TIDMDCD
RNS Number : 2297C
DCD Media PLC
28 September 2018
DCD Media Plc
("DCD Media", the "Company" or the "Group")
Unaudited Interim Results for the Six Months Ended 30 June
2018
DCD Media, the independent TV distribution and production group,
is pleased to report unaudited interim results for the six months
ended 30 June 2018.
Financial highlights
GBP3.4m (2017: GBP4.7m)
* Revenue
GBP1.0m (2017: GBP1.4m)
* Gross profit
GBP0.1m (2017: GBP0.3m)
* Operating profit
GBP0.1m (2017: GBP0.3m)
* Unadjusted profit before tax
GBP0.1m (2017: GBP0.5m)
* Adjusted EBITDA
GBP0.1m (2017: GBP0.5m)
* Adjusted profit before tax
GBP1.9m (FY2017: GBP1.3m)
* Cash & cash equivalents
* Adjusted basic earnings per share 5p (2017: 22p)
Operational highlights
-- DCD Rights continued to invest heavily in new programming as
a consequence of extended funding from its primary funding
partner.
-- The fourth series of Penn & Teller: Fool Us in Vegas was
transmitted in H1 2018. The highly successful series is a
co-production between 1/17 Productions and September Films for The
CW Network in the USA.
-- DCD Rights secured distribution of factual crime series
21(st) Century Serial Killer which was pre-sold to UKTV's Really
Channel prior to its launch to international buyers at MIPTV.
-- After a reboot of September Films' long running entertainment
series Bridezillas last year, the iconic reality show, now in its
eleventh season, was secured by ITV (UK), Nine Network (Australia)
and Medialaan (Belgium).
-- DCD Rights also signed a run of deals with Discovery for two
series of America's number one reality show Mama June: From Not To
Hot, while the Family Edition of Marriage Boot Camp: Reality Stars
was secured by ITV.
-- The BBC ran the UK premiere of Romper Stomper, the DCD Rights
distributed contemporary political thriller, which was nominated
for 'Most Outstanding Mini Series' at the LOGIE's on BBC Three.
-- Rize's popular children's reality show Got What It Takes?
premiered its third season during the first half of the year and it
rated successfully on CBBC, the BBC's children's television
strand.
-- James Martin's American Adventure, which premiered on ITV at
the start of the year, sold to Asia in a pan-regional deal as well
as to Australia, New Zealand, Poland and Hungary.
Post period events
-- Headway has been made in the third quarter to improve sales
revenue, after having a challenging start to the year, as disclosed
in the Group's final results in June 2018, and the Company expects
to report sales in line with last year.
-- WE TV confirmed the renewal of a further season of 10
hour-long episodes of September Films' highly popular and
long-running series Bridezillas to deliver in 2019.
-- We are delighted to announce a further episode of Penn and
Teller: April Fool Us for 2019. This is a compilation of some of
the best clips from the previous season.
David Craven, Executive Chairman, commented:
"DCD Rights secured significant and record levels of third party
programme funding in 2017. There is a latent effect in the
application of these new funds into viable, quality programming to
augment the catalogue. In 2018, we have therefore seen the negative
effects of the early stage investment in the buying cycle, albeit
supported by increased funding.
"So while DCD Media has continued to make solid progress on
acquiring new titles in the catalogue, sales revenue generated from
the increased investment into the acquisition of new content in
2017 has yet to be fully realised. Thus despite the high levels of
acquisition, the revenue figures for H1 2018 are lagging behind the
previous year.
"However, the prospects remain positive for the remainder of the
year, after a challenging start, with improved sales in the post
period and a return to normalised trading with levels of sales
which are likely to come back into line with the previous year's
sales performance.
"The business reports an adjusted pre-tax profit of GBP0.1m and
top line revenue of GBP3.4m (2017: GBP4.7m) which was suppressed by
the lag effect mentioned above as we further invest in new
programming to build a business with sustained profitability. The
DCD Rights senior management team has responded well to the
challenge to increase the catalogue in quality and depth through
additional hours on offer, however the perennial challenge is to
source high quality content which is marketable quickly and this
can only be achieved by building long-term strong relationships
with successful independent producers.
"It is also worth noting that a sizeable portion of the DCD
Rights income is earned in US Dollars. Over recent years, the
exchange rate movements have been favourable for the Company,
however, the strengthening of GBP against the USD over H1 2018 has
led to an exchange rate loss for the current period. The underlying
financial performance has been broadly consistent if foreign
exchange gains and losses are removed from both current and prior
periods.
"We are seeing strong traction from the catalogue in the latter
part of the summer, with a number of larger deals with
long-standing customers having been completed post period end.
"The Company remains confident in the rights and licencing
business' underlying momentum, despite the weaker than anticipated
sales delivery in H1 2018. DCD Rights has secured a number of large
acquisition deals which bolsters the Board's confidence that the
catalogue remains attractive and we have tangible evidence of this
progress post period end.
"We have always assumed the scale-up journey might not always be
a smooth one, however, with strong commitment from Back Catalogue
Distribution, and with continued support from Timeweave, we look
forward to both top and bottom line growth as the Company continues
its period of expansion and growth in global sales of its
burgeoning catalogue."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
Lucy Pryke
Investor Relations/ Media Relations
DCD Media plc
Tel: +44 (0)20 3869 0190
ir@dcdmedia.co.uk
Stuart Andrews, Carl Holmes and Giles Rolls
finnCap
Tel: +44 (0)20 7220 0500
Executive Chairman's Statement
This announcement presents the unaudited interim results for the
Group for the six months ended 30 June 2018.
In spite of a relatively weak start to the year, the business is
likely to keep pace with sales levels seen in 2017 of c. GBP10m.
The Board is pleased that we have established the underlying
pillars for growth in the business, namely increased funding from a
strong funding partner and a platform for exploitation of TV rights
in global markets.
The funding partnership with Back Catalogue Distribution
independent programming fund has increased its commitment to DCD
Rights by driving more programming through the cycle. The Back
Catalogue Distribution Board has also supported investment
co-production arrangements to essentially build longer-term
relationships with independent producers.
The robust platform, which is a key strength of the business, is
essentially driven through people skills and expertise. Led by DCD
Rights CEO Nicky Davies Williams and MD, Steve Ayton, the team have
become well-established and have demonstrated their ability to
increase sales over the last five years or so.
The team have also developed their own proprietary technology as
a backbone for the tracking, distribution and invoicing of their
content, and again this has proved to be a reliable asset over the
last few years.
As the business continues to scale-up, we are pleased to report
a number of notable content achievements in the first half of the
year.
We are pleased to report once again that in H1 2018, DCD Media's
proprietary formats, continue to perform well.
The evergreen Bridezillas franchise with WE TV has seen further
success. Currently in season 11, WE TV confirmed after the period
end the renewal of a further season of 10 hour-long episodes to
deliver in 2019. After its successful reboot and with the addition
of another season, the popular entertainment series will now
comprise a total of over 200 episodes.
Las Vegas magic show, Penn and Teller: Fool Us continues to be a
success, as the previously announced fourth season is currently
airing and rating well on The CW. Earlier in the year, an 'April
Fool Us' special was also announced and premiered in between
seasons, proving popular amongst its audiences. A second episode
has now been confirmed for 2019.
And another DCD Media jointly owned format, Got What It Takes?,
premiered its third season during the first half of the year rating
well on CBBC, the BBC's children's television strand.
DCD Rights started the year positively, when the BBC ran the UK
premiere of DCD distributed drama Romper Stomper on digital
platform BBC Three. The contemporary political thriller was
nominated for 'Most Outstanding Mini Series' at the LOGIE's, a
celebration of the best of Australian television, as well as
receiving nominations for its excellent casting, which included
Jacqueline McKenzie, Lachy Hulme and David Wenham.
Following the demand for specific global programming, DCD
Rights' Producer Support Initiative green lit a brand new factual
crime series, 21(st) Century Serial Killer. Produced by FirstLookTV
and with the commercial help from DCD Media, this market-tailored
series was pre-sold to UKTV's Really Channel prior to its launch to
international buyers at MIPTV.
After the success of James Martin's French Adventure, the
celebrity chef's second leg of his journey across the US proved
popular in a number of presales. James Martin's American Adventure,
which premiered on ITV at the start of the year, sold to Asia in a
pan-regional deal as well as to Australia, New Zealand, Poland and
Hungary. The show was also acquired for DVD and Digital Download in
the UK and Eire.
DCD Rights continued to work alongside award-winning factual
specialists Tern TV, part of Zinc Media plc, in acquisition of
compelling new content. Emergency Helicopter Medics was picked up
in a presale deal by Sky TV in New Zealand, followed by a presale
for World's Wildest Weather: Caught On Camera, sold to TVNZ. Other
programming included Flights From Hell: Caught On Camera, which was
secured by Nine Network (Australia), Sky TV (New Zealand), BBC Brit
(Poland), TV2 (Denmark), RTL (Netherlands), TV2 (Norway) and
Channel 8 (Israel) and Best Laid Plans which headed to broadcasters
in Canada and Poland. With the third season launched at MIPTV, the
second rating-winning season of The Art Detectives picked up new
broadcasters in New Zealand, France and the USA with its
headline-grabbing discovery of a lost Rubens masterpiece.
As we look forward to the remainder of the year, we believe
sales revenue will largely remain static against last year but with
our low-cost structure, the business is expected to show growth as
a result of strong investment in the library in the next financial
year.
The Board would like to thank our funders and staff for their
continued support and wish everyone well for the remainder of
2018.
1. Profit and Loss Review
Revenues for the six months to 30 June 2018 were GBP3.4m (2017:
GBP4.7m). Production revenues remain in line with prior years while
DCD Rights has decreased by GBP1.5m to GBP2.9m in H1 2018. Revenues
are down on the prior year due to a lag effect on the purchasing of
programming content. As mentioned above, the investments are at an
early stage and we expect sales from these to increase as they
mature and accordingly contribute in H2 2018 and into the coming
financial year.
We continue to benefit from funding support from our existing
finance provider and our major shareholder, Timeweave. The funding
support both funders have provided allows us to be competitive in
the tender process for new titles and content, while we add to our
burgeoning catalogue.
Adjusted profit before tax was GBP0.11m (2017: GBP0.49m),
resulting in an adjusted gain per share for the period of 5p (2017:
22p). The Group's statutory profit after tax was GBP0.08m (2017:
GBP0.33m).
Adjusted profit or loss before tax (PBT) is the measure used by
the Group to indicate operating performance and aims to reflect
normalised trading before exceptional, restructuring items and
non-cash impairment charges, but after net finance costs. The
change in PBT is largely down to decreased sales due to timing of
DCD Rights income and contract completion.
A reconciliation of the Group's operating profit to Adjusted
Profit before Tax and Earnings before Interest Tax Depreciation and
Amortisation (EBITDA) is shown below:
Unaudited Unaudited
6 months ended 6 months ended
30 June 2018 30 June 2017
GBP'm GBP'm
Operating profit per accounts 0.11 0.30
Add: Net amortisation and capitalisation
of programme rights - 0.02
Add: Impairment of programme rights - -
Add: Amortisation of trade names - 0.21
Add: Depreciation 0.02 0.03
EBITDA 0.13 0.56
Add: Restructuring income - (0.03)
Adjusted EBITDA 0.13 0.53
Less: Net financial expense - (0.01)
Less: Depreciation (0.02) (0.03)
Adjusted PBT 0.11 0.49
------------------------------------------ ---------------- ----------------
2. Balance Sheet Review
Intangible assets as at 30 June 2018 stood at GBP1.0m (2017:
GBP1.1m). The balance as at 31 December 2017 was GBP1.0m and
details of the movement from December 2016 was explained in the
results for the year ended 31 December 2017. There has been no
movement in intangible assets within the six month period to 30
June 2018. In the six month period to June 2017 there was GBP0.2m
amortisation of trade names and impairment of programme rights of
GBP0.02m.
Trade and other receivables and trade and other payables at
GBP10.2m (2017: GBP9.7m) and GBP10.3m (2017: GBP9.8m) respectively.
While debtors are up on the same period last year they are down
from the year end position of GBP10.9m. Increase in creditors due
to timing of producer payments, this is partly off-set by the
increase in cash held.
Cash on hand at the period end stood at GBP1.9m (FY2017:
GBP1.3m). The majority of the Group's cash balances represent
working capital commitment in relation to programme making and cash
held in DCD Rights' client accounts and therefore is not all
considered to be free cash.
Bank overdrafts are secured by a fixed charge over the Group's
intangible programme rights and a floating charge over the
remaining assets of the Group. The bank overdraft facility of
GBP150k (reduced from GBP175k at 31 December 2017) has been
extended to the 30 November 2018 and is repayable on demand. The
Directors expect an overdraft facility to be available to the Group
for the foreseeable future.
The total convertible loan debt at 30 June 2018 stood at GBP0.1m
(2017: GBP0.1m) including accrued interest. The balance as at 31
December 2017 was GBP0.1m.
At the end of 2016, the Group had accrued GBP0.9m of recharges
including VAT for director, management and financial services from
Timeweave Ltd ("Timeweave"), its major shareholder. In 2017, the
Group was recharged GBP0.2m which has been repaid. A further
GBP0.2m has been repaid over 2018 against the balance before a
further recharge of GBP0.1m being made to cover the first half of
2018. As at 30 June 2018 the balance payable to Timeweave is
GBP0.8m. The Group aims to repay management charges as they fall
due going forward while aiming to repay the remaining outstanding
balance as and when this is possible.
The amounts recoverable from HMRC in relation to VAT and social
security stood at GBP0.1m (2017: GBP0.1m).
There is a tax charge of GBP32k (2017: GBPNil) recognised in the
period in relation to 31 December 2017 profits. No deferred tax
asset has been recognised in relation to these losses.
Called up share capital has not changed, being GBP12.3m at 30
June 2017, 31 December 2017 and 30 June 2018.
No interim dividend is proposed for the period. Adjusted
earnings per share are disclosed in note 3 to the interim financial
statements.
3. Substantial shareholdings
As at 26 September 2018, the following notifications had been
made by holders of beneficial interests in 3% or more of the
Company's issued ordinary share capital as follows:
No. of GBP1 ordinary
shares %
----------------- --------------------- ------
Timeweave Ltd 1,818,377 71.55
Lombard Odier * 664,728 26.16
----------------- --------------------- ------
*Lombard Odier means Lombard Odier & Co Limited and certain
funds managed by any Lombard Odier Group.
4. Review of operational activities
The Group consists of two key divisions: rights and licensing,
and production. The post-production division, Sequence Post
Limited, ceased trading in 2017.
Rights and Licensing
DCD Rights' catalogue now represents some significant long
running series that have continued to perform well in the period.
Popular Australian series, Aussie Gold, launched a third season,
bringing the franchise up to 31 hours in total. New seasons were
acquired by Viasat for Scandinavia and Eastern Europe. The US Coast
Guard series, which runs to a total of 68 episodes, was acquired
for the Alaska seasons by Discovery Italy, and Mama June season 2
was acquired by Discovery Australia and New Zealand, as well as
Africa. Marriage Bootcamp, launched season 9, whilst seasons 6, 7
and 9 were acquired by MNET for Africa and A&E acquired season
8 as well as Bridezillas 11 for South Africa and sub-Saharan
Africa. In drama, three season series Janet King, launched season 1
into Spain as well as season 3 sales to Plator for Middle East and
Africa whilst Rake Season 5 was acquired for US rights by
Acorn.
DCD Rights attended MIP TV in April 2018 with a strong
acquisitions team who were successful in securing the rights for 6
new factual series to deliver later in the year for October
release. The sales team launched a second season of top rating
Australian crime thriller, Jack Irish, starring Guy Pearce, and
well as Striking Out, our new Irish drama now in season 2. Our new
co-production crime series 21(st) Century Serial Killer, pre-sold
to the History Channel in Spain, and is expected to premiere on UK
TV channel Really, later this year.
As mentioned in the Annual Results in June we have a number of
block international deals with SVOD channels in the pipeline and
this remains the case as at the date of signing with several under
negotiation. It is expected these will make a contribution in H2
2018 revenue accordingly.
Production
DCD Media's production subsidiary September Films (in a
co-production with 1/17 Productions) transmitted the fourth series
of Penn & Teller: Fool Us in Vegas in H1 2018 for The CW
Network in the USA. Furthermore, Rize USA's hugely popular talent
show for teenagers Got What It Takes? aired on CBBC in early 2018.
The Group continues to focus on its key production franchises that
includes these titles.
5. Outlook
The market back-drop for DCD Media remains very exciting and
vibrant as the SVOD market continues to grow globally, challenging
established TV businesses which is stimulating demand for high
quality, original TV programming.
DCD Rights has worked with its core funders over the last 18
months by demonstrating strong returns to its investors which has
led to further investments being committed to the DCD Media
catalogue. As digital platforms deliver more and more television
programming via broadband networks, and traditional TV remains
robust, we see DCD Media as a well-placed content provider to
deliver capacity because it has always focused on quality content
within its this party licensed library.
In the near-term, it is important that DCD Media grows to a
level of scale in this marketplace which will allow the business to
exploit the opportunities in an expanding addressable market.
The outlook for DCD Media remains positive as we expect the
recent investment in programming to bear fruit in future
periods.
David Craven
Executive Chairman
27 September 2018
Unaudited Unaudited Audited
6 months 6 months
to to Year to
30 June 30 June 31 December
2018 2017 2017
Note GBP'000 GBP'000 GBP'000
---------------------------------------------- ----- ---------- ---------- ------------
Revenue 3,369 4,686 10,243
Cost of sales (2,392) (3,314) (7,708)
Impairment of programme rights - (18) (13)
Gross profit 977 1,354 2,522
Administration expenses:
- Other administrative expenses (920) (884) (1,792)
- Impairment of goodwill and trade
names - - -
- Amortisation of goodwill and trade
names - (210) (209)
- Restructuring costs - 30 -
Total administrative expenses (920) (1,064) (2,001)
Other income 22 - -
Operating profit 79 290 521
Finance costs (3) (9) (2)
Profit before taxation 76 281 519
Taxation - current 2 (32) 40 40
Profit for the period from continuing
operations 44 321 559
---------------------------------------------- ----- ---------- ---------- ------------
Profit / (loss) on discontinued operations
net of tax 35 7 (137)
Profit for the period 79 328 422
---------------------------------------------- ----- ---------- ---------- ------------
Profit attributable to:
Owners of the parent 79 328 422
79 328 422
---------------------------------------------- ----- ---------- ---------- ------------
Earnings per share attributable to the equity holders of the Company
during the period (expressed as pence per share)
Basic profit per share from continuing
operations 2p 13p 22p
Basic earnings per share from discontinued
operations 1p - (5p)
Total basic profit per share 3p 13p 17p
---------------------------------------------- ----- ---------- ---------- ------------
Diluted profit per share from continuing
operations 2p 13p 21p
Diluted earnings per share from discontinued
operations 1p - (5p)
Total diluted profit per share 3p 13p 16p
---------------------------------------------- ----- ---------- ---------- ------------
Unaudited Unaudited Audited
6 months 6 months
to to Year to
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
------------------------------------------- ---------- ---------- ------------
Profit 79 328 422
Other comprehensive income
Exchange gain arising on translation
of foreign operations - - -
Total other comprehensive income - - -
Total comprehensive income 79 328 422
-------------------------------------------- ---------- ---------- ------------
Total comprehensive expenses attributable
to:
Owners of the parent 79 328 422
79 328 422
------------------------------------------- ---------- ---------- ------------
Unaudited Unaudited Audited
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- ------------
Assets
Non-current
Goodwill 1,017 1,017 1,017
Other intangible assets 19 38 19
Property, plant and equipment 42 74 35
Trade and other receivables 78 124 64
1,156 1,253 1,135
-------------------------------------- ---------- ---------- ------------
Current assets
Trade and other receivables 10,190 9,611 10,937
Taxation and social security 85 141 -
Cash and cash equivalents 1,908 1,733 1,323
12,183 11,485 12,260
-------------------------------------- ---------- ---------- ------------
Liabilities
Current liabilities
Bank overdrafts - (63) -
Bank and other loans - (32) -
Unsecured convertible loan (76) (70) (73)
Trade and other payables (10,256) (9,771) (10,378)
Taxation and social security (32) - (48)
(10,364) (9,936) (10,499)
-------------------------------------- ---------- ---------- ------------
Net assets 2,975 2,802 2,896
--------------------------------------- ---------- ---------- ------------
Equity
Called up share capital 12,272 12,272 12,272
Share premium account 51,215 51,215 51,215
Equity element of convertible loan 1 1 1
Own shares held (37) (37) (37)
Retained earnings (60,476) (60,649) (60,555)
Equity attributable to owners of the
parent 2,975 2,802 2,896
Total equity 2,975 2,802 2,896
--------------------------------------- ---------- ---------- ------------
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2018 2017 2017
Cash flow from operating activities including
discontinued operations GBP'000 GBP'000 GBP'000
---------------------------------------------------- ---------- ---------- -------------
Net profit before taxation 111 288 382
Adjustments for:
Depreciation of tangible assets 15 28 47
Amortisation and impairment of intangible
assets - 228 246
Net bank and other interest charges 3 9 2
Net cash flows before changes in working
capital 128 553 677
Increase/(decrease) in trade and other receivables 646 (703) (1,793)
(Decrease)/increase in trade and other payables (165) (241) 387
Cash from continuing operations 609 (391) (729)
Cash flow from discontinued operations
---------------------------------------------------- ---------- ---------- -------------
Net profit/(loss) before taxation 35 - (137)
Adjustments for:
(Profit)/loss on discontinued operations (35) - 137
---------------------------------------------------- ---------- ---------- -------------
Net cash flows before changes in working
capital - - -
Interest paid (3) (9) (2)
Net cash flows from operating activities 606 (400) (731)
Investing activities
Sale of property, plant and equipment - - 13
Purchase of property, plant and equipment (21) (8) (4)
Purchase of intangible assets - - -
Net cash flows used in investing activities (21) (8) 9
Financing activities
Repayment of finance leases - (22) (23)
Repayment of loan - (101) (133)
Net cash flows from financing activities - (123) (156)
Net increase/(decrease) in cash 585 (531) (878)
Cash and cash equivalents at beginning of
period 1,323 2,201 2,201
Cash and cash equivalents at end of period 1,908 1,670 1,323
---------------------------------------------------- ---------- ---------- -------------
Share Share Equity Translation Retained Equity Amounts Total
capital premium element reserve earnings attributable attributable equity
of to owners to
convertible Own of the non-controlling
loan Shares parent interest
Held
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Balance at
30 June 2016 12,272 51,215 1 (174) (37) (61,244) 2,033 24 2,057
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Profit and
total
comprehensive
income for
the period - - - - - 477 477 (24) 453
Exchange
differences
on
translating
foreign
operations - - - (36) - - (36) - (36)
Movement
between
reserves - - - 210 - (210) - - -
Balance at
31 December
2016 12,272 51,215 1 - (37) (60,977) 2,474 - 2,474
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Profit and
total
comprehensive
income for
the year - - - - - 328 328 - 328
Balance at
30 June 2017 12,272 51,215 1 - (37) (60,649) 2,802 - 2,802
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Profit and
total
comprehensive
income for
the period - - - - - 94 94 - 94
Balance at
31 December
2017 12,272 51,215 1 - (37) (60,555) 2,896 - 2,896
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Profit and
total
comprehensive
income for
the period - - - - - 79 79 - 79
Balance at
30 June 2018 12,272 51,215 1 - (37) (60,476) 2,975 - 2,975
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Nature of operations and general information
During the period, the principal activity of DCD Media Plc and
subsidiaries (the Group) was the worldwide distribution of
programmes for television and other media; the Group also
distributes programmes on behalf of other independent
producers.
DCD Media Plc is the Group's ultimate parent company, and it is
incorporated and registered in England and Wales. The address of
DCD Media Plc's registered office is 9th Floor, Winchester House,
259 - 269 Old Marylebone Road, London, NW1 5RA, and its principal
place of business is London. DCD Media Plc's shares are listed on
the Alternative Investment Market (AIM) of the London Stock
Exchange.
DCD Media Plc's condensed consolidated interim financial
statements are presented in Pounds Sterling (GBP), which is also
the functional currency of the parent company.
These condensed consolidated interim financial statements have
been approved for issue by the Board of Directors on 27 September
2018.
The financial information in the half yearly report has been
prepared using the recognition and measurement principles of
International Accounting Standards, International Financial
Reporting Standards and Interpretations adopted for use in the
European Union (collectively Adopted IFRSs). The principal
accounting policies used in preparing the half yearly report are
those the Group expects to apply in its financial statements for
the year ending 31 December 2018 and are unchanged from those
disclosed in the Group's Directors' Report and consolidated
financial statements for the year ended 31 December 2017. This
interim report has neither been audited nor reviewed pursuant to
guidance issued by the Audit Practice Board.
The financial information for the six months ended 30 June 2018
and the six months ended 30 June 2017 is unaudited and does not
constitute the Group's statutory financial statements for those
periods. The comparative financial information for the full year
ended 31 December 2017 has, however, been derived from the audited
statutory financial statements for that period. A copy of those
statutory financial statements has been delivered to the Registrar
of Companies. The auditor's report on those accounts was
unqualified.
While the financial figures included in this half-yearly report
have been computed in accordance with IFRSs applicable to interim
periods, this half-yearly report does not contain sufficient
information to constitute an interim financial report as that term
is defined in IAS 34.
1. Basis of preparation
These interim condensed consolidated financial statements (the
Interim Financial Statements) are for the six months ended 30 June
2018. They do not include all of the information required for full
annual financial statements, and should be read in conjunction with
the consolidated financial statements of the Group for the year
ended 31 December 2017.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
interim financial statements and remain unchanged form those set
out in the previous audited consolidated financial statements.
Basis of preparation - Going Concern
In considering the going concern basis of preparation of the
Group's financial statements, the Board have prepared profit and
cash flow projections which incorporate reasonably foreseeable
impacts of the ongoing challenging market environment.
The Directors' forecasts and projections, which make allowance
for reasonably possible changes in its trading performance, show
that, with the ongoing support of its lenders and its bank, the
Group can continue to generate cash to meet its obligations as they
fall due.
The Directors, after making enquiries, have a reasonable
expectation that the Company and the Group will have adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the annual report and financial statements.
The financial statements do not include the adjustments that
would result if the Group or Company were unable to continue as a
going concern.
2. Tax
There is a tax charge of GBP32k (2017: GBPNil) recognised in the
period in relation to 31 December 2017 profits. No deferred tax
asset has been recognised in relation to brought forward losses
within group companies.
3. Profit per share
The calculation of the basic profit per share is based on the
profit attributable to ordinary shareholders divided by the average
number of shares in issue during the period.
6 months 6 months
to to
30 June 30 June
2018 2017
GBP'000 GBP'000
----------------------------------- ---------- ----------
Profit attributable to ordinary
shareholders:
Basic 79 328
Adjusted basic profit 111 486
----------------------------------- ---------- ----------
Weighted average number of shares
in issue: No. No.
Basic 2,541,419 2,541,419
----------------------------------- ---------- ----------
Profit per share (pence):
Basic 3 13
Adjusted basic 5 22
----------------------------------- ---------- ----------
4. Dividends
The Directors do not propose to recommend the payment of a
dividend.
5. Publication of non-statutory accounts
Copies of the Interim Financial Statements are available from
the registered office of DCD Media Plc or from the website -
www.dcdmedia.co.uk. The address of the registered office is: 9(th)
Floor, Winchester House, 259-269 Old Marylebone Road, London, NW1
5RA.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR EASNXADKPEFF
(END) Dow Jones Newswires
September 28, 2018 02:00 ET (06:00 GMT)
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