Interim Results

Internet Music & Media PLC 30 September 2002 30th September 2002 INTERNET MUSIC & MEDIA PLC Interim Results for the six months ended 30th June 2002 Chairman's Statement I am pleased to report on the interim results of Internet Music & Media ('the Company') and its subsidiaries ('the Group') for the six month period ended 30th June 2002. The results show a loss before taxation of £511,000, compared with a loss on the same basis of £2,971,000 for the same period last year. The Company's subsidiaries in Seattle, USA and the United Kingdom sell electronic dance music on Vinyl and CD though its web site, www.groovetech.com, which also broadcasts live and archived music from the Group's studios in London and Seattle, as well as a from a number of live club venues. A number of styles of music are catered for, including House, Techno, Drum and Bass, Hip Hop and Trance. The site, which has been developed by Groovetech over a two-year period, offers customers the opportunity to listen to samples before deciding to purchase and accepts major credit cards in a secure Internet environment. The site has won the award for Best Online Retailer at the 2001 UK Online Music Awards and Best Shopping Website at the 2002 Midemnet Awards. The Group has experienced consistent revenue growth during the period under review, continuing the trend set since September 2001. Monthly revenues have grown from a low point of £110,000 in September, 2001 (down from £148,000 in August, 2001) to a new monthly high of £246,000 in August 2002. This produced the first profitable and cash generative month in the history of the Group. The successful launch of the Groovetech membership wish list in January 2002, which enables customers to order out of stock or collectable items, has enabled our buyers to more accurately gauge customer demand, resulting in faster turnaround of inventory and increased margins. The Directors are very encouraged by the Group's consistent revenue growth and believe that, in the light of the repeat orders from existing customers and the growing number of new customers who are buying from the Group each month, the revenue growth now being experienced will continue for the foreseeable future. Margins are also continuing to improve, as increasing numbers of items are being sold in the UK which have been imported from the USA, and vice versa, which command a premium price. I hope to be able to confirm this continuing trend when I report next and, in the meantime, view the prospects for the Group with increasing confidence. Nicholas Cowan Chairman 30th September 2002. Consolidated Profit & Loss Account For the six months ended 30th June 2002 Note 6 months 6 months 12 months ended ended ended 30th June 30th June 31st December 2002 2001 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Turnover 1,009 446 1,260 Cost of sales (562) (392) (909) -------- -------- -------- Gross Profit 447 54 351 Administrative Expenses (931) (1,384) (2,661) Amortisaton of goodwill - (1,636) (9,807) Other operating income 1 - 17 -------- -------- -------- Net Operating Loss (483) (2,966) (12,100) Interest receivable/(payable) - net (28) (5) (57) -------- -------- -------- Loss on Ordinary Activities before Taxation (511) (2,971) (12,157) Tax on loss on ordinary activities - - - -------- -------- -------- Loss on Ordinary Activities After Taxation (511) (2,971) (12,157) -------- -------- -------- Loss per Share 4 Pence Pence Pence Basic (1.44) (20.32) (46.91) -------- -------- -------- Diluted (1.44) (20.32) (46.60) -------- -------- --------- Continuing operations All amounts derived from continuing operations Statement of Total Recognised Gains & Losses For the six months ended 30th June 2002 6 months 6 months 12 months ended ended ended 30th June 30th June 31st December 2002 2001 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Loss for the financial period (511) (2,971) (12,157) Unrealised foreign currency translation difference 14 126 59 -------- -------- -------- Total Recognised gains and losses relating to the period (497) (2,845) (12,098) -------- -------- -------- Consolidated Balance Sheet As at 30th June 2002 30th June 30th June 31st December 2002 2001 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Fixed Assets Intangible assets - 12,542 - Tangible assets 1,130 1862 1,493 -------- -------- -------- 1,130 14,404 1,493 -------- -------- -------- Current Assets Stocks 505 430 298 Debtors 150 107 132 Cash at bank and in hand 27 127 21 -------- -------- -------- 682 664 451 Creditors Amounts falling due within one year (856) (2,035) (491) -------- -------- -------- Net current liabilities (174) (1,371) (40) -------- -------- -------- Total assets less current liabilities 956 13,033 1,453 Creditors Amounts falling due after more than one year (700) (600) (700) -------- -------- -------- 256 12,433 753 -------- -------- -------- Capital and Reserves Called up Share Capital 3,561 4,262 3,561 Share premium account 13,451 15,176 13,451 Profit & Loss Account (16,756) (7,005) (16,259) -------- -------- -------- 256 12,433 753 -------- -------- -------- Equity interest (2,950) - (2,453) Non-equity interest 3,206 - 3,206 -------- -------- -------- 256 - 753 -------- -------- -------- Consolidated Cash Flow Statement For the six months ended 30th June 2002 Note 6 months 6 months 12 months ended ended ended 30th June 30th June 31st December 2002 2001 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities 5 (24) 227 (2,182) Return on investments and servicing of finance Net interest payable (28) (5) (57) Capital Expenditure Payments to acquire fixed assets (2) (377) (275) Financing Issue of Ordinary Share Capital - net proceeds - - 2,185 Bank loan received - 27 128 -------- -------- -------- Decrease in cash in the period 6 (54) (128) (201) -------- -------- -------- Notes to the Interim Results 1. Basis of Preparation The results for the six months ended 30th June 2002 are unaudited and have not been reviewed by the auditors. They have been prepared on accounting bases and policies that are consistent with those used in preparation of the financial statements of the company for the year ended 31st December 2001. The financial statements contained in this report do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The results for the year ended 31st December 2001 were reported on by the auditors and received an unqualified report. Full accounts for the year ended 31st December 2001 have been delivered to the Registrar of Companies. 3. Taxation No taxation is expected to arise on the result for the period. 2. Dividends No dividend is proposed for the period ended 30th June 2002. 4. Loss per share The loss per share for the six months ended 30th June 2002 has been calculated on the basis of the loss after taxation for the period of £511,000 and the weighted average number of shares in issue during the period of 35,464,800. There is no dilutive effect of options due to the fair price of the shares during the period being less than the exercisable price of these options. 5. Net cash (outflow)/inflow from operating activities 6 months ended 6 months ended Period 30th June 30th June ended 2002 2001 31st December (Unaudited) (Unaudited) 2001 £'000 £'000 (Audited) £'000 Operating loss (483) (2,966) (12,100) Depreciation of tangible assets 365 241 557 Amortisation of goodwill - 1,636 9,807 Increase in stocks (207) (154) (21) Increase in debtors (18) (34) (61) Increase/(decrease) in creditors 305 1,378 (374) Net effect of foreign exchange differences 14 126 10 -------- -------- -------- Net cash (outflow)/inflow from operating (24) 227 (2,182) activities ======== ======== ======== 6. Reconciliation of net cash flow to movement in net funds/(debt) 1st January Cash flow 30th June 2001 Movement 2002 £'000 £'000 £'000 Cash in hand and bank 21 6 27 Bank overdraft (31) (60) (91) -------- -------- -------- (10) (54) (64) Debt: Debts falling due after one year (700) - (700) -------- -------- -------- Net Debt (710) (54) (764) ======== ======== ======== 7. Copies of the Interim results will be available to members of the public from the Company's registered office, Unit 10, Latimer Industrial Estate, Latimer Road, London W10 6RQ. This information is provided by RNS The company news service from the London Stock Exchange

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