Interim Results

Yoomedia PLC 27 September 2002 27 September 2002 YooMedia plc ('YooMedia') Interim report for the Six Months Ended 30 June 2002 • Well-positioned to take a lead in the growing interactive television sector. On average, over 500,000 digital satellite viewers enter Sky Active each day (Sky tracker, June 2002) • TV chat applications currently provided for Sky One and Sky News • On 1 October 2002, chat applications will be offered to the dating service and Gamestar within Sky Active • New pay per play and subscription-based games and chat portal to be launched on UK digital cable within the next few months • Exclusive partnership entered into with the UK's leading dating service, Dateline • Over the last three months we have identified further new business opportunities and we are in the process of converting these into revenue streams Michael Sinclair, Executive Chairman said: 'This is a very exciting time for YooMedia, with more enhanced TV chat services shortly being offered on Sky Active and the imminent launch of our new games portal and chat service on Telewest, YooMedia is set to move into a revenue generating phase.' For further information, please contact: Michael Sinclair 020 8515 2800 Chairman's review It is barely three months since I last communicated with you in my Chairman's statement accompanying the 2001 accounts. At that time, I expressed the expectation that YooMedia's second generation chat and games services would be launched on digital cable TV by the end of the year. I am pleased to report that we still anticipate that the new games portal and chat service will be launched on Telewest within the next few months. The service will operate under the new brand 'YooMe2'. The games service will include some of the most advanced games ever created for the Liberate interactive TV platform and will include the hugely popular game 'Tetris'. The chat service is the only interactive TV service of its type available on cable in the UK. The launch of the new services marks a turning point which will see YooMedia move into a revenue generative phase. We hope to migrate these new products over to ntl within a few months. Current Trading Our relationship with Sky continues to develop and we are currently offering enhanced TV chat to Sky One and Sky News. As of 1 October 2002 we will also be providing chat applications to the dating service and Sky Gamestar within Sky Active. On average, over 500,000 digital satellite viewers enter Sky active each day. (Sky Tracker, June 2002). Over the last three months we have identified further new business opportunities and we are in the process of converting these into revenue streams. We have been approached by most of the major broadcasters in the UK, all of which are interested in our various chat solutions for both Sky and cable. We anticipate another significant transaction with a nationwide broadcaster will be concluded by 1 December 2002. The Board views dating as the next product that will be successfully commercialised on interactive television. I am pleased to announce that earlier this month the company signed an exclusive partnership with the UK's leading dating service, Dateline, a company owned by OneSaturday plc. This new service will launch on Telewest on or before 1 December 2002. The UK government has identified interactive television and, in particular, chat and messaging, as preferred methods of enhancing and widening the reach of local democracy. During August and September, we have devoted resources to identify areas where our products and services could be incorporated into the Government's initiative. In particular, we intend to focus our attention on healthcare, education and local government. I hope to be able to discuss this subject more fully in my statement accompanying the Annual Report for 2002. However, it is my personal view that this area of activity has the potential to become a major part of YooMedia's business going forward. Other Matters I referred, in my statement accompanying the annual accounts for 2001, to the collaboration between the Board and lawyers acting on behalf of certain minority shareholders in connection with events surrounding the Company's flotation in March 2000. I am pleased to report that negotiations are proceeding well. This collaborative effort has made fruitful progress and I hope to be able to report detailed arrangements to shareholders within the next few months. Conclusion The Company has experienced a net cash outflow as we have continued to invest in the development and promotion of services, thus creating capital value in our proprietary products. I am confident that, mindful of our ability to generate anticipated revenues from these services and products while managing cost and investment levels with care, that subject to unforeseen circumstances, the cash resources available to the Company are sufficient for the foreseeable future. Dr Michael J. Sinclair Executive Chairman 27 September 2002 Profit and loss account for the half year to 30 June 2002 Unaudited Unaudited Audited Six months Six months Year ended 31 ended 30 ended 30 December June 2002 June 2001 2001 Notes £ £ £ Turnover 9,184 2,183 15,200 Cost of sales (518,665) (242,866) (526,907) Gross loss (509,481) (240,683) (511,707) Administrative expenses 2 (2,564,982) (2,794,548) (4,971,119) Other operating income 3 - - 980,615 Operating loss (3,074,463) (3,035,231) (4,502,211) Net interest receivable 122,521 316,701 519,330 Loss on ordinary activities before taxation (2,951,942) (2,718,530) (3,982,881) Tax on loss on ordinary activities - - - Loss for the financial period (2,951,942) (2,718,530) (3,982,881) Loss per 10p share - basic and diluted 4 (3.85p) (3.54p) (5.19p) The results for the periods above are derived entirely from continuing operations. There is no difference between the loss on ordinary activities before taxation and the loss for the periods stated above, and their historical cost equivalents. Statement of total recognised gains and losses Unaudited Unaudited Audited Six months Six months Year ended 31 ended 30 ended 30 December June 2002 June 2001 2001 £ £ £ Loss for the period (2,951,942) (2,718,530) (3,982,881) Total losses recognised since last report (2,951,942) (2,718,530) (3,982,881) Balance sheet as at 30 June 2002 Unaudited Unaudited Audited Six months Six months Year ended 31 ended 30 ended 30 December June 2002 June 2001 2001 Notes £ £ £ Fixed assets Intangible assets - 19,335 4,840 Tangible assets 757,431 896,416 733,320 757,431 915,751 738,160 Current assets Debtors 741,467 641,382 473,148 Cash at bank and in hand 5 4,749,811 9,961,654 8,031,776 5,491,278 10,603,036 8,504,924 Creditors - Amounts falling due within one year (395,948) (1,449,733) (438,381) Net current assets 5,095,330 9,153,303 8,066,543 Net assets 5,852,761 10,069,054 8,804,703 Capital and reserves Called-up share capital 7,675,807 7,675,807 7,675,807 Share premium account 7,033,171 7,033,171 7,033,171 Capital redemption reserve 455,331 455,331 455,331 Profit and loss account (9,311,548) (5,095,255) (6,359,606) Equity shareholders' funds 6 5,852,761 10,069,054 8,804,703 Cash flow statement for the half year ended 30 June 2002 Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2002 June 2001 2001 Notes £ £ £ Continuing activities Operating loss (3,074,463) (3,035,231) (4,502,211) UITF 17 charge - 42,798 42,798 UITF 25 provision for National Insurance on share options - (94,016) (94,016) Depreciation charge 206,340 166,004 364,067 Amortisation of goodwill 4,840 14,495 28,989 Increase in debtors (300,938) (208,965) (39,692) Increase/ (decrease) in creditors (42,433) 387,478 (623,873) Net cash outflow from operating activities (3,206,654) (2,727,437) (4,823,938) Returns on investments and servicing of finance Interest received 134,457 324,997 526,588 Net cash inflow from returns on investments and servicing 134,457 324,997 526,588 of finance Taxation 20,683 - - Capital expenditure and financial investments Purchase of tangible fixed assets (230,451) (233,947) (268,915) Net cash outflow for capital expenditure and financial (230,451) (233,947) (268,915) investment Net cash outflow before management of liquid resources and (3,281,965) (2,636,387) (4,566,265) financing Management of liquid resources Decrease in short term deposits with banks 4,252,302 2,604,783 4,522,006 Financing Net cash inflow from financing - - - Increase/ (Decrease) in net cash 970,337 (31,604) (44,259) Cash flow statement for the half year ended 30 June 2002 (continued) Reconciliation to net funds Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2002 June 2001 2001 £ £ £ Increase/ (Decrease) in net cash 970,337 (31,604) (44,259) Movement in deposits (4,252,302) (2,604,783) (4,522,006) Movement in net funds for the period (3,281,965) (2,636,387) (4,566,265) Net funds at commencement of period 8,031,776 12,598,041 12,598,041 Net funds at end of period 4,749,811 9,961,654 8,031,776 Notes to the financial information for the half year to 30 June 2002 1 Basis of preparation Unless stated otherwise, the interim financial information has been prepared on the basis of the accounting policies set out in the Company's financial statements for the year ended 31 December 2001. The Company operates a scheme whereby certain employees obtain unconditional share options. In accordance with UITF 17 (Employee Share Schemes), the Company recognises a charge in the profit and loss account in respect of this share option scheme. The charge is the difference between the directors' estimate of the market value of the shares at the date of issue and the option price. The charge of £42,798 in the prior period is notional in that there is no underlying cashflow or other financial liability associated with the charge, nor does it give rise to a reduction in assets or shareholders' funds. The financial information contained in this interim report is unaudited. It does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. Statutory accounts for the year to 31 December 2001 have been filed with the Registrar of Companies. The report of the auditors contained a statement under S237(2) of the Companies Act 1985. Further copies of this report are available from our registered office: 179 Great Portland Street, London, W1W 5LS Going Concern The interim financial information has been prepared on a going concern basis the validity of which depends on the Company's ability to generate anticipated revenues and the lack of any significant, and successful, litigation against the Company which might arise in respect of the matters referred to in the Chairman's Statement. 2 Administrative expenses Included within Administrative expenses is an exceptional charge of £73,915, (six months ended 30 June 2001 £786,529), year ended 31 December 2001 £1,038,692 relating to legal and professional fees arising as a result of the investigation into the financial irregularities as described in the Chairman's Statement. 3 Other operating income Other operating income comprises exceptional receipts relating to money received from a bank account linked to Steve Laitman. 4 Loss per share The basic loss per share has been calculated by dividing the net loss for the period by the weighted average number of 76,758,071 shares in issue during the six months ended 30 June 2002 (six months ended 30 June 2001: 76,758,071, year ended 31 December 2001: 76,758,071). The company had no dilutive potential ordinary shares in any of the periods, and therefore there is no difference between the loss per ordinary share and the diluted loss per ordinary share. 5 Cash and Short Term Deposits Unaudited Unaudited Six months Six months Audited Year ended 30 June ended 30 June ended 31 2002 2001 December 2001 £ £ £ Cash 1,049,811 92,129 79,473 Short Term Deposits 3,700,000 9,869,525 7,952,303 Total Cash and Short Term Deposits 4,749,811 9,961,654 8,031,776 At 30 June 2002, 31 December 2001 and 30 June 2001 the Short Term Deposits were placed with banks for periods of up to 2 weeks. 6 Reconciliation of movement in shareholders' funds Unaudited Unaudited Six months Six months Audited Year ended 30 June ended 30 June ended 31 2002 2001 December 2001 £ £ £ Loss for the period (2,951,942) (2,718,530) (3,982,881) UITF 17 charge - 42,798 42,798 Net (reduction in)/ addition to shareholders funds (2,951,942) (2,675,732) (3,940,083) Opening shareholders' funds 8,804,703 12,744,786 12,744,786 Closing shareholders' funds 5,852,761 10,069,054 8,804,703 INDEPENDENT REVIEW REPORT TO YOOMEDIA PLC Introduction We have been instructed by the company to review the financial information which comprises a profit and loss account, statement of total recognized gains and losses, balance sheet as at 30 June 2002, cash flow statement and associated notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2002. Ernst & Young LLP London 27 September 2002 This information is provided by RNS The company news service from the London Stock Exchange

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