("PMG", THE "COMPANY" OR THE "GROUP")
HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED
Highlights
o The Group has continued, with the help of its Chairman, to consolidate its debt profile, including the payment by the Chairman of the outstanding
o Has made progress in the Group's long-term ambition of securing a media-related acquisition in the live event and entertainment sector.
o The Company's shares were suspended on 9th
Chairman of PMG,
"We are making significant headway with the negotiation on the acquisition of an exciting and compatible media business in the live event and entertainment sector'
I would like to make a special mention of the Group's Board and Staff worldwide for their considerable efforts and I would, at the same time, like to thank all our stakeholders for their support."
Contact Details
For more information please contact:
|
+44 (0) 20 7225 2000 |
|
+44 (0) 20 7601 6100 |
CHAIRMAN'S STATEMENT
Financial Review
This has been a limited period of activity for the Group and the operating loss amounted to
As in previous years, I have supported the working capital requirements of the Group. The Company announced on
I have agreed to forego half of my remuneration for the first half of this financial year. The balance of the monies due to me and entities owned and controlled by me at 30th
Post Balance Sheet Events
On
Aside from the foregoing, there has not been any matter or circumstance occurring subsequent to the end of the financial period that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.
Going forward
I remain positive and would like to use this opportunity to thank our board and hardworking staff, for their hard work and support.
Chairman
Date:
Consolidated income statement for half year to
|
|
|
(Restated) |
audited |
|
Note |
£'000 |
£'000 |
£'000 |
Continuing operations |
|
|
|
|
Revenue |
|
- |
200 |
221 |
Cost of sales |
|
- |
(78) |
(78) |
Gross profit |
|
- |
122 |
143 |
|
|
|
|
|
Other administrative expenses |
|
(347) |
(141) |
(495) |
Foreign exchange |
|
25 |
(23) |
(31) |
Depreciation and amortisation of non financial assets |
|
- |
(68) |
(139) |
Total admin expenses |
|
(322) |
(232) |
(665) |
|
|
|
|
|
Operating (loss) before exceptional items |
|
(322) |
(110) |
(522) |
|
|
|
|
|
Exceptional items |
|
- |
183 |
(1,182) |
Operating (loss)/profit after exceptional items |
|
(322) |
73 |
(1,704) |
|
|
|
|
|
Finance costs |
|
(48) |
(16) |
(30) |
(Loss)/profit before tax for the financial period |
|
(370) |
57 |
(1,734) |
|
|
|
|
|
Taxation |
|
6 |
- |
- |
(Loss)/profit for the financial period after taxation |
|
(364) |
57 |
(1,734) |
|
|
|
|
|
Attributable to: |
|
|
|
|
Non-controlling interests |
|
- |
- |
- |
Equity holders of the parent |
|
(364) |
57 |
(1,734) |
(Loss)/profit for the financial period |
|
(364) |
57 |
(1,734) |
|
|
|
|
|
Earnings (Loss)/profit per share |
|
|
|
|
-basic |
4 |
(12.1)p |
1.9p |
(57.6)p |
-diluted |
4 |
(12.1)p |
1.9p |
(57.6)p |
|
|
|
|
|
The accompanying accounting policies and notes form an integral part of the financial statements. The results for the half year to
Statement of comprehensive income for half year to
|
|
Group |
|
|
|
|
|
|
30 June 2017 unaudited |
|
audited |
|
£'000 |
£'000 |
£'000 |
(Loss)/profit for the financial period |
(364) |
57 |
(1,734) |
Exchange difference on translation of foreign operations |
(5) |
(50) |
(60) |
Total comprehensive income/(expense) for the period |
(369) |
7 |
(1,794) |
|
|
|
|
Total comprehensive (expense)/income attributable to: |
|
|
|
Equity holders of the parent |
(369) |
7 |
(1,794) |
Non - controlling interest |
- |
- |
- |
|
(369) |
7 |
(1,794) |
|
|
|
|
Statement of financial position for the half year to
|
30 June 2017 (unaudited) |
30 June 2016 (unaudited) |
(audited) |
|
£'000 |
£'000 |
£'000 |
|
|
|
|
Non current assets |
|
|
|
Intangible assets - Tournament rights |
1 |
1,390 |
1 |
Total non current assets |
1 |
1,390 |
1 |
|
|
|
|
Current assets |
|
|
|
Trade and other receivables |
5 |
90 |
23 |
Cash and cash equivalents |
11 |
(3) |
25 |
Total current assets |
16 |
87 |
48 |
|
|
|
|
Current liabilities |
|
|
|
Financial liabilities - Borrowings |
- |
85 |
85 |
Trade and other payables |
3,135 |
2,198 |
2,547 |
Total current liabilities |
3,135 |
2,283 |
2,632 |
|
|
|
|
Net current liabilities |
(3,119) |
(2,196) |
(2,584) |
|
|
|
|
Non current liabilities |
|
|
|
Financial liabilities - Borrowings |
0 |
196 |
166 |
|
0 |
196 |
166 |
|
|
|
|
Net (liabilities)/assets |
(3,118) |
(1,002) |
(2,749) |
Equity |
|
|
|
Share capital |
4,612 |
4,612 |
4,612 |
Share premium |
8,741 |
8,741 |
8,741 |
Other reserves |
557 |
503 |
557 |
Capital redemption reserve |
5,034 |
5,034 |
5,034 |
Foreign exchange reserve |
(147) |
(132) |
(142) |
Retained earnings |
(22,068) |
(19,913) |
(21,704) |
Equity attributable to equity holders of the parent |
(3,271) |
(1,155) |
(2,902) |
|
|
|
|
Non-controlling interests |
153 |
153 |
153 |
|
(3,118) |
(1,002) |
(2,749) |
|
|
|
|
Statement of cashflows for the half year to
|
30 June 2017 (unaudited) |
30 June 2016 (unaudited) |
31 December 2016 (audited) |
|
£'000 |
£'000 |
£'000 |
Cash flows from operating activity |
|
|
|
Operating loss |
(322) |
(110) |
(522) |
Increase in translation reserve |
(5) |
(50) |
(60) |
Depreciation |
- |
3 |
3 |
Amortisation of intangibles - Tournament rights |
- |
68 |
136 |
Impairment provision - Tournament Rights |
- |
- |
1,321 |
Impairment provision - Investment in subsidiary |
- |
- |
54 |
Gain on exceptional item |
- |
183 |
- |
Decrease/(increase) in receivables |
18 |
(29) |
38 |
Increase/(decrease) in payables |
588 |
(31) |
318 |
Exceptional item |
- |
- |
(1,182) |
Cash generated from/(used in) operations |
279 |
34 |
106 |
|
|
|
|
Cash flow from investing activities |
|
|
|
Taxation repaid |
6 |
- |
- |
Net cash generated from investing activities |
6 |
- |
- |
Cash flow from financing activities |
|
|
|
Loans repaid |
(251) |
(35) |
(65) |
Interest paid |
(48) |
(16) |
(30) |
Net cash used in financing activities |
(299) |
(51) |
(95) |
|
|
|
|
Cash and cash equivalents at beginning of the period |
25 |
14 |
14 |
Net (decrease)/increase in cash and cash equivalents |
(14) |
(17) |
11 |
Cash and cash equivalents at end of the period |
11 |
(3) |
25 |
Consolidated statement of changes in equity for half year to
|
Ordinary Share Capital |
Share Premium |
Other Reserves |
Capital Redemption |
Foreign Exchange Reserve |
Retained Earnings |
Subtotal |
Non controlling Interests |
Total |
|
|
|
|
|
|
|
|
|
|
At |
4,612 |
8,741 |
557 |
5,034 |
(142) |
(21,704) |
(2,902) |
153 |
(2,749) |
Loss for the half year |
- |
- |
- |
- |
- |
(364) |
(364) |
- |
(364) |
Foreign Exchange |
- |
- |
- |
- |
(5) |
- |
(5) |
- |
(5) |
Total comprehensive income |
|
|
|
|
- |
- |
- |
- |
- |
At |
4,612 |
8,741 |
557 |
5,034 |
(147) |
(22,068) |
(3,271) |
153 |
(3,118) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated statement of changes in equity for the year ended
|
Ordinary Share Capital |
Share Premium |
Other Reserves |
Capital Redemption |
Foreign Exchange Reserve |
Retained Earnings |
Subtotal |
Non controlling Interests |
Total |
|
|
|
|
|
|
|
|
|
|
At |
4,612 |
8,741 |
503 |
5,034 |
(82) |
(19,970) |
(1,162) |
153 |
(1,009) |
Loss for the year |
- |
- |
- |
- |
- |
(1,734) |
(1,734) |
- |
(1,734) |
Impairment provision |
- |
- |
54 |
- |
- |
- |
54 |
- |
54 |
Foreign exchange |
- |
- |
- |
- |
(60) |
- |
(60) |
- |
(60) |
Total comprehensive income/(expense) for the year |
- |
- |
54 |
- |
(60) |
(1,734) |
(1,740) |
- |
(1,740) |
At |
4,612 |
8,741 |
557 |
5,034 |
(142) |
(21,704) |
(2,902) |
153 |
(2,749) |
NOTES TO THE FINANCIAL INFORMATION
1. Basis of Preparation
The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards. The condensed consolidated half-yearly financial statements should be read in conjunction with the annual financial statements for the year ended
2. Significant Accounting Policies
The condensed financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and method of computation are followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended
3. Going concern
The Directors have prepared trading and cash flow forecasts for the Group for the year ended
In addition, the Directors have received confirmation that financial support will be provided to the PMG Group of companies sufficient to enable the Group to continue to trade and meet its financial obligations as they fall due for the foreseeable future being at least 12 months from the date that the
The Directors believe these forecasts to be realistic and consequently have prepared the financial statements on the going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future.
4. Segment Information - Changes in Operating Segments
The group operates under three segments, Sports, Entertainment and Media.
Operating Segments |
Sports |
Entertainment |
Media |
Consolidated |
||||
|
£'000 |
£'000 |
£'000 |
£'000 |
||||
|
|
|
|
|
|
June 2016 |
June 2017 |
June 2016 |
Revenue |
- |
200 |
- |
- |
- |
- |
- |
200 |
Joint ventures |
- |
- |
- |
- |
- |
- |
- |
- |
Segment result |
- |
122 |
- |
- |
- |
- |
- |
122 |
Unallocated corporate expenses |
|
|
|
|
|
|
(322) |
(232) |
Exceptional items |
|
|
|
|
|
|
- |
183 |
Operating profit after exceptional items |
|
|
|
|
|
|
(322) |
73 |
Finance costs |
|
|
|
|
|
|
(48) |
(16) |
(Loss)/profit for the year before taxation |
|
|
|
|
|
|
(370) |
57 |
5. Earnings per Share
The basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue during the year. In calculating the diluted earnings per share, any outstanding share options, warrants and convertible loans are taken into account where the impact of these is dilutive.
|
Six months to |
|
Six months to |
|
Year ended |
|
30 June |
|
30 June |
|
31 December |
|
2017 |
|
2016 |
|
2016 |
(i) Basic |
|
|
|
|
|
(Loss)/gain for the period (£'000) |
(307) |
|
57 |
|
(1,734) |
Weighted average number of shares in issue (No.) |
3,009,223 |
|
3,009,223 |
|
3,009,223 |
(Loss)/earnings per share (p) |
(10.2)p |
|
1.9p |
|
(57.6p) |
|
|
|
|
|
|
(ii) Fully diluted |
|
|
|
|
|
(Loss)/gain for the period (£'000) |
(307) |
|
57 |
|
(1,734) |
(Loss)/earnings for the period (£'000) |
(307) |
|
57 |
|
(1,734) |
|
|
|
|
|
|
Weighted average number of shares in issue (No.) |
3,009,223 |
|
3,009,223 |
|
3,009,223 |
|
3,009,223 |
|
3,009,223 |
|
3.009,223 |
|
|
|
|
|
|
Diluted Earnings per share (p)* |
(10.2)p |
|
1.9p |
|
(57.6p) |
* Diluted earnings per share in both 2017 and 2016 are the same as basic earnings per share, as the options in issue during these years have had no dilutive effect on continuing operations.
6. Dividends - No dividend was recommended or paid for the period under review
7. Financial Liabilities - Borrowings
|
30 June 2017 |
|
30 June 2016 |
|
£'000 |
|
£'000 |
Bank facility |
- |
|
85 |
|
- |
|
85 |
The bank facility represents amounts due to Lloyds Bank Plc in less than one year. The outstanding loan was repaid by
8. Non-Current Liabilities - Borrowings
|
30 June 2017 |
|
30 June 2016 |
|
£'000 |
|
£'000 |
Bank facility > 1 year |
- |
|
196 |
|
- |
|
196 |
9. Issued Share Capital
Issued share capital as at 30 June 2017 is comprised as follows:
· 3,009,223 ordinary shares of £0.01p being £0.03 million
· 3,009,223 new deferred shares of £0.518p being £1.559 million*
· 199,831,545 deferred ordinary shares of 0.5p each being £0.999 million*
· 103,260 deferred B shares of £19.60 being £2.024 million*
* The deferred ordinary shares and new deferred shares do not entitle their holders to receive dividend or other distribution nor do they entitle their holders to receive notice, attend speak or vote at any General Meeting of the Group. The rights of deferred shareholders are set out in full in the financial statements for the year ended 31 December 2016.
10. Related Parties
At 30 June, 2017 the following were owed to directors of the Company, namely,
Luna Trading Limited is a company through which
The total amounts owed to
11. Restatement of the half year results to 30 June 2016
Management have identified that due to an accounting error, both turnover and administration overheads were overstated in the half year results to 30 June 2016. The restated numbers show turnover of £0.200m (previously reported as £0.267m) and other administration expenses of £0.141m (previously reported as £0.208m). These adjustments produce no change to the stated operating loss, before exceptional items, of £0.110m.
12. Other
Copies of the unaudited half-yearly results have not been sent to shareholders, however copies are available at www.parallelmediagroup.com or on request from the Group's Registered Office.
13. Approval of Half-Yearly Financial Statements
The half-yearly financial statements were approved by the board of directors on 29 September 2017.
This information is provided by RNS