Interim Results
Totally PLC
25 September 2001
For Immediate Release
25th September, 2001
Totally Plc ('Totally' or 'the Company')
Interim announcement of results
for the six month period ended 30th June, 2001
Highlights
* Revenues of £744,640 for the six months to June 2001
* Monthly revenues in London Jewish News increased by 26%
over the first seven months of this year, with yield per page also increasing
by an impressive 41%
* London Jewish News ABC membership approved in June 2001
and www.totallyjewish.com received its ABC Electronic certification for page
impressions
* A joint venture agreement signed with a substantial
Israeli publisher regarding the development of Totally's US media activities
Chairman's Statement
With revenues for the group at £744,640 for the six months to June 2001, the
trading loss was £429,702. Taken with amortisation of £109,483 relating to
the London Jewish News acquisition and depreciation of £34,611, the net loss
before taxation was £573,796.
London Jewish News ABC membership was approved in June 2001 and
www.totallyjewish.com received its Audit Bureau of Circulation ('ABC')
electronic certification for page impressions. This is an important milestone
for the business. ABC is the national body, which audits and publishes
statistics in relation to circulation and distribution of newspapers and also
gives statistical information of users and impressions on websites. As a
result of these developments, both the London Jewish News and
www.totallyjewish.com become more credible in the eyes of potential
advertisers.
Current Trading
The advertising revenues of the group continue to grow. London Jewish News has
seen an increase in revenues of 26% over the first seven months of this year,
with yield per page also growing by 41%.
Independent user and reader research surveys have been completed across both
www.totallyjewish.com and London Jewish News respectively and a new Totally
media pack has now been created, promoting the group's products and services.
Again, this adds credibility to Totally's advertising proposition.
Services revenue also continue to grow, through winning several website
development contracts from commercial entities and Jewish communal
organisations. Demand for this service continues to build.
Prospects
Development of ancillary products to be sold into the Jewish community via
Totally's owned media is also under way. These include:
* New Dating Services - during the third quarter of this year, Totally
will be launching new online subscription and premium rate telephone dating
services. Currently www.totallyjewish.com has over 2,500 live dating
profiles. As existing users are migrated across to the new service, your
directors are optimistic that significant revenues will be generated.
* Totally Events - on December 31st last year Totally ran its first ever
party for 24-30 years old. Over 550 people attended and the evening proved
to be a commercial success. As a result, Totally has scheduled another
10 parties for 2001, the majority of which fall in the last 6 months of
the year. This aspect of the group's activity continues to grow and be
profitable.
Your directors believe that the formula of a Jewish newspaper and website
operating in a complementary manner is well on the way to being commercially
proven. This has now been recognised by a major Israeli publisher with which
Totally has signed a joint venture agreement. The agreement covers the
undertaking of a feasibility study whereby the two partners, together with a
number of outside consultants, are seeking to apply the Totally formula to
major metropolitan areas in the USA. A business plan is now being created with
a view to assessing the opportunities.
Your directors are encouraged by progress to date and continue to work toward
their short term goal of achieving profitability in the first half of 2002.
Dr Michael Sinclair
Chairman
25th September, 2001
Profit and loss account
For the 6 months ended 30th June, 2001
Note Period from Period from 28th
6 months 28th October October 1999 to
ended 1999 to 30th June,
30th June, 31st December, 2000
2001 2000
(unaudited) (audited) (unaudited)
£ £ £
Turnover 744,640 506,645 155,623
Other operating income 6,097 5,173 -
Staff costs (615,704) (822,373) (384,445)
Depreciation and other
amounts written off
tangible and intangible
fixed assets
- ordinary (144,094) (55,105) (7,050)
- exceptional - (1,154,420) (239,313)
Other operating charges (561,370) (945,697) (507,384)
-------- -------- --------
Total expenses (1,315,071) (2,972,422) (1,138,192)
-------- -------- --------
Operating loss (570,431) (2,465,777) (982,569)
Interest receivable 5,259 53,615 30,298
Interest payable (8,624) (4,285) -
-------- -------- --------
Loss on ordinary activities (573,796) (2,416,447) (952,271)
before taxation
Taxation - - -
-------- -------- --------
Retained loss for the period (573,796) (2,416,447) (952,271)
======== ======== ========
Loss per share - basic and 3 (2.03p) (16.08p) (7.66p)
diluted
Loss per share before 3 (7.66p)
goodwill amortisation - basic (1.64p) (8.21p)
-------- -------- --------
Balance sheet
As at 30th June, 2001
As at 30th As at 31st As at 30th
June, 2001 December, 2000 June, 2000
(unaudited) (audited) (unaudited)
£ £ £
Fixed assets
Investments 68,835 - -
Intangible fixed assets - goodwill 2,050,372 2,150,627 -
Tangible fixed assets 81,567 111,613 72,936
-------- -------- --------
2,200,774 2,262,240 72,936
Current assets
Debtors and prepayments 466,807 415,793 365,363
Cash at bank and in hand 157,877 445,712 1,064,354
-------- -------- --------
624,684 861,505 1,429,717
Creditors
Trade creditors (321,302) (359,344) (295,503)
Loans and overdrafts - (112,145) -
Accruals (32,964) (160,248) (48,656)
Finance leases (5,851) (5,566) -
Other taxation and social security (29,181) (33,487) (21,145)
-------- -------- --------
(389,298) (670,790) (365,304)
Net current assets 235,386 190,715 1,064,413
Total assets less current liabilities 2,436,160 2,452,955 1,137,349
Creditors - amounts falling due after
more than one year: finance leases (5,136) (8,132) -
-------- -------- --------
Net assets 2,431,024 2,444,823 1,137,349
======== ======== ========
Capital and reserves
Share capital 337,255 299,913 153,813
Share premium account 2,068,482 1,545,827 1,935,807
Merger reserve 3,015,530 3,015,530 -
Profit and loss account (2,990,243) (2,416,447) (952,271)
-------- -------- --------
Equity shareholders' funds 2,431,024 2,444,823 1,137,349
======== ======== ========
Notes to the Interim Results
1. Basis of preparation
The Interim Accounts for the six months ended 30th June, 2001 are unaudited
and do not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.
2. Dividends
No dividend is proposed for the six months ended 30th June, 2001.
3. Loss per share
The loss per share has been calculated by dividing the retained loss for the
period of £573,796 by the weighted average number of ordinary shares of
28,445,491 in issue during the period. The adjusted loss per share is based
on the loss before goodwill amortisation of £464,314.
4. Copies of Interim Results
Copies of the Interim Results will be sent to shareholders shortly and will be
available to members of the public from the Company's registered office, Aquis
Court, 31 Fishpool Street, St Albans, Hertfordshire AL3 4RF. Full accounts
for the period ended 31 December 2000, on which the auditors gave an
unqualified report and contained no statement under Section 237 (2) or (3) of
the Companies Act 1985, have been delivered to the Registrar of Companies.
Enquiries
Totally Plc
Steve Burns Tel: 020 7692 6929
John East & Partners Limited
John East Tel: 020 7628 2200
Nandita Sahgal