Interim Results
Future PLC
13 June 2007
13 June 2007
FUTURE PLC
Interim results for the half-year ended 31 March 2007
Future plc (LSE: FUTR), the international special-interest media group, today
announces its interim results for the half-year ended 31 March 2007. An analyst
presentation will be held today at 10.00am at the offices of UBS, 1 Finsbury
Avenue, London EC2M 2PP.
Good progress on strategic turnaround
• Improvement in normalised EBITAE margin (8.2% vs 7.0%)
• Further annualised cost savings identified of over £1.0m being
reinvested
• Normalised EBITAE up 12% to £7.7m (H1 2006: £6.9m)
• Statutory EBITAE up 39% to £7.9m (H1 2006: £5.7m)
• Statutory profit before tax of £8.6m (H1 2006: loss of £1.6m)
• Net debt down 24% to £29.1m (31 March 2006: £38.3m)
EBITAE represents operating profit before exceptional items, impairment and
amortisation of intangible assets. The normalised results exclude revenues and
costs of activities closed or divested between 1 October 2005 and 31 March 2007.
• Online investment targeted to accelerate in H2
• Significant growth in online advertising revenue - up 66% year on year
• Further successes in customer publishing with revenues up 59% year on
year
• All new senior hires now in post
Other news today
• Appointment of Seb Bishop as non-executive Director
Commenting on the results and outlook, Stevie Spring, Chief Executive said:
'I am pleased with what we have achieved in the first half and the steps we have
taken to strengthen the business.
'We have focus back in the Group.
'We have stabilised revenues and improved margins to fund investment for our
future revenue streams. Today's results demonstrate that the turnaround is
working and I would like to thank everyone at Future for their contribution to
this progress. There is clearly more to do, but I am confident that we are
moving in the right direction.
'With our key online hires now in place, the second half will see the bulk of
our planned online investment, some of which had originally been expected in the
first half. We also anticipate continuing declines at Future France as we have
not been investing in this part of the business.
'Despite this and although the backdrop remains challenging for media generally,
we are encouraged by the progress we have made to date and remain on track to
deliver full-year results in line with existing expectations.'
Financial summary
Statutory results H1 07 H1 06 Change
£m (restated) %
£m
Revenue 95.3 107.0 -11%
EBITAE 7.9 5.7 +39%
EBITAE margin 8.3% 5.3% +57%
Operating profit/(loss) 10.0 (0.3) -
Pre-tax profit/(loss) 8.6 (1.6) -
Earnings/(loss) per share - Continuing (p) 2.2 (0.4) -
Earnings/(loss) per share - Total (p) 2.3 (3.6) -
Dividend per share (p) 0.5 0.5 -
Normalised results H1 07 H1 06 Change
£m (restated) %
£m
Revenue 94.1 98.7 -5%
EBITAE 7.7 6.9 +12%
EBITAE margin 8.2% 7.0% +17%
Adjusted earnings per share (p) 1.5 1.1 +36%
EBITAE represents operating profit before exceptional items, impairment and
amortisation of intangible assets.
Normalised results are presented to reflect better the current size and
structure of the business, which is consistent with how the business is managed
and measured on a day-to-day basis. The normalised results exclude revenues and
costs of activities closed or divested between 1 October 2005 and 31 March 2007.
Adjusted earnings per share are based on normalised results, but exclude
exceptional items, impairment and amortisation of intangibles and related tax
effects.
Enquiries:
Future plc
Stevie Spring, Chief Executive Tel: 020 7042 4007
John Bowman, Group Finance Director Tel: 020 7042 4031
Hogarth Partnership
James Longfield / Ian Payne Tel: 020 7357 9477
Chief Executive's Statement
Twelve months ago, Future announced an interim loss, a revision of strategy and
a change of CEO.
Six months ago, we set out the steps we were taking to strengthen the business,
including a series of actions to create significant cost savings for
re-investing in the business. We also provided an outline of the six key areas
of focus for 2007 and beyond.
Today, one year after my appointment and following a busy first half-year, I can
report that we have made good progress on all fronts: better visibility in the
business; a significant improvement in operating margin; additional cost savings
secured; investment in product development; further successes in partnership
publishing, growth in online advertising and a further significant reduction in
debt.
We are also announcing the appointment of Seb Bishop as a non-executive Director
(see separate announcement).
We continue to operate in a fast-changing media landscape and in seeking to
strengthen our business we have been increasingly focused on leveraging our core
competence of 'English-language content, produced by and for enthusiasts,
cross-platform'.
During the first half-year, we have significantly re-shaped the business. In
focusing on basics, we have continued to emphasise editorial and design
excellence. During the last twelve months, we have redesigned 20 magazines
across the portfolio, most recently Total Film. We have also continued our
programme of cover-price experimentation and in the last six months have
increased volumes and revenues on titles such as Digital Camera, PC Plus and PC
Format through tactical price decreases. Further price testing continues across
the portfolio.
In managing our cost base, in addition to the savings from titles we sold or
closed last year, we have negotiated new contracts covering a substantial part
of our external cost base, with significant annual cost savings in paper, print
and covermounts, amounting to a further £1.0m+ - in addition to the £4.5m
previously announced. In line with our strategy, these additional savings will
be re-invested in the business. Total Group headcount at 31 March 2007 was
1,429. In March 2006, excluding Italy and divestments, the comparable headcount
was 1,417. The consistent level belies the fact that many roles have changed and
migrated to growth areas. In support of our requirement for greater flexibility
from our employees, we have also increased our training budget by 40%.
We have also made good progress in reducing our property overhead. In April, we
negotiated a surrender of the lease in respect of our previous London office and
this, together with sub-lets of other surplus property, has allowed us to make a
substantial reduction in property provisions. This is the largest factor in
exceptional credits totalling £4.1m.
We have delivered further successes in partnership publishing, including our
licensed magazines. During the last six months we launched Official PlayStation
Magazine in the UK and France, ahead of the successful launch of the
PlayStation3 console in Europe in March. We also launched the Official Windows
Vista magazine across 12 territories in early 2007: the largest international
magazine launch ever. We secured a further three year licence to publish the UK
Official Tour de France Guide and won a new licence to publish the Tour of
Britain magazine.
Within partnership publishing, customer publishing (non-newsstand) revenues were
up 59% year on year, following the commencement of new contracts for Sky Movies,
BT Vision, The Musicians Union, DSG and PC World. New wins secured in the first
half included HMV, Nvidia, Microsoft, Cingular and Comcast. In the US, this
source of revenue doubled in the half-year. Partnership publishing overall
contributed £5.0m on revenues of £19.5m in the first half, representing
approximately 20% of our business revenues.
To drive our online development, we have made four new online senior management
hires and have also appointed a new Chief Technology Officer for the Group. In
the half-year, online advertising revenues were up 66% in the UK/US,
representing 13% of advertising revenues compared with 6% a year ago.
Gamesradar.com, which is the world's third-largest computer games website,
achieved revenue growth of 102% year on year. Our US games online advertising
revenue now represents 26% of total Future US games advertising.
Our other areas of online focus are technology, cycling, music-making and action
sports and our new websites in these areas are also being launched this year.
With our new online management team now in place, we will increase our online
investment in the second half, including some investment that had originally
been expected to be incurred in the first half.
Our US business has more than doubled its EBITAE margin compared with the
previous half-year, reflecting lower operating costs, shut-down of our Atlanta
office and closure of a number of marginal or loss-making titles last year. More
recently, we have also reorganised the music group behind a single brand focus:
Guitar World, the world's largest and leading guitar magazine. Music-listening
in the US is based around last year's acquisition of Revolver - a noteworthy
integration success. Against a purchase price of $4m the title generated a
contribution of more than $1.1m in its first 12 months.
Future France faced even tougher trading conditions throughout the period with
revenues down by 14% and EBITAE down 25%. This reflects the fact that we do not
have any significant online presence in France and thus our ability to mitigate
pressure on print revenue is very restricted. As previously announced, we have
not been investing in this part of the business.
Future has some strong market positions and these will continue to be our main
areas of focus going forward. We will exploit our English-language content
strength in print, online and face-to-face: wherever we can monetise our content
or consumers' interest.
I am pleased with what we have achieved in the first half and the steps we have
taken to strengthen the business. We have a strong and enthusiastic team, full
of creative ideas and passionate about their subject. There is clearly more to
do and I look forward to updating shareholders on our continuing progress at the
year end. For now, I would like to thank everyone at Future for their
contribution through a particularly demanding transition.
Stevie Spring
Chief Executive
13 June 2007
Financial Review
Statutory results for half-year to 31 March 2007
The statutory results for the Group are set out on pages 13 to 23.
First half-year revenue was £95.3m (2006: £107.0m) and the business generated
EBITAE of £7.9m (2006: £5.7m) representing a strengthened EBITAE margin of 8.3%
(2006: 5.3%).
The half-year income statement includes net exceptional credits of £4.1m (2006:
exceptional costs £3.5m), a charge for amortisation of intangible assets of
£2.0m (2006: £2.5m) and net financing costs of £1.4m (2006: £1.3m), leading to
pre-tax profits of £8.6m (2006: loss of £1.6m) for the period.
--------------------------------- ----------- -----------
Statutory results 2007 2006
£m (restated)
£m
--------------------------------- ----------- -----------
Revenue 95.3 107.0
EBITAE 7.9 5.7
EBITAE margin 8.3% 5.3%
Operating profit/(loss) 10.0 (0.3)
Pre-tax profit/(loss) 8.6 (1.6)
Earnings/(loss) per share - Continuing (p) 2.2 (0.4)
Earnings/(loss) per share - Total (p) 2.3 (3.6)
Dividend per share (p) 0.5 0.5
--------------------------------- ----------- -----------
Normalised results for half-year to 31 March 2007
Normalised results are presented to reflect better the current size and
structure of the business, which is consistent with how the business is managed
and measured on a day-to-day basis. The normalised results exclude revenues and
costs of activities closed or divested between 1 October 2005 and 31 March 2007.
Normalised first half revenue was £94.1m (2006: £98.7m) generating EBITAE of
£7.7m (2006: £6.9m). This result gives rise to an increase in the EBITAE margin
from 7.0% to 8.2% for the normalised business, enhanced by online revenues ahead
of expectation and online investment weighted towards the second half, following
our senior management appointments.
--------------------------------- ----------- -----------
Normalised results 2007 2006
£m £m
--------------------------------- ----------- -----------
Revenue 94.1 98.7
EBITAE 7.7 6.9
EBITAE margin 8.2% 7.0%
Adjusted earnings per share (p) 1.5 1.1
--------------------------------- ----------- -----------
Review of operations
The review of operations is based on normalised results.
Group revenue fell by 5% (2% in constant currencies) to £94.1m. Revenues in the
UK and US were broadly flat compared with the previous year (in constant
currencies) with expected softness in some games, computing and performance car
revenues compensated for by growth in online and customer publishing. Revenues
in France, where the group had no online revenue during the period, fell by 15%.
The Group's top 10 titles in the half-year accounted for 26% of revenue (2006:
32%). Margin improvement has arisen from tight control of direct costs across
the Group and strong margins in growth areas. Central costs remained below their
2006 level.
Analysis of revenue for half-year to 31 March
----------------------- --------- --------- --------- ---------
% of 2007 2006 Change
Group £m £m £m
----------------------- --------- --------- --------- ---------
UK 62% 58.5 58.8 (0.3)
US 26% 24.4 27.0 (2.6)
France 12% 11.5 13.6 (2.1)
Intra-group - (0.3) (0.7) 0.4
----------------------- --------- --------- --------- ---------
Total revenue 100% 94.1 98.7 (4.6)
----------------------- --------- --------- --------- ---------
Analysis of EBITAE for half-year to 31 March
-------------- --------- --------- ---------
2007 2006 Change
£m £m £m
-------------- --------- --------- ---------
UK 7.3 7.0 0.3
US 1.1 0.4 0.7
France 0.8 1.1 (0.3)
Central costs (1.5) (1.6) 0.1
-------------- --------- --------- ---------
Total EBITAE 7.7 6.9 0.8
-------------- --------- --------- ---------
UK performance in half-year
------------------------------ --------- --------- ---------
2007 2006 Change
£m £m %
------------------------------ --------- --------- ---------
Circulation revenue 38.1 38.5 - 1%
Advertising revenue 18.0 18.1 - 1%
Other revenue 2.4 2.2 + 9%
------------------------------ --------- --------- ---------
Revenue 58.5 58.8 - 1%
EBITAE 7.3 7.0 + 4%
------------------------------ --------- --------- ---------
EBITAE margin 12.5% 11.9%
------------------------------ --------- --------- ---------
UK revenue for the half-year fell by £0.3m or 1% reflecting a reduction in
revenues from some games, computing and performance car titles, offset by growth
in customer publishing and an increase in online advertising revenue.
UK ABC circulation statistics published in February for our titles confirmed
that, with the exception of certain games titles (prior to the launch of our new
PlayStation titles) and the particular area of performance cars (where we have
two titles in a segment that has experienced a sector-wide reduction in sales)
the circulation volume of the rest of our audited portfolio actually increased
by 1% in 2006 compared with 2005.
While newsstand remains the dominant sales channel for our business in the UK,
subscription revenues were up 10% year on year and represented 19% of total UK
circulation revenues (16% in H1 2006). We now have over 346,000 paying
subscribers for our magazines, with 60% of new subscription orders sourced and
processed online, an increase of eight percentage points on last year.
Operating costs remained under tight control during the period with new
contracts being negotiated for print and DVD covermounts. In addition overhead
costs were reduced resulting in an improved margin. As a result of the
divestment process last year and other distribution initiatives, overall UK
newsstand efficiency increased by 6% in the half-year. With effect from 1 May
2007, distribution of all our UK magazines has been moved to Seymour, one of the
UK's largest magazine distributors. This is expected to benefit the business
from 2008.
In our continuing UK business, approximately 35% of revenues and approximately
53% of contribution was generated by the top 15 titles.
US performance in half-year
------------------------------ --------- --------- ---------
2007 2006 Change
$m $m %
------------------------------ --------- --------- ---------
Circulation revenue 20.9 22.3 - 6%
Advertising revenue 25.4 24.2 + 5%
Other revenue 1.0 0.7 + 43%
------------------------------ --------- --------- ---------
Total revenue 47.3 47.2 -
EBITAE 2.1 0.6 + 250%
------------------------------ --------- --------- ---------
EBITAE margin 4.4% 1.3%
------------------------------ --------- --------- ---------
US revenue for the half-year in US dollars was broadly flat reflecting
advertising weakness in games and certain music titles. The impact of this was
offset by the growth of online games advertising, customer publishing and the
inclusion of Revolver this half-year.
We have taken a number of actions to improve operating performance in the US.
The normalised results presented above exclude the impact of the six titles and
Atlanta office closed last year. However, the results still show margins
improving from 1.3% to 4.4% as a result of higher revenues in action sports and
stronger margins achieved on increased customer publishing and online business.
There is more to be done and we have recently renegotiated printing and DVD
purchasing agreements which will be beneficial to the business going forward.
We have also recently re-organised our US music business around our lead brand,
Guitar World. Guitar One, Acoustic and Bass are being merged into Guitar World,
which has reduced our underlying costs and should enhance revenues of Guitar
World over time.
France performance in half-year
------------------------------ --------- --------- ---------
2007 2006 Change
€m €m %
------------------------------ --------- --------- ---------
Circulation revenue 12.5 14.1 - 11%
Advertising revenue 4.6 5.8 - 21%
------------------------------ --------- --------- ---------
Total revenue 17.1 19.9 - 14%
EBITAE 1.2 1.6 - 25%
------------------------------ --------- --------- ---------
EBITAE margin 7.0% 8.0%
------------------------------ --------- --------- ---------
French revenue for the half-year in euros was down 14% reflecting tough
newsstand and advertising conditions throughout the period. Tight control of
operational costs and overheads have been a key focus during the half-year,
however EBITAE fell by 25% and the EBITAE margin reduced.
Exceptional items
Exceptional credits totalling £4.1m relate to property and other provisions and
disposals. The largest single element of £1.4m reflects the release of the
provision held in respect of the Group's previous offices in London. In April
2007 the Group negotiated a surrender of the entire lease, which was due to
expire in 2012.
During the period, the Group realised profits on disposal of businesses of £1.0m
comprising £0.1m in relation to the sale of Future Media Italy, shown in
discontinued operations, and £0.9m in relation to other disposals.
Leasehold property and related balance sheet provisions
All previously unoccupied property has now been either assigned, sub-let or the
lease surrendered. Property provisions carried at 31 March 2007 totalled £1.5m
(2006: £3.7m), of which £1.1m has since been paid.
Taxation
The tax charge for the half-year was £1.4m (2006: tax credit of £0.3m) which
represents an estimated effective tax rate of 30% applied to profit before tax
and exceptional items. This is the effective rate estimated to apply to taxable
profits of the Group for the full financial year.
Cash flow and net debt
Net debt at 30 September 2006 was £32.8m. Future continues to be cash-generative
and the major inflows during the period were cash generated from operations of
£6.9m (2006: £12.7m), proceeds from disposals of £1.0m (2006: £nil) and net tax
received of £0.7m (2006: paid £0.6m).
During the period the Group paid out £1.6m (2006: £4.2m) in dividends and £0.8m
(2006: £3.3m) in respect of capital expenditure. Net debt at 31 March 2007 was
£29.1m, a reduction of 24% compared with the position at 31 March 2006.
Interim dividend
An interim dividend of 0.5p per share (2006: 0.5p) will be paid on 12 July 2007
to all shareholders on the register on 22 June 2007. The ex-dividend date is 20
June 2007.
Board
On 13 June 2007, Future announced that Seb Bishop (32) has been appointed to the
Board as an independent non-executive Director with effect from 14 June 2007.
Seb's creative background, extensive internet business experience and
Anglo-American focus, fits perfectly with our strategy and we look forward to
working with him in the years ahead.
Current trading and prospects
With our key online hires now in place, the second half will see the bulk of our
planned online investment, some of which had originally been expected in the
first half. We also anticipate continuing declines at Future France as we have
not been investing in this part of the business.
Despite this and although the backdrop remains challenging for media generally,
we are encouraged by the progress we have made to date and remain on track to
deliver full-year results in line with existing expectations.
Roger Parry, Chairman
Stevie Spring, Chief Executive
John Bowman, Group Finance Director
Michael Penington, senior independent non-executive Director
Patrick Taylor, independent non-executive Director
John Mellon, independent non-executive Director
13 June 2007
Statutory results
Consolidated income statement
for the six months ended 31 March 2007
-------------------------- ------ -------- -------- ---------
6 months to 31 6 months to 31 12 months to 30
March 2007 March 2006 September 2006
(restated) (restated)
Note £m £m £m
-------------------------- ------ -------- -------- ---------
Continuing operations
Revenue 1 95.3 107.0 211.7
-------------------------- ------ -------- -------- ---------
-------------------------- ------ -------- -------- ---------
Operating
profit before
exceptional
items,
impairment and
amortisation
of intangible
assets 7.9 5.7 13.4
Exceptional
items 3 4.1 (3.5) (9.0)
Impairment of
intangible
assets 2,10 - - (33.0)
Amortisation
of intangible
assets 2,10 (2.0) (2.5) (5.8)
-------------------------- ------ -------- -------- ---------
Operating
profit/(loss) 1,2 10.0 (0.3) (34.4)
Finance income 5 0.4 0.2 0.5
Finance costs 5 (1.8) (1.5) (3.1)
-------------------------- ------ -------- -------- ---------
Net finance
costs 5 (1.4) (1.3) (2.6)
-------------------------- ------ -------- -------- ---------
Profit/(loss)
on ordinary
activities
before tax 8.6 (1.6) (37.0)
Tax on
profit/(loss)
on ordinary
activities 6 (1.4) 0.3 1.8
-------------------------- ------ -------- -------- ---------
Profit/(loss)
for the period
from
continuing
operations 7.2 (1.3) (35.2)
Discontinued operations
Profit/(loss)
for the period
from
discontinued
operations 9 0.2 (10.5) (12.0)
-------------------------- ------ -------- -------- ---------
Profit/(loss)
for the period 7.4 (11.8) (47.2)
-------------------------- ------ -------- -------- ---------
Earnings per 1p Ordinary share
-------------------------- ------ -------- -------- ---------
Note 6 months to 31 6 months to 31 12 months to 30
March 2007 March 2006 September 2006
pence pence pence
-------------------------- ------ -------- -------- ---------
Basic
earnings/(loss)
per share -
Total Group 8 2.3 (3.6) (14.5)
Diluted
earnings/(loss)
per share -
Total Group 8 2.3 (3.6) (14.5)
-------------------------- ------ -------- -------- ---------
Basic
earnings/(loss)
per share -
Continuing
operations 8 2.2 (0.4) (10.8)
Diluted
earnings/(loss)
per share -
Continuing
operations 8 2.2 (0.4) (10.8)
-------------------------- ------ -------- -------- ---------
Consolidated statement of changes in equity
for the six months ended 31 March 2007
------------------------- ---- ------- ------ ------ -------- -------- -----
Share Share Merger Treasury Retained Total
capital premium reserve reserve earnings equity
Note £m £m £m £m £m £m
------------------------- ---- ------- ------ ------ -------- -------- -----
Balance at 1 October 2006 3.3 24.5 109.0 (1.1) (72.1) 63.6
------------------------- ---- ------- ------ ------ -------- -------- -----
Profit for the period - - - - 7.4 7.4
Currency translation
differences - - - - (0.4) (0.4)
------------------------- ---- ------- ------ ------ -------- -------- -----
Total recognised income
for the period - - - - 7.0 7.0
Final dividend relating to
2006 7 - - - - (1.6) (1.6)
Share option schemes
- Value of employees'
services 4 - - - - 0.6 0.6
Transfer between reserves - - - 0.4 (0.4) -
------------------------- ---- ------- ------ ------ -------- -------- -----
Balance at 31 March 2007 3.3 24.5 109.0 (0.7) (66.5) 69.6
------------------------- ---- ------- ------ ------ -------- -------- -----
------------------------- ---- ------- ------ ------ -------- -------- -----
Balance at 1 October 2005 3.3 24.4 109.0 - (19.2) 117.5
------------------------- ---- ------- ------ ------ -------- -------- -----
Loss for the period - - - - (11.8) (11.8)
Currency translation
differences - - - - 0.2 0.2
------------------------- ---- ------- ------ ------ -------- -------- -----
Total recognised loss for
the period - - - - (11.6) (11.6)
Final dividend relating to
2005 7 - - - - (4.2) (4.2)
Share option schemes
- Value of employees'
services 4 - - - - 0.3 0.3
New share capital
subscribed - 0.1 - - - 0.1
------------------------- ---- ------- ------ ------ -------- -------- -----
Balance at 31 March 2006 3.3 24.5 109.0 - (34.7) 102.1
------------------------- ---- ------- ------ ------ -------- -------- -----
------------------------- ---- ------- ------ ------ -------- -------- -----
Balance at 1 October 2005 3.3 24.4 109.0 - (19.2) 117.5
------------------------- ---- ------- ------ ------ -------- -------- -----
Loss for the year - - - - (47.2) (47.2)
Currency translation
differences - - - - (0.4) (0.4)
------------------------- ---- ------- ------ ------ -------- -------- -----
Total recognised loss for
the year - - - - (47.6) (47.6)
Final dividend relating to 7
2005 - - - - (4.2) (4.2)
Interim dividend relating
to 2006 7 - - - - (1.7) (1.7)
Share option schemes
- Value of employees'
services 4 - - - - 0.7 0.7
- Deferred tax on options - - - - (0.1) (0.1)
Treasury shares acquired - - - (1.1) - (1.1)
New share capital
subscribed - 0.1 - - - 0.1
------------------------- ---- ------- ------ ------ -------- -------- -----
Balance at 30 September 3.3 24.5 109.0 (1.1) (72.1) 63.6
2006
------------------------- ---- ------- ------ ------ -------- -------- -----
Consolidated balance sheet
as at 31 March 2007
------------------------ ------- --------- --------- ---------
31 March 2007 31 March 2006 30 September
2006
Note £m £m £m
------------------------ ------- --------- --------- ---------
Assets
Non-current assets
Property, plant and
equipment 5.7 6.4 6.2
Intangible assets -
goodwill 10 104.1 138.5 104.7
Intangible assets -
other 10 5.2 10.8 6.9
Deferred tax 3.4 2.2 3.5
------------------------ ------- --------- --------- ---------
Total non-current
assets 118.4 157.9 121.3
------------------------ ------- --------- --------- ---------
Current assets
Inventories 5.0 7.1 4.9
Corporation tax
recoverable 1.4 2.9 2.6
Trade and other
receivables 34.8 42.2 36.8
Cash and cash
equivalents 9.7 19.4 20.0
------------------------ ------- --------- --------- ---------
Total current assets 50.9 71.6 64.3
------------------------ ------- --------- --------- ---------
Total assets 169.3 229.5 185.6
------------------------ ------- --------- --------- ---------
Equity and liabilities
Equity
Issued share capital 3.3 3.3 3.3
Share premium account 24.5 24.5 24.5
Merger reserve 109.0 109.0 109.0
Treasury reserve (0.7) - (1.1)
Retained earnings (66.5) (34.7) (72.1)
------------------------ ------- --------- --------- ---------
Total equity 69.6 102.1 63.6
------------------------ ------- --------- --------- ---------
Non-current liabilities
Financial liabilities -
interest-bearing loans
and borrowings 23.8 27.8 25.8
Deferred tax 2.0 2.3 1.9
Provisions 2.1 3.7 5.6
Other non-current
liabilities 2.5 2.2 2.6
------------------------ ------- --------- --------- ---------
Total non-current
liabilities 30.4 36.0 35.9
------------------------ ------- --------- --------- ---------
Current liabilities
Financial liabilities -
interest-bearing loans
and borrowings 15.0 29.9 27.0
Trade and other
payables 53.1 61.3 58.9
Corporation tax payable 1.2 0.2 0.2
------------------------ ------- --------- --------- ---------
Total current
liabilities 69.3 91.4 86.1
------------------------ ------- --------- --------- ---------
Total liabilities 99.7 127.4 122.0
------------------------ ------- --------- --------- ---------
Total equity and
liabilities 169.3 229.5 185.6
------------------------ ------- --------- --------- ---------
Consolidated cash flow statement
for the six months ended 31 March 2007
--------------------------- --------- --------- ---------
6 months to 31 6 months to 31 12 months to 30
March 2007 March 2006 September 2006
£m £m £m
--------------------------- --------- --------- ---------
Cash flows from operating activities
Cash generated
from
operations 6.9 12.7 24.0
Interest
received 0.4 0.2 0.5
Tax received 1.5 0.2 0.2
Interest paid (1.7) (1.1) (3.2)
Tax paid (0.8) (0.8) (0.9)
--------------------------- --------- --------- ---------
Net cash
generated from
operating
activities 6.3 11.2 20.6
--------------------------- --------- --------- ---------
Cash flows from investing activities
Purchase of
property,
plant and
equipment (0.8) (3.3) (4.2)
Purchase of
magazine
titles and
trademarks (0.1) (2.4) (2.4)
Purchase of
computer
software and
website
development (0.4) - (0.9)
Disposal of
magazine
titles and
trademarks 0.3 - -
Disposal of
subsidiary
undertaking 0.7 - -
Costs of
business
disposals (0.3) - -
Net cash
disposed with
subsidiary
undertaking (0.6) - -
--------------------------- --------- --------- ---------
Net cash used
in investing
activities (1.2) (5.7) (7.5)
--------------------------- --------- --------- ---------
Cash flows from financing activities
Proceeds from
issue of
Ordinary share
capital - 0.1 0.1
Purchase of
own shares by
Employee
Benefit Trust - - (1.1)
Draw down of
bank loans 4.0 7.4 7.3
Repayment of
bank loans (17.5) - (4.0)
Rearrangement
fees for bank
loans (0.2) - -
Equity
dividends paid (1.6) (4.2) (5.9)
--------------------------- --------- --------- ---------
Net cash (used
in)/generated
from financing
activities (15.3) 3.3 (3.6)
--------------------------- --------- --------- ---------
Net (decrease)/increase
in cash and cash
equivalents (10.2) 8.8 9.5
Cash and cash
equivalents at
beginning of
period 20.0 10.7 10.7
Exchange
adjustments (0.1) (0.1) (0.2)
--------------------------- --------- --------- ---------
Cash and cash
equivalents at
end of period 9.7 19.4 20.0
--------------------------- --------- --------- ---------
Amount
attributable
to -
Continuing
operations 9.7 19.4 20.0
- Discontinued operations - - -
--------------------------- --------- --------- ---------
Notes to the consolidated cash flow statement
for the six months ended 31 March 2007
A. Cash flows from operating activities
The reconciliation of operating profit/(loss) to cash flows generated from
operations is set out below:
------------------------------ --------- --------- ---------
6 months to 31 6 months to 31 12 months to 30
March 2007 March September 2006
£m 2006 £m
£
------------------------------ --------- --------- ---------
Operating
profit/(loss)
for the period - Continuing operations 10.0 (0.3) (34.4)
- Discontinued operations 0.2 (10.5) (12.0)
------------------------------ --------- --------- ---------
Operating
profit/(loss)
for the period
- Total Group 10.2 (10.8) (46.4)
Adjustments for:
Depreciation
charge 1.1 0.9 2.0
Profit on
disposal of
subsidiary (0.1) - -
Profit on
disposal of
magazine
titles and
trademarks (0.9) - -
Amortisation
of intangible
assets 2.0 2.6 5.9
Impairment of
intangible
assets - 11.0 45.0
------------------------------ --------- --------- ---------
Share option
schemes
- Value of employees' services 0.6 0.3 0.7
------------------------------ --------- --------- ---------
Operating
profit before
changes in
working
capital and
provisions 12.9 4.0 7.2
Movement in
provisions (3.5) 1.5 3.4
(Increase)/decrease in
inventories (0.8) (0.9) 1.2
(Increase)/decrease in
trade and other
receivables (1.6) 4.0 8.2
(Decrease)/increase in
trade and other
payables (0.1) 4.1 4.0
------------------------------ --------- --------- ---------
Cash generated
from operations 6.9 12.7 24.0
------------------------------ --------- --------- ---------
B. Analysis of net debt
----------------- ------- -------- -------- -------- -------- --------
At 1 October Cash flows Disposals Non-cash Exchange At 31 March
changes movements 2007
2006 £m £m £m £m £m
£m
----------------- ------- -------- -------- -------- -------- --------
Cash and cash
equivalents 20.0 (9.6) (0.6) - (0.1) 9.7
Debt due
within one
year (27.0) 13.5 - (2.0) 0.5 (15.0)
Debt due after
more than one
year (25.8) - - 2.0 - (23.8)
----------------- ------- -------- -------- -------- -------- --------
Net debt (32.8) 3.9 (0.6) - 0.4 (29.1)
----------------- ------- -------- -------- -------- -------- --------
C. Reconciliation of movement in net debt
------------------------------ --------- --------- ---------
6 months to 31 6 months to 31 12 months to 30
March 2007 March 2006 September 2006
£m £m £m
------------------------------ --------- --------- ---------
Net debt at
start of
period (32.8) (39.5) (39.5)
(Decrease)/increase
in cash
and cash
equivalents (9.6) 8.8 9.5
Cash disposed
with
subsidiary (0.6) - -
Movement in
borrowings 13.5 (7.4) (3.3)
Exchange
movements 0.4 (0.2) 0.5
------------------------------ --------- --------- ---------
Net debt at
end of period (29.1) (38.3) (32.8)
------------------------------ --------- --------- ---------
Basis of preparation
This condensed interim financial information for the 6 months ended 31 March
2007 has been prepared in accordance with the listing rules of the Financial
Services Authority and IAS 34 'Interim Financial Reporting' and should be read
in conjunction with the Annual Report and Accounts for the year ended 30
September 2006.
The Interim report does not constitute statutory accounts as defined in section
240 of the Companies Act 1985 and has not been audited. A copy of the statutory
financial statements for the year ended 30 September 2006 has been filed with
the Registrar of Companies. The auditors' report on those accounts was
unqualified. The auditors have carried out a review of the Interim results and
their report will be set out in the printed Interim Report.
The accounting policies adopted are consistent with those set out in the Group's
statutory accounts for the financial year ended 30 September 2006.
The Group has restated its income statement for the 6 months ended 31 March 2006
and the year ended 30 September 2006 for the presentation of Future Media Italy
as a discontinued operation, in accordance with IFRS 5 'Non-current assets held
for sale and discontinued operations'.
Notes to the financial information
1. Segmental reporting
The Group is organised and managed primarily by geographical segment which is
based on the economic environment in which an entity operates.
a) Revenue by segment
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30 September
£m (restated) 2006
£m (restated)
£m
------------------------------ --------- --------- ---------
United Kingdom 59.5 64.2 128.3
United States 24.6 29.9 60.1
France 11.5 13.6 24.4
Revenue between segments (0.3) (0.7) (1.1)
------------------------------ --------- --------- ---------
Total 95.3 107.0 211.7
------------------------------ --------- --------- ---------
b) Operating profit/(loss) by segment
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30 September
2006
£m (restated) (restated)
£m £m
------------------------------ --------- --------- ---------
United Kingdom 8.2 0.9 (19.7)
United States 1.1 (0.7) (10.2)
France 2.2 1.1 (0.5)
Central costs (1.5) (1.6) (4.0)
------------------------------ --------- --------- ---------
Total 10.0 (0.3) (34.4)
------------------------------ --------- --------- ---------
Additional analysis of the Group's revenue by type and destination is set out
below:
i) Revenue by type
------------------------------ --------- --------- ---------
6 months to 31 6 months to 12 months to
March 2007
£m 31 March 2006 30 September
2006
(restated) (restated)
£m £m
------------------------------ --------- --------- ---------
Circulation 58.1 64.5 129.5
Advertising 34.7 40.4 77.1
Other 2.5 2.1 5.1
------------------------------ --------- --------- ---------
Total 95.3 107.0 211.7
------------------------------ --------- --------- ---------
ii) Revenue by destination
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30 September
2006
£m (restated) (restated)
£m £m
------------------------------ --------- --------- ---------
United Kingdom 49.3 53.5 104.4
United States 26.3 31.5 63.5
Mainland Europe 15.6 18.4 35.1
Rest of the world 4.4 4.3 9.8
Revenue between segments (0.3) (0.7) (1.1)
------------------------------ --------- --------- ---------
Total 95.3 107.0 211.7
------------------------------ --------- --------- ---------
2. Operating profit/(loss) on continuing operations
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30 September
2006
£m (restated) (restated)
£m £m
------------------------------ --------- --------- ---------
Revenue 95.3 107.0 211.7
Cost of sales (65.4) (77.3) (148.7)
------------------------------ --------- --------- ---------
Gross profit 29.9 29.7 63.0
Distribution expenses (6.1) (7.4) (14.9)
Administration expenses
(including exceptional
items) (11.8) (20.1) (43.7)
Impairment of intangible
assets - - (33.0)
Amortisation of intangible
assets (2.0) (2.5) (5.8)
------------------------------ --------- --------- ---------
Operating profit/(loss) 10.0 (0.3) (34.4)
------------------------------ --------- --------- ---------
3. Exceptional items
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30September
2006
£m (restated) (restated)
£m £m
------------------------------ --------- --------- ---------
Property costs 1.8 (2.8) (4.0)
Restructuring and
redundancy costs - (0.7) (3.6)
Other items 1.4 - (1.4)
Profit on disposal of
magazine titles and
trademarks 0.9 - -
------------------------------ --------- --------- ---------
Total 4.1 (3.5) (9.0)
------------------------------ --------- --------- ---------
The property costs credit consists mainly of the release of vacant property
provisions previously made in respect of office space in London and Bath.
The restructuring and redundancy costs in 2006 related to the costs incurred as
a result of the continued integration and subsequent restructuring of businesses
and titles acquired during the year ended 30 September 2005.
The other items relate to historic provisions released in respect of other
contractual matters where the level of exposure is considered to have reduced.
4. Employees
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30September
2006
£m £m £m
------------------------------ --------- --------- ---------
Wages and salaries 22.9 24.8 50.4
Social security costs 3.6 4.0 7.9
Other pension costs 0.4 0.6 1.2
------------------------------ --------- --------- ---------
Share option schemes 0.6 0.3 0.7
- Value of employees' services
------------------------------ --------- --------- ---------
Total 27.5 29.7 60.2
------------------------------ --------- --------- ---------
IFRS 2 (Share-based payments) requires an expense for equity instruments granted
to be recognised over the appropriate vesting period, measured at their fair
value at the date of grant.
The Group has used the Black Scholes model to value instruments with non
market-based performance criteria such as earnings per share. For instruments
with market-based performance criteria, notably total shareholder return, the
Group has used a Monte Carlo model to determine the fair value.
The expense for the 6 months ended 31 March 2007 of £0.6m (2006: £0.3m) has been
credited to reserves.
5. Finance income and costs
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30 September
2006
£m £m £m
------------------------------ --------- --------- ---------
Interest receivable 0.4 0.2 0.5
------------------------------ --------- --------- ---------
Total finance income 0.4 0.2 0.5
------------------------------ --------- --------- ---------
------------------------------ --------- --------- ---------
Interest payable on
interest-bearing loans and
borrowings (1.6) (1.4) (3.1)
Net foreign exchange
losses - (0.1) -
Rearrangement fees for
bank loans (0.2) - -
------------------------------ --------- --------- ---------
Total finance costs (1.8) (1.5) (3.1)
------------------------------ --------- --------- ---------
Net finance costs (1.4) (1.3) (2.6)
------------------------------ --------- --------- ---------
6. Tax on profit/(loss) on ordinary activities
The tax charge for the six months ended 31 March 2007 is based on the estimated
tax charge for the full year to 30 September 2007 including the impact of
exceptional items.
The half-year tax charge of £1.4m (2006: tax credit of £0.3m) represents an
effective rate of 30% of profit before tax and exceptional items.
7. Dividends
------------------------------ --------- --------- ---------
Equity dividends 6 months to 6 months to 12 months to
31 March 2007 31 March 2006 30 September
------------------------------ --------- --------- 2006
---------
Number of shares in issue
at end of period (million) 326.5 326.5 326.5
Dividends paid in period
(pence per share) 0.5 1.3 1.8
------------------------------ --------- --------- ---------
Dividends paid in period
(£m) 1.6 4.2 5.9
------------------------------ --------- --------- ---------
In accordance with IFRS interim dividends are recognised in the period in which
they are paid and final dividends are recognised in the period in which they are
approved.
The dividend of £1.6m paid during the period ended 31 March 2007 relates to the
final dividend of 0.5 pence per share declared for the year ended 30 September
2006.
The dividend of £4.2m paid during the period ended 31 March 2006 relates to the
final dividend of 1.3 pence per share declared for the year ended 30 September
2005.
The dividends totalling £5.9m paid during the year ended 30 September 2006
relate to the interim dividend for the six month period to 31 March 2006 of 0.5
pence per share (£1.7m) and the final dividend declared for the year ended 30
September 2005 of 1.3 pence per share (£4.2m).
8. Earnings per share
Basic earnings per share are calculated using the weighted average number of
Ordinary shares outstanding during the period. Diluted earnings per share have
been calculated by taking into account the dilutive effect of shares that would
be issued on conversion into Ordinary shares of options and awards held under
employee share schemes.
------------------------------ --------- --------- ---------
Total Group 6 months to 31 6 months to 12 months to
March 2007
31 March 30 September
2006 2006
------------------------------ --------- --------- ---------
Weighted average number of shares
outstanding during the period:
- basic 324,447,025 326,404,239 325,697,195
- dilutive effect of
share options 3,096,068 181,529 1,435,955
- diluted 327,543,093 326,585,768 327,133,150
Basic earnings/(loss)
per share (in pence) 2.3 (3.6) (14.5)
Diluted
earnings/(loss) per
share (in pence) 2.3 (3.6) (14.5)
------------------------------ --------- --------- ---------
------------------------------ --------- --------- ---------
Continuing operations 6 months to 31 6 months to 12 months to
March 2007
31 March 30 September
2006 2006
------------------------------ --------- --------- ---------
Weighted average number of shares
outstanding during the period:
- basic 324,447,025 326,404,239 325,697,195
- dilutive effect of
share options 3,096,068 181,529 1,435,955
- diluted 327,543,093 326,585,768 327,133,150
Basic earnings/(loss)
per share (in pence) 2.2 (0.4) (10.8)
Diluted
earnings/(loss) per
share (in pence) 2.2 (0.4) (10.8)
------------------------------ --------- --------- ---------
The share options do not have a dilutive effect where there is a loss.
9. Assets held for sale and discontinued operations
During the period the Group disposed of its interest in Future Media Italy and
as such the results of Future Media Italy have been presented as 'discontinued
operations'. The business was sold for cash proceeds of £0.7m, resulting in a
profit on disposal of £0.1m.
During the period Future Media Italy reduced the Group's operating cash flows by
£1.3m, paid £nil in respect of investing activities and paid £nil in respect of
financing activities.
The results of the discontinued operations are set out below:
------------------------------ --------- --------- ---------
6 months to 31 6 months to 31 12 months to 30
March 2007 March 2006 September 2006
£m £m £m
------------------------------ --------- --------- ---------
Revenue 2.3 7.7 13.2
------------------------------ --------- --------- ---------
Operating
profit/(loss) 0.1 (10.5) (12.0)
------------------------------ --------- --------- ---------
Profit/(loss)
on ordinary
activities
before tax 0.1 (10.5) (12.0)
Tax on profit/(loss) on ordinary - - -
activities
------------------------------ --------- --------- ---------
Profit/(loss)
after tax of
discontinued
operations 0.1 (10.5) (12.0)
------------------------------ --------- --------- ---------
Gain on sale
of operations 0.1 - -
Tax on sale of operations - - -
------------------------------ --------- --------- ---------
Gain on sale
of operations
after tax 0.1 - -
------------------------------ --------- --------- ---------
Profit/(loss)
from
discontinued
operations 0.2 (10.5) (12.0)
------------------------------ --------- --------- ---------
An analysis of the assets and liabilities of Future Media Italy at the disposal
date of 1 December 2006 is set out below:
£m
----------------------- -------------
Property, plant and equipment 0.1
Inventories 0.6
Trade and other receivables 3.3
Cash and cash equivalents 0.6
Trade and other payables (4.2)
----------------------- -------------
Net assets at disposal 0.4
----------------------- -------------
10. Intangible assets
----------------------- --------- --------- --------- ---------
Goodwill Magazine Other Total
related
£m £m £m £m
----------------------- --------- --------- --------- ---------
Cost
At 1 October 2006 363.6 15.1 2.5 381.2
Additions - 0.1 0.4 0.5
Disposals (22.8) (1.8) (0.2) (24.8)
Exchange adjustments (1.0) (0.1) - (1.1)
----------------------- --------- --------- --------- ---------
At 31 March 2007 339.8 13.3 2.7 355.8
----------------------- --------- --------- --------- ---------
----------------------- --------- --------- --------- ---------
Amortisation
At 1 October 2006 (258.9) (9.0) (1.7) (269.6)
Charge for the period - (1.6) (0.4) (2.0)
Disposals 22.8 1.8 - 24.6
Exchange adjustments 0.4 0.1 - 0.5
----------------------- --------- --------- --------- ---------
At 31 March 2007 (235.7) (8.7) (2.1) (246.5)
----------------------- --------- --------- --------- ---------
Net book amount at 31 March 2007 104.1 4.6 0.6 109.3
----------------------- --------- --------- --------- ---------
Net book amount at 30 September 2006 104.7 6.1 0.8 111.6
----------------------- --------- --------- --------- ---------
Normalised results
for the six months ended 31 March 2007
-------------------------- ------ -------- -------- ---------
6 months to 31 6 months to 31 12 months to 30
March 2007 March 2006 September 2006
Note £m £m £m
-------------------------- ------ -------- -------- ---------
Revenue 1,2 94.1 98.7 196.5
-------------------------- ------ -------- -------- ---------
-------------------------- ------ -------- -------- ---------
Operating
profit before
exceptional
items,
impairment and
amortisation
of intangible
assets
(EBITAE) 7.7 6.9 15.1
-------------------------- ------ -------- -------- ---------
Adjusted earnings per 1p Ordinary share
-------------------------- ------ -------- -------- ---------
Note 6 months to 31 6 months to 31 12 months to 30
March March 2006 September 2006
2007 pence pence
pence
-------------------------- ------ -------- -------- ---------
Adjusted basic
earnings per
share 2 1.5 1.1 2.7
-------------------------- ------ -------- -------- ---------
Normalised results are presented to reflect better the current size and
structure of the business, which is consistent with how the business is managed
and measured on a day-to-day basis. The normalised results exclude revenues and
costs of activities closed or divested between 1 October 2005 and 31 March 2007.
Adjusted earnings per share are based on normalised results, but exclude
exceptional items, impairment and amortisation of intangibles and related tax
effects.
Notes to the normalised results
for the six months ended 31 March 2007
1. Normalised segmental reporting
a) Revenue by segment
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 30 September
£m 2006 2006
£m £m
------------------------------ --------- --------- ---------
United Kingdom 58.5 58.8 118.8
United States 24.4 27.0 54.4
France 11.5 13.6 24.4
Revenue between segments (0.3) (0.7) (1.1)
------------------------------ --------- --------- ---------
Total normalised revenue 94.1 98.7 196.5
------------------------------ --------- --------- ---------
b) EBITAE by segment
------------------------------ --------- --------- ---------
6 months to 6 months to 12 months to
31 March 2007 31 March 30 September
2006
£m 2006 £m
£m
------------------------------ --------- --------- ---------
United Kingdom 7.3 7.0 14.5
United States 1.1 0.4 2.8
France 0.8 1.1 1.2
Central costs (1.5) (1.6) (3.4)
------------------------------ --------- --------- ---------
Total normalised EBITAE 7.7 6.9 15.1
------------------------------ --------- --------- ---------
Additional analysis of the Group's normalised revenue by type is set out below:
i) Revenue by type
------------------------------ --------- --------- ---------
6 months to 31 6 months to 12 months to
March 2007
£m 31 March 30 September
2006
2006 £m
£m
------------------------------ --------- --------- ---------
Circulation 57.2 60.9 122.7
Advertising 34.4 35.9 69.0
Other 2.5 1.9 4.8
------------------------------ --------- --------- ---------
Total normalised
revenue 94.1 98.7 196.5
------------------------------ --------- --------- ---------
2. Reconciliation of statutory results to normalised results
a) Reconciliation of statutory revenue to normalised revenue
------------------------------ --------- --------- ---------
6 months to 31 6 months to 12 months to 30
March 2007 September 2006
31 March
2006
£m £m £m
------------------------------ --------- --------- ---------
Statutory
revenue -
Continuing
operations 95.3 107.0 211.7
Adjustment: UK
closed and
divested
activities (1.0) (5.4) (9.5)
Adjustment: US
closed and
divested
activities (0.2) (2.9) (5.7)
------------------------------ --------- --------- ---------
Normalised
revenue 94.1 98.7 196.5
------------------------------ --------- --------- ---------
b) Reconciliation of statutory operating profit before exceptional items,
impairment and amortisation of intangible assets (EBITAE) to normalised EBITAE
------------------------------ --------- --------- ---------
6 months to 31 6 months to 12 months to 30
March 2007 September 2006
31 March
2006
£m £m £m
------------------------------ --------- --------- ---------
EBITAE -
Continuing
operations 7.9 5.7 13.4
Adjustment: UK
closed and
divested
activities - 0.6 0.7
Adjustment: US
closed and
divested
activities (0.2) 0.6 1.0
------------------------------ --------- --------- ---------
Normalised
EBITAE 7.7 6.9 15.1
------------------------------ --------- --------- ---------
c) Reconciliation of basic earnings/(loss) per share to adjusted earnings per
share
------------------------------ --------- --------- ---------
6 months to 31 6 months to 12 months to 30
March 2007 September 2006
31 March
2006
pence pence pence
------------------------------ --------- --------- ---------
Basic
earnings/(loss)
per share -
Continuing
operations 2.2 (0.4) (10.8)
UK closed and
divested
activities - 0.2 0.2
US closed and
divested
activities - 0.2 0.3
Amortisation
of intangible
assets 0.6 0.8 1.8
Impairment of
intangible
assets - - 10.1
Exceptional
items (1.3) 1.1 2.8
Tax effect of
the above
adjustments - (0.8) (1.7)
------------------------------ --------- --------- ---------
Adjusted basic
earnings per
share 1.5 1.1 2.7
------------------------------ --------- --------- ---------
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