Final Results

Ten Alps Communications PLC 10 June 2002 TEN ALPS COMMUNICATIONS PLC PRELIMINARY ANNOUNCEMENT CHAIRMAN'S STATEMENT - BRIAN WALDEN • EBITDA up by 310 % from £183,000 to £750,000 • Net profit rise to £444,000, after previous year's loss of £(129,000) • Basic EPS of 1.36p, after loss per share in previous year of (2.58)p (restated) • £2.5m net cash (at March 31) • Net assets of £6.53m against £71,000 in previous year • Retained net profit in second six months of year 525% increase on first half • All group companies rebranded as Ten Alps Ten Alps Communications plc has delivered a set of results for the year to March 31 2002 which shows a major turnaround. Despite a global advertising downturn, financial indicators have all risen steeply. The rapid acceleration of growth during the year is also encouraging for the future. Earnings before interest and depreciation in the second six months were over four times stronger than those in the first half. And a comparable effect is seen in earnings per share, our ultimate priority. New management and vision Ten Alps' new management team, headed by CEO Alex Connock and Finance Director Nitil Patel, came in at the end of July 2001, four months into the financial year, by means of a reverse takeover, along with Bob Geldof. They gave direction, high profile and cost-discipline to the company, formerly Osprey Communications plc. As well as returning profitability, they re-branded all our subsidiaries and a subsequent acquisition under the banner of Ten Alps. Some offices were integrated and clients exchanged between divisions. And the company now has a clear focus, on 'brand experience' services. Bringing Brands to Life Microsoft, Sony, EMI, Corus, NCR, the BBC, BSkyB, Channel 4, Sunsail, RMC, Stannah, Ahlstrom and Flextech were some of the more than 60 clients provided with advertising, event and TV and Radio productions by Ten Alps companies during the year. The biggest brands in the world are looking at new ways of using content to get their message across, be it through TV, Radio, events or innovative advertising - and this is the exciting space we are targeting. But Ten Alps does not risk its own capital on productions. It is not a promoter. Building a company Turning around a PLC is just as much about team-building, and we're proud to say not a single member of staff was made redundant as a result of any of our acquisitions. There are now six Ten Alps branded companies with a total of around 66 staff in offices in London, Hampshire and Edinburgh. The next year We will look at further acquisitions of production companies, but keep earnings per share enhancement as the key test, whilst pacing acquisitions slowly enough to allow re-branding and integration. I believe we have taken a significant step towards building a strong media company, and I thank shareholders for their continued support. Brian Walden 10 June 2002 Ten Alps Communications plc Consolidated Profit and Loss Account For the year ended 31 March 2002 2002 2001 £'000 £'000 Notes Turnover - continuing operations 6,931 6,523 - acquisitions 3,515 - - discontinued operations - 2,445 10,446 8,968 Cost of sales (6,763) (5,581) Gross profit 3,683 3,387 Administrative expenses (3,079) (3,853) Amortisation of goodwill (220) - Operating profit/(loss) - continuing operations 226 271 - acquisitions 158 - discontinued operations - (737) 384 (466) Discontinued operations: Profit on disposal of businesses 41 1,239 Goodwill previously written off to reserves written back on disposal - (807) Profit/(loss) on ordinary activities before interest 425 (34) Net interest receivable/ (payable) 52 (95) Profit/ (loss) on ordinary activities before tax 477 (129) Taxation (33) - Profit/ (loss) on ordinary activities after taxation 444 (129) Equity minority interest - - Retained profit/(loss) for the year 444 (129) Basic earnings/(loss) per share 2 1.36p (2.58)p Earnings/(loss) per share before goodwill amortisation , restatement of goodwill on businesses sold and profit on disposal of businesses. 2 1.91p (11.24)p A statement of total recognised gains and losses is not included as there are no recognised gains or losses other than those disclosed above. Ten Alps Communications plc Consolidated Balance Sheet As at 31 March 2002 31 March 2002 31 March 2001 £'000 £'000 Fixed Assets Intangible assets 3,588 80 Tangible assets 358 140 3,946 220 Current assets Work in progress 44 34 Debtors 2,104 1,336 Bank 2,545 115 4,693 1,485 Creditors Amounts falling due within one year (2,041) (1,634) Net current assets/(liabilities) 2,652 (149) Total assets less current liabilities 6,598 71 Creditors Amounts falling due after one year (64) - Net assets 6,534 71 Capital and reserves Called up share capital 883 267 Share premium account 2,999 527 Merger reserve 2,930 Profit and loss account (279) (723) Equity shareholders' funds 6,533 71 Equity minority interest 1 - 6,534 71 Ten Alps Communications plc Consolidated Cash Flow Statement For the year ended 31 March 2002 2002 2001 £'000 £'000 Net cash inflow/(outflow) from operating activities 56 (979) Return on investments and servicing of finance 52 (95) Taxation (113) - Capital expenditure and financial investment (127) (49) Acquisitions and disposals (183) 1,135 Net cash (outflow)/inflow before financing (315) 12 Financing -Issue of ordinary share capital 2,772 1,101 -Capital element of finance lease rentals (27) (12) -Loans (repaid) from directors - (100) Net cash inflow from financing 2,745 989 Increase in cash 2,430 1,001 Reconciliation of net cash flow movement to movement in net debt Increase in cash in the period 2,430 1,001 Cash outflow from decrease in lease financing 27 112 Change in net debt resulting from cash flows 2,457 1,113 Finance leases (114) - Decrease in loans from non-cash items - 717 2,343 1,830 Net funds/(debt) at 1 April 2001 115 (1,715) Net funds at 31 March 2002 2,458 115 Notes 1. No final dividend is being proposed 2.Earnings/(loss) per share The calculation of the basic earnings/(loss) per share is based on the earnings/(losses) attributable to ordinary shareholders of £444,000 (2001 - loss of £129,000) and on 32,676,703 shares (2001- restated to 4,991,026 shares) being the weighted average number of ordinary shares in issue during the year. The adjusted earnings/(loss) per share have been provided in order that the effects of goodwill amortisation, restatement of goodwill on businesses sold and profit on disposal of businesses on reported earnings/(losses) can be fully appreciated. This is based on earnings calculated as follows: 2002 2001 £'000 £'000 Retained profit/(loss) for the year 444 (129) Goodwill amortisation/previously written off to reserves written back on disposal of businesses 220 807 Profit on disposal of businesses (41) (1,239) Profit/(loss) before goodwill amortisation, restatement of goodwill on businesses sold and profit on disposal of businesses 623 (561) The calculation is also based on 32,676,703 shares ( 2001 - restated to 4,991,026 shares) being the weighted average number of ordinary shares in issue during the year. The warrants and options granted over ordinary shares are considered to be non- dilutive. 3.The financial information relating to the year ended 31 March 2002 set out above does not constitute the Company's statutory accounts for that year, but have been extracted from the statutory accounts, which received an unqualified auditors' report and which have not yet been filed with the Registrar of Companies. The financial information relating to the year ended 31 March 2001, has been extracted from the 2001 Annual Report and Accounts which received an unqualified auditors' report and have been delivered to the Registrar of Companies. 4.Copies of the Company's Annual Report and Accounts for 2002 will be sent to shareholders as soon as is practicable. Copies of this announcement are available at the Company's office at 319 -323 Battersea Park Road, London SW11 4LT and copies of the Annual Report and Accounts will also be available on request. For further information please contact: Ten Alps Communications plc 319 Battersea Park Road London SW11 4LT +44 207 627 4190 F: +44 207 627 1937 info@tenalps.com More Information updated daily: http://www.tenalps.com/ Press enquiries: Sheila Gunn M: 07884 437 934 END This information is provided by RNS The company news service from the London Stock Exchange

Companies

Zinc Media Group (ZIN)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today