TIDMCLTV
RNS Number : 7660B
Cellcast plc
25 September 2018
Cellcast plc
("Cellcast" or the "Company")
Interim results for the six months ended 30 June 2018
The Board of Cellcast plc (AIM: CLTV) announces the group's
interims results for the six months ended 30 June 2018.
Highlights
-- UK interactive broadcast revenues remained broadly level at
GBP5.44 million (H1 2017: GBP5.49 million)
-- Revenues from overseas gaming services of GBP330,000 (H1 2017: GBP300,000)
-- Profit before tax of GBP5,000 for the period (H1 2017: loss of GBP145,000)
-- Earnings per share of 0.001p (H1 2017: loss per share of 0.2p)
-- Core focus remains in the UK, specifically the online sector
Craig Gardiner, CEO of Cellcast plc, commented:
"Revenues in our core broadcast sector and from our overseas
gaming services have remained broadly in line, however due to a
reduction in cost of sales we have reported a small profit for the
period. With Brexit uncertainty looming, we are focussing our
efforts in our core market of the UK. In particular, we have
invested in our online offering, with an emphasis on cost control
and improving our margins. We therefore hope that the positive
trading will carry on through the second half of the year."
For further information:
Cellcast plc
Craig Gardiner, CEO Tel: +44 (0) 203 376
9420
craig@cellcast.tv www.cellcast.tv
Allenby Capital Limited (Nominated
Adviser)
Nick Naylor/James Reeve Tel: +44 (0) 20 3328
5656
CHIEF EXECUTIVE OFFICER'S STATEMENT
Half year results
UK interactive broadcast revenues for the six months ended 30
June 2018 were GBP5.44 million, which was broadly in line with the
same period last year (H1 2017: GBP5.49m). Revenue from the
overseas gaming consultancy services represented GBP330,000
(compared to GBP300,000 in H1 2017).
With additional savings achieved through the group's improved
online strategy, the cost of sales decreased by GBP174,000 to
GBP5.51m, a reduction of 3% compared to the same period last year
(H1 2017 cost of sales: GBP5.68m). As a result, the gross profit
for the period amounted to GBP267,000 compared to GBP89,000 in H1
2017.
General and administrative costs before the forex impact for the
period were GBP277,000 (H1 2017: GBP292,000). After forex gains of
GBP56,000, the general and administrative costs amounted to
GBP217,000 (H1 2017: GBP162,000).
Overall, the group's operations showed a breakeven position,
with a profit before tax of GBP5,000. This compares to a loss
before tax of GBP145,000 for the period ending 30 June 2017.
The post-tax loss for the period amounted to GBP5,000 and
earnings per share of 0.001p. By comparison, during the period to
30 June 2017 the group suffered a net loss of GBP145,000 and
negative earnings per share of 0.2p.
The group's cash and cash equivalents at 30 June 2018 stood at
GBP978,000 compared to a balance of GBP862,000 at 30 June 2017.
Outlook
The economic uncertainty caused by Brexit continues to present
major challenges to the media and entertainment industry, so we are
planning a prudent approach until there is further clarity post
March 2019.
The Company's clients in Kenya have notified us of potential
reduction and delays in service payments owing to lack of clarity
about the application of new taxes affecting lotteries. As a result
of these uncertainties, our client's marketing has been scaled back
and in the coming months we may not realise the full bonus payments
that form part of our service remuneration. There is expectation
that any such potential decline in the lottery activity can be
off-set by revenue generated by the planned launch of new products
and services in that region in the last quarter of 2018.
The group has focused a lot of effort in the UK and specifically
towards the online sector, with particular emphasis on cost control
and improving our margins. These efforts will continue in the
coming months, further refining our product portfolio.
On the broadcast side, we have made further bandwidth savings
over the summer and will be monitoring the effects of these changes
over the coming months.
Craig Gardiner
Chief Executive Officer
24 September 2018
UNAUDITED CONDENSED CONSOLIDATED STATEMENT of comprehensive
income
For the 6 months ended 30
June 2018
Audited
6 months ended 6 months ended Year ended
30/06/18 30/06/17 31/12/17
GBP GBP GBP
Revenue 5,772,955 5,769,311 11,969,626
Cost of sales (5,506,046) (5,680,171) (11,151,615)
Gross profit 266,909 89,140 818,011
-------------- -------------- ------------
Operating costs and expenses:
Administrative expenses
(see note 5) (216,762) (161,646) (594,636)
Amortisation and depreciation (42,334) (49,368) (92,818)
Total operating costs and
expenses (259,096) (211,014) (687,454)
-------------- -------------- ------------
Operating profit/(loss) 7,813 (121,874) 130,557
Fair value gains and losses - 12,719 12,719
Foreign exchange loss on
current asset investments - (45,315) (45,315)
Impairment losses - - (754,358)
Finance costs (2,460) (2,250) (7,953)
Share of results of associate - 11,913 11,913
Profit/(loss) before tax 5,353 (144,807) (652,437)
-------------- -------------- ------------
Taxation - - 5,794
Profit/(loss) for the period 5,353 (144,807) (646,643)
Total comprehensive income
attributable to owners of
the parent 5,353 (144,807) (646,643)
============== ============== ============
Earnings/(loss) per share
Basic and diluted 0.00p (0.2p) (0.8p)
============== ============== ============
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
As at 30 June 2018
Audited
30/06/18 30/06/17 31/12/17
GBP GBP GBP
Assets
Non-current assets
Intangible assets 87,050 104,573 94,149
Property, plant and equipment 132,794 123,584 122,741
Investments 88,813 88,813 88,813
Interest in associate - 74,958 -
308,657 391,928 305,703
----------- ------------- -----------
Current assets
Trade and other receivables 1,440,521 2,825,531 1,954,053
Cash and cash equivalents 978,206 862,446 1,057,301
2,418,727 3,687,977 3,011,354
----------- ------------- -----------
Total assets 2,727,384 4,079,905 3,317,057
=========== ============= ===========
Capital and reserves
Called up share capital 2,285,398 2,285,398 2,285,398
Share premium account 5,533,626 5,533,626 5,533,626
Merger reserve 1,300,395 1,300,395 1,300,395
Warrant reserve 13,702 13,702 13,702
Retained earnings (7,418,141) (6,921,658) (7,423,494)
----------- ------------- -----------
Total equity 1,714,980 2,211,463 1,709,627
----------- ------------- -----------
Liabilities
Non-current liabilities - 335,000 37,113
Current liabilities
Trade and other payables 1,012,404 1,533,442 1,570,317
Total liabilities 1,012,404 1,868,442 1,607,430
----------- ------------- -----------
Total equity and liabilities 2,727,384 4,079,905 3,317,057
=========== ============= ===========
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
As at 30 June 2018 Called Up Share
Share Premium Merger Warrant Retained Total
Capital Account Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
--------------------- --------- --------- --------- ------- ----------- ---------
Balance at 1 January
2018 2,285,398 5,533,626 1,300,395 13,702 (7,423,494) 1,709,627
--------------------- --------- --------- --------- ------- ----------- ---------
Loss for the period - - - - 5,353 5,353
Balance at 30 June
2018 2,285,398 5,533,626 1,300,395 13,702 (7,418,141) 1,714,980
--------------------- --------- --------- --------- ------- ----------- ---------
As at 31 December
2017 Called Up Share
Share Premium Merger Warrant Retained Total
Capital Account Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
----------------------- --------- --------- --------- ------- ----------- ---------
Balance at 1 January
2017 2,285,398 5,533,626 1,300,395 13,702 (6,776,851) 2,356,270
----------------------- --------- --------- --------- ------- ----------- ---------
Loss for the period - - - - (646,643) (646,643)
Balance at 31 December
2017 2,285,398 5,533,626 1,300,395 13,702 (7,423,494) 1,709,627
----------------------- --------- --------- --------- ------- ----------- ---------
As at 30 June 2017 Called Up Share
Share Premium Merger Warrant Retained Total
Capital Account Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
--------------------- --------- --------- --------- ------- ----------- ---------
Balance at 1 January
2017 2,285,398 5,533,626 1,300,395 13,702 (6,776,851) 2,356,270
--------------------- --------- --------- --------- ------- ----------- ---------
Loss for the period - - - - (144,807) (144,807)
Balance at 30 June
2017 2,285,398 5,533,626 1,300,395 13,702 (6,921,658) 2,211,463
--------------------- --------- --------- --------- ------- ----------- ---------
In the above tables, the amounts are attributable to the equity
holders of the parent.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2018
Audited
6 months ended 6 months ended Year ended
30/06/18 30/06/17 31/12/17
GBP GBP GBP
Net cash (outflow) from operations a (31,346) (415,943) (154,448)
Net cash (outflow)/inflow
from investing activities b (45,289) 179,404 118,467
Net cash used in financing
activities c (2,460) (2,250) (7,953)
----------------------------------- --- -------------- -------------- ----------
Net (decrease) in cash and
cash equivalents (79,095) (238,798) (43,934)
---------------------------------------- -------------- -------------- ----------
Cash and cash equivalents
at beginning of period 1,057,301 1,101,235 1,101,235
Cash and cash equivalents
at end of period d 978,206 862,446 1,057,301
----------------------------------- --- -------------- -------------- ----------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
For the 6 months ended 30 June 2018
Audited
6 months ended 6 months ended Year ended
30/06/18 30/06/17 31/12/17
GBP GBP GBP
a Reconciliation of net loss to
net cash (outflow) from operating
activities
Profit/(loss) before tax 5,353 (144,807) (646,643)
Income tax recognised in profit
or loss - - (5,794)
Fair value gains and losses - (12,719) (12,719)
Finance costs 2,460 2,250 7,953
Amortisation and depreciation 42,334 49,368 92,818
Impairment losses - - 754,358
Share of associate's profit - (11,913) (11,913)
FX gain on current asset investment - 16,560 45,315
Decrease/(increase) in trade and
other receivables 513,532 (171,581) 20,497
(Decrease) in trade and other
payables (595,025) (143,101) (398,338)
Income tax received - - 18
Net cash (outflow) from operations (31,346) (415,943) (154,448)
----------------------------------------- ---------------- -------------- -----------
b Cash flow from investing activities
Purchase of property, plant and
equipment (45,289) (17,700) (49,884)
Proceeds from disposal of current
asset investments - 197,104 168,351
Net cash (outflow) / inflow from
investing activities (45,289) 179,404 118,467
----------------------------------------- ---------------- -------------- -----------
c Cash flow from financing activities
Interest paid (2,460) (2,250) (7,953)
Net cash used in financing activities (2,460) (2,250) (7,953)
----------------------------------------- ---------------- -------------- -----------
d Cash and cash equivalents
Cash at bank 978,206 862,446 1,057,301
Cash and cash equivalents at the
end of the period 978,206 862,446 1,057,301
------------------------------------ ------- ------- ---------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL
INFORMATION
1. General Information
Cellcast plc is a public limited company incorporated and
domiciled in the United Kingdom. Its business address is 35 Soho
Square, London, W1D 3QX. The address of its registered office is
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. Copies
of this statement are available from this address and from the
Company's website www.cellcast.tv.
The Company is quoted on AIM, a market operating on the London
Stock Exchange PLC.
This condensed consolidated interim financial information was
approved for issue on 25 September 2018.
2. Basis of preparation
This unaudited condensed consolidated interim financial
information is for the six months ended 30 June 2018. This has been
prepared in accordance with recognition and measurement principles
of International Financial Reporting Standards (IFRS) as endorsed
by the European Union and implemented in the UK. The financial
information in this interim announcement is unaudited and does not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006.
The interim financial information does not include all of the
information required for full annual financial statements and
accordingly, whilst the interim financial information has been
prepared in accordance with the recognition and measurement
principles of IFRS, it cannot be construed as being in full
compliance with IFRS.
The comparative financial information for the year ended 31
December 2017 does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The statutory
accounts of the group for the year ended 31 December 2017 have been
reported on by the Company's auditor and have been delivered to the
Registrar of Companies. The auditor's report on those statutory
accounts was unqualified, did not draw attention to any matters by
way of emphasis and did not contain a statement made under Section
498 of the Companies Act 2006.
The current and comparative periods to June have been prepared
using accounting policies and practices consistent with those
adopted in the annual financial statements for the year ended 31
December 2017 and are also consistent with those which will be
adopted in the 31 December 2018 financial statements.
These financial statements are the first financial statements of
Cellcast plc prepared in accordance with IFRS 9 and IFRS 15 which
are effective for periods commencing on or after 1 January 2018.
The reported financial position and financial performance for the
previous period are not affected by the new standards.
There are no other Standards and Interpretations which were in
issue but not effective at the date of authorisation of this
condensed interim financial information that the directors
anticipate will have a material impact on the financial
statements.
The directors have carefully considered whether or not it is
appropriate to adopt the going concern basis in preparing the
interim financial report. The directors have reviewed the group's
detailed cash forecast to ensure that the group's current working
capital and credit facilities in place are sufficient for the
foreseeable future. This assessment is based upon forecasts
following the reduction in the revenue of the UK television
business together with the continued reduction in operational costs
implemented over the year; it also assumes the maintenance of
existing relationships with key suppliers.
After making enquiries, the directors have concluded that the
group has adequate resources to continue trading for the
foreseeable future. For these reasons, they continue to adopt the
going concern basis of accounting in preparing the interim
financial report.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL
INFORMATION
2. Basis of preparation (continued)
In the financial statements for the year ended 31 December 2017
foreign exchange gains and losses on current asset investments were
presented below operating profit. In the interim period to 30 June
2017 foreign exchange losses on current asset investments were
shown within administrative expenses. This presentation was deemed
more appropriate by the directors as these amounts relate to the
group's investment activities. To ensure amounts are comparable,
for the period to 30 June 2017 presented, foreign exchange losses
on current asset investments of GBP45,015 have been reclassified
from administrative expenses to be presented below operating
profit.
3. Revenue
Audited
6 months ended 6 months ended Year ended
30/06/18 30/06/17 31/12/17
GBP GBP GBP
Revenue
Interactive broadcast 5,442,955 5,469,311 11,309,626
Overseas gaming consultancy
services 330,000 300,000 660,000
-------------- -------------- ----------
Total revenue 5,772,955 5,769,311 11,969,626
-------------- -------------- ----------
4. Earnings / (loss) per share
Basic and diluted earnings per share is based on the profit
after tax and on the following weighted average number of shares in
issue.
6 months 6 months Audited
ended ended Year ended
30/06/18 30/06/17 31/12/17
GBP GBP GBP
Reported (loss)/profit for the
financial period 5,353 (144,807) (646,643)
---------- ---------- -----------
Number Number Number
Weighted average number of ordinary
shares for basic and diluted earnings
/ (loss) per share 77,513,224 77,513,224 77,513,224
Weighted average number of ordinary
shares for diluted earnings / (loss)
per share 77,513,224 77,513,224 77,513,224
========== ========== ===========
Basic earnings / (loss) per share
(pence) 0.00p (0.2p) (0.8p)
Diluted earnings / (loss) per share
(pence) 0.00p (0.2p) (0.8p)
---------- ---------- -----------
5. Foreign exchange gains and losses
Included in administrative expenses for the 6 months ended
30/06/18 are foreign currency gains of GBP56,378 (Audited year
ended 31/12/17: losses of GBP74,987. 6 months ended 30 June 2018:
gains of GBP85,433).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR PGUUUBUPRGQC
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