26th Aug 2005 07:00
MediaZest plc26 August 2005 MediaZest Plc Interim results for the six months ended 30 June 2005 CHAIRMAN'S STATEMENT Introduction The results for MediaZest Plc (the "Company", and collectively with thesubsidiary company, the "Group") reflect the six-month period to 30 June 2005.They incorporate the results of its only subsidiary MediaZest Ventures Limited,which is wholly owned. The Company completed a successful placing of 2,874,330ordinary shares on 22 February 2005. The gross proceeds of the placing were £1.4million and the ordinary shares were admitted to trading on AIM on 22 February2005. Results for the Period Turnover for the period was £29,500 and the Group made a loss for the period,after taxation, of £304,693 after receiving interest of £23,100 and having paidadministrative expenses of £333,506. The basic loss per share was 3 pence and 3pence on a fully diluted basis. The Group had cash balances of £1,105,433 at theperiod end. Review of Activities The Group continues to make significant progress. Major pitches have beencompleted for a number of international retailers and revenues are beginning tobe generated. The focus during this period has been on securing furtherexclusive licences, developing a sales pipeline and progressing corporateactivity. The portfolio of solutions the Group can now offer includes 3D TV andHolographic Display. Increasingly the Group is being invited to jointly pitchfor business with major design companies working for both retailers and brandowners. The prospect of having our solutions integrated early in there-development of retail environments is bringing a considerable volume of newbusiness development opportunities. The Company has also announced today that agreement has been reached on theproposed acquisition of Touch Vision Limited and that the Company is proposingto raise £2,000,000 (before expenses) by means of a share placing. John LoveringChairman26 August 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited Six months ended 30 Jun 2005 £Turnover 29,500Cost of sales (23,787) ---------Gross profit 5,713Administrative expenses (333,506) ---------Operating loss (327,793) Interest receivable and investment income 23,100 ---------Loss on ordinary activities before taxation (304,693) Tax on ordinary activities (note 2) - ---------Retained loss for the period (304,693) =========Loss per ordinary 10p share (note 3)- basic 3 pence- diluted 3 pence CONSOLIDATED BALANCE SHEET Unaudited 30 Jun 2005 £ Fixed assetsIntangible assets 115,110Tangible assets 7,508 --------- 122,618 ---------Current assetsStock 89,400Debtors 137,159Cash at bank and in hand 1,105,433 --------- 1,331,992 Creditors: amounts falling due within one year (133,137) ---------Net current assets 1,198,855 --------- ---------Total assets less current liabilities 1,321,473 =========Capital and reservesCalled up share capital 1,370,768Share premium account 298,882Profit and loss account (348,177) --------- 1,321,473 ========= CONSOLIDATED CASH FLOW STATEMENT Unaudited Six months ended 30 Jun 2005 £Net cash outflow from continuing operating activities (440,215) Returns on investmentsInterest received 23,100 Capital expenditurePurchase of tangible assets (8,686) AcquisitionsPurchase of subsidiary undertaking - ---------Net cash outflow before financing (425,801) ---------FinancingIssue of shares net of costs 1,002,983 ---------Increase in cash in the period 577,182 ========= Reconciliation of operating loss to net cash outflow fromoperating activitiesOperating loss (327,793)Depreciation and amortisation 2,635Increase in stocks (89,400)Increase in trade debtors (118,201)Increase in trade creditors 92,544 ---------Net cash outflow from operating activities (440,215) ========= NOTES 1. Basis of preparation The interim report for the six month period to 30 June 2005 is unaudited anddoes not constitute statutory accounts within the meaning of section 240 of theCompanies Act 1985. It has been prepared under the historical cost conventionand on a basis consistent with the accounting policies for the period ended 31December 2004 2. Taxation No charge for corporation tax for the period has been made due to the expectedtax losses available. 3. Loss per share Basic and diluted earnings per share are presented in accordance with FRS14 "Earnings per share" based on the loss for the period of £304,693 and thefollowing weighted average number of ordinary shares. Unaudited Period ended 30 Jun 2005 Weighted average number of shares:Basic 10,966,616Dilutive effect of warrants 833,333 ---------Weighted average number of shares - diluted 11,799,949 ========= Enquiries: Sean Reel, MediaZest Plc 020 7499 8334 Nigel Duxbury, MediaZest Plc 020 7499 8334 Liam Murray, City Financial Associates Limited 020 7090 7800 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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