Catalyst Media Group PLC Update Regarding SIS (9813G)
21 November 2022 - 6:00PM
UK Regulatory
TIDMCMX
RNS Number : 9813G
Catalyst Media Group PLC
21 November 2022
21 November 2022
Catalyst Media Group Plc
("CMG", "Catalyst" or the "Company")
Update regarding SIS
CMG is pleased to provide the following update in respect of
Sports Information Services (Holdings) Limited ("SIS") in which the
Company has an approximate 20.54% interest, following the
publication of SIS's audited financial statements for its financial
year ended 31 March 2022.
On 30 June 2022, the Company announced that SIS was expected to
return to profitability with an anticipated profit before tax of
between GBP6m and GBP8m for its financial year. The final result
for its year ended 31 March 2022 was a profit before tax of GBP7.0
million, the main driver being a return to normal trading
conditions following the COVID-19 pandemic abating and the
expansion of SIS's online customer base.
SIS's cash balance on 31 March 2022 was approximately GBP62.8
million, an increase on the prior year due to its return to
profitability and a normal working capital position after the
pandemic disruption. On 18 November 2022, SIS declared an interim
dividend of GBP4.4m with CMG expecting to receive its share of such
dividend shortly.
The Company has been informed that SIS has started its new
financial year well, and management continues to pursue and win new
business opportunities and has advised CMG that it expects to close
its financial year to March 2023 with increased turnover
year-on-year.
SIS' cash position as at 1 November 2022 was approximately
GBP58m.
SIS has informed the Company that it has engaged Oakvale Capital
LLP to review strategic options for the SIS business .
The principal results of SIS for its financial year ended 31
March 2022 were as follows:
As restated **
31 March 2022 31 March 2021
Before Before
individually Individually individually Individually
significant significant significant significant
items* Items* Total items* Items* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Turnover 218,349 - 218,349 130,107 - 130,107
Operating expenses (209,290) (2,200) (211,490) (139,425) (622) (140,047)
Other operating income 105 - 105 1,863 - 1,863
--------------- -------------- ----------- --------------- -------------- -----------
Group operating profit
/ (loss) 9,164 (2,200) 6,964 (7,455) (622) (8,077)
Other interest receivable
and similar income 275 - 275 310 - 310
Interest payable and
similar expenses (277) - (277) (3) - (3)
--------------- -------------- ----------- --------------- -------------- -----------
Profit / (loss) before
taxation 9,162 (2,200) 6,962 (7,148) (622) (7,770)
Tax on (profit) / loss (1,762) 418 (1,344) 935 118 1,053
--------------- -------------- ----------- --------------- -------------- -----------
Profit / (loss) after
taxation 7,400 (1,782) 5,618 (6,213) (504) (6,717)
--------------- -------------- ----------- --------------- -------------- -----------
Other comprehensive
income 330 - 330 (917) - (917)
--------------- -------------- ----------- --------------- -------------- -----------
Total comprehensive
income 7,730 (1,782) 5,948 (7,130) (504) (7,634)
--------------- -------------- ----------- --------------- -------------- -----------
Notes :
* - Individually significant items relate to litigation
fees.
** - SIS's FY2021 accounts were restated to reflect the
capitalisation of new product and IT development costs. The impact
on the prior year profit before tax was GBP0.8m (Loss of GBP7.8m)
versus that previously reported (being a loss of GBP8.6m).
As restated
31 March 2022 31 March 2021
Gross assets 126,605 102,135
Gross liabilities (66,293) (47,771)
------------- -------------
Net assets 60,312 54,364
------------- -------------
In light of SIS's abovementioned positive results, the Company
is in the process of reviewing the carrying value of its interest
in SIS in connection with the preparation of Catalyst's forthcoming
accounts for its financial year ended 30 June 2022, and, while
still subject to finalisation, it is currently anticipated that
there will be a material reversal of historic impairments.
Enquiries :
Catalyst Media Group plc
Michael Rosenberg, Non-executive Chairman Mob: 07785 727
Melvin Lawson, Non-executive Director 595
Tel: 020 7734
8111
Strand Hanson Limited Tel: 020 7409
James Harris 3494
Matthew Chandler
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
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END
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