bases of accounting are shown below: Effect on the balance sheet at 1 January 2005 £ Liabilities classified as shares- falling due after more than one year (28,253) Net Assets 28,253 Share capital 3,880 Share premium 34,919 Profit and loss account (10,546) Equity Shareholders'funds 28,253 The nature of the main effects upon the balance sheet at 1 January 2005 and upon the 2005 consolidated profit and loss account, statement of total recognised gains and losses and cash flow statement are as follows: The unsecured convertible loans are treated as liabilities in 2004 and as part liabilities, part shareholders' funds in 2005, increasing net funds, reported share capital and net assets at the start of 2005. As a consequence, the reconciliation of net cash flow to the movement in net funds in 2005 is also affected (see note 7). Of the previous carrying value of convertible debt, a portion has been treated as a share subscription option (i.e. the conversion feature) and has been transferred directly to equity on 1 January 2005. Thereafter, the finance cost of the debt is higher. The cash flow statement is unaffected by this change in accounting policy. 2 Employee Benefit Trust The Group operates an employee benefit trust (EBT) for the benefit of its employees through Immedia Broadcasting Trustees Limited which acts as Trustee. At 31 December 2005 the EBT held 563,500 shares in Immedia Broadcasting Plc in trust for employees against the future exercise of options granted under the Immedia EMI Share Option Scheme (2004: 551,000 shares). Under UITF abstract 38 - Accounting for Employee Share Option Trusts - the own shares held in the trust have been deducted from shareholders' funds (note 15). Notes (continued) 3 Taxation The charge for corporation tax is based on the loss for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. 4 Turnover and segmental analysis Turnover, which is stated net of value added tax, represents amounts invoiced to third parties. All turnover arose from the group's principal activity of marketing services. Region of origin All group activities originate in the United Kingdom. United Kingdom Europe Total United Europe Total Kingdom 2005 2005 2005 2004 2004 2004 £ £ £ £ £ £ Region of destination Sales to third parties 2,283,603 724,085 3,007,688 2,390,938 578,713 2,969,651 Net assets Segment net assets 817,509 257,100 1,074,609 1,843,200 175,010 2,018,210 Unallocated net assets 605,000 707,543 Total net assets 1,679,609 2,725,753 The split of operating profit has not been provided as it is commercially sensitive and in the view of the directors disclosure would be damaging to the business. Notes (continued) 5 Loss per share 2005 Number 2004 Number Weighted average number of shares in issue 11,707,910 11,707,910 Less own shares (563,500) (551,000) Weighted average number of shares in issue for basic loss per share 11,144,410 11,156,910 The basic and diluted loss per share are calculated using the loss for the financial period of £1,051,416 (2004: loss £367,448). In accordance with FRS 22 the diluted basic loss per share is stated as the same amount as basic as there is no dilutive effect. 6 Reconciliation of operating loss to net cash flow from operating activities 2005 2004 £ £ Operating loss (1,071,737) (405,983) Depreciation, amortisation and impairment of tangible and intangible assets 1,145,128 544,157 (Profit)/loss on disposal of fixed assets (500) 8,923 Decrease in stocks - 1,115 Decrease/(increase) in debtors 259,182 (528,135) Increase/(decrease) in creditors 132,451 (409,568) Net cash inflow/(outflow) from operating activities 464,524 (789,491) 7 Analysis of changes in net funds during the year Cash at bank Short-term Other loans Total and in hand deposits £ £ £ £ At beginning of year (123,142) 1,000,000 (250,000) 626,858 Effect of adoption of FRS 25 on 1 January 2005 (2004 - - 28,253 28,253 not restated) Net cash flow 165,006 (210,000) 44,382 (612) Revaluation of other loans - - (11,002) (11,002) At end of year 41,864 790,000 (188,367) 643,497 Notes (continued) 8 Intangible fixed assets Goodwill £ Cost At beginning and end of year 109,900 Amortisation At beginning of year 36,633 Charge for year 36,630 At end of year 73,263 Net book value At 31 December 2005 36,637 At 31 December 2004 73,267 9 Tangible fixed assets Plant and Fixtures & Network Total machinery fittings Equipment £ £ £ £ Cost At beginning of year 566,133 184,109 2,031,053 2,781,295 Additions 64,295 61,743 347,940 473,978 Disposals (15,062) - - (15,062) At end of year 615,366 245,852 2,378,993 3,240,211 Depreciation At beginning of year 296,183 88,801 606,079 991,063 Charge for year 160,196 64,972 437,481 662,649 Impairment charge - - 445,849 445,849 On disposals (15,062) - - (15,062) At end of year 441,317 153,773 1,489,409 2,084,499 Net book value At 31 December 2005 174,049 92,079 889,584 1,155,712 At 31 December 2004 269,950 95,308 1,424,974 1,790,232 Notes (continued) 10 Debtors 2005 2004 £ £ Trade debtors 472,862 837,809 Other debtors and prepayments 393,560 287,795 866,422 1,125,604 All debtors are due within one year. 11 Creditors: amounts falling due within one year 2005 2004 £ £ Bank overdrafts 6,588 123,357 Other loans (note 12) 188,367 50,000 Trade creditors 396,683 389,670 Other taxation and social security 66,048 43,987 Other creditors - 3,603 Accruals and deferred income 559,928 442,948 1,217,614 1,053,565 The other loans are unsecured and are repayable in September 2006. They carry a fixed interest rate of 8%. As more fully explained in note 1 classifications of financial liabilities are determined on different bases in 2005 and 2004 due to the transitional provisions of FRS 25. 12 Creditors: amounts falling due after more than one year 2005 2004 £ £ Other loans - 200,000 Analysis of debt: 2005 2004 £ £ Other loans fall due: In one year or less, or on demand (note 11) 188,367 50,000 Between one and two years - 200,000 188,367 250,000 Notes (continued) The other loans are unsecured and are repayable in September 2006. They carry a fixed interest rate of 8%. As more fully explained in note 1, classifications of financial liabilities are determined on different bases in 2005 and 2004 due to the transitional provisions of FRS 25. 13 Called up share capital 2005 2004 £ £ Authorised 36,000,000 Ordinary shares of 10 pence each 3,600,000 3,600,000 Allotted, called up and fully paid 11,707,910 Ordinary shares of 10 pence each 1,170,791 1,170,791 Liabilities classified as shares 3,106 - Shares classified in shareholders' funds 1,170,791 1,170,791 1,173,897 1,170,791 As more fully explained in note 1, classifications within shareholders' funds are determined on different bases in 2005 and 2004 due to the transitional provisions of FRS 25. Employee share options are outstanding as follows: Option scheme Date of grant Number of shares Option price per share Immedia EMI Share Option Scheme 27 Jan 2003 300,000 3.75 pence Immedia EMI Share Option Scheme 29 Oct 2003 55,000 20 pence Immedia EMI Share Option Scheme 11 Dec 2003 170,000 110 pence Options granted to employees under the Immedia EMI Share Option Scheme are exercisable at any time between 12 December 2003 and their expiry on the tenth anniversary of the date of grant. Unsecured convertible loan notes are outstanding as follows: £200,000 unsecured convertible loan notes were granted on 30 September 2003 bearing interest at 8% per annum and are wholly repayable on 19 September 2006 or, at the lenders' option on 14 days' prior written notice, convertible into fully paid ordinary shares per the table below. Dates between which unsecured loan Number of shares Conversion price notes are convertible per share Unsecured convertible loan notes 02 Dec 2003 19 Sep 2006 190,425 105.028 pence Notes (continued) 14 Share premium and reserves Share premium Merger reserve Profit and account loss account £ £ £ At beginning of year 3,372,960 2,245,333 (4,063,331) Retained loss for the year - - (1,051,416) Effect of adoption of FRS 25 on 1 January 2005 34,919 - (10,546)6) (with 2004 not restated) Released on repayment of Other loan under FRS 25 (6,970) - 2,126 Share issue costs (10,498) - - Purchase of own shares for Immedia Employee Benefit Trust - - (6,865) At end of year 3,390,411 2,245,333 (5,130,032) 15 Reconciliation of shareholders' funds 2005 2004 £ £ Opening shareholders' funds 2,725,753 3,093,201 Loss for the financial year after taxation (1,051,416) (367,448) Effect of adoption of FRS 25 on 1 January 2005 28,253 - (with 2004 not restated) Released on repayment of Other loan under FRS 25 (5,618) - Share issue costs (10,498) - Purchase of own shares for Immedia Employee Benefit Trust (6,865) - Closing shareholders' funds 1,679,609 2,725,753 This information is provided by RNS The company news service from the London Stock Exchange

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