The following amendment has been
made to the 'Interim Results' announcement released on 24th
September 2024 at 7:00 under RNS No 3241F.
The second column of the financial
highlights on page 1 should be H12023 not H12024.
All other details remain
unchanged.
The full amended text is shown
below.
24 September 2024
Digitalbox
plc
("Digitalbox", the "Group" or the "Company")
Unaudited interim results for
the six months ended 30 June 2024
Digitalbox plc, the mobile-first
digital media business, which owns leading websites Entertainment
Daily, The Daily Mash, The Tab, The Poke and tvguide.co.uk
today publishes its interim results for six months to 30 June
2024 (the "First Half", the
"Period", or "H1 2024").
Financial Highlights:
|
H1 2024
|
H1 2023
|
Var
|
|
£m
|
£m
|
|
Group revenue
|
1.6
|
1.2
|
32%
|
Gross profit
|
1.4
|
1.0
|
44%
|
Adjusted EBITDA*
|
0.2
|
(0.1)
|
260%
|
|
|
|
|
Cash generated from
operations
|
0.3
|
(0.1)
|
487%
|
Gross cash balance
|
2.0
|
2.6
|
(24)%
|
Net cash balance
|
1.8
|
2.3
|
(22)%
|
|
|
|
|
Gross margin
|
84%
|
77%
|
+7
ppts
|
Adjusted EBITDA* margin
|
14%
|
(11)%
|
+25
ppts
|
|
|
|
|
|
Pence
|
Pence
|
Pence
|
EPS
|
0.02
|
(0.15)p
|
0.17
|
Cash at bank on 20 September 2024
was £2.2m, up 13% since 31 December 2023.
*Adjusted EBITDA is stated before
depreciation, amortization, impairment of goodwill and intangible
assets and share based payment charges.
Highlights
·
Group revenue up 32% to £1.6m (H1 2023:
£1.2m)
·
Buoyant January and February Entertainment Daily
session volumes (traffic) via Facebook and Google
·
The Tab session volume growth of 3%
·
The Poke session volume growth of 21%
·
The Daily Mash Premium content offering reaches
over 4,200 paying subscribers
·
Daily Mash signs book deal to publish
"The Daily Mash Class Wars - A Field Guide
to Being British" in Q4
·
Development of Emmerdale Insider
·
Session value growth on Entertainment Daily and
the Poke, up 29% and 39% year on year respectively
·
Delivered an 18 month pay-back period for The
Poke
·
Generated 31% of the cost to acquire TV Guide in the period keeping it on track for an 18-24 month
pay-back timescale
Outlook
·
The Board expects Group to be in line with market
expectations for the full year and grow in 2025.
James Carter, CEO, Digitalbox,
said: This performance has exceeded
our expectations during a strong first half of 2024, providing
evidence of a strong operating model dealing with a fast-evolving
media landscape. The success is in part due to the commercial
transformation of the latest addition to our portfolio, TV Guide.
Also, our strategic focus on mobile publishing, success of
established brands Entertainment Daily, The Tab and The Poke, and
good progress with the pivot to a paid subscription model on the
Daily Mash. The combination of this performance and Digitalbox's
optimised operating model gives us confidence that we are well
placed to embrace challenges and seize opportunities to further
strengthen the Company's position."
"We anticipate further consolidation
across the market as media companies look to grow audience and
extract cost synergies. Digitalbox is alive to all strategic
options these opportunities present and has the tools and
technology to further grow brands it is engaged with."
Commenting on the Group's performance and prospects for the
year, Chairman Marcus Rich said: "We
exceeded our expectations in H1 and continued to offer further
evidence of a resilient operating model and agile leadership.
The performance of TV Guide further validates our strategy of buy
and build as we report full pay-back of The Poke investment after
18 months. The global digital advertising market continued to move
cautiously in the first half of the year whilst both publishers and
major platforms continued to plot their journeys through the AI
opportunity."
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: 020 7886 2500
|
James Sinclair-Ford
|
|
Rupert Dearden
|
|
Leander Capital Partners (Joint Broker)
|
Tel: 07786150915
|
Alex Davies
|
|
SEC
Newgate (Financial PR)
|
Tel: 07540 106 366
|
Robin Tozer / Molly
Gretton
|
digitalbox@secnewgate.co.uk
|
About Digitalbox plc
Based in the UK, Digitalbox is a
'pure-play' digital media business with the aim of profitable
publishing at scale on mobile platforms.
Digitalbox operates the following
trading brands, "Entertainment Daily", "The Daily Mash", "The Tab",
"The Poke" and "TV Guide". Entertainment Daily produces
and publishes online UK entertainment news covering TV,
showbiz and celebrity news. The Daily Mash produces and publishes
satirical news content. The Tab is the UK's biggest youth
culture site fuelled by students. The Poke expertly
curates and editorialises the funniest content from around the web
and social media. TV Guide serves as the definitive guide to what
is on TV.
Digitalbox primarily generates
revenue from the sale of advertising in and around the content it
publishes. The Group's optimisation for mobile enables it to
achieve revenues per session significantly ahead of market norms
for publishers on mobile.
InteriM
Statement
Overview
The performance of the Group in the
first six months has been strong and exceeded our expectations.
With a focus on becoming an entertainment powerhouse, we delivered
significant volumes of Google-sourced traffic on Entertainment
Daily in January and February and saw continued improvement in the
monetisation of Entertainment Daily and The Poke.
Revenue increased 32% year on year
to £1.6 million. Importantly, Digitalbox reported Adjusted EBITDA
of £0.2 million which was ahead of management expectations.
Further, the gross cash balance has increased from £1.9
million as at 31 December 2023 to £2.0
million as at 30 June 2024.
Operating Review
The two main factors that drive the
Group's revenue are the volume of traffic and value of advertising.
The volume is reflected in the number of visits (or sessions) that
the Group's websites receive from users that come to read our
content. The value is the price paid by advertisers to reach these
users during these sessions. The number of visits to the Group's
websites increased year on year in H1, chiefly due to the organic
growth at the Tab and The Poke alongside the acquisition of TV
Guide. Entertainment Daily had a very strong start to the year with
significant traffic volumes from Google but was then impacted by
the Google Core Update to its algorithm in March. While we
anticipated broadly stable advertiser demand across the period, we
did not anticipate Google's algorithm blocking our biggest
brand.
The delivery of the Group's strategy
has progressed. H1 2024 represents the first period we have been
operating five brands, and we remain open to further acquisition
opportunities that may enable faster scaling of the business. As
well as considering bolt-on acquisitions, we have been focused on
organic expansion through investment in the existing portfolio,
alongside launching new products as evidenced by our new site,
Emmerdale Insider (further details below).
Product Review
Entertainment Daily - which is
focused on TV and showbusiness news - had a superb first two months
in the period with the number of visits up 42% on the same period
last year. This performance reflected the site regaining visibility
with Google in November 2023, but this was removed again in March.
The team worked hard to regain visibility and had success
reinstating Google Search and News traffic but not Discover. We
remain focused on tactics to get the site reinstated across all
three key channels after a further Google Core Update in
August.
The Daily Mash saw its subscription
model strengthen with the 'Mash Premium' offering moving from £20
p.a. to £30. The paid subscriber base has now reached over 4,200 in
total as we adjusted the metered paywall to allow one free article
a month. As well as the focus on the Mash Premium
subscribers, we entered into a contract to publish "The Daily Mash Class Wars - A Field Guide to
Being British" which is due to hit the shelves of UK
bookstores in Q4.
The Tab has continued to perform
well, with session volumes up year on year and delivering a
positive contribution every month since achieving its full
repayment after an 18 month period, following its acquisition in
2020. Our 30 university campus teams deliver c.3000 articles a
year, providing engagement across student communities, while the
central team's entertainment output has increased traction with US
youth audiences.
The Poke had a strong six months as
it engaged through further political absurdity in both the UK and
US. Audiences grew and session values increased as a result of
Digitalbox's Graphene Ad Stack (G.A.S.) being in place for 12
months. Having joined the Group in December 2022, the site has now
fully repaid its acquisition costs after 18 months.
Whilst the acquisition of TV Guide
took longer than expected, we are very pleased to have this brand
as a highly complementary part of the portfolio. We have delivered
a series of technical improvements since we acquired it with the
introduction of a seamless experience across Mobile, Desktop,
Tablet and App. These changes have resulted in a 30% uplift in web
traffic whilst we have also introduced Streaming content and plan
to expand its output further in Q4. Especially pleasing is the site
repaying one third of its acquisition cost during H1
2024.
Looking ahead, further acquisition
opportunities continue to be considered as the pace of change in
the market continues at a rapid rate. With a close eye on the
future, we have decided to launch a number of sites around our core
competence; entertainment. We have labelled this our "Verticals
strategy" as we aim to deliver highly targeted sites that benefit
from fan bases delivering super engagement which is increasingly
favoured by the platforms. Our first to launch is Emmerdale Insider
and we plan further releases this year.
Outlook
Looking ahead, the tough
macro-economic conditions are expected to ease with the global
advertising market likely to strengthen in Q4. The primary
platforms - Facebook and Google - will continue to be challenged by
the volume of content being created by the AI boom, with Google
focusing on its pivot away from pure Search to a Search Generative
Experience. In this time of seismic change for media
businesses globally, there are expected to be challenges and
opportunities in equal measure for companies like Digitalbox.
The Board holds the view that after a very strong first half
alongside a proven operating model, Digitalbox expects to be in
line with market expectations for the full year and continue to
build into 2025.
Financial review
The Directors are pleased to report
strong absolute growth in revenues with a period-on-period uplift
of 32% to £1.6 million, driven by the additional inventory brought
by the two new products, The Poke and tvguide.co.uk.
Further, gross margins are up from
77% last period to 84% this period serving to highlight the high
efficiency of successful digital media businesses like Digitalbox.
This efficiency is growing due to the low scaling costs of
servicing the new products added to the portfolio.
With Adjusted EBITDA of £0.2
million, which is the true cash generating indicator for the
business, plus strong working capital management, cash flow from
operations amounted to £0.3 million which compares very favourably
to the outflow of £0.1 million in the comparable period last year.
Net cash at the bank reduced by £0.5m period on period despite the
business investing over £1m in intangible assets since 30 June
2023.
INTERIM CONSOLIDATED INCOME
STATEMENT
for the six months ended 30 June
2024
|
|
Unaudited
|
Unaudited
|
Audited
|
|
Notes
|
Six months
to
|
Six months
to
|
12 months
to
|
|
|
30 June
24
|
30 June
23
|
31
December 23
|
|
|
£'000
|
£'000
|
£'000
|
Continuing Operations
|
3
|
|
|
|
Revenue
|
|
1,630
|
1,238
|
2,790
|
|
|
|
|
|
Cost of sales
|
|
(256)
|
(282)
|
(606)
|
|
|
__________
|
__________
|
__________
|
Gross profit
|
|
1,374
|
956
|
2,184
|
|
|
|
|
|
Administrative expenses
|
|
(1,382)
|
(1,245)
|
(8,957)
|
|
|
__________
|
__________
|
__________
|
Operating loss
|
|
(8)
|
(289)
|
(6,773)
|
|
|
|
|
|
"Adjusted EBITDA" being operating
profit/(loss) before exceptional charges, amortisation and
depreciation
|
222
|
(139)
|
20
|
Depreciation
|
|
(7)
|
(7)
|
(14)
|
Amortisation
|
|
(181)
|
(105)
|
(265)
|
Impairment on goodwill and intangible
assets
|
|
-
|
-
|
(6,384)
|
Share based payment charge
|
|
(42)
|
(38)
|
(96)
|
Direct cost of intangible asset
acquisitions
|
|
-
|
-
|
(34)
|
|
|
__________
|
__________
|
__________
|
Operating loss
|
|
(8)
|
(289)
|
(6,773)
|
|
|
|
|
|
Finance income
|
|
31
|
14
|
44
|
Finance costs
|
|
(3)
|
(4)
|
(6)
|
|
|
_________
|
_________
|
__________
|
Profit/(loss) before
taxation
|
|
20
|
(279)
|
(6,735)
|
|
|
|
|
|
Tax charge
|
|
(2)
|
100
|
58
|
|
|
__________
|
__________
|
__________
|
Profit/(loss) for the period from
continuing operations
|
|
18
|
(179)
|
(6,677)
|
|
|
|
|
|
TOTAL INCOME FOR THE
PERIOD
|
|
18
|
(179)
|
(6,677)
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD
|
|
-
|
-
|
-
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD
|
|
18
|
(179)
|
(6,677)
|
|
|
=============
|
=============
|
=============
|
Earnings/(loss) per share
|
4
|
|
|
|
|
|
Pence
|
Pence
|
Pence
|
Basic EPS from continuing
operations
|
|
0.02
|
(0.15)
|
(5.66)
|
|
|
__________
|
__________
|
__________
|
|
|
|
|
|
Diluted EPS from continuing
operations
|
|
0.02
|
(0.15)
|
(5.66)
|
|
|
__________
|
__________
|
__________
|
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
for the six months ended 30 June 2024
|
Share
Capital
|
Share
Premium reserve
|
Share
based payment reserve
|
Retained
earnings
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
Balance at 1 January 2023
|
1,179
|
11,169
|
196
|
1,431
|
13,975
|
|
|
|
|
|
|
Total comprehensive income for the
period
|
-
|
-
|
-
|
(179)
|
(179)
|
|
|
|
|
|
|
Share based payment charge
|
-
|
-
|
38
|
-
|
38
|
|
|
|
|
|
|
Reserve transfer for lapsed
options
|
-
|
-
|
(135)
|
135
|
-
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
Balance at 30 June 2023
|
1,179
|
11,169
|
99
|
1,387
|
13,834
|
|
|
|
|
|
|
Total comprehensive expense for the
period
|
-
|
-
|
-
|
(6,498)
|
(6,498)
|
|
|
|
|
|
|
Share based payment charge
|
-
|
-
|
58
|
-
|
58
|
|
|
|
|
|
|
Reserve transfer for lapsed
options
|
-
|
-
|
31
|
(31)
|
-
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
Balance at 31 December
2023
|
1,179
|
11,169
|
188
|
(5,142)
|
7,394
|
|
|
|
|
|
|
Total comprehensive income for the
period
|
-
|
-
|
-
|
18
|
18
|
|
|
|
|
|
|
Share based payment charge
|
-
|
-
|
42
|
-
|
42
|
|
|
|
|
|
|
Reserve transfer for lapsed
options
|
-
|
-
|
(42)
|
42
|
-
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
Balance at 30 June 2024
|
1,179
|
11,169
|
188
|
(5,082)
|
7,454
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
as at 30 June 2024
|
|
Unaudited
|
Unaudited
|
Audited
|
|
Notes
|
30 June
24
|
30 June
23
|
31
December 23
|
|
|
£'000
|
£'000
|
£'000
|
ASSETS
|
|
|
|
|
NON-CURRENT ASSETS
|
|
|
|
|
Property, plant and
equipment
|
5
|
37
|
51
|
46
|
Intangible assets
|
6
|
4,440
|
10,105
|
4,594
|
Deferred tax asset
|
|
592
|
712
|
547
|
|
|
______
|
______
|
_______
|
TOTAL NON-CURRENT ASSETS
|
|
5,069
|
10,868
|
5,187
|
|
|
______
|
______
|
_______
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Trade and other
receivables
|
|
605
|
713
|
866
|
Corporation tax
recoverable
|
|
33
|
40
|
80
|
Cash and cash equivalents
|
|
1,967
|
2,579
|
1,913
|
|
|
______
|
______
|
_______
|
TOTAL CURRENT ASSETS
|
|
2,605
|
3,332
|
2,859
|
|
|
______
|
______
|
_______
|
TOTAL ASSETS
|
|
7,674
|
14,200
|
8,046
|
|
|
______
|
______
|
_______
|
LIABILITIES
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade and other payables
|
|
70
|
104
|
228
|
Deferred consideration
|
|
-
|
-
|
181
|
Bank loans
|
|
113
|
112
|
149
|
|
|
_______
|
_______
|
________
|
TOTAL CURRENT LIABILITIES
|
|
183
|
216
|
558
|
|
|
_______
|
_______
|
________
|
NON-CURRENT LIABILITIES
|
|
|
|
|
Bank loans
|
|
37
|
150
|
94
|
|
|
_______
|
_______
|
________
|
TOTAL NON-CURRENT
LIABILITIES
|
|
37
|
150
|
94
|
|
|
_______
|
_______
|
________
|
TOTAL LIABILITIES
|
|
220
|
366
|
652
|
|
|
|
|
|
TOTAL NET CURRENT ASSETS
|
|
2,422
|
3,116
|
2,301
|
|
|
_______
|
_______
|
________
|
TOTAL NET ASSETS
|
|
7,454
|
13,834
|
7,394
|
|
|
_______
|
_______
|
________
|
|
|
|
|
|
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY
SHAREHOLDERS
|
|
|
|
|
Issued share capital
|
7
|
1,179
|
1,179
|
1,179
|
Share premium account
|
|
11,169
|
11,169
|
11,169
|
Share based payment
reserve
|
|
188
|
99
|
188
|
Retained earnings
|
|
(5,082)
|
1,387
|
(5,142)
|
|
|
_______
|
_______
|
________
|
|
|
7,454
|
13,834
|
7,394
|
|
|
_______
|
_______
|
________
|
|
|
|
|
|
CONSOLIDATED CASH FLOW
STATEMENT
for the six months ended 30 June
2024
|
Unaudited
|
Unaudited
|
Audited
|
|
Six months
to
|
Six months
to
|
Period
to
|
|
30 June
24
|
30 June
23
|
31
December 23
|
|
£'000
|
£'000
|
£'000
|
OPERATING ACTIVITIES
|
|
|
|
Loss from ordinary
activities
|
18
|
(179)
|
(6,677)
|
|
|
|
|
Adjustments for:
Income tax credit /(expense)
|
2
|
(100)
|
(58)
|
Share based payment charge
|
42
|
38
|
96
|
Amortisation of
intangibles
|
181
|
105
|
265
|
Impairment on goodwill and intangible
assets
|
-
|
-
|
6,384
|
Depreciation on property plant and
equipment
|
7
|
7
|
14
|
Loss on disposal of property, plant
and equipment
|
2
|
-
|
-
|
Finance costs
|
3
|
4
|
6
|
Finance income
|
(31)
|
(14)
|
(44)
|
|
_____
|
_____
|
_____
|
Cash flows from operating activities
before changes in working capital
|
224
|
(139)
|
(14)
|
|
|
|
|
Decrease in trade and other
receivables
|
261
|
239
|
86
|
Decrease in trade and other
payables
|
(158)
|
(184)
|
121
|
|
_____
|
_____
|
_____
|
Cash generated by / (used in)
operations
|
327
|
(84)
|
193
|
|
|
|
|
Income tax paid
|
-
|
(96)
|
(13)
|
|
_____
|
_____
|
_____
|
Cash generated by / (used in)
operating activities
|
327
|
(180)
|
180
|
|
_____
|
_____
|
_____
|
INVESTING ACTIVITIES
|
|
|
|
Purchase of property, plant and
equipment
|
-
|
(6)
|
(8)
|
Purchase of intangible
assets
|
(27)
|
(16)
|
(1,049)
|
Interested received
|
31
|
14
|
44
|
Payment of deferred
consideration
|
(181)
|
-
|
-
|
|
_____
|
_____
|
_____
|
Cash generated by / (used in)
investing activities
|
(177)
|
(8)
|
(1,013)
|
|
_____
|
_____
|
_____
|
FINANCING ACTIVITIES
|
|
|
|
Finance costs
|
-
|
-
|
(44)
|
Loan and lease repayments
|
(58)
|
(60)
|
(75)
|
Bank overdraft
|
(38)
|
-
|
38
|
Cash used in financing
activities
|
_____
(96)
|
_____
(60)
|
_____
(81)
|
NET INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENTS
|
---------------
54
|
---------------
(248)
|
---------------
(914)
|
Cash and cash equivalents at
beginning of the period
|
1,913
|
2,827
|
2,827
|
|
_____
|
_____
|
_____
|
CASH AND CASH EQUIVALENTS AT END OF
THE PERIOD
|
1,967
|
2,579
|
1,913
|
|
_____
|
_____
|
_____
|
Represented by:
|
|
|
|
Cash at bank and in hand
|
1,967
|
2,579
|
1,913
|
|
========
|
========
|
========
|
NOTES TO THE INTERIM
REPORT
for the six months ended 30 June
2024
1. Corporate
information
The interim consolidated financial
statements of the group for the period ended 30 June 2024 were
authorised for issue in accordance with a resolution of the
directors on 24 September 2024. 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
2.1 Basis of Preparation
The entities consolidated in the
half year financial statements of the company for the six months to
30 June 2024 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.
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
£1,967k of cash at bank and in hand providing a strong position to
support the continued and future success of the Group.
2.2 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 2024
|
|
Entertainment
Daily
|
The Daily
Mash
|
The Tab
|
The Poke
|
TV Guide
|
Head Office
|
Total
Six months to 30 June
2024
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
759
|
59
|
444
|
155
|
213
|
-
|
1,630
|
|
Cost of sales
|
(128)
|
(52)
|
(40)
|
(32)
|
(4)
|
-
|
(256)
|
|
Admin expenses*
|
(262)
|
(63)
|
(219)
|
(55)
|
(40)
|
(513)
|
(1,152)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
--------------------
|
|
Adjusted EBITDA
|
369
|
(56)
|
185
|
68
|
169
|
(513)
|
222
|
|
|
|
|
|
|
|
|
|
|
Amortisation and
depreciation
|
-
|
-
|
(44)
|
-
|
-
|
(144)
|
(188)
|
|
Share based payment
charge
|
-
|
-
|
-
|
-
|
-
|
(42)
|
(42)
|
|
Finance income
|
-
|
-
|
-
|
-
|
-
|
31
|
31
|
|
Finance costs
|
-
|
-
|
-
|
-
|
-
|
(3)
|
(3)
|
|
Tax
|
-
|
-
|
-
|
-
|
-
|
6
|
6
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
--------------------
|
|
Profit/(loss) for the
period
|
369
|
(56)
|
141
|
68
|
169
|
(673)
|
18
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
--------------------
|
Unaudited six months to 30 June 2023
|
|
Entertainment
Daily
|
The Daily
Mash
|
The Tab
|
The Poke
|
Head Office
|
Total
Six months to 30 June
2023
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
|
Revenue
|
656
|
58
|
422
|
102
|
-
|
1,238
|
|
Cost of sales
|
(137)
|
(87)
|
(43)
|
(15)
|
-
|
(282)
|
|
Admin expenses*
|
(286)
|
(48)
|
(243)
|
(41)
|
(477)
|
(1,095)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
--------------------
|
|
Adjusted EBITDA
|
233
|
(77)
|
136
|
46
|
(477)
|
(139)
|
|
Amortisation, depreciation and
impairment
|
-
|
-
|
(44)
|
-
|
(68)
|
(112)
|
|
Share based payment
charge
|
-
|
-
|
-
|
-
|
(38)
|
(38)
|
|
Finance income
|
-
|
-
|
-
|
-
|
14
|
14
|
|
Finance costs
|
-
|
-
|
-
|
-
|
(4)
|
(4)
|
|
Tax
|
-
|
-
|
-
|
-
|
100
|
100
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
--------------------
|
|
Profit/(loss) for the
period
|
233
|
(77)
|
92
|
46
|
(473)
|
(179)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
--------------------
|
12
months to 31 December 2023
|
|
Entertainment
Daily
|
The Daily
Mash
|
The Tab
|
The Poke
|
TV Guide
|
Head Office
|
Total
Year to 31 December
2023
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
1,440
|
117
|
921
|
219
|
93
|
-
|
2,790
|
|
Cost of sales
|
(305)
|
(147)
|
(110)
|
(40)
|
(4)
|
-
|
(606)
|
|
Admin expenses*
|
(484)
|
(122)
|
(444)
|
(87)
|
(9)
|
(1,018)
|
(2,164)
|
|
|
----------------
|
----------------
|
----------------
|
-----------------
|
-----------------
|
----------------
|
--------------------
|
|
Adjusted EBITDA
|
651
|
(152)
|
367
|
92
|
80
|
(1,018)
|
20
|
|
|
|
|
|
|
|
|
|
|
Amortisation, depreciation and
impairment
|
-
|
-
|
-
|
-
|
-
|
(6,663)
|
(6,663)
|
|
Acquisition and listing
costs
|
-
|
-
|
-
|
-
|
-
|
(34)
|
(34)
|
|
Share based payment
charge
|
-
|
-
|
-
|
-
|
-
|
(96)
|
(96)
|
|
Finance income
|
-
|
-
|
-
|
-
|
-
|
44
|
44
|
|
Finance costs
|
-
|
-
|
-
|
-
|
-
|
(6)
|
(6)
|
|
Tax
|
-
|
-
|
-
|
-
|
-
|
58
|
58
|
|
|
----------------
|
----------------
|
----------------
|
-----------------
|
-----------------
|
----------------
|
--------------------
|
|
Profit/(loss) for the
period
|
651
|
(152)
|
367
|
92
|
80
|
(7,715)
|
(6,677)
|
|
|
----------------
|
----------------
|
----------------
|
--------------
|
-----------------
|
----------------
|
--------------------
|
* Admin expenses exclude share
based payment charges, amortisation, depreciation, impairment
charges and acquisition and listing costs.
External revenue by location of customer
|
Six months
to 30 June 2024
|
Six months
to 30 June 2023
|
Year to 31
December 2023
|
|
£'000
|
£'000
|
£'000
|
United Kingdom
|
505
|
607
|
477
|
Europe
|
698
|
506
|
1,249
|
Rest of World
|
427
|
125
|
1,064
|
|
________
|
________
|
________
|
Total
|
1,630
|
1,238
|
2,790
|
|
________
|
________
|
________
|
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
24
|
30 June
23
|
31
December 23
|
|
|
£'000
|
£'000
|
£'000
|
|
The
earnings per share is based on the following:
|
|
|
|
|
|
|
|
|
|
Continuing earnings/(losses) after
tax attributable to shareholders
|
18
|
(179)
|
(6,677)
|
|
|
|
|
|
|
|
|
|
|
|
|
==========
|
==========
|
==========
|
|
Basic Weighted average number of
shares
|
117,923,393
|
117,923,393
|
117,923,393
|
|
Diluted Weighted average number of
shares
|
118,475,243
|
119,103,181
|
118,809,024
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
|
Pence
|
pence
|
pence
|
|
Basic earnings per share
|
0.02
|
(0.15)
|
(5.66)
|
|
Diluted earnings per share
|
0.02
|
(0.15)
|
(5.66)
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
|
|
|
|
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.
5. Tangible
Assets
5.
|
|
|
|
|
|
Office
equipment
|
|
|
|
|
|
£'000
|
|
|
|
Cost
|
|
|
At 1 January 2024
|
|
76
|
|
|
|
Disposals
|
|
(3)
|
|
|
_____
|
At 30 June 2024
|
|
73
|
|
|
|
Depreciation
|
|
|
At 1 January 2024
|
|
30
|
|
|
|
Charge for the period
|
|
7
|
|
|
|
Disposal
|
|
(1)
|
|
|
_____
|
At 30 June 2024
|
|
36
|
|
|
_____
|
|
|
|
Net book value
|
|
|
|
|
|
30 June 2024
|
|
37
|
|
|
_____
|
|
|
|
31 December 2023
|
|
46
|
|
|
_____
|
|
|
|
|
|
|
|
6. Intangible
Assets
7.
|
|
|
|
|
|
|
|
Goodwill
arising on consolidation
|
Other
Intangible Assets
|
Development costs
|
|
Total
|
|
|
|
|
|
|
|
£'000
|
£'000
|
£'000
|
|
£'000
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
At 1 January 2024
|
9,610
|
2,633
|
404
|
|
12,647
|
|
|
|
|
|
|
Additions
|
-
|
-
|
27
|
|
27
|
|
_____
|
_____
|
_____
|
|
_____
|
At 30 June 2024
|
9,610
|
2,633
|
431
|
|
12,674
|
|
|
|
|
|
|
Amortisation &
impairment
|
|
|
|
|
|
At 1 January 2024
|
6,662
|
1,189
|
202
|
|
8,053
|
|
|
|
|
|
|
Charge for the period
|
-
|
133
|
48
|
|
181
|
|
_____
|
_____
|
_____
|
|
_____
|
At 30 June 2024
|
6,662
|
1,322
|
250
|
|
8,234
|
|
_____
|
_____
|
_____
|
|
_____
|
|
|
|
|
|
|
Net book value
|
|
|
|
|
|
|
|
|
|
|
|
30 June 2024
|
2,948
|
1,311
|
181
|
|
4,440
|
|
_____
|
_____
|
_____
|
|
_____
|
|
|
|
|
|
|
31 December 2023
|
2,948
|
1,444
|
202
|
|
4,594
|
|
_____
|
_____
|
_____
|
|
_____
|
|
|
|
|
|
|
|
|
|
|
The other intangible assets are
being amortised over a period of 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.
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 2024 (6 months to 30
June 2023: nil).
8. Related party
transactions
During the period, Integral 2
Limited, a company related by virtue of David Joseph, a member of
key management personnel, having control over the entity, charged
£32k (6 months to 30 June 2023: £36k, 12 months to 31 December
2023: £73k) to the Group. As at 30 June 2024, £6.5k (30 June 2023:
£6k, 31 December 2023: £7k) was owed to Integral 2
Limited.
During the period, M Capital
Investment Partners (Holdings) Limited, a company related by virtue
of Martin Higginson, a former member of key management personnel,
having control over the entity, billed £0 (6 months to 30 June
2023: £6k, 12 months to 31 December 2023: £6k) to the Group. As at
30 June 2024, £nil (30 June 2023: £nil, 31 December 2023: £nil) was
owed to M Capital Investment Partners (Holdings)
Limited.
The key management personnel are
considered to be the Board of Directors. Key management were
remunerated £228k in the period ended 30 June 2024 (6 months to 30
June 2023: £211k, 12 months to 31 December 2023: £431k).
The key management personnel have
been provided with a total of 1,363,916 effective share options
resulting in a charge of £28k in the period (6 months to June 2023:
£14k, 12 months to 31 December 2023: £46k).
9.
Seasonality
The Group's activities are not
subject to significant seasonal variation outside the normal
parameters of a consumer media business.