Final Results

Milestone Group PLC 08 February 2005 For Immediate Release 8 February 2005 MILESTONE GROUP PLC RESULTS FOR THE 12 MONTHS ENDED 30TH SEPTEMBER 2004 Milestone Group PLC ('Milestone' or 'the Group'), the cross media group focussed on local markets, today announces its results for the year ended 30th September 2004. Highlights during the period â€¢ Turnover on continuing activities up to Â£5.7m (2003: Â£5.4m*) â€¢ Operating losses for the year (excluding goodwill amortisation and impairment) of Â£1.9 million (2003: loss of Â£2.7 m*), in line with expectations â€¢ Successful disposal of non-core radio assets including Time FM and Fusion FM for Â£1.25m â€¢ Progress made on Publishing Division, with sales of Â£3.8m (2003: Â£3.7m*), including: - Continued success of Basingstoke Observer with ABC Verification and gain in market share - Courier Group moving from door-to-door to collection distribution. - Appointment of Tom McGowran as Publishing Director - Courier/ Journal joint re-branding â€¢ Continued progress on Radio Division, with continuing revenues of Â£1.8m up 24% (2003: Â£1.4m*): - All stations have increased RAJAR audience ratings, with Passion 107.9 in Oxford doubling its reach year on year and Rugby FM consolidating its position as the outright market leader, with a 43% reach in the latest Wave 4, 2004 release. - Revenue growth on 2003 for all stations - Passion 107.9 +140 % - Kestrel FM +15% - Kick FM +3% - Rugby FM +18% â€¢ Television Division revenue stable - Major Regulatory review of digital opportunities for local television due 2005 - impairment of goodwill Â£2.8m - Focus on cost cutting successfully implemented - Significant potential new long term contracts â€¢ Cross media revenues substantially increased during the year with Â£0.2m of revenues identified as coming from the unique cross-media offer *Comparable figures consist of the audited figures for the group from 1 July 2003 to 30 September 2003 plus the un-audited figures for the nine months from 1 October 2002 to 30 June 2003. Commenting on the results, Andy Craig, Chief Executive, said: 'We have been able to grow the business as well as prove that the cross media model for local markets can succeed. We believe that Milestone is now in a much better position to deliver further growth over the coming year.' For further information: Milestone Group Tel: 01235 547 800 Andy Craig - Chief Executive Arden Partners Limited Tel: 020 7398 1632 Richard Day Buchanan Communications Tel: 020 7466 5000 Bobby Morse / Suzanne Brocks/ Eleanor Williamson Attached: Chairman's Statement Chief Executive's Review Consolidated Profit & Loss Account Consolidated Balance Sheet Consolidated Cash flow Statement Notes to the Accounts CHAIRMAN'S STATEMENT Milestone has continued to develop its core business, providing a range of opportunities for clients to advertise on our local media delivery platforms, with a continued strong emphasis on quality of client service and value. The year has seen a number of challenges overcome and the board is focussed on moving into positive cash flows in the 3 operating divisions, publishing, radio and TV in this current financial year. In May 2004 we welcomed Tom McGowran as our new Publishing Director. As former Chief Executive of Tindle Newspapers, Tom has a wealth of experience in the local publishing sector. In September 2004, we invited Tom to join the main PLC board and his knowledge and ability is a significant and welcome addition to the Group. Since joining us Tom has put in place new structures and disciplines, which have already started to have an impact on improving sales yields in the publishing division. Our radio stations have again increased their audiences as demonstrated by RAJAR. Locally focussed radio stations are a key part of our cross media strategy and there are exciting opportunities to add to our portfolio through new licence applications in the coming year. This will require further investment in our operations and we are confident that with our commitment to making radio licences work this is an area of real opportunity. Local Television is currently under review by Ofcom and DCMS. Whilst the board sees significant opportunity in this area, it has decided, to write-off the remaining goodwill, Â£2.8m within the Group's television division. The board continues to believe that the Group's investment in local television will provide a satisfactory return. Milestone is now much better placed to grow organically and by acquisition across all platforms of local media. I would again like to place on record my thanks to our staff without whose skills, intelligence and enthusiasm we could not deliver the quality products that we do. Julian Blackwell Chairman CHIEF EXECUTIVE'S REVIEW Turnover for the year to September 2004 was up to Â£5.9m, (Â£5.8m in 2003). Turnover without the disposed of London stations was Â£5.7m (Â£5.4m 2003). The operating loss (excluding goodwill write off and impairment) for the 12 months ended 30 September 2004 was Â£1.9 million, in line with our expectations at the time of the March interim statement (2003:Â£2.7 million). We anticipate that all divisions will become cash flow positive in the course of the current financial year. Milestone has continued to produce original content targeted at discrete local communities through local news and entertainment across our publishing, radio and television platforms - as part of the cross media strategy supported by paid for commercial advertising. Cross promotion and cross selling has resulted in a steady growth in listeners in and new revenues. We have disposed of non-core assets, and acquired and developed new ones, which I believe, have great potential for the future. We will continue to explore opportunities to enhance shareholder value by acquiring (and on occasions rationalising) assets as appropriate. An active and targeted programme of new radio licence applications is a large part of this effort. Publishing Division Sales Â£3.8m (2003: Â£3.7m), Operating loss Â£0.2m (2003: loss Â£0.2m) The revenue in the Publishing division increased by 2%. Last year we reported the integration of the management and back office functions of the Basingstoke Observer and Courier Newspapers. This process was further enhanced in May 2004 by the appointment of Tom McGowran as Group Publishing Director. The publishing division consists of the Courier Group, based in Oxfordshire and focussed on serving the majority of this county, and the Basingstoke Observer, serving North Hampshire. A range of titles and 'sister' titles are published specialising in local news, property and motors - all distributed free within their circulation areas. Revenue at the Basingstoke Observer has increased 23% helped by the introduction of the Basingstoke Property weekly. Besides benefiting from its integration with the Courier Group, the Basingstoke Observer benefits from the cross media activities with Kestrel FM and some 10% of its revenue derives from this relationship. The Basingstoke Observer has achieved ABC verification. ABC holds one of the most renowned brands within the media industry providing circulation figures for newspapers, magazines, business-to-business publications, directories, leaflets, exhibitions and websites. The core values of the ABC brand are independence, transparency and comparability. The Basingstoke Observer having obtained the ABC certificate for its collection distribution can now build upon this to attract national advertising. Revenue at the Courier Group fell back 2.7% as the number of titles were rationalised and management focussed on improving revenue contribution. A new monthly arts and culture magazine 'Oxfordshire Living' was launched. The Courier has also helped develop the 'what's on and what's happening' Passion Magazine in conjunction with Passion 107.9, our Oxford radio station. In December 2003 we commenced the introduction of an in-house advertisement design and production department. This resulted in an increase in the cost of sales whilst parallel external and internal operations continued during the set-up stages. The department is now fully operational with all 'pre-press' requirements being satisfied in house and increased efficiency and cost savings being delivered. As mentioned in our interim statement, in addition to the set up costs of the production department, the short-term nature of sales contracts at the Courier Group led to fluctuating revenues and an overall negative impact on the publishing division's profitability to September 2004. A comprehensive programme of staff training and new sales and production procedures has led to improved revenue yields and longer-term contracts. Publishing Division post balance sheet events Subsequent to the year-end, the Courier and Journal titles have been re-branded as 'Courier Journal' with a combined new masthead and local versions targeted at individual conurbations within Oxfordshire. This has led to cost efficiencies in print. Commencing in December 2004 the Courier Journal is progressively switching to collection distribution from dispensers, rather than door-to-door. As the Basingstoke Observer (which moved to collection distribution two years ago) has shown, this enables an increase in the number of conurbations served by the titles whilst reducing distribution costs and enabling an increase in the advertiser base. The Basingstoke Observer has also cut its fixed costs through the negotiation of a new printing contract. The print contract was moved to an independent contractor who could provide more colour at a competitive price. This contract will be kept under review as the need to increase the number of colour pages has already exceeded expectations as we develop the Property Weekly supplement. Radio Division Revenue from continuing activities Â£1.8m (2003: Â£1.4m) Operating loss Â£0.2m (Â£2003: Â£0.5m) In January 2004, the Group completed the disposal of its two non-core South London radio stations Time FM and Fusion 107.3 FM. The results for the year include a Â£0.3m loss on this disposal at an aggregate consideration of Â£1.25m. The period saw improved revenues at each of the four local commercial radio stations controlled by the Group: â€¢ Passion 107.9 (Central Oxfordshire) - +140% â€¢ Kestrel FM (North Hampshire) - + 15% â€¢ Kick FM (West Berkshire) - +3% â€¢ Rugby FM (Rugby, Warwickshire) - + 18% Radio division post-balance sheet events Subsequent to the year-end, the radio division has continued its steady audience growth. The latest official listening figures from RAJAR (Wave 4, 2004, released January 2005) show increased market share at all four radio stations compared to the same period last year. In particular, Passion 107.9, which has benefited from cross-promotion with Milestone's other media assets in Oxfordshire, has seen its weekly adult audience reach double year-on-year. The Group continues to seek appropriate opportunities to expand its radio interests organically and by acquisition. The Burn FM Limited, the consortium in which we were a minority shareholder, was not, awarded the new FM Licence for Blackburn in December 2004. We are currently minority shareholders in a further consortium that has submitted an application for the FM licence for Cornwall. Applications for radio licences remain as competitive as ever. The Group has a policy of submitting well-researched, targeted, applications for such licences with a high success rate. We intend to continue to pursue this strategy and we will be submitting an application for the licence for Banbury due in February 2005. We also welcome Ofcom's recent announcement that it will be advertising a licence in Warwick in summer 2005, an area in which Milestone has been campaigning for a new licence to be made available. Television Division Revenue Â£0.2m (2003: Â£0.2m) Operating loss Â£0.5m (2003: loss Â£0.6m) The acquisition of the minority shares of Oxford Broadcasting Limited announced in September 2003 was completed in October 2003. In March 2004 The Group was able to acquire the terrestrial Local Television licences for Southampton and Portsmouth. Whilst the latter was acquired 'off air' we rapidly took the opportunity to re-brand Southampton Television as 'SIX TV'. Independent research projects completed in the summer and autumn of 2004 gave SIX TV (of available homes that could receive the signal) a daily adult audience reach of 15% in Oxfordshire and 19% in Southampton. We have implemented significant cost-savings by operating our two current 'on air' licences, SIX TV Oxford and SIX TV Southampton with a greatly reduced core staff. This will improve the operating results. Local television licences have previously been issued on a four-year basis. The licence for Six TV Oxford was last renewed in June 2003 and was being amortized on this basis. In December 2004, Ofcom announced that all local TV licences would be extended to June 2007. Whilst this has the effect of extending the licences for Southampton and Portsmouth beyond their renewal dates of April 2005 /October 2006 and February 2005 respectively, it brings into question the future of local analogue TV licences overall. We are lobbying continually and strongly with DCMS and Ofcom that there should be an automatic rollover to Digital for those analogue licences, which are extant. Ofcom and DCMS have indicated that their review of Digital local television will be undertaken in 2005 and for this reason the board after careful deliberation and having taken advice from its advisors have decided that the prudent accounting treatment is to reduce the goodwill relating to these TV licences to zero. Television Division post-balance sheet events Subsequent to the year-end we have further reduced costs by introducing a commission-only sales force. We have also gained our first significant contract to provide programming to the education sector. Operating losses will continue to be reduced pending clarification of Ofcom's review Dividend Policy The Board's intention is for the Company to re-invest any net earnings to finance the growth and expansion of its business and accordingly they do not intend that the Company shall pay dividends in the foreseeable future. The Board will continue to review the appropriateness of its dividend policy as the business of the Group develops. Outlook Through increased efficiencies and further growth in turnover the Group is moving its current trading activities towards a position of positive cash-flow on our existing operations in the current year. Trading in the first quarter of the new period gives the confidence that this will be achieved. We look forward to further capitalising on our cross media strategy. Milestone Group PLC Consolidated profit and loss account for the year ended 30 September 2004 Unaudited Audited Year ended 1 July 2003 30 to 30 September September 2004 2003 Note Â£ Â£ Turnover 5,852,803 1,191,089 Cost of sales 3,351,014 672,751 Gross Profit 2,501,789 518,338 Distribution costs 123,875 28,868 Administrative expenses: Impairment of goodwill 2,884,549 2,189,490 Other administrative expenses 5,891,833 1,924,720 8,776,382 4,114,210 (6,398,468) (3,624,740) Other operating income 68,806 40,130 Group operating loss 2 (6,329,662) (3,584,610) Share of operating loss in associated 229,750 77,930 undertakings Loss on disposal of group operations 305,927 - Loss on ordinary activities before interest (6,865,339) (3,662,540) Interest receivable - group 36,766 19,834 - associated undertakings 604 - Interest payable - group (11,735) (13,760) - associated undertakings (21,341) - Loss on ordinary activities before taxation (6,861,045) (3,656,466) Taxation on loss from ordinary activities 3 (29,211) 5,523 Loss on ordinary activities after taxation (6,831,834) (3,661,989) Minority interest 25,671 26,051 Loss for the financial year (6,806,163) (3,635,938) Basic and diluted loss per share 4 (31.11) p (39.08) p All amounts relate to continuing activities All recognised gains and losses are included in the profit and loss account Consolidated balance sheet at 30 September 2004 Unaudited Audited Note 2004 2004 2003 2003 Â£ Â£ Â£ Â£ Fixed assets Intangible assets 8,686,209 14,075,558 Tangible assets 1,011,068 1,098,148 Fixed asset investments 1,074,075 1,237,787 10,771,352 16,411,493 Current assets Debtors 1,392,062 1,431,334 Cash at bank and in hand 299,786 894,770 1,691,848 2,326,104 Creditors: amounts falling due within one year 1,909,633 1,874,771 Net current (liabilities)/ (217,785) 451,333 assets Total assets less current 10,553,567 16,862,826 liabilities Creditors: amounts falling due after more than one year 142,095 152,163 Provisions for liabilities and - 15,523 charges 10,411,472 16,695,140 Capital and reserves Called up share capital 2,210,510 2,159,998 Share premium account 7,222,235 6,997,235 Merger reserve 11,119,585 10,889,978 Profit and loss account (10,234,857) (3,428,694) Equity shareholders' funds 5 10,317,473 16,618,517 Minority interests (equity) 93,999 76,623 10,411,472 16,695,140 Consolidated cash flow statement for the year ended 30 September 2004 Unaudited Audited Note 2004 2004 2003 2003 Net cash outflow from operating activities 6 (1,776,239) (1,036,278) Returns on investments and servicing of finance Interest received 36,766 19,834 Interest paid (11,735) (13,760) Net cash inflow from returns on investments and servicing of 25,031 6,074 finance Taxation UK corporation tax - - Capital expenditure Payments to acquire tangible fixed (86,170) (5,917) assets Receipts from sale of tangible 20,354 - fixed assets Net cash outflow from capital expenditure (65,816) (5,917) Acquisitions and disposals Purchase of subsidiary - (4,500,000) undertakings Overdraft acquired with subsidiary undertakings - (314,557) Sale of business operations 1,250,000 - Bank overdraft disposed of with business operations 12,027 - Costs of disposal of business (151,479) - operations Investment in associated (73,087) - undertaking Net cash inflow/(outflow) from acquisitions 1,037,461 (4,814,557) Cash outflow before financing (779,563) (5,850,678) Financing Issue of share capital - 8,130,000 Cost of issuing share capital - (657,765) Loan repayments (2,298) (978,000) Capital element of finance leases (44,039) - repaid Cash (outflow)/inflow from financing (46,337) 6,494,235 (Decrease)/increase in cash in the year 7,8 (825,900) 643,557 Milestone Group PLC 1. Accounting policies The preliminary announcement has been prepared under the historical cost convention, and is in accordance with applicable accounting standards. The following principal accounting policies have been applied: Basis of consolidation The consolidated financial statements incorporate the results of Milestone Group PLC and all of its subsidiary undertakings as at 30 September 2004 using the acquisition method of accounting. Under the acquisition method, the results of subsidiary undertakings are included from the date of acquisition. Valuation of investments Investments in subsidiaries are stated at cost (being the par value of shares issued where merger relief applies) less impairment. Other investments held as fixed assets are stated at cost less any provision for impairment in value. Goodwill Goodwill arising on an acquisition of a subsidiary or associated undertaking is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life. This has been estimated as follows: Publishing Division - 20 years Radio Division - over the licence period Television Division - over the licence period Impairment tests on the carrying value of goodwill are undertaken: â€¢ at the end of the first full financial year following acquisition; â€¢ in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. Associates An entity is treated as an associated undertaking where the group has a participating interest and exercises significant influence over its operating and financial policy decisions. In the group financial statements, interests in associated undertakings are accounted for using the equity method of accounting. The consolidated profit and loss account includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on audited financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets including any unamortised premium paid on acquisition. The premium on acquisition is dealt with under the goodwill policy. Turnover Turnover represents sales to external customers at invoiced amount less value added tax. Turnover represents advertising income, from the group's radio, television and publishing divisions. Airtime is recognised on the date of broadcast and advertising revenues from publishing are recognised on publication of the related advert. Income relating to invoices raised in advance of the airing or publication of an advert are treated as deferred income and are carried forward on the balance sheet. Depreciation Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, evenly over their expected useful lives. It is calculated at the following rates: Leasehold improvements - 10-20% per annum, or over the period of the lease or licence Fixtures, fittings and computer and office equipment - 12.5%-33% per annum, or over the period of the licence Plant and machinery - 10-50% per annum Production and studio - 20% per annum equipment Motor vehicles - 25-33% per annum Finance costs Finance costs are charged to profit over the term of the debt so that the amount charged is at a constant rate on the carrying amount. Finance costs include issue costs which are initially recognised as a reduction in the proceeds of the associated capital instrument. Financial instruments â€¢short term debtors and creditors are not treated as financial assets or financial liabilities; â€¢the group does not hold or issue derivative financial instruments for trading purposes. Deferred taxation Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates it will make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted. Leased assets Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account. Lease payments are analysed between capital and interest components. The interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balances of capital repayments outstanding. The capital element reduces the amounts payable to the lessor. All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the term of the lease. Pension costs Contributions to the group's defined contribution pension scheme and the directors' personal pension scheme are charged to the profit and loss account in the year in which they become payable. Share based employee remuneration When shares and share options are awarded to employees a charge is made to the profit and loss account based on the difference between the market value of the company's shares at the date of grant and the option exercise price in accordance with UITF Abstract 17 (Revised 2003) 'Employee Share Schemes'. The credit entry for this charge is taken to the profit and loss reserve and reported in the reconciliation of movements in shareholders' funds. National Insurance on Share Options To the extent that the share price at the balance sheet date is greater than the exercise price on options granted under unapproved schemes after 19 May 2000, provision for any National Insurance contribution has been made based on the prevailing rate of National Insurance. The provision is accrued over the performance period attaching to the award. Impairment of fixed assets and goodwill The need for any fixed asset impairment write down is assessed by comparison the carrying value of the asset against the higher of its realisable value and value in use. Liquid resources For the purposes of the cash flow statement, liquid resources are defined as current asset investments and short term deposits. 1. Operating loss Unaudited Audited Year ended 1 July 2003 30 September to 30 September 2004 2003 Â£ Â£ This is arrived at after charging: Depreciation 242,376 88,774 Loss on disposal of fixed assets 14,719 - Amortisation of goodwill arising on 1,580,121 343,588 consolidation Market research 49,426 27,605 Hire of plant and machinery - operating leases 17,138 18,756 Hire of other assets - operating leases 85,233 57,258 Hire of land and buildings - operating leases 139,500 5,500 Auditors' remuneration - audit services 127,000 118,178 - non-audit services 65,095 12,850 Impairment of goodwill 2,884,549 2,189,490 In addition non-audit fees of Â£nil (2003 - Â£235,027) have been charged to the share premium account. The directors have considered the carrying value of goodwill in accordance with FRS 11 'Impairment of Fixed Assets and Goodwill'. Based on their review they have concluded that the goodwill is impaired and have therefore written it down to the lower of the carrying value and the net recoverable amount. 2. Taxation on loss from ordinary activities Unaudited Audited Year ended 1 July 2003 30 September to 30 September 2004 2003 Â£ Â£ UK corporation tax Current tax on losses of the year - - Deferred tax Origination and reversal of timing (15,523) 5,523 differences Other tax Share of associated undertaking's tax (13,688) - credit Taxation on loss on ordinary activities (29,211) 5,523 The tax assessed for the year is different than the standard rate of corporation tax in the UK. The differences are explained below: Unaudited Audited Year ended 1 July 2003 30 September to 30 September 2004 2003 Â£ Â£ Loss on ordinary activities before tax (6,861,045) (3,656,466) Loss on ordinary activities at the standard rate of corporation tax in the UK of 19% (1,303,599) (1,096,940) (2003 - 30%) Effects of: Expenses not deductible for tax 663,676 859,494 purposes Capital allowances for year in excess 11,839 72,011 of depreciation Unutilised tax losses 846,110 158,605 Income not taxable for tax purposes (195,625) (2,200) Utilisation of tax losses (19,517) - Other items (2,884) 9,030 Current tax charge for the year - - Factors that may affect future tax charges Deferred tax assets of approximately Â£2.5 million (2003 - Â£3 million) have not been recognised in the financial statements as there is currently insufficient evidence that any deferred tax assets would be recoverable. The group has unutilised tax losses of approximately Â£8 million (2003 - Â£10 million) available for relief against future profits, subject to agreement by the Inland Revenue. 3. Loss per share Basic loss per share has been calculated in accordance with FRS 14. Basic loss per share has been calculated by dividing the loss on ordinary activities before taxation by the weighted average number of ordinary shares in issue during the year. The weighted average number of equity shares in issue was 21,877,541 (2003 - 9,303,269) and the loss was Â£6,806,163 (2003 - Â£3,635,938). The effect of all potential ordinary shares is antidilutive. 4. Reconciliation of movements in shareholders' funds Unaudited Audited Group Group 2004 2003 Â£ Â£ Loss for the year (6,806,163) (3,635,938) Capital contribution - 207,244 Flotation costs - (1,552,765) Shares issued in the year 50,512 2,159,998 Merger reserve 229,607 10,889,978 Premium on shares issued in the year 225,000 8,550,000 Net (reduction in)/addition to (6,301,044) 16,618,517 shareholders' funds Opening shareholders' funds 16,618,517 - Closing shareholders' funds 10,317,473 16,618,517 Capital contribution The capital contribution represented capital provided to the group which is not represented by issued shares. The group has no obligations to transfer economic benefits to the providers of these capital contributions, as defined by Financial Reporting Standard 4 'Capital Instruments'. 6. Reconciliation of operating loss to net cash outflow from operating activities Unaudited Audited Year ended 1 July 2003 30 September to 30 September 2004 2003 Â£ Â£ Operating loss (6,329,662) (3,584,610) Amortisation and impairment of intangible 4,464,670 2,533,078 fixed assets Loss on disposal of fixed assets 14,719 - Depreciation of tangible fixed assets 242,376 88,774 (Increase)/decrease in debtors (132,131) 42,772 Decrease in creditors (36,211) (116,292) Net cash outflow from operating (1,776,239) (1,036,278) activities 7. Reconciliation of net cash outflow to movement in net debt Unaudited Audited Year ended 1 July 2003 30 September to 30 September 2004 2003 Â£ Â£ (Decrease)/increase in cash (825,900) 643,557 Cashflow from changes in debt and lease 46,337 (31,186) financing Movement in net debt resulting from (779,563) 612,371 cashflows Inception of finance leases (39,665) - Movement in net debt (819,228) 612,371 Opening net debt 612,371 - Closing net debt (206,857) 612,371 8. Analysis of net debt Unaudited At Other At 30 September Cash non-cash 30 September 2003 flow items 2004 Â£ Â£ Â£ Â£ Cash at bank and in hand 894,770 (594,984) - 299,786 Bank overdrafts (251,213) (230,916) - (482,129) 643,557 (825,900) - (182,343) Debt due within one year - 2,298 (2,298) - Debt due after one year (10,199) - 2,298 (7,901) Finance leases (20,987) 44,039 (39,665) (16,613) Total 612,371 (779,563) (39,665) (206,857) 9. Major non-cash transactions During the year the group entered into finance lease arrangements for assets with a total capital value at the inception of the leases of Â£39,665. On 3 November 2003, 255,119 ordinary shares of 10p each were issued and credited as fully paid as consideration for the purchase by the company of the remaining issued share capital of Oxford Broadcasting Limited not already held by Milestone Group PLC. On 28 June 2004, 250,000 ordinary shares of 10p each were issued and credited as fully paid as consideration for the purchase of transmission equipment and other assets. 10. Preliminary results The financial information set out above does not constitute the company's statutory accounts as set out in section 240 of the Companies Act 1985 for the year ended 30 September 2004. The financial information for the year ended 30 September 2003 is an extract from the latest group accounts and have been delivered to the Registrar of Companies. The financial statements for the year ended 30 September 2004 will be delivered following the company's annual general meeting. The auditors have not reported on the accounts for the year ended 30 September 2004, although it is anticipated that their report will be unqualified and will not contain statements under the Companies Act 1985, s 237(2) or (3). END This information is provided by RNS The company news service from the London Stock Exchange

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