RNS No 9849q
FREEPAGES GROUP PLC
24th August 1998
FREEPAGES GROUP PLC
("Freepages" or the "Company")
Results for the 3 month period ended 30 June 1998
* Revenues for the 3 months to 30 June 1998 were #5.0 million,
up 22 per cent. compared to the second quarter and up 22 per
cent. on the comparative quarter last year once one off items
have been accounted for.
* Telephonic readouts increased to 4.8 million and internet
readouts increased to 16.5 million representing increases,
respectively of 14 per cent. and 34 per cent. compared to the
second quarter
* Operational costs remained stable during the period compared to
the prior period and are expected to grow at a significantly lower
rate than anticipated revenues.
* Partnership agreements with Microsoft Networks and Cendant were
announced.
* Scoot Belgium was launched on 1 June 1998 and usage and trading
results are developing positively. Various internet and telecom
partnership agreements were successfully implemented during the
period.
* Scoot Netherlands signed a partnership agreement with Cendant
and is now providing a similar service in the Netherlands to the
Scoot (UK) Home Shopping Service.
* RequesT Limited, the telephone and internet transaction service,
in which Freepages holds a 30 per cent. equity stake announced a
strategic partnership agreement with Equifax.
* It is anticipated that the Company's ordinary shares will move to
the main market of the London Stock Exchange ("LSE") during the
next few days.
Commenting on todays results, Robert Bonnier CEO said:
"Our UK business delivered positive results in terms of revenues and
usage whilst operating expenditures remained stable as anticipated.
We expect these positive trends to continue. Our focus will be on
two areas. First, continuing to progress the initiatives we have
launched to drive our core UK business forward; and secondly,
introducing complementary products supported by additional
partnerships which will utilise our existing infrastructure. We are
pleased with the positive results from Scoot Belgium which will be
enhanced following the implementation of a number of important
partnership agreements."
For further information contact:
Freepages Group plc
Robert Bonnier, CEO
Ronald Dorjee, CFO 0171 368 3900
Miranda Cleverdon, Director Corporate Communications
Buchanan Communications Limited 0171 466 5000
Mark Edwards
Review of UK operations
The period showed positive trends in terms of revenue growth, sales
productivity and increased operating efficiencies. Operational costs
remained stable during the period and are expected to grow at a
significantly lower rate than anticipated revenues.
The Companys primary aim is to develop two complementary annuity-
type businesses: (i) classified directory; and (ii) consumer
memberships.
Classified Directory
After a successful trial, the Company is about to introduce new
contracts for its Classified business - for an initial fixed period
and thereafter on a rolling basis - rather than its present fixed
twelve month arrangements. It is expected that this change will
substantially reduce the costs of servicing classified advertisers
thus increasing margins on each contract. The intention is that the
Classified business will increasingly take on the characteristics of
an annuity-type business where high initial sales costs are offset by
ongoing revenues generated at much lower cost.
Following the initial fixed period either party can thereafter
terminate the rolling contract at 28 days notice. As a result the
Company intends to report statistical information reflecting the
appropriate underlying trends of the business. These statistics
will be presented during full year results and include among other:
number of available selling days, number of advertisers, average
revenue per advertiser and churn rate.
During the period, the Company consolidated the size of its
salesforce who are now primarily focused on new business. At the
end of the period 280 sales executives were employed. It is the
Companys intention to maintain this level of salesforce over the
foreseeable future that should lead to improved productivity.
Corporate Sales is now primarily focused on selling the directory
and mid-call transfer products.
Customer management processes and management information services,
which were highlighted in the last statement, have continued to
improve. Mid-call transfer will be introduced to the consumer
database to increase the quality of the sales leads provided to the
classified salesforce. In addition, significant work is being
carried out in improving both sales prospecting and lead generation.
Management believe that the results of this project will lead to a
more focused approach to the sales process, higher levels of sales
efficiency and lower associated costs.
Consumer usage continues to increase at a highly satisfactory rate as
a result of improved brand awareness, additional service features and
repeat usage. The number of telephonic and internet readouts during
the period increased to 4.8 million and 16.5 million, representing
increases, respectively, of 14 per cent. and 34 per cent. on the
prior quarter.
Consumer Memberships
Having successfully generated members for the Scoot Home Shopping
service the Company intends to build a Scoot-branded consumer
membership business. This is presently expected to be established
during the course of the next financial year. The service will
provide additional revenue by utilising the Company's existing
infrastructure and leveraging the Company's growing user base. The
intention is to provide a wide range of discounts and complementary
product features to the Scoot user thereby increasing its
loyalty. The service should also deepen the relationship between the
user base and the Company's Corporate and Classified advertisers.
Key Performance Indicators (UK)
Sep96 Dec96 Mar97 Jun97 Sep97 Dec97 Mar98 Jun98
Return on base - - - - - 51 57 62
Growth
percentage - - - - - - +12 +9
Telephone
readouts (M) 0.7 1.1 1.7 2.1 2.6 3.4 4.2 4.8
Growth
Percentage +40 +57 +56 +24 +24 +31 +24 +14
Internet
readouts (M) 0.7 1.4 2.5 2.5 3.4 6.7 12.3 16.5
Growth
percentage +40 +100 +78 0 +36 +97 +84 +34
*As aforementioned appropriate statistical data will be presented
during full year results and will include amongst others: number
of available selling days, number of advertisers, average revenue
per advertiserand churn rate.
RequesT Limited In July 1998 the European arm of Equifax, a leading
process, consulting and software business acquired a 40 per cent.
stake in RequesT (UK) Limited, the UK franchising business of RequesT
Limited in which Freepages holds a 30 per cent. equity stake.
RequesT develops and markets the RequesT Trading Platform, a system
that allows products and services such as financial services, travel
products and utilities to be offered to consumers via call centres,
the internet and other direct marketing channels.
RequesT has recently completed the 'Beta' testing of its trading
platform with encouraging results. It is intended to launch the
service in September 1998.
Review of the Dutch operations
Classified advertising gross new contract revenue for the period
amounted to #2 million. At the end of the period the number of full
time equivalent employees was 300. The number of sales executives
increased over the period which had a negative impact on sales
productivity since typically new sales executives start contributing
only two months after completion of the sales training programme.
Trends in renewal sales continue to develop better than expected.
Consumer usage growth was restricted because of certain capacity
constraints. These issues have now been properly addressed and in
the current quarter usage has started to grow significantly again.
Cendant partnership Scoot Netherlands entered into an agreement with
Cendant and is now providing a service in the Netherlands similar to
the Scoot (UK) Home Shopping Service. It is anticipated that a
similar Scoot consumer membership base will be developed over time as
described in the UK operations section above.
Key Performance Indicators (NL)
Sep-97 Dec-97 Mar-98 Jun-98
Gross new classified
contract revenue #m* 1.5 2.0 1.6 2.0
Growth percentage - +33 -20 +25
Gross new classified
contract value
per sales executive 27,400 26,100 22,500 17,300
Growth percentage - -5 -14 -23
Telephone readouts
millions 0.2 0.5 1.0 1.1
Growth percentage - +150 +100 +10
Internet readouts
millions 0.9 1.0 1.8 1.8
Growth percentage - +11 +80 0
*Total gross value of all new contracts entered into during the
period. Due to defaults and cancellations, not all the gross
contract value may ultimately be realised by Scoot (NL).
Review of the Belgian operations
Scoot Belgium was launched on 1 June 1998 following a successful
test-marketing campaign in the Ghent and Namen areas. Trends
in revenue and usage rates as well as brand recognition
continue to develop positively. Telephone readouts are
already averaging more than 10,000 per day with internet
readouts averaging 8,000 per day, both metrics continue to
exceed those experienced by Scoot (NL) at a similar stage in
its development.
The number of employees is currently around 160 people. The Company
will provide the key performance indicators for Scoot Belgium in the
fourth quarter results.
Financial Results
Revenue for the three month period ended 30 June 1998 grew to #5.0
million compared to #4.1 million for the prior quarter, representing
an increase of 22 per cent. In comparison to the 1997 third quarter,
revenues increased by 2 per cent. Removing the effects of the sale
of a database and the sale of a large classified contract which
were included in that quarters revenue, revenues rose by 22 per
cent. year on year.
The return on base figure (advertiser renewals) was 62 per cent. in
the three months ended 30 June 1998 compared to 57 per cent. in the
previous quarter. This figure is calculated by comparing the value
of renewals sold against the value of advertising subscription
values released to the salesforce for renewal.
The Scoot business is characterised by certain seasonal factors like
holiday periods and advertiser commitments, which tend to be higher
in the first half of the year. The Company is subject to certain
discretionary expenditures such as marketing, product development,
capital expenditures and the costs associated with the introduction
of additional partnerships. The overall trends in revenues and
cashflow continue to develop positively but remain subject to the
aforementioned factors, which will result in net cash outflows during
certain periods as is likely to be the case in the current quarter.
The operating loss (including international costs), excluding the
Group's share of the joint ventures and associated companies'
operating loss, amounted to #4.2 million for the period with a loss
per share of 1.22p. Net cash outflow from operating activities and
investments amounted to #4.7 million during the three month period
ended 30 June 1998 and #14.8 million for the 9 months ended that
date At the end of the period the net cash balance was #12.6
million and net assets totalled #11.8 million.
Key Financial Statistics
(#m)
Jun96 Sep96 Dec96 Mar 97 Jun97 Sep97 Dec97 Mar98 Jun98
Revenue
(UK only)
Classified 1.4 2.0 2.4 2.9 3.9 3.9 3.6 3.9 4.5
Corporate 0 0.1 0.2 0.4 0.4 0.2 0.2 0.2 0.3
Other - - - 0.4 0.5 0.4 0.7 - 0.2
SG& A* 2.7 3.7 3.9 5.2 5.8 6.9 6.7 6.8 6.8
Marketing 1.3 0.7 0.7 1.7 0.9# 0.9 2.8 1.5 1.4
EBIT UK (2.6) (2.4) (2.1) (3.4)(1.9) (3.3) (5.0) (4.3) (3.2)
(Cost-revenue
ratio) ** (186%)(120%)(84%) (97%)(40%) (73%)(111%)(105%) (65%)
International - - - 0.1 0.3 0.4 0.7 1.3 1.0
Associates
(expense)
Scoot (NL) - - - (0.1)(0.4) (1.2) (0.7) (1.0) (0.6)
Scoot (B) - - - - - - (0.4) (0.3) (0.9)
TDS Group - - (0.1) (0.2)(0.4) (0.2) (0.2) (0.6) (0.3)
RequesT - - - - - - (0.1) (0.1) (0.1)
Net cash - - 1.4 41.6 39.2 34.6 24.4 17.4 12.6
*SG&A includes cost of sales and excludes marketing and
international costs. Marketing and international costs are
represented separately above.
** Total UK costs (excluding international costs) divided by total
accounting revenue generated during the period.
# Excludes the exceptional marketing costs of launching the
'ScootTM brand.
Unaudited Consolidated Income Statement for the 3 Months to 30 June
1998
3 3 3 9 9 9
months months months months months months
ended ended ended ended ended ended
30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun
1998 1998 1997 1998 1998 1997
(Note 1) (Note 1)
$000 #000 #000 $000 #000 #000
Group Sales (including
share of Joint
Ventures) 9,690 5,817 4,857 25,867 15,527 10,833
Share of Joint Venture
Sales (1,489) (894) (21) (3,425) (2,057) (21)
--------------------------------------------
Sales 8,201 4,923 4,836 22,442 13,470 10,812
Operating costs
Cost of Sales (740) (444) (204) (2,031) (1,219) (499)
Selling, General and
Administrative
Expenses (14,443)(8,669)(6,858)(46,256)(27,765)(18,174)
---------------------------------------------
Operating Loss (6,982)(4,190)(2,226)(25,845)(15,514) (7,861)
Share of losses of
joint companies (2,767)(1,661) (448) (6,794) (4,078) (516)
Net Interest Income 406 243 621 1,881 1,128 773
---------------------------------------------
Loss before taxes
on income (9,979) (5,990)(2,376)(33,116)(19,879) (8,289)
Taxes on income - - - - - -
---------------------------------------------
Retained loss for the
period attributable to
equity shareholders (9,979) (5,990)(2,376)(33,116)(19,879) (8,289)
---------------------------------------------
Loss per share (2.03)c (1.22)p (0.49)p(6.78)c (4.04)p (1.94)p
Weighted average/no
of shares millions 492.2 492.2 487.28 492.2 492.2 426.6
---------------------------------------------
Consolidated Balance Sheets at 30 June 1998
30 Jun 30 Jun 30 Jun
1998 1998 1997
Unaudited Unaudited Unaudited
(Note 1)
$000 #000 #000
Assets
Current Assets
Cash at bank and in hand 21,040 12,629 39,226
Accounts Receivable 2,674 1,605 2,504
Prepaid expenses 1,421 853 681
Other current assets 5,513 3,309 1,010
--------- --------- ---------
Total Current Assets 30,648 18,396 43,421
Fixed Assets
Property, plant and equipment 5,358 3,216 1,671
Intangible assets 1,262 758 546
Share of Net Assets of
Joint Ventures
Gross Assets 3,352 2,012 566
Gross Liabilities (3,450) (2,071) (412)
Investment in associated
companies (617) (370) 14
Total Investment (715) (429) 168
--------- --------- ---------
Total Assets 36,553 21,941 45,806
--------- --------- ---------
Liabilities and
shareholders equity
Current Liabilities
Accounts payable and
accrued expenses 7,820 4,694 4,518
Deferred income 4,463 2,679 1,898
Other taxation including
social security 3,788 2,274 452
--------- --------- ---------
Total current liabilities 16,071 9,647 6,868
Other long term liabilities 888 533 173
--------- --------- ---------
Total Liabilities 16,959 10,180 7,041
--------- --------- ---------
Shareholders equity
Deferred Shares 333 200 200
Ordinary shares fully paid
par value 2p per share:
492,200,098 shares at
30 June 1998
(484,126,742 shares at
30 June 1997) 16,400 9,844 9,844
Premiums in excess of
par value 92,017 55,232 55,677
Shares to be issued 826 496 496
Merger reserve (10,359) (6,218) (6,218)
Retained deficit (79,623) (47,793) (21,234)
--------- --------- ---------
Shareholders equity 19,594 11,761 38,765
--------- --------- ---------
Total liabilities and
shareholders equity 36,553 21,941 45,806
--------- --------- ---------
Unaudited Consolidated Cash Flow Statements
for the 9 Months to 30 June 1998
9 months 9 months 9 months
ended ended ended
30 Jun 30 Jun 30 Jun
1998 1998 1997
Unaudited Unaudited Unaudited
(Note 1)
$000 #000 #000
Net cash outflow from
operating activities (24,599) (14,765) (8,222)
Return on investments and
servicing of finance
Interest received 1,881 1,129 783
Interest paid (1) (1) (10)
Finance lease interest paid (20) (12) (15)
--------- --------- ---------
Net cash inflow from returns
on investments and
servicing of finance 1,860 1,116 58
--------- --------- ---------
Capital expenditure and
financial investment
Purchase of tangible
fixed assets (1,918) (1,151) (627)
Purchase of intangible
fixed assets - - (300)
Purchase of investments (8,477) (5,088) -
Convertible loan to
associate company (2,466) (1,480) -
--------- --------- ---------
Net cash outflow from
capital expenditure and
financial investment (12,861) (7,719) (927)
--------- --------- ---------
Net cash outflow before
management of
liquid resources and financing (35,600) (21,368) (8,391)
Management of liquid resources
Cash on short-term deposit 29,283 17,577 (33,750)
--------- --------- ---------
Net cash (outflow)/inflow
from management of
liquid resources 29,283 17,577 (33,750)
--------- --------- ---------
Financing
Issue of ordinary shares
less expenses (496) (298) 43,920
Capital element of finance
lease payments (500) (300) (47)
--------- --------- ---------
Net cash (outflow)/inflow
from financing (996) (598) 43,843
--------- --------- ---------
Net decrease in cash (7,313) (4,389) 1,732
===== ===== =====
Notes to the Unaudited Consolidated Financial Statements
The Third Quarter Results, which are unaudited, have been prepared on
the basis of the accounting policies set out in the Groups 1996/97
Annual Report and Accounts. The information presented herein does
not constitute statutory accounts within the meaning of Section 240
of the Companies Act 1985 (as amended).
Copies of the Third Quarter are being sent to shareholders and are
available to the public from the Company Secretary, Information
House, Parkway Court, Oxford OX4 2JY.
1. Basis of Preparation
The Group results include the four associated companies: the
Freepages VNU Joint Ventures in the Netherlands and in Belgium, TDS
Group Limited and RequesT Limited. The results of these
associated companies are included in the Group results. All four
are accounted for under the equity method.
Whilst the Joint Ventures in the Netherlands and Belgium operate in
local currency, the main currency in which the Company operates is
UK Pounds Sterling. The financial statements are therefore stated
in UK Pounds Sterling (#). For the purposes of this statement:
Dutch Guilder amounts are translated into Sterling at an exchange
rate of NLG 3.257 = #1; Belgian Franc amounts are translated into
Sterling at an exchange rate of BFr 57.8 = #1.
Merely for convenience, the financial statements contain
translations of certain pound sterling amounts into US Dollars at
an exchange rate of $1.6660 = #1.00, being the Noon Buying Rate of
the Federal Reserve Bank of New York on 30 June 1998.
2. Notes to the Consolidated Balance Sheets
The figures for the year ended 30 September 1997 are an extract
from the Groups Annual Report and Accounts which have been
delivered to the Registrar of Companies. The auditors opinion on
the financial statements was not qualified and did not include any
statement under Section 237(2) or (3) of the Companies Act 1985.
3. Commitments and Contingencies
The Company is party to various legal proceedings in the ordinary
course of business which it does not believe will result, in
aggregate, in any material adverse effect on its balance sheet
position and results.
4. Unaudited Movement in Equity Shareholders Funds
#1 Ordinary Shares Premiums Shares Merger Retained Total
deferred In excess to be reserve deficit
shares of par issued
#000 Number #000 #000 #000 #000 #000 #000
Balance at 492,200,098
30 Sept
1997 200 9,844 55,530 496 (6,218)(27,915)31,937
Net loss
3 months to
December 1997 - - - - - - (6,602)(6,602)
Share
issuance
costs - - - (298) - - - (298)
----------------------------------------------------------
Balance at 492,200,098
31 December
1997 200 9,844 55,232 496 (6,218)(34,517)25,037
==========================================================
Net loss
3 months to
March 1998 - - - - - - (7,286)(7,286)
----------------------------------------------------------
Balance at 492,200,098
31 March
1998 200 9,844 55,232 496 (6,218)(41,803)17,751
==========================================================
Net Loss
3 months to
June 1998 - - - - - - (5,990)(5,990)
----------------------------------------------------------
Balance at 492,200,098
30 June
1998 200 9,844 55,232 496 (6,218)(47,793)11,761
5. Notes to Cashflow Statement
Reconciliation of Operating Loss to Operating Cashflows
9 months 9 months 9 months
ended ended ended
30 Jun 30 Jun 30 Jun
1998 1998 1997
(Note 1)
$000 #000 #000
Operating Loss (25,846) (15,514) (7,861)
Depreciation and
amortisation charge 854 513 289
(Increase) in debtors and
other current assets (526) (316) (3,934)
Increase in creditors and
accruals 919 552 3,284
Net cash outflow from --------- --------- ---------
operating activities (24,599) (14,765) (8,222)
========= ========= =========
6. Notes to the Cash Flow Statement
Reconciliation of net cash flow to movement in net funds
9 months
ended
30 Jun
1998
#000
Decrease in cash in the period (4,389)
Cash inflow from increase in lease financing 312
Cash outflow from decrease in liquid resources (17,577)
--------
Change in net funding resulting from cashflows (21,654)
--------
Movement in net funding in the period (21,654)
Net funding at 30 September 1997 33,658
--------
Net funding at 30 June 1998 12,004
========
7. Note to the Cash Flow Statement
Analysis of net funding
At Cash At
30 Sept flow 30 Jun
1997 1998
#000 #000 #000
Cash at bank and in hand 5,111 (4,389) 722
Cash on deposit 29,484 (17,577) 11,907
Finance leases (937) 312 (625)
------ ------ ------
Total 33,658 (21,654) 12,004
====== ====== ======
8. Nasdaq Reporting Schedules
The Groups consolidated interim results are prepared in
accordance with generally accepted accounting principles
applicable in the United Kingdom ("UK GAAP") which differs
in certain significant respects from that applicable in the
United States ("US GAAP"). These differences relate
primarily to those items which were set out in the Groups
financial statements for the year ended 30 September 1997.
The approximate effect of the adjustments on net income and
shareholders equity is set out below.
Approximate effect on net income of differences between UK and
US GAAP
#000 #000
Quarter ended 30th June 1998
Net Loss in accordance with UK GAAP (5,990)
Adjustments
Acquisition accounting - Goodwill (202)
Revenue Recognition - Dutch Operation (579) (781)
Net Loss in accordance with US GAAP (6,771)
9 months ended 30 June 1998
Net Loss in accordance with UK GAAP (19,879)
Adjustments
Acquisition accounting - Goodwill (606)
Revenue Recognition - Dutch Operation (719) (1,325)
Net Loss in accordance with US GAAP (21,204)
Approximate cumulative effect on Shareholders equity of
differences between UK and US GAAP
As at 30 June 1998
#000 #000
Shareholders Equity in accordance with UK GAAP 11,761
Acquisition accounting - Goodwill 942
Revenue Recognition - Dutch Operation (719)
Associated undertaking 171 394
Shareholders Equity in accordance with US GAAP 12,155
Reconciliation of Shareholders Equity in accordance with US GAAP
#000
Shareholders Equity at 30 September 1997 33,656
Net Loss for the 3 months ended 31 December 1997 (6,804)
Cost of Share Issue (298)
Shareholders Equity at 31 December 1997 26,554
Net Loss for the 3 months ended 31 March 1998 (7,628)
Shareholders Equity at 31 March 1998 18,926
Net Loss for the 3 months ended 30 June 1998 (6,771)
Shareholders Equity at 30 June 1998 12,155
9. Interest Income/Expenses
Net interest increased from #773,000 for the 9 months ended
30 June 1997 to #1,129,000 for the 9 months ended 30 June
1998. Most of this increase was due to higher cash balances
resulting from the global equity offering in March 1997.
10.Losses from Associated Companies
The Groups share of losses in associated companies for the
9 month period to 30 June 1998 was #5,493,085.
These losses related to TDS Group Limited ("TDS")
(#1,057,547) (9 months to 30 June 1997 #685,000), the joint
venture partnership in the Netherlands with VNU (Verenigde
Nederlandse Uitgeversbedrijven BV) (#2,420,834), (9 months
to 30 June 1997: #516,000), the joint venture partnership in
Belgium with VNU (#1,657,061) (9 months to 30 June 1997:
nil) and RequesT Limited (#357,643) (9 months to 30 June
1997: nil). The losses of TDS arose mainly from continued
product development. Losses from Scoot NL were due to the
cost of the continued development of the Scoot business in
the Netherlands. The losses from RequesT (UK) Limited arose
mainly from the cost of establishing the marketing
technology business in the UK. The losses from Scoot
Belgium were due to the establishment of the service in that
territory.
11.Liquidity and Capital Resources
The Company incurred an operating cash flow deficit of #14.8
million for the 9 months to 30 June 1998 (#8.2 million for
the corresponding period in 1997). The Company also
invested #6.24 million in capital expenditure and additional
investments in associates during the same period (#927,000
for the corresponding period in 1997). These increases
reflect the continued expansion of the business.
12. Disclosure regarding forward looking statements
All statements other than statements of historical fact
included in this report are, or may be deemed to be forward-
looking statements within the meaning of the US securities
laws. Important factors that could cause actual results to
differ materially from those discussed in such forward-
looking statements include, among other things: acceptance
by advertisers and consumers of the Companys classified
information content, services and distribution channels; the
ability of the Company to successfully develop and market
new products and services and distribution channels; the
ability of the Company to respond to changes or increases in
competition; the ability of the Company to manage its
future growth and to increase the number and effectiveness
of its sales staff; the ability of the Company to
successfully introduce, market, sell and deliver its
services in markets outside the UK; the ability of the
Company to manage the risks associated with joint ventures
and potential acquisitions in the UK and abroad; the ability
of the Company to attract and retain necessary technical and
management personnel; and the ability of the Company to
protect its intellectual property rights. All subsequent
written and oral forward-looking statements attributable to
the Company or persons acting on behalf of the Company are
expressly qualified in their entirety by such cautionary
statements.
END
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