17 September 2014
("Immedia" or "the Company")
Immedia Group Plc (AIM: IME), a premier supplier of digital music, entertainment and commerce channels to leading brands, today announces its interim results for the half year to 30 June 2014.
Highlights
· Improved earnings per share (H1 2014 vs H1 2013);
· Significant gains on investment in Audioboom Group Plc;
· Cash used to further reduce borrowings by £118,000; and
· Positive outlook for 2014 / 2015.
|
Unaudited Half year to 30 June 2014 |
Unaudited Half year to 30 June 2013 |
Audited Year to 31 December 2013 |
|
|
|
|
Revenue |
£1,257,346 |
£1,256,836 |
£2,841,740 |
|
|
|
|
Results from operating activities |
£34,745 |
£180,671 |
£406,945 |
|
|
|
|
Profit before income tax |
£258,886 |
£180,758 |
£405,619 |
|
|
|
|
Profit for period attributable to equity shareholders |
£258,886 |
£180,758 |
£808,330 |
|
|
|
|
Earnings per share - basic (pence) |
1.89p |
1.32p |
5.89p |
Earnings per share - diluted (pence) |
1.85p |
1.32p |
5.89p |
|
|
|
|
Cash and cash equivalents |
£356,690 |
£266,931 |
£614,745 |
Bruno Brookes, Chief Executive Officer of Immedia, said:
"The new appointments we made earlier this year - Justin Lello, former Business Development Manager (Mobile Media) at MTV Networks Europe and Adam Blake, formerly Associate Director of Operations for Data Select Ltd (part of the Phones International Group) - are part of the Company's strategy to drive innovation and growth and are allowing us to respond to a wider range of relevant opportunities and develop healthy new business which is expected to contribute later in 2014 and to 2015 and beyond.
We are confident that our strategy is appropriate for the longer term and expect in due course to provide further details of the new business developments that result."
Immedia provides fully managed digital network delivery of audio/visual entertainment and marketing content designed for its clients, together with
· associated hardware installation and hosting
· expert music strategies and brand conversation
· locally targeted consumer information, advice and staff communications.
Immedia Group Plc |
|
Bruno Brookes - Chief Executive Officer |
+44 (0) 1635 556 200 |
|
|
Daniel Stewart & Company Plc |
|
Paul Shackleton |
+44 (0) 207 776 6550 |
Chief Executive's Review
I am pleased to present our half year results for the period to 30 June 2014 where we achieved a profit before tax of £258,886 on revenues of £1,257,346. These results, which include the fair value revaluation of a minority holding in AIM-quoted audio social media platform Audioboom Group Plc (AIM: BOOM) as well as profit from operating activities, are a significant improvement on the profit before tax for the first half of 2013.
The new appointments we made earlier this year - Justin Lello, former Business Development Manager (Mobile Media) at MTV Networks Europe and Adam Blake, formerly Associate Director of Operations for Data Select Ltd (part of the Phones International Group) - are part of the Company's strategy to drive innovation and growth and are allowing us to respond to a wider range of relevant opportunities and develop healthy new business which is expected to contribute later in 2014 and to 2015 and beyond.
We are confident that our strategy is appropriate for the longer term and expect in due course to provide further details of the new business developments that result.
Bruno Brookes
Chief Executive
16 September 2014
Consolidated statement of comprehensive income
|
Note |
Unaudited Half year to 30 June 14 £ |
|
Unaudited Half year to 30 June 13 £ |
|
Audited Year ended 31 Dec 13 £ |
|
|
|
|
|
|
|
Revenue |
|
1,257,346 |
|
1,256,836 |
|
2,841,740 |
|
|
|
|
|
|
|
Cost of sales |
|
(603,351) |
|
(534,033) |
|
(1,270,789) |
|
|
|
|
|
|
|
Gross profit |
|
653,995 |
|
722,803 |
|
1,570,951 |
|
|
|
|
|
|
|
Administrative expenses before depreciation, amortisation and impairment charges |
|
(589,358) |
|
(499,558) |
|
(1,082,109) |
|
|
|
|
|
|
|
Earnings before interest, depreciation and amortisation charges (EBITDA) |
|
64,637 |
|
223,245 |
|
488,842 |
|
|
|
|
|
|
|
Depreciation and amortisation charges |
|
(29,892) |
|
(42,574) |
|
(81,897) |
Total administrative expenses |
|
(619,250) |
|
(542,132) |
|
(1,164,006) |
|
|
|
|
|
|
|
Results from operating activities |
|
34,745 |
|
180,671 |
|
406,945 |
|
|
|
|
|
|
|
Finance income |
|
5,840 |
|
3,519 |
|
9,168 |
|
|
|
|
|
|
|
Finance cost |
|
(6,699) |
|
(3,432) |
|
(10,494) |
|
|
|
|
|
|
|
Gains from financial assets designated at fair value through profit or loss |
8 |
225,000 |
|
- |
|
- |
|
|
|
|
|
|
|
Net finance income/(cost) |
|
224,141 |
|
87 |
|
(1,326) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
258,886 |
|
180,758 |
|
405,619 |
|
|
|
|
|
|
|
Income tax |
4 |
- |
|
- |
|
402,711 |
|
|
|
|
|
|
|
Profit and total comprehensive income for the period attributable to equity shareholders |
|
258,886 |
|
180,758 |
|
808,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing and total operations |
|
|
|
|
|
|
Earnings per share - basic |
15 |
1.89p |
|
1.32p |
|
5.89p |
|
|
|
|
|
|
|
Earnings per share - diluted |
15 |
1.85p |
|
1.32p |
|
5.89p |
Consolidated balance sheet
|
Note |
Unaudited as at 30 June 14
£ |
|
Unaudited as at 30 June 13
£ |
|
Audited as at 31 Dec 13
£ |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Property, plant and equipment |
5 |
151,091 |
|
63,779 |
|
166,231 |
Intangible assets |
6 |
205,046 |
|
211,441 |
|
205,094 |
Deferred tax asset |
|
288,700 |
|
- |
|
288,700 |
Total non-current assets |
|
644,837 |
|
275,220 |
|
660,025 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Inventories |
7 |
124,325 |
|
111,927 |
|
115,266 |
Other short term financial assets |
8 |
315,000 |
|
- |
|
- |
Trade and other receivables |
9 |
766,286 |
|
827,602 |
|
712,451 |
Prepayments |
|
38,141 |
|
89,268 |
|
29,988 |
Deferred tax asset |
|
109,300 |
|
- |
|
109,300 |
Cash and cash equivalents |
10 |
356,690 |
|
266,931 |
|
614,745 |
Total current assets |
|
1,709,742 |
|
1,295,728 |
|
1,581,750 |
Total assets |
|
2,354,579 |
|
1,570,948 |
|
2,241,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Share capital |
11 |
1,455,684 |
|
1,455,684 |
|
1,455,684 |
Share premium |
|
3,586,541 |
|
3,586,541 |
|
3,586,541 |
Merger reserve |
|
2,245,333 |
|
2,245,333 |
|
2,245,333 |
Other reserves |
|
4,578 |
|
- |
|
4,578 |
Retained losses |
|
(5,896,071) |
|
(6,774,791) |
|
(6,147,219) |
Total equity |
|
1,396,065 |
|
512,767 |
|
1,144,917 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Borrowings |
12 |
7,500 |
|
- |
|
18,750 |
Finance leases |
13 |
26,313 |
|
61,396 |
|
43,855 |
Total non-current liabilities |
|
33,813 |
|
61,396 |
|
62,605 |
|
|
|
|
|
|
|
Borrowings |
12 |
56,275 |
|
84,667 |
|
145,575 |
Finance leases |
13 |
35,084 |
|
35,084 |
|
35,084 |
Trade and other payables |
14 |
657,150 |
|
686,749 |
|
653,263 |
Deferred income |
|
176,192 |
|
190,285 |
|
200,331 |
Total current liabilities |
|
924,701 |
|
996,785 |
|
1,034,253 |
Total liabilities |
|
958,514 |
|
1,058,181 |
|
1,096,858 |
Total equity and liabilities |
|
2,354,579 |
|
1,570,948 |
|
2,241,775 |
|
|
|
|
|
|
|
Consolidated statement of changes in equity
|
|
Attributable to equity shareholders of the Company |
||||
|
Share capital £ |
Share Premium account £ |
Merger reserve £ |
Share based payment reserve £ |
Profit & loss account £ |
Total equity £ |
|
|
|
|
|
|
|
Total equity at 30 June 2014 (unaudited) |
|
|
|
|
||
|
|
|
|
|
|
|
Balance at 1 January 2014 |
1,455,684 |
3,586,541 |
2,245,333 |
4,578 |
(6,147,219) |
1,144,917 |
Purchase of own shares by employee benefit trust |
- |
- |
- |
- |
(7,738) |
(7,738) |
Transactions with owners |
- |
- |
- |
- |
(7,738) |
(7,738) |
Profit and total comprehensive income for the period |
- |
- |
- |
- |
258,886 |
258,886 |
Balance at 30 June 2014 |
1,455,684 |
3,586,541 |
2,245,333 |
4,578 |
(5,896,071) |
1,396,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity at 30 June 2013 (unaudited) |
|
|
|
|
||
|
|
|
|
|
|
|
Balance at 1 January 2013 |
1,455,684 |
3,586,541 |
2,245,333 |
- |
(6,955,549) |
332,009 |
Profit and total comprehensive income for the period |
- |
- |
- |
- |
180,758 |
180,758 |
Balance at 30 June 2013 |
1,455,684 |
3,586,541 |
2,245,333 |
|
(6,774,491) |
512,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity at 31 December 2013 (audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2013 |
1,455,684 |
3,586,541 |
2,245,333 |
- |
(6,955,549) |
332,009 |
Equity settled share based payments |
- |
- |
- |
4,578 |
- |
4,578 |
Transactions with owners |
- |
- |
- |
4,578 |
- |
4,578 |
Profit and total comprehensive income for the year |
- |
- |
- |
- |
808,330 |
808,330 |
Balance at 31 December 2013 |
1,455,684 |
3,586,541 |
2,245,333 |
4,578 |
(6,147,219) |
1,144,917 |
|
|
|
|
|
|
|
Consolidated statement of cash flows
|
Note |
Unaudited Half Year to 30 June 14 £ |
|
Unaudited Half Year to 30 June 13 £ |
|
Audited Year ended 31 Dec 13 £ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Profit for the period before income tax |
|
258,886 |
|
180,758 |
|
405,619 |
Adjustments for: |
|
|
|
|
|
|
Depreciation and amortisation charges |
|
29,892 |
|
42,574 |
|
81,897 |
Financial income |
|
(5,840) |
|
(3,519) |
|
(9,168) |
Gains from financial assets designated at fair value through profit or loss |
|
(225,000) |
|
- |
|
- |
Financial expense |
|
6,699 |
|
3,432 |
|
10,494 |
Profit on sale of property, plant and equipment |
|
- |
|
(358) |
|
(365) |
Increase in trade and other receivables and prepayments |
|
(61,988) |
|
(359,339) |
|
(184,908) |
(Increase)/decrease in inventories |
|
(9,059) |
|
22,365 |
|
19,026 |
(Decrease)/increase in trade and other payables and deferred income |
|
(20,253) |
|
45,367 |
|
21,929 |
Share based payment |
|
|
|
- |
|
4,578 |
|
|
|
|
|
|
|
Net cash from operating activities |
|
(26,663) |
|
(68,720) |
|
349,102 |
|
|
|
|
|
|
|
Taxation |
|
|
|
|
|
|
Taxation |
|
- |
|
- |
|
4,711 |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
- |
|
1,200 |
|
1,206 |
Interest received |
|
5,840 |
|
3,519 |
|
9,168 |
Acquisition of property, plant and equipment |
5 |
(12,903) |
|
(3,557) |
|
(137,285) |
Acquisition of intangible assets |
6 |
(1,800) |
|
(4,000) |
|
(5,700) |
Acquisition of investments |
|
(90,000) |
|
- |
|
- |
Net cash from investing activities |
|
(98,863) |
|
(2,838) |
|
(132,611) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
New bank loan |
|
- |
|
- |
|
45,000 |
Repayment of bank loan |
|
(11,250) |
|
- |
|
(3,750) |
New finance leases |
|
- |
|
116,675 |
|
116,675 |
Repayment of finance leases |
|
(17,542) |
|
(20,195) |
|
(37,737) |
Interest paid |
|
(6,699) |
|
(3,432) |
|
(10,494) |
Amounts repaid under invoice financing facility |
|
(89,300) |
|
(45,133) |
|
(6,725) |
Purchase of own shares for EBT |
|
(7,738) |
|
- |
|
- |
Net cash from financing activities |
|
(132,529) |
|
47,915 |
|
102,969 |
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
(258,055) |
|
(23,643) |
|
324,171 |
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
614,745 |
|
290,574 |
|
290,574 |
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
10 |
356,690 |
|
266,931 |
|
614,745 |
Notes to the condensed consolidated interim financial statements
1. Reporting entity
Immedia Group Plc (the "Company") is a company incorporated and domiciled in the United Kingdom. The address of the Company's registered office and its principal place of business is 7-9 The Broadway, Newbury, Berkshire RG14 1AS.
The condensed consolidated interim financial statements of the Company as at and for the half year ended 30 June 2014 comprise the Company and its subsidiaries (together referred to as the "Group"). The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2013 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498(2) of the Companies Act 2006. The consolidated financial statements of the Group as at and for the year ended 31 December 2013 are available at http://www.immediaplc.com/investors
The Group primarily is involved in marketing and communication services through music, radio and screen based media together with the supply, installation and maintenance of associated equipment.
2. Basis of preparation
These consolidated financial statements for the half year ended 30 June 2014 are unaudited. They have been prepared and approved by the directors following the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("Adopted IFRSs"); they do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2013.
On the basis of current financial projections prepared up to the end of 2015, recent news of new contracts and of contract renewals, continuing improvements in management of costs, and ongoing availability of facilities, the Directors are satisfied that the Group has adequate resources to continue in operation for the foreseeable future and consequently the financial statements have been prepared on the going concern basis.
The financial statements were approved by the Board of Directors on 16 September 2014.
3. Significant accounting policies
The accounting policies set out in detail in note 3 of the Group's consolidated financial statements to 31 December 2013 have been applied consistently to these unaudited financial statements to 30 June 2014, including:
(a) Revenue
Revenue represents the amounts receivable by the Group for the provision of its goods and services, excluding value added tax. Revenue from production services comprise the broadcasting of live and as live radio programmes to customers' premises using appropriate technologies, together with the production of advertising content for use in those programmes. Revenue from these services is billed on time based subscriptions and recognised on the date of broadcast. Revenue from equipment sales is recognised on the date of delivery and configuration when risk and rewards pass to the customer; revenue from content delivery and equipment maintenance services is billed on time based subscriptions and is recognised on completion.
(b) Short term financial assets
These include financial assets that meet certain conditions and are designated at fair value through profit or loss upon initial recognition; fair value is determined by reference to active market transactions and gains or losses are recognised in profit or loss.
Notes to the condensed consolidated interim financial statements continued
4. Income tax credit in the income statement
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
Current tax credit |
|
|
|
|
|
Current period |
- |
|
- |
|
- |
Adjustment in respect of prior periods |
- |
|
- |
|
(4,711) |
|
|
|
|
|
|
Deferred tax credit |
|
|
|
|
|
Deferred tax |
- |
|
- |
|
(398,000) |
|
|
|
|
|
|
Total tax credit in consolidated income statement |
- |
|
- |
|
(402,711) |
The utilisation of historic tax losses and excess management charges is expected to eliminate all potential tax charges for the period to 30 June 2014.
5. Property, plant and equipment
|
Plant & |
Fixtures & |
Network |
Total |
|
equipment |
fittings |
equipment |
|
|
£ |
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2014 |
821,865 |
464,568 |
188,420 |
1,474,853 |
Additions |
- |
12,903 |
- |
12,903 |
Disposals and retirements |
- |
- |
- |
- |
|
|
|
|
|
At 30 June 2014 |
821,865 |
477,471 |
188,420 |
1,487,756 |
|
|
|
|
|
Depreciation and impairment losses |
|
|
|
|
At 1 January 2014 |
785,864 |
334,362 |
188,396 |
1,308,622 |
Charge for period |
10,988 |
17,038 |
17 |
28,043 |
On disposals & retirements |
- |
- |
- |
- |
|
|
|
|
|
At 30 June 2014 |
796,852 |
351,400 |
188,413 |
1,336,665 |
|
|
|
|
|
Carrying amounts |
|
|
|
|
Unaudited at 30 June 2014 |
25,013 |
126,071 |
7 |
151,091 |
|
|
|
|
|
Audited at 31 December 2013 |
36,001 |
130,206 |
24 |
166,231 |
|
|
|
|
|
Unaudited at 30 June 2013 |
24,486 |
39,057 |
236 |
63,779 |
|
|
|
|
|
6. Intangible assets
|
Customer |
Video |
Content |
Goodwill |
Total |
|
relationships |
library |
Delivery |
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
At 1 January 2014 |
566,880 |
126,000 |
49,336 |
1,173,310 |
1,915,526 |
Additions in period |
- |
- |
1,800 |
- |
1,800 |
Disposals in period |
- |
(126,000) |
- |
- |
(126,000) |
At 30 June 2014 |
566,880 |
- |
51,136 |
1,173,310 |
1,791,326 |
|
|
|
|
|
|
Amortisation and impairment losses |
|
|
|
|
|
At 1 January 2014 |
566,880 |
126,000 |
43,551 |
974,000 |
1,710,431 |
Charge for period |
- |
- |
1,849 |
- |
1,849 |
Disposals in period |
- |
(126,000) |
- |
- |
(126,000) |
At 30 June 2014 |
566,880 |
- |
45,400 |
974,000 |
1,586,280 |
|
|
|
|
|
|
Carrying amounts |
|
|
|
|
|
Unaudited at 30 June 2014 |
- |
- |
5,736 |
199,310 |
205,046 |
|
|
|
|
|
|
Audited at 31 December 2013 |
- |
- |
5,784 |
199,310 |
205,094 |
|
|
|
|
|
|
Unaudited at 30 June 2013 |
- |
- |
12,131 |
199,310 |
211,441 |
|
|
|
|
|
|
The Group disposed of its video library in February 2014 for nil consideration subject to certain conditions in respect of transferred licensing obligations and the requirement to provide digital copies of certain material free of charge to the Group in future.
There were no indications of impairment of intangible assets at 30 June 2014 and the annual impairment tests will be carried out at the year end.
7. Inventories
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
|
|
Work in progress |
25,654 |
|
10,825 |
|
16,678 |
|
Finished goods |
98,671 |
|
101,102 |
|
98,588 |
|
|
124,325 |
|
111,927 |
|
115,266 |
|
8. Other short term financial assets
In March 2014 the Group invested £90,000 in the purchase of 6,000,000 shares in Audioboom Group Plc (formerly One Delta Plc), an AIM-quoted audio social media platform, as part of the Group's strategy to broaden its digital marketing and communications services.
The investment has been designated to be measured at fair value, with fair value changes taken to profit or loss (see note 3(b) above). At 30 June 2014 the fair value of the investment was £315,000 with a fair value change of £225,000 taken through profit or loss.
As at the date of approval of this report, the investment represents c.1.29% of Audioboom Group Plc's shares in issue and has a fair value of £682,800.
9. Trade and other receivables
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
Trade receivables (i) |
336,933 |
|
590,353 |
|
433,352 |
Accrued contract income (ii) |
428,353 |
|
225,456 |
|
273,388 |
Other debtors |
1,000 |
|
11,793 |
|
5,711 |
|
766,286 |
|
827,602 |
|
712,451 |
At 30 June 2014 trade receivables are shown after a provision for impairment of £2,380 (30 June 2013: £365; 31 December 2013: £2,380) arising from slow moving debts and disputed charges. During the period to 30 June 2014 there was no change to the provision for impairment.
(i) At 30 June 2014 the total of trade receivables past due, net of provision for impairment, was as follows:
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
Up to 3 months past due |
56,416 |
|
193,798 |
|
168,827 |
Over 3 months past due |
10,882 |
|
13,605 |
|
24,983 |
(ii) Accrued contract income is receivable as follows:
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
Within one year |
370,392 |
|
83,748 |
|
173,553 |
After one but less than two years |
57,961 |
|
83,748 |
|
83,748 |
After two years |
- |
|
57,960 |
|
16,087 |
|
428,353 |
|
225,456 |
|
273,388 |
Notes to the condensed consolidated interim financial statements continued
10. Cash and cash equivalents
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
Bank balances |
19,721 |
|
29,074 |
|
137,864 |
Call deposits |
336,969 |
|
237,857 |
|
476,881 |
Cash and cash equivalents |
356,690 |
|
266,931 |
|
614,745 |
Cash and cash equivalents comprise cash balances and short-term call deposits.
11. Share Capital
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
Authorised |
|
|
|
|
|
36,000,000 Ordinary shares of 10 pence each |
3,600,000 |
|
3,600,000 |
|
3,600,000 |
|
|
|
|
|
|
Allotted, called up and fully paid |
|
|
|
|
|
14,556,844 Ordinary shares of 10 pence each |
1,455,684 |
|
1,455,684 |
|
1,455,684 |
|
|
|
|
|
|
There are no restrictions on the transfer of shares in Immedia Group Plc. All shares carry equal voting rights.
12. Borrowings
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
Current |
|
|
|
|
|
Invoice financing facility (secured) (i) |
33,775 |
|
84,667 |
|
123,075 |
Bank loan (secured) (ii) |
22,500 |
|
- |
|
22,500 |
|
56,275 |
|
84,667 |
|
145,575 |
|
|
|
|
|
|
Falling due after more than one year |
|
|
|
|
|
Bank loan (secured) (ii) |
7,500 |
|
- |
|
18,750 |
|
|
|
|
|
|
(i) The Group has an invoice financing facility with HSBC Invoice Financing (UK) Limited under which advances are secured by debenture on Immedia Broadcast Limited's assets.
(ii) In 2013 a two year loan was arranged with HSBC Bank Plc to part finance the conversion of ground floor space into offices in the Newbury studios building. The loan is secured by debenture on Immedia Broadcast Limited's assets.
Notes to the condensed consolidated interim financial statements continued
13. Finance lease arrangements
Certain equipment supplied to customers under contract has been financed under finance lease arrangements with Aurora Leasing Limited under which advances are secured by debenture on Immedia Broadcast Limited's assets. The equipment supplied has been recognised as a sale in accordance with the Group's revenue recognition accounting policy as detailed in note 3 above; there are therefore no assets held under finance lease within Property, plant and equipment (note 5).
Future minimum finance lease payments were as follows:
Falling due: |
Within 1 year |
1 to 5 years |
Total |
|
£ |
£ |
£ |
|
|
|
|
Unaudited at 30 June 2014 |
|
|
|
Lease payments |
45,698 |
34,273 |
79,971 |
Finance charges |
(10,614) |
(7,960) |
(18,574) |
|
|
|
|
Net present values |
35,084 |
26,313 |
61,397 |
|
|
|
|
Audited at 31 December 2013 |
|
|
|
Net present values |
35,084 |
43,855 |
78,939 |
|
|
|
|
Unaudited at 30 June 2013 |
|
|
|
Net present values |
35,084 |
61,396 |
96,480 |
|
|
|
|
The lease agreement includes fixed payments and a purchase option at the end of the three year lease term. The agreement is non-cancellable and does not contain any further restrictions.
Notes to the condensed consolidated interim financial statements continued
14. Trade and other payables
|
Unaudited as at 30 June 14 £ |
|
Unaudited as at 30 June 13 £ |
|
Audited as at 31 Dec 13 £ |
|
|
|
|
|
|
Current |
|
|
|
|
|
Non-trade payables (secured) (i) |
- |
|
60,000 |
|
- |
Trade payables (ii) |
302,904 |
|
359,769 |
|
416,997 |
Other taxation & social security |
64,472 |
|
72,556 |
|
54,101 |
Non-trade payables and accrued expenses (iii) |
289,774 |
|
194,424 |
|
182,165 |
|
657,150 |
|
686,749 |
|
653,263 |
|
|
|
|
|
|
(i) In December 2012 a certain music licencing authority was granted security for payment of the remainder of a prior period liability by debenture on Immedia Broadcast Limited's assets; the liability was repaid in 2013.
(ii) All trade payables are due within 30 days of the period end. At 30 June 2014 there were Euro denominated liabilities totalling €713 (30 June 2013: €nil; 31 December 2013: €nil).
(iii) Included within Non-trade payables and accrued expenses are uninvoiced charges for servicing, maintenance and licensing costs for the Group's radio networks, plus accruals for legal and professional fees.
15. Earnings per share
|
Unaudited as at 30 June 14 Number |
|
Unaudited as at 30 June 13 Number |
|
Audited as at 31 Dec 13 Number |
|
|
|
|
|
|
Weighted average number of shares in issue |
14,556,844 |
|
14,556,844 |
|
14,556,844 |
Less weighted average number of own shares |
(832,374) |
|
(832,374) |
|
(832,374) |
Weighted average number of shares in issue for basic earnings per share |
13,724,470 |
|
13,724,470 |
|
13,724,470 |
The basic and diluted earnings per share are calculated using the after tax profit attributable to equity shareholders for the financial period of £258,886 (30 June 2013: profit £180,758; 31 December 2013: profit £808,330) divided by the weighted average number of Ordinary shares in issue in each of the relevant periods: 30 June 2014: 13,724,470 shares (30 June 2013 and 31 December 2013: 13,724,470 shares).
The weighted number of shares used for the diluted earnings per share is calculated after reflecting the outstanding share options at the period end.
In accordance with Rule 26 of the AIM Rules for Companies, this interim financial statement will be available on the company's website at www.immediaplc.com