Interim Results

Digitalbox PLC

23 September 2026

 

23 September 2026

Digitalbox plc

(“Digitalbox”, the “Group” or the “Company”)

Unaudited interim results for the six months ended 30 June 2026

Digitalbox plc, the mobile-first digital media business, which owns leading websites including Entertainment Daily, The Daily Mash, The Tab, The Poke and tvguide.co.uk today publishes its unaudited interim results for six months to 30 June 2026 (the “First Half”, the “Period”, or “H1 2026”).

Financial Highlights

	H1 2026	H1 2025	Var
	£m	£m
Group revenue	1.7	1.8	-7%
Gross profit	1.4	1.5	-3%
Adjusted EBITDA*	(0.0)	0.3
Adjusted EBITDA* including New Product Development (NPD)	(0.0)	0.1
Cash generated from operations	0.2	(0.2)
Gross cash balance	2.0	1.7	+18%
Net cash balance	2.0	1.6	+25%
Gross margin %	83%	80%	+3ppts
Adjusted EBITDA* margin %	(3)%	16%
	Pence	Pence
EPS	(0.81)	(0.14)	-479%

Strong balance sheet maintained with £2.0 million cash at bank on 30 June 2026, up 9% since 31 December 2025

*Adjusted EBITDA is stated before depreciation, amortization, impairment of goodwill and intangible assets and share based payment charges.

Operational Highlights

•	Strong Q1 2026 trading followed by significant audience headwinds from Q2 2026 as Meta changed its algorithms to favour video-led creator content
•	Youth revenues increased 17% year-on-year, with Humour revenues increasing 10%
•	Advertising performance, session values and yields significantly improved year-on-year
•	Cost reduction programme implemented during the period
•	Major new expansion strategy launched through the Digitalbox Creator Network, which comprises The Tab Student Network and the Group's growing Entertainment Network, with more than 200 creators expected to deliver 500 original videos per month
•	Creator Network provides new opportunities for direct-to-advertiser revenues

Outlook

The first half of 2026 demonstrated both the resilience of Digitalbox's operating model and the speed at which the digital media landscape continues to evolve.

Trading was strong during Q1 2026, supported by significantly improved advertising performance, session values and yields. From Q2 2026 onwards, however, changes made by Meta to favour video-led creator content created significant audience headwinds for Digitalbox and other publishers reliant on social distribution. The Group responded quickly, investing in a significant expansion of its original video and creator capabilities, through the Digitalbox Creator Network, whilst undertaking cost reduction measures to bring the operating base in line with prevailing audience levels.

The launch of the Digitalbox Creator Network represents an important evolution of the Group's strategy. Combining The Tab Student Network and the Group's Entertainment Network, it is intended to broaden Digitalbox's revenue base beyond traditional publishing economics and provide advertisers with access to trusted editorial brands, original video, creators and more than 30 million social followers.

Despite more recent reach returning within Meta, the Board continues to take a cautious view of audience session volumes for the remainder of the year and expects H2 2026 revenue to decline by a similar percentage compared with H2 2025. As announced on 6 August 2026, revenue and adjusted EBITDA for the full year are therefore expected to be below previous market expectations, with the Group currently targeting an adjusted EBITDA margin of approximately 8% for FY 2026.

The Group's strong balance sheet, with £2.0 million of cash at 30 June 2026, provides Digitalbox with the flexibility to manage the current platform transition while investing selectively in opportunities that the Board believes can create longer-term shareholder value.

The Board believes the disruption currently taking place across digital media presents challenges but also significant opportunities for agile businesses capable of adapting quickly to changing patterns of content consumption and advertiser demand.

James Carter, CEO, Digitalbox plc, said: “2026 has been a period of considerable change across digital media. We started the year strongly, with improved advertising performance, session values and yields, before changes made by Meta to prioritise video-led original creator content materially affected audience distribution from Q2 2026.

“We have responded quickly, reducing costs while accelerating our investment in original video and creators. The Digitalbox Creator Network – including The Tab Student Network and Entertainment Network - comprises more than 200 creators and gives us an increasingly compelling proposition for advertisers across editorial, social, video and creator-led content.

“With a strong balance sheet, improved advertising yields and a proven ability to adapt, we believe Digitalbox is well positioned to navigate the current disruption and build a more diversified, direct-to-advertiser business.”

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Digitalbox	c/o SEC Newgate
James Carter, CEO
Panmure Liberum (Financial Adviser, Nominated Adviser & Joint Broker)	Tel: [phone]
James Sinclair-Ford / Izzy Anderson
Rupert Dearden / Rauf Munir
Leander Capital Partners (Joint Broker)	Tel:  [phone]
Alex Davies
SEC Newgate (Financial PR)	Tel: [phone]
Robin Tozer	[e-mail]

About Digitalbox plc

Digitalbox plc is a UK-based, pure-play digital media company focused on delivering profitable publishing at scale, specifically optimised for mobile platforms. The company operates a portfolio of high-performing, content-rich brands that engage audiences through entertainment, satire, and youth culture. Digitalbox owns and operates the following trading brands:

•   Entertainment Daily – A leading source of UK entertainment news, covering television, showbiz, and celebrity stories.

•   The Daily Mash – A satirical news platform known for its humorous take on current events and cultural commentary.

•  The Tab – The UK’s largest youth culture site, powered by student journalists and contributors from universities across the country.

•   The Poke – A curator of the internet’s funniest content, offering a sharp and witty editorial lens on viral trends and social media.

•   TV Guide – A comprehensive digital destination for UK television listings, schedules, and viewing recommendations.

•   Emmerdale Insider – A niche brand dedicated to news, spoilers, and fan content related to the long-running British soap opera Emmerdale.

•   EastEnders Insider – A dedicated platform for fans of EastEnders, delivering the latest news, spoilers, and features from Albert Square.

•   Coronation Street Insider – Again, a dedicated platform for fans of this show delivering the latest news, spoilers, and features from the cobbled streets of Manchester

•   Royal Insider – A specialist outlet providing news, features, and insights into the British Royal Family.

•   Reality Shrine – A hub for fans of reality TV, covering shows, personalities, and behind-the-scenes gossip.

•   Film Shrine – A site dedicated to delivering fast fresh takes on big-screen entertainment

Digitalbox generates revenue primarily through digital advertising, leveraging its mobile-first strategy to deliver significantly higher revenue per session than industry averages. Its proprietary technology and editorial expertise enable it to scale content efficiently while maintaining strong audience engagement.

INTERIM STATEMENT

 

Overview

The first six months of 2026 were characterised by strong trading in Q1 2026 followed by significant audience disruption during Q2 2026 as Meta changed its algorithms to favour video-led creator content

Group revenue for the period was £1.7 million compared with £1.8 million in H1 2025. Gross profit was £1.4 million, while gross margin increased to 83% from 80% in the comparative period. Adjusted EBITDA was a loss of £43,000 compared with a profit of £289,000 in H1 2025.

The Group nevertheless finished the period with a strengthened cash position. Cash at bank at 30 June 2026 was £2.0 million compared with £1.7 million at 30 June 2025.

The financial performance masks an important improvement in the efficiency with which Digitalbox monetises its audiences; advertising performance, session values and yields improved significantly year-on-year. The principal challenge during the period was therefore audience volume rather than the Group's ability to monetise the audiences it reaches.

This distinction is important to the Group's strategy. Digitalbox is responding to the changing distribution environment by combining its established publishing operations with a substantially expanded capability in original video, creators and direct commercial partnerships with advertisers.

Operating Review

The two principal factors driving the Group's traditional publishing revenues remain audience volume and the value generated from each audience session.

During H1 2026 these two measures moved in different directions. Monetisation improved significantly year-on-year, reflecting the continuing development of the Group's advertising technology and commercial capabilities. Audience volumes, however, were materially affected from Q2 onwards by changes to Meta's algorithms which increasingly favoured original creator-led content.

Digitalbox's response has been twofold.

First, the Group has implemented cost reductions to ensure its operating structure remains appropriate for the changed audience environment.

Second, the Group has accelerated its strategy to diversify both its content output and revenue sources through the creation of a Creator Network within both the Tab Group and Entertainment Group.

The Digitalbox Creator Network comprises more than 200 creators and will allow the Group to scale original video production significantly across its social footprint. Digitalbox expects to be producing approximately 500 original videos per month by October 2026.

This capability will complement The Tab Student Network and Entertainment Network’s editorial output. Together, these propositions are intended to give advertisers the ability to access Digitalbox’s trusted editorial environments, social distribution, original video and creators, with campaigns capable of targeting both broad national audiences and highly defined communities.

Product Review

Entertainment

The Entertainment division, which includes Entertainment Daily, TV Guide and the Group's growing portfolio of specialist entertainment properties, generated revenue of £783,000 during the period compared to £1,018,000 during H1 2025. Entertainment Daily was particularly affected by the changes to social distribution during Q2 2026. The Group continues to focus on improving the monetisation of the audiences it reaches while increasingly integrating the brand into the broader Entertainment Network.

TV Guide remains a strategically important component of the portfolio, providing Digitalbox with a highly complementary audience centred around television and streaming. Alongside TV Guide, the Group has continued to develop specialist entertainment properties including Emmerdale Insider, Coronation Street Insider, EastEnders Insider, Reality Shrine and Film Shrine.

Collectively, these properties provide the foundations for the Digitalbox Entertainment Network, through which the Group intends to develop significantly greater direct relationships with television companies, streaming platforms, film companies and other entertainment advertisers.

Youth

The Youth division performed strongly relative to the wider portfolio, with revenue increasing to £636,000 from £545,000 in H1 2025. The Tab remains at the centre of the Group's youth proposition. Its combination of a national editorial operation and university-based contributors provides Digitalbox with a differentiated route to UK students and young consumers.

The Tab Student Network is being developed as a direct commercial proposition enabling advertisers to reach students nationally as well as through individual universities and local social channels. This proposition is expected to become increasingly important as Digitalbox develops its direct-to-advertiser revenues alongside traditional programmatic advertising.

Humour

The Humour division, incorporating The Daily Mash and The Poke, generated revenues of £287,000 compared with £262,000 in H1 2025. Both brands continue to benefit from distinctive editorial identities and highly engaged audiences. Their social reach also provides additional opportunities as the Group expands original video production through the Creator Network.

The Daily Mash continues to operate its subscription offering alongside advertising revenues, providing the Group with experience of generating direct consumer revenues in addition to advertising.

Expansion Strategy – Digitalbox Creator Network

The structural changes taking place across digital platforms have accelerated Digitalbox's plans to broaden its revenue model.

Major platforms are increasingly prioritising original video and creator-led content. Digitalbox believes its existing combination of trusted brands, editorial infrastructure and more than 30 million social followers provide a strong foundation from which to participate in this market.

The Digitalbox Creator Network comprises more than 200 creators. By October 2026, the Group expects to be publishing approximately 500 original videos each month.

The commercial opportunity extends beyond the revenue generated by the platforms themselves. Digitalbox intends to combine creators, video, editorial content and social distribution to provide branded-content solutions directly to advertisers.

Together, The Tab and Entertainment Creator Networks represent an important step towards diversifying Digitalbox's revenue sources and reducing its dependence on traditional publishing traffic.

Financial Review

Group revenue for the six months ended 30 June 2026 was £1.7m compared with £1.8m in H1 2025, down 7% period on period amid volatile trading conditions. This resulted in a 23% decline in entertainment revenues, which were partially offset by increases of 10% in Humour and 17% in Youth. Gross profit margin nonetheless improved from 80% to 83% over the same period, demonstrating the continued efficiency of the Group's digital operating model. Gross profit was £1.4m compared with £1.5m.

Contribution before head office costs fell from £713,000 to £513,000. Excluding central head office overhead costs, the contribution margin was 30%, down from 39% in the prior period. Restructuring at the end of the reporting period addressed this reduction in margin and led to a one‑off charge of £59,000. These cost reduction measures are expected to benefit the second half of the year. 

Adjusted EBITDA was a loss of £43,000 compared with a profit of £289,000 in the comparable period. The reduction principally reflects the impact of lower audience volumes following the changes to platform distribution, together with the Group's investment in adapting the business to the changing digital media environment.

The balance sheet remains strong. Cash and cash equivalents at 30 June 2026 were £2.0 million, compared with £1.7m at 30 June 2025 and £1.8m at 31 December 2025.

The Group recognised an impairment charge on intangible assets of £634k as a result of a review of the value and use of assets given changes in market conditions. After this charge the Group made an operating loss of £983k. Cash generated by operating activities during the period was £208,000 compared with an outflow of £166,000 in H1 2025.

This strong financial position provides the Group with the flexibility both to manage current market volatility and to continue investing selectively in the Creator Network and other initiatives intended to diversify and grow Digitalbox's future revenues.

INTERIM CONSOLIDATED INCOME STATEMENT

for the six months ended 30 June 2026

		Unaudited	Unaudited	Audited
	Notes	Six months to	Six months to	12 months to
		30 June 26	30 June 25	31 December 25
		£’000	£’000	£’000
Revenue		1,706	1,826	3,910
Cost of sales		(297)	(371)	(741)
		__________	__________	__________
Gross profit		1,409	1,455	3,169
Administrative expenses		(2,392)	(1,672)	(3,469)
		__________	__________	__________
Operating loss		(983)	(217)	(300)
Adjusted EBITDA1		(43)	289	679
Depreciation		(7)	(3)	(6)
Amortisation		(225)	(207)	(447)
Impairment of goodwill and intangible assets		(634)	-	-
Share based payment charge		(15)	(41)	(76)
New product development		-	(160)	(355)
One-off restructuring costs		(59)	-	-
Costs in relation to one-off projects		-	(95)	(95)
		__________	__________	__________
Operating loss		(983)	(217)	(300)
Finance income		11	20	33
Finance costs		-	(1)	-
		_________	_________	__________
(Loss)/profit before taxation and attributable to equity holders of the parent		(972)	(198)	(267)
Taxation		21	35	121
		__________	__________	__________
(LOSS)/PROFIT AND TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD		(951)	(163)	(146)
		=============	=============	=============

All profits and losses arise from continuing operations.

There was no other comprehensive income for the period to 30 June 2026 (2025: £nil)

1Adjusted EBITDA is defined as Operating loss after adding back depreciation, amortisation, impairment of goodwill and intangible assets, share-based payments, acquisition costs, one-off restructuring costs, and, in prior periods, costs related to one-off projects and new product development.

Earnings/(loss) per share	4
		Pence	Pence	Pence
Basic EPS from continuing operations		(0.81)	(0.14)	(0.12)
		__________	__________	__________
Diluted EPS from continuing operations		(0.81)	(0.14)	(0.12)
		__________	__________	__________

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2026

	Share capital	Share based payment	Retained earnings	Total equity
	£’000	£’000	£’000	£’000
Balance at 1 January 2025	1,179	175	6,068	7,422
Total comprehensive income for the period	-	-	(163)	(163)
Share based payment charge	-	41	-	41
Reserve transfer for lapsed options	-	(42)	42	-
	_____	_____	_____	_____
Balance at 30 June 2025	1,179	174	5,947	7,300
Loss after tax	-	-	17	17
Share based payment charge	-	35	-	35
	_____	_____	_____	_____
Balance at 31 December 2025	1,179	209	5,964	7,352
Total comprehensive income for the period	-	-	(951)	(951)
Share based payment charge	-	15	-	15
Reserve transfer for lapsed options	-	(209)	209	-
	_____	_____	_____	_____
Balance at 30 June 2026	1,179	15	5,222	6,416
	_____	_____	_____	_____

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2026

		Unaudited	Unaudited	Audited
	Notes	30 June 26	30 June 25	31 December 25
		£’000	£’000	£’000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	5	12	19	16
Intangible assets	6	3,366	4,418	4,175
Deferred tax asset		648	541	627
		______	______	_______
TOTAL NON-CURRENT ASSETS		4,026	4,978	4,818
		______	______	_______
CURRENT ASSETS
Trade and other receivables		718	1,041	1,080
Cash and cash equivalents		1,985	1,653	1,820
		______	______	_______
TOTAL CURRENT ASSETS		2,703	2,694	2,900
		______	______	_______
TOTAL ASSETS		6,729	7,672	7,718
		______	______	_______
LIABILITIES
CURRENT LIABILITIES
Trade and other payables		(313)	(334)	(366)
Bank loans		-	(38)	-
		_______	_______	________
TOTAL CURRENT LIABILITIES		(313)	(372)	(366)
		_______	_______	________
TOTAL NET ASSETS		6,416	7,300	7,352
		_______	_______	________
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY SHAREHOLDERS
Issued share capital	7	1,179	1,179	1,179
Share based payment reserve		15	174	209
Retained earnings		5,222	5,947	5,964
		_______	_______	________
		6,416	7,300	7,352
		_______	_______	________

CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 30 June 2026

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Period to
	30 June 26	30 June 25	31 December 25
	£’000	£’000	£’000
OPERATING ACTIVITIES
Loss from ordinary activities	(951)	(163)	(146)
Adjustments for: Income tax credit	(21)	(35)	(121)
Share based payment charge	15	41	76
Amortisation of intangibles	225	207	447
Impairment of intangibles	634	-	-
Depreciation on property plant and equipment	7	3	6
Finance costs	-	1	-
Finance income	(11)	(20)	(33)
	_____	_____	_____
Cash flows from operating activities before changes in working capital	(102)	34	229
Decrease in trade and other receivables	363	61	22
Decrease in trade and other payables	(53)	(261)	(229)
	_____	_____	_____
Cash generated by / (used in) operating activities	208	(166)	22
	_____	_____	_____
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(4)	-	-
Purchase of intangible assets	(50)	(253)	(250)
Interest received	11	20	33
	_____	_____	_____
Cash used in investing activities	(43)	(233)	(217)
	_____	_____	_____
FINANCING ACTIVITIES
Finance costs	-	(1)	-
Loan and lease repayments	-	(56)	(94)
Cash used in financing activities	_____ -	_____ (57)	_____ (94)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	--------------- 165	--------------- (456)	--------------- (289)
Cash and cash equivalents at beginning of the period	1,820	2,109	2,109
	_____	_____	_____
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	1,985	1,653	1,820
	_____	_____	_____
Represented by:
Cash at bank and in hand	1,985	1,653	1,820

NOTES TO THE INTERIM REPORT

for the six months ended 30 June 2026

 

1. Corporate information

The interim consolidated financial statements of the group for the period ended 30 June 2026 were authorised for issue in accordance with a resolution of the directors on 22 September 2026. Digitalbox plc (“the company”) is a Public Limited Company listed on AIM, incorporated in England and Wales. The interim consolidated financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

2.        Statement of Accounting policies

1.     Basis of Preparation

The entities consolidated in the half year financial statements of the company for the six months to 30 June 2026 comprise the company and its subsidiaries (together referred to as “the group”).

The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and are prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ in conformity with the requirements of the Companies Act 2006.

The directors are satisfied that, at the time of approving the consolidated interim financial statements, it is appropriate to adopt a going concern basis of accounting and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the United Kingdom (“IFRS”). In reaching this conclusion the directors have considered the financial position of the Group, its cash, liquidity position and borrowing facilities together with its forecasts and projections for a period in excess of 12 months from the date of approval. At the reporting date the Group had £1,985k of cash at bank and in hand providing a strong position to support the continued and future success of the Group.

2.     Accounting Policies

The principal accounting policies adopted in the preparation of the financial statements are set out below.  The policies have been consistently applied to all the years presented, unless otherwise stated.

The interim results announcement has been prepared in accordance with International Financial Reporting Standards (“IFRS”), International Accounting Standards and Interpretations issued by the International Accounting Standards Board as adopted by the United Kingdom (“IFRSs”) and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under IFRSs.  The consolidated financial statements have been prepared under the historical cost convention.

The preparation of these consolidated half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates in preparing these consolidated half year financial statements.

3.        Segment Information

The Group’s primary reporting format for segment information is business segments which reflect the management reporting structure in the Group and of its core media assets.

Unaudited six months to 30 June 2026

	Entertainment	Humour	Youth	Head Office	Total Six months to 30 June 2026
	£’000	£’000	£’000	£’000	£’000
Revenue	783	287	636	-	1,706
Cost of sales	(164)	(84)	(49)	-	(297)
Admin expenses	(367)	(160)	(369)	(556)	(1,452)
	----------------	----------------	----------------	----------------	--------------------
Adjusted EBITDA*	252	43	218	(556)	(43)
Amortisation and depreciation	(103)	(16)	(106)	(7)	(232)
Impairment	(614)	(20)	-	-	(634)
Share based payment charge	-	-	-	(15)	(15)
One-off restructuring costs	-	-	-	(59)	(59)
Finance income	-	-	-	11	11
Tax	-	-	-	21	21
	----------------	----------------	----------------	----------------	--------------------
Profit/(loss) for the period	(465)	7	112	(605)	(951)
	----------------	----------------	----------------	----------------	--------------------

Unaudited six months to 30 June 2025

	Entertainment	Humour	Youth	Head Office	Total Six months to 30 June 2025
	£’000	£’000	£’000	£’000	£’000
Revenue	1,018	262	545	-	1,826
Cost of sales	(238)	(72)	(61)	-	(371)
Admin expenses	(323)	(125)	(294)	(424)	(1,166)
	----------------	----------------	----------------	----------------	--------------------
Adjusted EBITDA*	457	66	190	(424)	289
Amortisation and depreciation	(102)	(22)	(70)	(16)	(210)
Share based payment charge	-	-	-	(41)	(41)
New product development	(99)	-	(44)	(17)	(160)
Costs in relation to one-off projects	-	-	-	(95)	(95)
Finance income	-	-	-	20	20
Finance costs	-	-	-	(1)	(1)
Tax	-	-	-	35	35
	----------------	----------------	----------------	----------------	--------------------
Profit/(loss) for the period	256	44	76	(539)	(163)
	----------------	----------------	----------------	----------------	--------------------

12 months to 31 December 2025

	Entertainment	Humour	Youth	Head Office	Total Year to 31 December 2025
	£’000	£’000	£’000	£’000	£’000
Revenue	2,096	605	1,209	-	3,910
Cost of sales	(468)	(159)	(114)	-	(741)
Admin expenses	(750)	(256)	(631)	(853)	(2,490)
	----------------	----------------	-----------------	----------------	--------------------
Adjusted EBITDA*	878	190	464	(853)	679
New product development	(202)	(16)	(74)	(63)	(355)
	----------------	----------------	-----------------	----------------	--------------------
EBITDA	676	174	390	(916)	324
Amortisation and depreciation	(204)	(75)	(140)	(34)	(453)
Costs in relation to one-off projects	-	-	-	(95)	(95)
Share based payment charge	-	-	-	(76)	(76)
Finance income	-	-	-	33	33
Finance costs	-	-	-	-	-
Tax	-	-	-	121	121
	----------------	----------------	-----------------	----------------	--------------------
Profit/(loss) for the period	472	99	250	(967)	(146)
	----------------	----------------	-----------------	----------------	--------------------

* Adjusted EBITDA is defined as Operating loss after adding back depreciation, amortisation, impairment of goodwill and intangible assets, share-based payments, acquisition costs, one-off restructuring costs, and, in prior periods, costs related to one-off projects and new product development.

 External revenue by location of customer

	Six months to 30 June 2026	Six months to 30 June 2025	Year to 31 December 2025
	£’000	£’000	£’000
United Kingdom	653	499	1,169
Europe	834	1,002	1,357
Rest of World	219	326	1,384
	________	________	________
Total	1,706	1,826	3,910
	________	________	________

4.        Earnings per share

The calculation of the group basic and diluted loss per ordinary share is based on the following data:

		Unaudited	Unaudited	Audited
		Six months to	Six months to	12 months to
		30 June 26	30 June 25	31 December 25
		£’000	£’000	£’000
	The earnings per share is based on the following:
	Continuing losses after tax attributable to shareholders	(951)	(163)	(146)
		==========	==========	==========
		No	No	No
	Basic weighted average number of shares	117,923,393	117,923,393	117,923,393
	Diluted weighted average number of shares	118,671,803	118,675,643	118,675,643
		==========	==========	==========
		pence	pence	pence
	Basic earnings per share	(0.81)	(0.14)	(0.12)
	Diluted earnings per share	(0.81)	(0.14)	(0.12)
		==========	==========	==========

Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the relevant financial periods. IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share. The exercise price of the outstanding share options is significantly more than the average and closing share price. Therefore, as per IAS 33 the potential ordinary shares which could arise from exercised share options are disregarded in the calculation of diluted EPS.

5. Tangible Assets

		Office equipment
		£’000
Cost
At 1 January 2026		69
Additions		4 _____
At 30 June 2026		73
Depreciation
At 1 January 2026		54
Charge for the period		7
		_____
At 30 June 2026		61
		_____
Net book value
30 June 2026		12
		_____
31 December 2025		16
		_____

6. Intangible Assets

	Goodwill arising on consolidation	Other Intangible Assets	Development costs		Total
	£’000	£’000	£’000		£’000
Cost
At 1 January 2026	9,610	2,905	548		13,063
Additions	-	50	-		50
	_____	_____	_____		_____
At 30 June 2026	9,610	2,955	548		13,113
Amortisation & impairment
At 1 January 2026	6,662	1,802	424		8,888
Charge for the period	-	183	42		225
Impairment charge	614	20	-		634
	_____	_____	_____		_____
At 30 June 2026	7,276	2,005	466		9,747
	_____	_____	_____		_____
Net book value
30 June 2026	2,334	950	82		3,366
	_____	_____	_____		_____
31 December 2025	2,948	1,103	124		4,175
	_____	_____	_____		_____

The other intangible assets (including brands and trademarks) are being amortised over a period of between 3 and 7 years and development costs are being amortised over 3 years on completion of the project.

Amortisation is charged to administrative costs in the Statement of Comprehensive Income.

In preparing the Half Year Accounts to 30th June 2026, the Group identified indicators of impairment in respect of the Entertainment cash-generating unit, principally the continued decline in programmatic advertising revenue arising from changes to social media platform algorithms and from the displacement of search referral traffic by AI-generated search results, consistent with market conditions.  An impairment review was therefore performed at that date. The carrying value of goodwill, after the impairment review, is analysed as follows:

	30 June 2026	31 December 2025
	£’000	£’000
Entertainment	2,216	2,830
Youth	118	118
	_____	_____
Total	2,334	2,948
	_____	_____

The review is assessed at a cash generating unit ('CGU') level, which reflects the operating segments applied for internal reporting and reflects similar economic characteristics of Group activities. The Entertainment CGU includes Entertainment Daily, TV Guide and the vertical launches; the Youth CGU includes The Tab and Reality Shrine; and the Humour CGU includes Daily Mash and The Poke. The methodology for the review is to assess the value in use over ten years by applying the expected values based on a range of outcomes from a decline of 5% to growth of 10% with annualised compound annual growth rates, and applying a pre-tax discount rate of 17.7% in the base case and 19.5% in the downside case, rather than higher internal forecasts. Forecasts have been updated to reflect current market conditions and the estimates applied have been refined from those used at 31 December 2025; these are changes in accounting estimate and no restatement of comparatives arises.

As a result an impairment charge of £614,000 has been recognised against the goodwill allocated to the Entertainment CGU and £20,000 against the Daily Mash brand intangible asset, a total of £634,000. No impairment is required in respect of the Youth or Humour CGUs. Following the charge, the value in use of the Entertainment CGU is equal to its carrying value.

7. Share capital

Allotted, issued and fully paid		No.	Value £’000
Ordinary shares of 0.01p each		117,923,393	1,179
		---------------------------	-------------------------
Total		117,923,393	1,179
		=============	============

 There were no shares issued in the 6 months to 30 June 2026 (6 months to 30 June 2025: nil).

8. Related party transactions

During the period, £14.2k was paid to Link Stone Advisory Limited (12 months to 31 December 2025: £24k), a company related by virtue of Richard Spilsbury having control over the entity. At 30 June 2026 £nil (31 December 2025: £1.4k) was owed to Link Stone Advisory Limited.

The key management personnel are considered to be the Board of Directors. Key management were remunerated £306k in the period ended 30 June 2026 (6 months to 30 June 2025: £234k, 12 months to 31 December 2025: £524k).

The key management personnel have been provided (based on previous years’ awards) with a total of 1,363,916 effective share options resulting in a charge of £13k in the period (6 months to June 2025: £30k, 12 months to 31 December 2025: £60k).

9. Seasonality

The Group’s activities are not subject to significant seasonal variation outside the normal parameters of a consumer media business.

 

END