Information  X 
Enter a valid email address

Vitesse Media PLC (VIS)

  Print      Mail a friend       Annual reports

Wednesday 25 September, 2013

Vitesse Media PLC

Interim results for the six months ended

RNS Number : 8126O
Vitesse Media PLC
25 September 2013
 



Vitesse Media Plc

Unaudited interim results for the six months ended 31st July 2013

 

 

Highlights:

 

o Like-for-like sales increased by 3.8% for the period to £1.002 million (H1 2012/13 £0.966k)

o Significant reduction in pre-tax loss for the period, down by 45% to £137k (H1 2012/13 loss £250k).

o Loss before depreciation, amortisation and share options charge halved to  £97k (H1 2012/13 loss £196k)

o Revenue from events up 32% and like-for-like revenue for the SME business increased by 17%

 

For further information:

 

Vitesse Media plc


020-7250 7010

Executive Chairman: Sara Williams

Executive Deputy Chairman: Dave Smith  



Westhouse Securities Ltd


020-7601 6100

Martin Davison



Kreab Gavin Anderson


020-7074 1800

Robert Speed

 

 

About Vitesse Media plc

Vitesse Media plc is a leading b2b media business, specialising in technology, SME business and high-net worth investment through events, digital activities, data and research. Our flagship titles include SmallBusiness.co.uk, Growth Company Investor, Information Age, GrowthBusiness.co.uk, and What Investment . Our intention is to grow our business through the development of innovative products and the acquisition of products and businesses in our fragmented b2b space. Vitesse Media plc is quoted on AIM.

 

 

Chairman's statement

 

 

Comment on the results for the six months to 31 July 2013

 

I am delighted to report an improving set of results for the interim period. The Company enjoyed an increase in turnover to just over £1m, while significantly reducing the loss before depreciation, amortisation and share options expense to £97k from £196k for the same period last year.

 

The events team delivered an impressive performance with overall sales up 32%. The principal event for this period was the M & A Awards, which showed strong growth. We also launched a brand new event in June, Techinvest, which has already gained a strong foothold in the technology venture space and will become an annual feature.

 

Like-for-like sales for the SME team also improved significantly, up 17% for the period, and the team worked with blue chips such as Microsoft, Fedex, Sage and Lloyds on specialist projects to deliver a pleasing result. Traffic for the web sites grew, with social referrals for both SME sites doubling.

 

The technology web site Information-Age.com has shown a marked and consistent increase in online and mobile traffic since its re-launch earlier this year.

 

Our investment products, What Investment and Growth Company Investor, increased subscriber numbers during the period and the re-launched What Investment web site delivered an outstanding improvement in visits, page views and user retention. The team worked hard to increase revenues from brand extensions, such as research and events.

 

Following a renegotiation of our bank financing, which resulted in a reduction of the credit facilities available to the Company, the Directors have agreed, if necessary, to provide a small loan to cover the reduction in the facility.

 

 

Outlook for the second half to 31 January and beyond

 

All teams are either working on the launch of new products or have secured new contracts in the period under review.

 

The events team has secured two new contracts to deliver in the first half of the 2014 financial year. The technology team is scheduled to launch the Information Age Knowledge Bank in the autumn, a new data service for companies. The investment team will launch a subscription investment newsletter in October/November, with a well-known editor on board.

 

Finally, the SME team has developed a new subscription product under the SmallBusiness.co.uk branding which will be launched at the end of September. This will be the first fully responsive online community in Vitesse Media's portfolio, and forms part of our key development strategy.

 

Recognising that the economic outlook for the second half remains challenging, the management continues to monitor costs, cash and investment very carefully. However, with the raft of new products planned, the Board continues to look forward to a more successful year.

 

 

 

Consolidated statement of comprehensive income

For the six months ended 31 July 2013













6 months ended

6 months ended

Year ended



 31 July 2013

31 July 2012

31 January 2013



(unaudited)

(unaudited)

(audited)



£'000

£'000

£'000






Revenue


1,002

995

2,065













1,002

995

2,065






Cost of sales

227

325

594











Gross profit

725

669

1,471






Administrative expenses

858

915

1,966











Operating (loss)/profit

(133)

(246)

(495)






Finance costs

(4)

(4)

7

Finance income

-

-

0











(Loss)/profit before tax

(137)

(250)

(502)






Tax expense

-

-

-











(Loss)/profit for the period attributable

(137)

(250)

(502)

to owners of the parent














(Loss)/earnings per share (pence)




Basic


(0.004)

(0.01)

(0.01)

Diluted


(0.004)

(0.01)

(0.01)






 

 










Consolidated statement of financial position

 As at 31 July 2013








6 months ended

6 months ended

Year ended



 31 July 2013

31 July 2012

31 January 2013



(unaudited)

(unaudited)

(audited)



£'000

£'000

£'000






ASSETS






Non-current assets




Goodwill


729

729

729

Other intangible assets

1,378

1,496

1,391

Property, plant and equipment

5

7

4

Trade and other receivables

21

21

21








2,133

2,253

2,145






Current assets




Inventories

18

21

19

Trade and other receivables

414

578

333

Cash and cash equivalents

19

239

-



451

838

352






Total assets

2,584

3,091

2,497






EQUITY AND LIABILITIES






Equity





Share capital

2,684

2,618

2,684

Share premium account

3,095

3,162

3,095

Share option reserve

144

185

132

Other reserves

104

104

104

Retained earnings

(4,638)

(4,304)

(4,501)






Total equity attributable to

1,389

1,763

1,514

owners of the parent














Current liabilities




Trade and other payables

975

1,179

789

Borrowings

221

149

194






Total liabilities

1,196

1,328

983






Total equity and liabilities

2,584

3,091

2,497






 










Consolidated statement of cash flows



31 July 2013












6 months ended

6 months ended

Year ended



 31 July 2013

 31 July 2012

31 January 2013



(unaudited)

(unaudited)

(audited)



£'000

£'000

£'000






Cash flows from operating activities




(Loss)/profit before taxation

(137)

(250)

(502)






Adjustments









Finance income

-

-

0

Finance cost

4

4

7

Amortisation

27

27

48

Depreciation of property, plant and equipment

2

3

6

Goodwill impairment

-

-

131

Share-based payment charge

12

24

27

Operating cash flows before movements

(92)

(192)

(282)

in working capital









Decrease/(increase) in inventories

1

-

2

(Increase)/decrease in receivables

(81)

42

287

Increase/(decrease) in payables

186

239

(151)






Cash flows from (used in) operating activities

13

89

(145)






Interest received

-

-

0

Interest paid

(4)

(4)

(7)






Net Cash from/(used in) operating activities

9

85

(152)






Investing Activities









Purchases of property, plant and equipment

(4)

-

(1)

Purchases of intangible assets

(13)

(14)

(61)






Net cash used in investing activities

(17)

(14)

(62)






Financing Activities




Proceeds from issue of share capital

-

350

350

Share issue costs

-

(13)

(13)

Short term loan

55

-

-

Drawdown on invoice discounting facility

(3)

(140)

(120)






Net cash (used in)/generated from financing activities

52

197

218






Net increase in cash and cash equivalents

44

268

4

 





Cash and cash equivalents at beginning of period

(25)

(29)

(29)






Cash and cash equivalents at end of period

19

239

(25)

 

 

 

 

Consolidated Statement of changes in equity   




For the six months ended 31 July 2013














Share capital

Share premium Account

Share options reserve

Other reserves

Retained earnings

Total



£ '000

£ '000

£ '000

£ '000

£ '000

£ '000









ATTRIBUTABLE TO OWNERS OF PARENT











6 months ended 31 July 2013















As at 31 January 2013

2,684

3,095

132

104

(4,501)

1,514









Profit for the period

-

-

-

-

(137)

(137)









Total comprehensive income for the period


-

-

-

-

(137)

(137)









TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS













Issue of share capital

-

-

-

-

-

-

Issue costs

-

-

-

-

-

-









TOTAL TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS

-

-

-

-

-

-









Recognition of share-based payments

-

-

12

-

-

12

Share options lapsed

-

-

-

-

-

-

As at 31 July 2013

2,684

3,095

144

104

(4,638)

1,389 

















ATTRIBUTABLE TO OWNERS OF PARENT











12 months ended 31 January 2013















As at 31 January 2012

2,610

2,831

170

104

(4,063)

1,652









Profit for the year

-

-

-

-

(502)

(502)









Total comprehensive income for the period


-

-

-

-

(502)

(502)









TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS












Issue of share capital

74

276

-

-

-

350

Issue costs

-

(13)

-

-

-

(13)









TOTAL TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS

74

264

-

-

-

337









Recognition of share-based payments

-

-

27

-

-

27

Share options lapsed

-

-

(65)

-

65

-

As at 31 January 2013

2,684

3,095

132

104

(4,501)

1,514

























ATTRIBUTABLE TO OWNERS OF PARENT






















6 months ended 31 July 2012















As at 31 January 2012

2,610

2,832

170

104

(4,063)

1,652









Profit for the period

-

-

-

-

(250)

(250)









Total comprehensive income for the period

-

-

-

-

(250)

(250)

















TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS














Issue of share capital

8

342

-

-

-

350

Issue costs

-

(13)

-

-

-

(13)









TOTAL TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS

8

330

-

-

-

338









Recognition of share-based payments

-

-

24

-

-

24

Share options lapsed



(9)


9

-

As at 31 July 2012

2,618

3,162

185

104

(4,304)


1,763








 

 

 

Notes to the Interim Results

 

 

1. Basis of preparation

 

These unaudited condensed consolidated interim financial statements are for the six months ended 31 July 2013. They have been prepared in accordance with recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union.  This report should be read in conjunction with the annual financial statements for the year ended 31 January 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Interpretations Committee ('IFRIC') Interpretations and the Companies Act 2006, as applicable to companies reporting under IFRS.

 

The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.  The unaudited interim financial statements were approved by the Board on 24th September 2013.

The comparative financial information for the year ended 31 January 2013 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of Vitesse Media plc for the year ended 31 January 2013 have been reported on by the Company's auditor, Baker Tilly UK Audit LLP, and have been delivered to the Registrar of Companies.

 

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 January 2013.

 

These financial statements have been prepared under the historical cost convention.

 

The financial information for the six months ended 31 July 2013 is unaudited.

 

 

Nature of operations and general information

 

Vitesse Media plc and subsidiaries' ('the Group') principal activities include the provision of online, print publishing and events, specialising in growing businesses. The Group provides a network for CEOs and other directors, their investors, advisers and suppliers.

 

Vitesse Media plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of Vitesse Media plc's registered office is Floor 6, St. Andrew Street, London, EC1Y 8ST. Vitesse Media plc's shares are listed on the AIM Market of the London Stock Exchange.

 

Vitesse Media plc's consolidated interim financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.

 

 

2. Segmental information

 

Since the end of the financial year, 31 January 2013, we report our income segments as Events, SME, Investment and Technology, dropping the segmental information on business and investment as no longer being relevant to the management of the business.

 

 


Events

SME

Investment

Technology

Total


£'000

£'000

£'000

£'000

£'000







6 months ended 31 July 2013











Segmental revenue - continuing

258

277

224

242

1,000

Segmental revenue - acquired

-

-

-

-

-

Total segmental revenue

258

277

224

242

1,000







Segment result

258

277

224

242

1,000







6 months ended 31 July 2012











Segmental revenue - continuing

195

263

247

289

995

Segmental revenue - acquired

-

-

-

-

-

Total segmental revenue

195

263

247

289

995







Segment result

195

263

247

289

995







12 months ended 31 January 2013











Segmental revenue - continuing

583

498

464

520

2,064

Segmental revenue - acquired

-

-

-

-

-

Total segmental revenue

583

498

464

520

2,064







Segment result

583

498

464

520

2,064













 

3. Earnings/(loss) per share

 

The calculation of loss per share is based on the following losses and numbers of shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: share options.

 

 


6 months to 31 July 2013

(Unaudited)

6 months to 31 July 2012

(Unaudited)

Period end

31 January 2013

(audited)


£'000

£'000

£'000

Earnings/(loss) for the period

(137)

(250)

(502)


No.

No.

No.

Weighted average number of shares

34,903,715

34,903,715

34,903,715





 

4. Dividends

No dividend is proposed for the six months ended 31 July 2013.

 

 

5. Copies of Interim Results

Copies of the Interim Results will be available from www.vitessemedia.co.uk.

  

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR KMGZLRDRGFZM

a d v e r t i s e m e n t