Interim Results

For Immediate Release 23rd June,2004 Talent Group Plc ('Talent' or 'the Company') Interim announcement of results for the six month period ended 31st March, 2004 Chairman's Statement I am delighted to report your company's results for the six month period ended 31st March, 2004. The interim figures show turnover of £3,281,000, against £ 1,552,000 for the same period last year and also show a reduction in the operating loss before goodwill to £31,000, against an operating loss before goodwill of £76,000 for the same period last year. The group continues to have a healthy cash position. Your directors are not declaring an interim dividend. It is particularly pleasing to be able to report this improvement at a time when we have increased our investment in people for the future benefit of your company. During the period under review, your company has continued to make progress towards the creation of a successful and profitable operational structure. Both its divisions are developing and expanding their programme pipelines, as well as ensuring that our existing established programmes continue to be recommissioned. In Talent Kids, 'Best of Friends' has been commissioned for a second series by CBBC and it is hoped that this will also be the case for 'Inside Clyde', the family game format which we are making for Walt Disney Television. In addition, the major international comedy drama series for young teenagers we have referred to previously continues to make progress. In general entertainment, 'Test the Nation' continues its success in attracting very good audiences on BBC One and we look forward to further development of that franchise both in the UK and in the Far East. We also have a number of major new projects at the development stage and currently awaiting approval from broadcasters. Within Talent's factual entertainment team, we have created a new comedy science show for Channel 4 called 'Do Fish Fart ?'. This is an important breakthrough with a new broadcaster. A pilot show has been produced and we wait to hear whether this will lead to the commissioning of a full series. In documentaries, NHK of Japan has commissioned three programmes produced in the high definition HDTV format, which start filming in Italy this summer. These achievements demonstrate the increasingly successful strategy of expanding the number of series produced in our selected genres for a wide range of broadcasters both in the UK and selected overseas markets. Your Board continues to believe in recruiting talented individuals and to this end has recruited Alexandra Henderson, the producer of Test the Nation, to the Talent team on a full time basis. This provides the group with the opportunity to develop and produce series within the political, current affairs and major event broadcasting genres. I am also delighted that Mark Linsey, formerly the Managing Director of Zeal TV, is joining Talent as Director of Entertainment as of 16th August. This appointment completes the senior management team and provides the depth and breadth of experience required to move forward and take advantage of the opportunities which your directors believe will exist in our quickly changing industry over the next few years. We expect a continued improvement in turnover for the full year and are cautiously optimistic of making further progress into 2004-05. My personal thanks go to my co-directors and all of our excellent people within Talent, for their contribution towards our progress. Robert Benton Chairman 23rd June, 2004 Profit and loss account For the six months ended 31st March, 2004 6 months to 6 months to Year ended 31st March, 31st March, 30th September, 2004 2003 2003 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Turnover 3,281 1,552 2,919 Cost of sales (2,666) (1,254) (2,244) -------- -------- -------- Gross result 615 298 675 Operating costs Administrative expenses (646) (374) (1,083) Goodwill write-off (60) (30) (90) -------- -------- -------- (706) (404) (1,173) Operating loss (91) (106) (498) Net interest 4 9 18 -------- -------- -------- Loss before taxation (87) (97) (480) Taxation (3) - 49 -------- -------- -------- Loss for the period (90) (97) (431) ======== ======== ======== Basic loss per share (pence) (0.56)p (0.86)p (3.10)p ======== ======== ======== Diluted loss per share (pence) (0.50)p (0.77)p (2.77)p ======== ======== ======== Group balance sheet As at 31st March, 2004 31st March, 31st March, 30th September, 2004 2003 2003 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 £'000 £'000 £'000 Fixed assets Tangible assets 44 29 41 Goodwill 1,046 1,166 1,106 -------- -------- -------- 1,090 1,195 1,147 Current assets Debtors 239 479 1,139 Work in progress 57 79 109 Cash at bank and in hand - General 485 296 394 - Controlled 1,065 755 366 productions -------- -------- -------- 1,846 1,609 2,008 Creditors: amounts (1,533) (971) (1,658) falling due within one year -------- -------- Net current assets 313 638 350 -------- -------- -------- Total assets less 1,403 1,833 1,497 current liabilities Creditors - amounts (14) (20) (18) falling due after more than one year -------- -------- -------- Net assets 1,389 1,813 1,479 ======== ======== ======== Capital and reserves Called up share 6,310 6,310 6,310 capital Share premium 11,634 11,634 11,634 account Profit and loss (16,555) (16,131) (16,465) account -------- -------- -------- Shareholders' funds 1,389 1,813 1,479 ======== ======== ======== Consolidated cash flow statement For the six months ended 31st March, 2004 6 months to 6 months to Year ended 31st March, 31st March, 30th 2004 2003 September, (unaudited) (Unaudited) 2003 (Audited) £'000 £'000 £'000 Net cash in/(out)flow from 908 (87) (760) operating activities Returns on investments and servicing of finance Interest paid (2) - (1) Interest received 6 9 19 -------- -------- -------- 4 9 18 -------- -------- -------- Taxation (3) - 322 Capital expenditure and financial investment Purchase of tangible fixed assets (11) - (27) -------- -------- -------- (11) - (27) -------- -------- -------- Acquisitions Purchase of subsidiary - (150) (180) undertaking Cash acquired with subsidiary - 573 573 undertaking -------- -------- -------- Net cash inflow from acquisitions - 423 393 -------- -------- -------- Increase/(Decrease) in cash 898 345 (54) ======== ======== ======== NOTES TO THE INTERIM RESULTS 1. INTERIM RESULTS The interim financial statements do not comprise statutory accounts for the purposes of s240 of the Companies Act 1985. 2. TURNOVER AND LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION The results for the six months ended 31 March 2004 and 31 March 2003 are unaudited. The audited results for the year ended 30 September 2003 have also been shown. 3. GOODWILL Goodwill arising on the acquisition of Talent Group Limited is being written off on a straight line basis over ten years. 4. LOSS PER ORDINARY SHARE The loss per share is based on a loss of £90,000 (six months ended 31 March 2003: £97,000; year ended 30 September 2003: £431,000), being the loss attributable to ordinary shareholders, and a weighted average of 16,210,284 (31 March 2003: 11,177,514; 30 September 2003: 13,894,134) ordinary shares. The diluted loss per share is based on a time weighting of the options granted by the current Talent Group employee share option plan. 5. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31st 31st 30th March, March, September, 2004 2003 2003 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Loss for the financial period (90) (97) (431) Issue of shares - 1,184 1,184 -------- -------- -------- Net movement in shareholders' funds (90) 1,087 753 Shareholders' funds at 1st October, 1,479 726 726 2003 -------- -------- -------- Shareholders' funds at 31st March, 2004 1,389 1,813 1,479 ======== ======== ======== 6. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 31st 31st 30th March, March, September, 2004 2003 2003 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Operating loss (91) (106) (498) Depreciation and impairment on tangible 8 3 16 fixed assets Impairment losses on fixed asset - 3 3 investments Goodwill amortisation 60 30 90 Work in progress write-off 52 22 76 Loss on sale of tangible fixed assets - - 11 Decrease) / (increase) in debtors 900 (46) (1,047) (Decrease) / increase in creditors (21) 7 589 -------- -------- -------- Net cash inflow / (outflow) from 908 (87) (760) operating activities ======== ======== ======== 7. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 31st 31st 30th March, March, September, 2004 2003 2003 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Increase / (decrease) in cash in the 898 345 (54) period -------- -------- -------- Movement in net funds in the period 898 345 (54) Net funds at beginning of period 652 706 706 -------- -------- -------- Net funds at end of period 1,550 1,051 652 ======== ======== ======== 8. 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, Lion House, Red Lion Street, London, WC1R 4GB. Enquiries Talent Group Plc Tony Humphreys / Colin Nicholl Tel: 020 7421 7800 John East & Partners Limited John East Tel: 020 7628 2200

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