Interim Results

Yoomedia PLC 29 September 2006 YooMedia plc / Ticker: YOO / Market: AIM / Sector: Media 29 September 2006 YooMedia plc ('YooMedia' or 'the Company') Interim Results YooMedia plc, the AIM traded interactive media and gaming group, announces its interim results for the six months ended 30 June 2006. Overview • Period of reconstruction aimed at rationalising the business, strengthening balance sheet and re-positioning product offering • Groundwork in place to secure an improved performance in the second half • Financial restructuring programme initiated to alleviate debt and the cost of financing such a facility and to support remaining stages of re-structuring • Business focus moved from operating own-branded businesses into offering a portfolio of products and services to major brands • Results reflect the steps taken to re-position the business • Loss before interest, depreciation, tax and amortisation of £2.2m (2005: £1.1m) on a turnover, excluding gambling winnings of £10m (2005: £11.2m) • Operating costs reduced by 17% to £5.1m CHAIRMAN'S STATEMENT As indicated in previous announcements and trading updates, this has been a period of dramatic reconstruction for the Company aimed at rationalising the business, strengthening its balance sheet and re-positioning YooMedia's product offering to capitalise on growing opportunities within the interactive media market. Much groundwork has been done to secure an improved performance in the second half, and the Directors are confident that the process of transformation is important to the mid and long-term interests of the Company and shareholders. The results for the first six months of 2006 reflect the steps taken to restructure and re-position YooMedia's business in the UK, along with the impact of rapid changes and developments within its core markets, with the aim of placing it on the path towards profitability. Business Transformation In order to improve the balance sheet, the Board initiated a financial restructuring programme. This was aimed at alleviating its debt, predominantly caused by problems in the Games & Gambling division in 2005, and the cost of financing such a facility which amounted to interest and similar charges of £1m for the first half of 2006 (2005: £0.2m). This financial initiative included the raising of £6m through a convertible loan with two US funds, and a share placing of £1.3m with an existing institutional investor, announced in May 2006. Latterly, new banking arrangements and a credit facility were agreed with Mentor Marketing & Investments, designed to support the remaining stages of the re-structuring. In parallel with the financial re-structuring process, YooMedia has continued to execute the commercial and operational transformation of its business. It has moved its business focus away from operating own-branded businesses, into offering a portfolio of products and services to major brands that are seeking to exploit the opportunity of interactive transactions with users of digital media. This transformation and progress is highlighted by our relationship with Freeview. In 2005 the Yooplay channel on Freeview offered pay-to-play games, whereas in 2006 we have used the same bandwidth to provide a data-casting service for the Freeview platform. This business line now has approximately £0.9m of revenue per annum and has deals with Virgin Radio, Gemstar, Sony's tvtv, and Electra Entertainment. Games & Gambling YooMedia expects the online and interactive gambling sector to transform in the next two years as a consequence of changes in legislation and investment by major operators. In order to exploit the new opportunities that will arise, we have re-positioned our gambling business as a service provider and operator for third party brands. In line with this we signed an agreement with Gala Group, which will see the Avago channel coming off air in the autumn of 2006, to be replaced by a Gala-branded channel on our bandwidth and platform. This agreement, along with the revised terms agreed with William Hill in late 2005, has meant a reversal in performance of the division which I am happy to report delivered a gross profit contribution of £0.7m in the first half of 2006, compared with a loss for the same period last year. On 29th June we also signed a £2m agreement with Catalyst Media Group plc to provide them with an interactive digital head-to-head gaming platform and various games licences. Revenues generated through this contract will be reflected as earned in the year end results. Prospects remain strong for this business, and the recently announced agreement with Playboy is evidence of the strength of the competitive offering YooMedia has in this sector. We are still at a relatively early stage and have some way to go, but I believe the quality and increasing regularity of contract wins bodes well for the future. The Directors would however like to note that YooMedia does not operate 'call TV ' services using premium rate telephone numbers or any service that takes bets from outside the UK. It is therefore not subject to the gambling legislation which has been recently highlighted in the US in particular. Dating As part of the strategic review of the YooMedia Dating division, the Company reached an agreement with the 25% minority shareholders in YooMedia Dating to acquire their shares for a consideration of 19,230,770 shares in YooMedia plc. A further consideration of £500,000, also payable in YooMedia plc shares, will be paid on certain performance criteria being met. The dating business, which operates two branded services - Dateline and Avenues was a tale of two halves. The Dateline business has achieved continued growth in the competitive online dating sector, although the pre-dominantly offline business of Avenues has been impacted by competition from the online sector. Net revenues declined to £1.89m (2005: £2.51m) and both businesses are now undergoing re-structuring. Although not core to the Company's activities, the Board is conscious of the value of the dating division, which will be realised either from in-house development or disposal at an appropriate time. Interactive Services The Interactive Services division won significant new business in the first half of 2006 and continued to deliver innovative interactive services for its existing clients. The contract for the NHS Direct interactive channel was renewed for a further two years and new services were launched for clients such as Budweiser, Boots and Nestle. The 'red button' interactive TV sector has seen a reduced level of investment compared with 2005, although audience usage continues to be strong. Whilst the interactive marketing business has seen strong growth in line with increased overall investment in online marketing, changes in the Sky electronic programme guide have had an impact on a number of our clients in the period and this contributed to a reduction in gross margin from broadcast-related activities. Turnover for the period was £4.5m (2005: £5.8m). Management During the first half of 2006 there were a number of changes to the Board. The Finance Director, Robin Robbins, stepped down for health reasons, and Eddie Abrams, YooMedia's Strategy and Development Director, is now managing the finance function in the interim. Leo Noe, non-executive Director, also stepped down from the board but maintains an active interest in the Company as a major shareholder. Recent events We continue to make headway and since the period end, YooMedia has entered a joint venture agreement with SGI Limited, a company backed by entrepreneur Peter Shalson who currently controls three channels on Sky, into which it has vested the rights to YooMedia's time stamped SMS messaging system and the television rights to the Tringo game. It is intended that, together with our new partners, these rights will be developed and exploited in the UK market and internationally. Outlook The actions taken so far in 2006, have contributed significantly in transforming the nature of YooMedia's activities and developing a profitable business. Whilst risk remains, the Directors are nevertheless confident that the revised strategy for the business is correct and that YooMedia has significant opportunities for growth in its core markets. It is unlikely that the full year result for 2006 will be ahead of market expectations considering the extent of the transformation undertaken, however the foundations for future have been laid. Finally I'd like to thank all those involved with the business for their hard work and support, which has been key in the implementation of our re-structuring programme and positioning the Company as a leading interactive content and services provider. Michael Sinclair Executive Chairman 29 September 2006 Profit and loss account for the six months to 30 June 2006 Unaudited Unaudited Audited Six months ended Six months ended Year ended 31 30 June 2006 30 June 2005 December 2005 Total Notes £000's £000's £000's Turnover 2 31,233 48,527 85,580 Cost of sales (28,352) (43,471) (76,890) Gross profit 2,881 5,056 8,691 Administrative costs (5,088) (6,162) (11,641) Earnings before Interest, Tax, Depreciation, 4 Amortisation and Exceptionals (2,207) (1,106) (2,950) Depreciation 4 (817) (991) (2,128) Amortisation and Impairment of goodwill and 4 deferred development costs (1,961) (1,292) (2,998) Exceptional items 3 - (1,074) (2,376) Operating loss (4,985) (4,463) (10,452) Interest receivable and similar income 1 51 50 Interest payable and similar charges (991) (222) (775) Loss on ordinary activities before taxation (5,975) (4,634) (11,177) Tax recoverable on ordinary activities - - - Loss on ordinary activities after taxation (5,975) (4,634) (11,177) Equity minority interest - 77 23 Loss for the financial period (5,975) (4,557) (11,154) Loss per share - basic 5 (1.14p) (0.99p) (2.37p) - diluted 5 (1.09)p (0.97p) (2.32p) The above results are derived entirely from continuing operations There were no other gains or losses recognised in the period 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. Balance sheet as at 30 June 2006 Unaudited Unaudited Audited Six months Six months Year ended 31 ended 30 ended 30 December June 2006 June 2005 2005 Notes £000's £000's £000's Fixed assets Goodwill 42,594 45,161 43,980 Other intangible assets 1,886 1,848 1,925 Tangible assets 3,014 3,235 2,737 Investments 1,493 - 13 48,987 50,244 48,655 Current assets Debtors 7,767 6,562 7,634 Cash at bank and in hand 401 498 117 8,168 7,059 7,751 Creditors - Amounts falling due within one year (14,763) (11,970) (15,076) Net current liabilities (6,595) (4,910) (7,325) Total assets less current liabilities 42,392 45,334 41,330 Creditors - Amounts falling due after more than one year 6 (6,522) (3,000) (1,816) Provisions for liabilities 7 (1,731) (1,058) (1,834) Accruals and deferred income (1,977) - (881) Net assets 32,162 41,276 36,799 Capital and reserves Called -up share capital 12,786 11,620 12,060 Share premium account 76,490 73,029 75,521 Shares to be issued 281 281 281 Capital redemption reserve 455 455 455 Profit and loss account (57,850) (44,412) (51,875) Equity shareholders' funds 8 32,162 40,973 36,442 Equity minority interest - 303 357 Total capital employed 8 32,162 41,276 36,799 Cash flow statement for six months to 30 June 2006 Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2006 June 2005 2005 Notes £000's £000's £000's Continuing activities Operating loss (4,985) (4,463) (10,452) Depreciation charge 817 991 2,127 Amortisation and impairment of goodwill 1,386 1,117 2,323 Amortisation and impairment of deferred development costs 575 175 675 Exceptional impairment of development costs - - 680 UITF 25 provision for National Insurance on share options - (71) 1,116 UITF 17 charge on grant of share options - 865 - Movement in provisions (103) (895) (1,307) (Decrease) / increase in other non-current assets - - (13) Increase / (decrease) in debtors (133) (502) (1,618) (Decrease)/Increase in creditors 737 (4,169) (1,340) (Decrease)/Increase in deferred income 377 - (526) Net cash inflow/(outflow) from operating activities (2,085) (6,953) (8,334) Returns on investments and servicing of finance Interest received 1 51 50 Interest paid (965) (161) (705) Interest element of finance lease rental payments (26) (61) (70) Net cash (outflow)/inflow from returns on investments and servicing of finance (990) (171) (725) Taxation - 27 - Capital expenditure and financial investment Payments to acquire investments (5) (12) (12) Payments to acquire intangible assets (536) (572) (1,878) Payments to acquire tangible fixed assets (1,095) (721) (1,808) Net cash outflow from capital expenditure and financial investment (1,636) (1,305) (3,698) Acquisitions Purchase of subsidiary undertakings - (13) (264) Net cash received with subsidiary undertaking - 23 (2) Net cash (outflow)/inflow from acquisitions and disposals - 10 (266) Net cash outflow before management of liquid resources and financing (4,711) (8,392) (13,023) Management of liquid resources Increase in short term deposits with banks - - 6,417 Financing Issue of ordinary share capital and convertible debt 7,695 50 2,981 Loans and finance lease acquired with subsidiary undertaking - - 650 Increase / (Decrease) in loans (1,000) 1,000 - Repayment of capital element of finance leases and hire purchase contracts (146) (158) (371) Net cash inflow from financing 6,549 892 3,260 Increase/(Decrease) in net cash 1,838 (7,500) (3,346) Reconciliation to net funds Notes Unaudited Audited Unaudited Six months Year ended Six months ended ended 30 June 31 December 30 June 2006 2005 2005 £000's £000's £000's Increase/(Decrease) in net cash 1,838 (7,500) (3,346) Increase in short-term deposits with banks - - (6,417) Convertible debt, loans and finance leases acquired (6,000) (650) (650) Repayment of capital elements on finance leases 146 158 371 Repayment of loans 1,000 - - Movement in net (debt)/funds for the period (3,016) (7,991) (10,042) Net (debt)/ funds at commencement of period (4,997) 5,045 5,045 Net debt at end of period (8,013) (2,947) (4,997) Analysis of net funds At 1 January Convertibles Cash flow At 2006 and Loans 30 June 2006 £'000 £000's £000's £000's Cash at bank and in hand 117 - 284 401 Overdrafts (3,488) - 1,554 (1,934) Net cash and cash equivalents (3,371) - 1,838 (1,533) Debt due within one year Finance leases (160) - 146 (14) Debt due after one year Loans (1,000) - 1,000 - Convertible debt - (6,000) - (6,000) Finance leases (466) - - (466) Total (4,997) (6,000) 2,984 (8,013) Notes to the financial information for the six months to 30 June 2006 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 Group's financial statements for the year ended 31 December 2005. 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. Copies of the statutory accounts for the year to 31 December 2005 have been filed with the Registrar of Companies. The Auditors report on these accounts was not qualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. Further copies of this report are available from our registered office: Northumberland House, 155-157 Great Portland Street, London, W1W 6QP. Going Concern The Group has made significant progress in financing the restructuring of the business since 29 June 2006. In particular, the Group concluded new banking arrangements and an on demand £2.9 million credit facility with Mentor Marketing & Investments Ltd on 21 July 2006, of which £2.5 million has been drawn down so far, replacing the previous on-demand credit facilities provided by Lloyds TSB. In addition, the Group signed agreements with Catalyst Media Group Plc and SGI Ltd on 29 June and 24 August 2006 respectively, for which the Company has received consideration of £2.5 million in cash and listed securities. On 24 August 2006, the Group granted an option, subject to shareholder approval, at a price of £250,000 over ordinary shares in YooMedia plc at an issue price of £0.04p per share. Additionally, the Company carried out a further equity placing on 1 September 2006, raising £700,000. Finally, the Group has agreed terms with Mr Leo Noe, subject to shareholder approval, under which a £500,000 loan to the Group will be converted to equity. The Directors believe that the actions above, taken in conjunction with other financing options, including ongoing restructuring will ensure adequate working capital is available to the Group. Consequently, the directors consider that it is appropriate to prepare accounts on the going concern basis. However, the Directors recognise that a material uncertainty remains over the Group's ability to realise future profitability and positive cashflows until the Group has established a track record of profitable trading and cash generation. 2 Turnover Turnover, which excludes value added tax, comprises revenue from interactive media services and dating services and is recognised as these services are provided. Gaming revenues, where the Group holds a gaming licence, are recognised on a gross basis and winnings are recognised as a cost of sale. All turnover is generated in the United Kingdom. 3 Exceptional items Exceptional items, within administrative expenses, are detailed below: Unaudited Unaudited Audited Six months ended 30 Six months ended Year ended 31 June 2006 30 June 2005 December 2005 £000's £000's £000's Recognised in arriving at operating loss: Redundancy costs1 - 363 437 Exceptional bonus payments2 - (154) - Exceptional professional fees - - 143 UITF 17 charge3 - 865 1,116 Write-off of deferred development costs - - 680 - 1,074 2,376 1 Including all relevant taxes and other related costs of redundancy. 2 Including all relevant taxes. 2Under Urgent Issue Task Force abstract 17 (UITF 17), the Company is required to recognise as a charge in the profit and loss account, the amount by which the fair market value of any share options issued to employees exceeds their respective exercise prices at the date of grant. The charge is notional in that there is no underlying cash flow or other financial liability associated with the charge, nor does it give rise to a reduction in net assets or shareholders' funds. In addition there is no impact on distributable profits. This charge relates to the share options granted on the acquisition of Digital Interactive Television Group Ltd on 20 December 2004 which are fully vested. 4 Loss before interest, tax, depreciation, amortisation and exceptional items Unaudited Unaudited Six months Six months Audited Year ended 30 June ended 30 June ended 31 2006 2005 December 2005 £000's £000's £000's Operating loss (4,985) (4,463) (10,452) Depreciation 817 991 2,128 Amortisation and impairment of goodwill 1,386 1,117 2323 Amortisation and impairment of deferred development costs 575 175 675 Exceptional items - 1,074 2,376 Earnings before interest, tax, depreciation, amortisation and (2,207) (1,106) (2,950) exceptional items 5 Loss per share The basic loss per share has been calculated by dividing the net loss of £5,975k for the period (six months ended 30 June 2005 - £4,557k; 31 December 2005 - £11,154k) by the weighted average number of 522,615,242 shares in issue during the period (six months ended 30 June 2005 - 460,511,906; year ended 31 December 2005 - 469,655,350). The Company has potentially dilutive ordinary shares being share options issued to staff and shares contracted to be issued. The diluted loss per share has been calculated in accordance with Financial Reporting Standard 22: Earnings per share, using 549,914,536 shares in issue during the period (six months ended 30 June 2005 - 471,282,331; year ended 31 December 2005 - 480,426,774). As per Financial Reporting Standard 22: Earnings per share, the diluted loss per share calculation is without reference to adjustments in respect of certain share options that are considered to be anti-dilutive. The deferred shares are not included in the earnings per share or diluted earnings per share. These shares have no voting rights and are non-convertible and therefore do not form part of the ordinary share capital used for the loss per share calculation in accordance with Financial Reporting Standard 22: Earnings per share. 6 Creditors - Amounts falling due after more than one year Unaudited Unaudited Six months Six months Audited Year ended 30 June ended 30 June ended 31 2006 2005 December 2005 £000's £000's £000's Loans - 2,650 1,000 Convertible debt 5,722 - - Obligations under finance leases and hire purchase contracts 450 - 466 Other creditors 350 350 350 6,522 3,000 1,816 The Convertible debt of £5,722k relates to a credit facility granted to the Group by Platinum Partners LLP and Highbridge International LLC. This facility attracts interest at a rate of 5% per annum. 7 Provisions for liabilities Employers' National Insurance on Provision for Other Total share options restructuring £000's £000's £000's £000's At 1 January 2006 1,137 519 178 1,834 Arising during the period - - - - Utilised - (5) (98) (103) Unused amounts reversed in the - - - - period At 30 June 2006 1,137 514 80 1,731 Employers' National Insurance on share options On exercise of share options issued after 5 April 1999, under an unapproved executive option scheme, the Company is required to pay National Insurance on the difference between the exercise price and the market value at the exercise date of the shares issued. The Company will become unconditionally liable to pay the National Insurance upon exercise of the options, which are exercisable over a period of 10 years from date of grant. The Company therefore makes a provision following the grant of options as opposed to on vesting or on exercise. The amount of National Insurance payable will depend on the number of employees who remain with the Company and exercise their options, the market price of the Company's ordinary shares at the time of exercise, and the prevailing National Insurance rate at that time. Provision for restructuring costs The provision relates to certain items such as redundancy costs and losses on onerous contracts that were incurred or expected to be incurred as part of the Group's restructuring arising mainly upon the acquisition of the Digital Interactive Television Group on 20 December 2004. These are fully detailed in the statutory accounts for the year ended 31 December 2004. The Utilisation of the provision taken in the period relates to further restructuring. 8 Reconciliation of movement in shareholders' funds Unaudited Unaudited Six months Six months Audited Year ended 30 June ended 30 June ended 31 2006 2005 December 2005 £000's £000's £000's Loss for the period (5,975) (4,557) (11,154) New shares issued and convertible debt 1,414 1,172 7,150 Shares to be issued 281 281 281 Shares to be issued in prior year issued in current year - - (3,047) UITF 17 credit - 865 - Net reduction in shareholders' funds (4,280) (2,239) (6,770) Opening shareholders' funds 36,442 43,212 43,212 Closing shareholders' funds 32,162 40,973 36,442 9 Post balance sheet events On the 21 July 2006 the group concluded new banking arrangements and a credit facility with Mentor Marketing & Investment Ltd ('MMI') which replaced the previous credit facilities provided by Lloyds TSB. MMI, an active investor and finance provider in the marketing and marketing services sector, agreed to provide equivalent financing to the bank debt and in addition, further financing to a combined total facility of £2.9 million towards the completion of the re-structuring of the Company's business activities. On the 24 August 2006, YooMedia plc, signed an agreement with SGI Ltd ('SGI') to form a new company to exploit the UK and international interactive TV markets through new forms of participation TV and gaming. The 50/50 joint venture, controlled by SGI, has acquired and will further utilise YooMedia's innovative Real Time Messaging System, which allows viewers at home to participate in programmes and win prizes. In addition, the joint venture acquired the rights to Tringo, a game which combines bingo and Tetris, for use on TV. Tringo will be developed into a live presented interactive multiplayer game for TV with cash prizes for the most skilful players. Venture capital firm SGI is backed by Peter Shalson, who currently controls three channels on Sky. Under the terms of the agreement, SGI has capitalised the joint venture with a £1.1m loan. The joint venture has acquired the IP and ownership of the Real Time Messaging System and the Tringo rights for TV from YooMedia for a consideration of £1m to be satisfied in cash. Contemporaneous with this joint venture, the Group has entered into an agreement with Yieldtown Limited ('Yieldtown'), a company owned by Mr Peter Shalson, under which subject to shareholder approval it is proposed to grant Yieldtown a two year option to subscribe £250,000 of Ordinary Shares in the YooMedia plc, based on an issue price of £0.04p per share On the 1 September 2006 YooMedia raised £700,000 (gross) through a placing of 35,000,000 new ordinary shares of 1p each with an existing institutional shareholder at 2p per share. As part of the placing, the placee will receive warrants to subscribe for 3,900,000 new ordinary shares at 1.75p per share, exercisable at any time until three years from issue. On the 7 September 2006, YooMedia plc signed a multi-year exclusive agreement with Playboy Enterprises, Inc. ('Playboy') (NYSE: PLA, PLAA), the leading entertainment and lifestyle company, to provide a casino-type-style gaming service for Playboy's range of satellite TV channels and mobile phones services. Under the terms of the agreement, Playboy will offer state-of-the-art, fixed-odds, casino-style gaming to all its customers in the UK and Ireland, and will market these services to its customers and databases via TV, the Web, direct communications and both above and below-the-line promotions. YooMedia will provide other third-party distribution via mobile operators, retail stores and other means of physical and digital distribution. The companies will also jointly explore other value-added services, including enhancing the Playboy channels with gaming and other interactive TV programming. The services will include a red-button gaming portal as well as a Java-based wireless portal, and will comprise over 20 gaming titles such as roulette, keno, bingo-keno, hi-lo as well as various card games by Final Delivery. The portals are backed by YooMedia's proprietary back-end gaming systems, multi-platform E-Wallet and game client software. YooMedia's wireless portal is operator and handset-agnostic and functions on almost all handsets in circulation. Except for those matters referred to above, there were no material events after the balance sheet date that requires disclosure. INDEPENDENT REVIEW REPORT TO YOOMEDIA PLC Introduction We have been instructed by the company to review the financial information for the six months ended 30 June 2006 which comprises the profit and loss account, the balance sheet, the cash flow statement, and related notes 1 to 9. 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. This report is made solely to the company, in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are also responsible for ensuring that the accounting policies and presentation applied to the interim figures are 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 the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group 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 International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Going concern - Emphasis of Matter In arriving at a review conclusion, we draw attention to the disclosures made in note 1 of the financial information concerning the company's ability to continue as a going concern. The group incurred a net loss of £5.9 million during the period ended 30 June 2006 and, as of that date, the group had net current liabilities of £6.5 million. These conditions, along with other matters as set forth in note 1, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial information does not include the adjustments that would result if the company was unable to continue as a going concern as it is not practicable to determine or quantify them. 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 2006. Deloitte & Touche LLP London 29 September 2006 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Mirada (MIRA)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today