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Interactive Publish (INTP)

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Tuesday 31 March, 2009

Interactive Publish

Interim Financial Statement

                                      INTERACTIVE PUBLISHING PLC
                                       ("IPP" or the "Company")

                                      INTERIM FINANCIAL STATEMENT
                               FOR THE SIX MONTHS ENDED 31 DECEMBER 2008


I am pleased to make this statement to you as Chairman of the Company.

Review of activities
Interactive  Publishing  plc  ("Interactive" or "The Company") was  admitted  to  PLUS-Markets  on  20
February  2008 for the purpose of making investments in the publishing and marketing services sectors.
Immediately  prior  to  Admission, the Company acquired the entire  issued  share  capital  of  Trojan
Publishing  Limited ("Trojan"), a London-based  magazine publishing company that was  formed  in  June
2006  as  a publishing investment vehicle with the strategy of building a publishing group engaged  in
the production of both magazine and digital content.

Trojan's current portfolio consists of 50 magazines, of which 18 are monthlies, 8 are printed every  4
weeks, 9 are bi-monthly and 3 are quarterly.

In  the  period  under review, Trojan has continued to apply economies of scale to its  portfolio  and
streamlined  its  activities in accordance with its strategy of focusing on its consumer-based  brands
whilst nurturing its adult portfolio to ensure that high revenues and profitability are maintained  in
this area.

Key Performance Indicators
The  principal performance indicator used to measure the progress of the Group's  business  activities
is  the  contribution  generated by each magazine title or brand.  This is assessed  by  reference  to
direct  costs  associated with the production and maintenance of that title or brand.   The  directors
keep the performance of each title under constant review and take a commercial view, based on research
and  their own industry experience, of the future contribution to the business that, in their opinion,
each title or brand is likely to make.

Principal risks and uncertainties
The principal risks and uncertainties experienced by the Group are as follows:

          *   The continued attraction, retention and motivation of qualified employees to provide a 
              high quality of content in the publication and to drive circulation, advertising and 
              other revenues;
          *   Changing customer and market demands, and changes in the competitive environment in which 
              the business operates;
          *   The effect of current global economic conditions on the level of consumer spend, 
              particularly on advertising revenues;
          *   The ability of senior management to continue to identify suitable targets for  future
              acquisitions and to develop complimentary revenue streams.

Current developments
On  2  March 2009, the Company announced the acquisition of Scarlet Magazine and its related  website,, through a newly created wholly-owned subsidiary Scarlet Publishing Limited.
Scarlet  Magazine is a women's magazine which was launched to provide frank informative features  that
talk  to  its  female readers in the same way women talk to each other when men are not  around.   The
magazine is distributed through major newsagents and supermarkets as well as via subscription.

Financial Overview
The  results for the year reflect the trading revenues and expenses of the business and the  financial
costs  of  the  plc.  The results for the comparative period to 31 December 2007 reflect  the  trading
revenues  and  expenses of the Company's trading subsidiary only.  The loss before  taxation  for  the
period  amounted to GBP 83,772 and the basic loss per share was 0.06 pence.The substantial commitments
undertaken  by  the Group in respect of the prior acquisition of titles have now been largely  settled
and  the Scarlet acquisition (together with any future acquisitions) is expected to be self-supporting
in  terms  of  cash  generated.   On this basis, the Directors expect that  the  Group  will  commence
generating cash surpluses during the financial period commencing 1 July 2009.

On  23  December 2008, the Company issued 2,500,000 new ordinary shares at a price of 2 pence each  to
finance a potential acquisition.

Also on 23 December 2008, the Company issued 17,000,000 new ordinary shares each in settlement of  the
deferred  consideration due for the period ended 30 June 2008 on the acquisition of Trojan  Publishing
Limited.  In accordance with the acquisition agreement, these shares were issued at a price of 3 pence

The  Directors believe that the continued uncertainty within the economy has created opportunities  to
acquire  quality  magazines that will further enhance the Company's portfolio.  IPP will  continue  to
identify  magazines that perform well within our market sectors and which can benefit from being  part
of our enlarged portfolio.

Peter Jay

For the period ended 31 December 2008

                                                         Six months       Six months                 
                                                              ended            ended       Year ended
                                              Note         31.12.08         31.12.07         30.06.08
                                                        (Unaudited)      (Unaudited)        (Audited)
                                                                GBP              GBP              GBP

REVENUE                                                  3,283,481        2,791,954        5,986,665

Cost of sales                                           (1,982,351)      (1,648,663)      (4,431,012)
                                                         _________         _________       _________

GROSS PROFIT                                             1,301,130        1,143,291        1,555,653

Administrative expenses                                 (1,394,266)      (1,055,051)      (1,277,479)
                                                         _________         _________       _________

(LOSS)/PROFIT FROM OPERATIONS                              (93,136)          88,240          278,174

Finance Revenue                                                 34                -              275
Finance costs                                                 9,330               -          (28,530)
                                                         _________         _________       _________

(LOSS)/PROFIT BEFORE TAX                                   (83,772)          88,240          249,919

Taxation                                                         -                -          (79,357)
                                                         _________        _________         _________

(LOSS)/PROFIT FOR THE PERIOD                               (83,772)          88,240          170,562
                                                         _________         _________       _________

Basic (loss)/earnings per share               3             (0.06)p            £3.84            0.16p

Diluted (loss)/earnings per share             3             (0.05)p            £3.84            0.14p


Notes to the financial information

1.      While  the  financial information included in this interim announcement has been  computed  in
        accordance with IFRS, this announcement does not itself contain sufficient information to comply with
        IFRS.   The full financial statements of the company will be prepared in accordance with IFRS,
        International Accounting Standards and their interpretations issued or adopted by the International
        Accounting Standards Board as adopted for use in the European Union.

2.      This interim financial statement has not been audited or reviewed by the auditors and does not
        constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.

3.      The  calculation of basic (loss)/earnings per share is based on the (loss)/profit on  ordinary
        activities after taxation of GBP (83,772) (31 December 2007: GBP 88,240; 30 June 2008: GBP 170,562)
        and the weighted average number of shares of 148,445,355 (31 December 2007: 22,954; 30 June 2008:
        105,896,347) in issue during the period.  The adjusted weighted average number of shares used to
        calculate the diluted earnings per share were 165,112,021 (31 December 2007: 22,954; 30 June 2008:

4.      This  interim  financial statement was approved by the Board of Directors on  23  March  2008.
        Copies of this statement will be available free of charge from the Company's Registered Office at
        Ground Floor, 211 Old Street, London EC1V 9NR.

Registered No. 06388765


Interactive Publishing plc                  
Justin Sanders, CEO                               0207 608 6300

PLUS Corporate Adviser                                         
Gary Miller                                                    
Fisher Corporate plc                              020 7388 7000

Interactive Publishing Plc


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