Half Yearly Report

28 August 2015

Motive Television PLC

("Motive", the "Company" or the "Group")

Half-yearly results for the six months ended 30 June 2015

Motive Television PLC (AIM: MTV.LN), the digital television technology, software and services provider, is pleased to announce its interim results for the six months ended 30 June 2015. 

Financial highlights

· Revenue from continuing operations up 17 per cent. to £673,410 (H1 2014: £577,740)

· Gross profit from continuing operations up 6 per cent. to £292,757 (H1 2014: £276,409)

· Loss attributable to continuing activities and developing new business before interest decreased by 12 per cent. to £955,283 (H1 2014: £1,086,616 loss)

· Administrative expenses were reduced by 16 per cent. to £1,117,489 (H1 2014: £1,333,916), excluding depreciation and amortisation

· Cash reserves at 30 June 2015 were £223,291

Operational highlights

· Completed the product development of TabletTV US and TabletTV UK with Apps for iOS and Android devices

· Prepared for Beta testing during summer of PVR functionality and OTT channels for TabletTV in preparation for autumn launch of new services

· Developed new product BYOD TV and launched services on 14 ships with two ferry companies operating in Greece.

Michael Pilsworth, Chairman, said: "The first half of 2015 saw the Company making substantial progress in completing development and testing of new products, identifying distribution partners, and preparing them for widespread marketing in the autumn. At the same time, the Company reduced its cost structure and is positioned to start to reap the benefits of its investment in technology and positioning in the industry over the past six years."

 Enquiries:

Motive Television provides broadcasters and pay television operators with enabling technology that provides opportunities to deliver highly valued services to viewers that generate additional income and retain existing subscribers, comprising:

Content Express™

Today's television viewers are demanding the ability to watch whatever they want when they want it on any screen, and Motive's Content Express™ makes that possible without having to build new networks. Content Express™ software provides secure delivery and management of non-linear digital content across any type of broadcast network to any consumer-facing screen or device. Motive has deployed it in both single and hybrid distribution systems that combine broadband access with traditional distribution for an optimal solution.

Motive's Content Express™ solutions platform provides a one-stop shop for digital terrestrial broadcasters, satellite, DTT cable pay television platforms, and Internet OTT content providers to offer new services including: Video on Demand (VOD and SVOD), Catch-up television, Tablet Television, Targeted advertising for VOD, Mocast for 4G LTE, Virtual channels and Video2Go.

Tablet TV

With a proprietary app and T-Pod antenna-tuner, tablet owners around the globe can watch and record all the programming currently broadcast over digital terrestrial channels. Additionally, Tablet TV subscribers have the ability to download a selection of video-on-demand movies and programmes without the need for Internet access and, when they are connected, use integrated social networking and access anything available over the Internet.

Motive's content division is:

Motive Television Limited, a Dublin-based award-winning independent production company that produces factual programmes for Irish broadcasters. It specializes in live sports production and sports documentaries and also produces factual and entertainment series.

Motive Television was founded in London in 2005 and its shares are quoted on the London Stock Exchange (AIM).

http://www.motivetelevision.co.uk

All other comprehensive income shown above will be reclassified subsequently to profit or loss when specific conditions are met.

,

1. GENERAL INFORMATION

Motive is a company domiciled in England and Wales whose registered office address is 18 Soho Square, London W1D 3QL.

The condensed consolidated interim financial statements of the Company for the six months ended 30 June 2015 comprise the company and its subsidiaries (together referred to as "the Group"). These interim statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The interim financial information has been prepared using the same accounting policies, presentation, method of computation and estimation techniques as are expected to be adopted in the Company financial statements for the year ending 31 December 2015 and which were adopted in the audited Group financial statements for the year ended 31 December 2014.

The financial information for the year ended 31 December 2014 has been extracted from the statutory accounts for that period. The auditors have reported on the statutory accounts for the year ended 31 December 2014 and their report was not qualified. The auditors' report however drew attention by emphasis of matter to issues surrounding the ability of the company to continue as going concern. A copy of those financial statements has been filed with the Registrar of Companies. 

2. GOING CONCERN

This announcement of the Company's half-yearly results has been prepared on the basis that the Company is a going concern. The statutory accounts for the year-ended 31 December 2014 indicated that additional funding was required further noting that the Company's Fixed Interest CLNs mature in December 2015 and that the company has an ongoing dispute relating to a Put agreement. There remains an on-going requirement for the Company to win new contracts and raise additional funding both for ongoing trading and for any amount that may become payable as a result of the dispute. Additionally further funding may be required if terms with the CLN Holders cannot be reached. If further funding cannot be secured the Company would have to take action to reduce its cost base and provisions would be required for costs arising on discontinuance. The directors are confident that further injections of funds can be secured in the future and that further contracts will be won and have therefore prepared the half-yearly results on a going concern basis.

3. LOSS PER SHARE

The loss per share is based on a loss for the period of £1,621,442 (six months ended 30 June 2014: £1,549,399; year ended 31 December 2014: £12,530,987) and the weighted average of ordinary shares in issue for the period of 13,851,399,521 (six months ended 30 June 2014: 6,460,352,061; year ended 31 December 2014: 6,992,924,820). The number of shares (including comparatives) has been adjusted in respect of the share consolidation which took place in March 2015

 4. AVAILABILITY OF THE INTERIM REPORT

Copies of the interim report will be available from the Company's registered office and also from the Company's website www.motivetelevision.co.uk. Copies of the interim report will not be sent to shareholders.