TIDMIMD
RNS Number : 4925C
Independent Media Distribution PLC
08 March 2011
Date: Embargoed until 07.00 am, Tuesday 8 March 2011
Contact: Simon Cox (Chief Executive)
Philip McDanell (Finance
Director)
Independent Media Distribution
plc
Tel: 020 7468 6868
Corporate Website: www.imdplc.com
Alistair Mackinnon-Musson Mark Taylor
Nathan Field Carl Holmes
Hudson Sandler Charles Stanley Securities
Nominated Adviser and Broker
Tel: 020 7796 4133 Tel: 020 7149 6000
Email: imd@hspr.com
Independent Media Distribution plc
PRELIMINARY RESULTS
Record Sales and Profits
Independent Media Distribution PLC (www.imdplc.com, "IMD") is a
provider of media logistics solutions, operating in the UK,
Ireland, Germany, Switzerland, Austria and France. The Company
provides content distribution and advertising data services to
creative and media agencies, post production houses, broadcasters
and online publishers.
Today, IMD announces its Preliminary Results for the year ended
31 December 2010.
Highlights
-- Revenues up 25%
-- Profit before taxation (normalised*) up 44%
-- International revenues up 78%
-- Cash balance of GBP1.30m
* Note: Normalised profit is before GBP0.3m amortisation of
intangibles created upon acquisition of Optimad and IMD Adsat
(2009: GBP0.2m) and GBP0.3m of gain on the acquisition of IMD Adsat
(2009: GBPnil).
About IMD
IMD is part of a structural change that is taking place in the
media sector, as the industry migrates to online digital delivery
of content and data administration from traditional methods, such
as tapes, couriers, emails and faxes. This substitution of 'new for
old' creates new "media logistics" markets for IMD.
IMD's media logistics solutions operate in two areas focussed on
advertising:
-- Content distribution: For example, IMD TV delivers TV
commercials from the point of production to television channels and
digital media publishers in the UK, Ireland, Germany, Switzerland
and France. IMD World delivers finished TV commercials to over 90
countries worldwide using its own network and working with
partners.
-- Data administration: Services for TV advertising including
IMD Optimad's CARIA(R) system which administers around 90% by value
of all UK TV advertising bookings. In France IMD Optimad operates
PubID which generates unique IDs for all approved TV
commercials.
CHAIRMAN'S STATEMENT
I am delighted to report another excellent year for IMD.
Results
31 December 2010 31 December 2009
-------------------------------- ----------------- -----------------
Turnover GBP10.14m GBP8.08m
-------------------------------- ----------------- -----------------
Profit before tax (normalised)* GBP2.41m GBP1.68m
-------------------------------- ----------------- -----------------
Profit per share (basic) 5.50p 3.14p
-------------------------------- ----------------- -----------------
Profit per share (diluted) 5.36p 3.12p
-------------------------------- ----------------- -----------------
Dividend per share 0.80p 1.20p
-------------------------------- ----------------- -----------------
* Note: Normalised profit is before GBP0.3m amortisation of
intangibles created upon acquisition of Optimad and IMD Adsat
(2009: GBP0.2m) and GBP0.3m of gain on the acquisition of IMD Adsat
(2009: GBPnil).
IMD's revenues were up 25% to GBP10.1m (2009: GBP8.1m) and
normalised* profit before taxation after absorbing GBP0.1m of
start-up losses (2009: GBP0.3m) increased by 44% to GBP2.4m (2009:
GBP1.7m).
Cashflow and Balance Sheet
Cash generation remained strong during the year with net cash
generated from operating activities (after tax paid) up 6.4% to
GBP2.29m (2009: GBP2.15m). This gave us a positive cash balance of
GBP1.3m at the year end, despite increased capital expenditure of
GBP1.3m (2009: GBP0.8m) and GBP0.1m (2009: GBP0.4m) of cash
investment in start-ups.
Post Balance Sheet Event
Shareholders will be aware that on 28 February 2011, the
Independent Directors of IMD and the Board of Lausanne Acquisitions
Limited ("Bidco"), a company controlled by investment partnerships
advised by Vitruvian Partners LLP, announced that they have reached
agreement on the terms of a recommended acquisition of the entire
issued and to be issued share capital of IMD by Bidco. The
acquisition is to be implemented by a scheme of arrangement under
Part 26 of the Companies Act 2006, and values the entire issued and
to be issued share capital of IMD at approximately GBP33.9
million.
Dividend
Under the terms of the acquisition for the Company we will not
be declaring and paying a final dividend.
David Haynes
Chairman
8 March 2011
CEO's TRADING REVIEW
Overall revenues grew by 25% to GBP10.1m (2009: GBP8.1m).
Detailed below is an operational analysis of the Group, under our
three headings of the UK, International and Digital:
UK
Revenue up by 14% to GBP7.6m (2009: GBP6.7m)
IMD Radio lifted its market share in the distribution of
finished radio commercials with the acquisition of a major client
in the last quarter. 2009's decline was stalled and IMD Radio's
revenues remained unchanged at GBP1.2m (2009: GBP1.2m),
representing just 12% (2009: 15%) of Group turnover.
IMD TV, our delivery service for finished TV commercials in the
UK, remains our single largest revenue stream, however,
strategically our dependence on it has reduced and it now only
accounts for 32% of revenue (2009: 37%).
Our Total UK TV revenues grew by 20% in the UK including IMD TV,
Index (asset management), Sponsorship, Digital, Subtitling and
Music Videos.
IMD Data Administration services grew 10% to GBP1.7m (2009:
GBP1.6m). We replaced our existing agreement with the industry to
provide services including CARIA(R) with a new six year agreement
with Clearcast, the industry's central compliance organisation. Two
other milestones included the launch of PubID in France, described
below and the integration of CARIA(R) with Sky Media's airtime
sales management system.
INTERNATIONAL
Revenue up 78% to GBP2.5m (2009: GBP1.4m)
We now have wholly owned operations in three regions outside the
UK:
-- Germany, Switzerland and Austria ("GSA")
-- France
-- Ireland
GSA's revenues grew by 38% in 2010. The main service in this
region is the delivery of TV commercials to the three German
speaking territories.
In France we saw revenue growth of 284% fuelled by the launch of
our full domestic delivery service. Revenue also included a
contribution from PubID, the industry platform for assigning unique
IDs to TV commercials commissioned by the ARPP, France's
centralised cross-industry compliance organisation.
In Ireland, IMD Adsat's revenues grew by 148% in 2010 thanks to
the acquisitions of the 50% of the IMD Adsat joint venture that we
didn't already own together with 100% of the business and assets of
Adsat, a radio spot distribution platform. The total cost of these
acquisitions was GBP122k and was funded from our own cash
reserves.
Revenues for our IMD World service for the cross border delivery
of commercials grew by 14%.
DIGITAL
Revenues remain small but grew by 127% to GBP0.14m (2009:
GBP0.06m).
Simon Cox
Chief Executive
8 March 2011
INDEPENDENT MEDIA DISTRIBUTION PLC
CONSOLIDATED INCOME STATEMENT
2010 2009
GBP'000 GBP'000
TURNOVER 10,140 8,082
Cost of sales and overheads (7,729) (6,626)
Operating profit before amortisation of
acquired intangibles and gain on
acquisition 2,413 1,678
Amortisation of customer related
intangibles (258) (222)
Gain on acquisition 256 -
-------------------------------------------- --------------- ---------------
OPERATING PROFIT 2,411 1,456
Finance expenditure - (2)
-------------- --------------
PROFIT BEFORE TAX 2,411 1,454
Tax charge (528) (381)
-------------- --------------
PROFIT FOR THE YEAR 1,883 1,073
====== ======
PROFIT PER SHARE
BASIC 5.50p 3.14p
====== ======
DILUTED 5.36p 3.12p
====== ======
PROFIT PER SHARE (excluding amortisation of
acquired intangibles and gain on
acquisition)
BASIC 5.51p 2.54p
====== ======
DILUTED 5.36p 2.53p
====== ======
INDEPENDENT MEDIA DISTRIBUTION PLC
CONSOLIDATED BALANCE SHEET
Restated
2010 2009
GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 2,589 2,357
Property, plant and equipment 1,008 653
Deferred tax asset 262 487
------------- -------------
3,859 3,497
------------- -------------
Current assets
Trade and other receivables 3,038 2,226
Cash and cash equivalents 1,299 893
------------- -------------
4,337 3,119
------------ ------------
Total assets 8,196 6,616
------------ ------------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 360 378
------------ ------------
Current liabilities
Trade and other payables 1,746 1,461
Current tax liabilities 107 255
------------ ------------
1,853 1,716
------------ ------------
Total liabilities 2,213 2,094
------------ ------------
Net assets 5,983 4,522
====== ======
Called up share capital 3,429 3,415
Share premium account 102 86
Other reserve (1,157) (1,218)
Retained earnings 3,609 2,239
------------ ------------
Total equity 5,983 4,522
====== ======
INDEPENDENT MEDIA DISTRIBUTION PLC
CONSOLIDATED CASH FLOW STATEMENT
Year to Year to
31 December 31 December
2010 2009
GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 1,883 1,073
Adjustments for:
Tax charge 528 381
Finance expenditure - 2
Depreciation and amortisation 1,046 828
Gain on acquisition (259) -
Share option charge 61 77
Increase in trade and other receivables (736) (404)
Increase in trade and other payables 253 404
-------------- --------------
Cash generated from operations 2,776 2,361
Tax paid (491) (214)
-------------- --------------
Net cash generated from operating
activities 2,285 2,147
-------------- ---------------
Cash flows from investing activities
Purchases of property, plant and equipment (860) (578)
Acquisition of subsidiary (77) -
Acquisition of business (45) -
Intangible asset additions (415) (267)
Interest received - 1
Interest paid - (3)
-------------- --------------
Net cash used in investing activities (1,397) (847)
-------------- --------------
Cash flows from financing activities
Dividends paid to Company's shareholders (513) (290)
Issue of shares 30 -
-------------- --------------
Net cash used in financing activities (483) (290)
-------------- --------------
Net increase in cash and cash equivalents 405 1,010
Cash and cash equivalents at beginning of
year 893 (117)
-------------- --------------
Cash and cash equivalents at end of year 1,298 893
======= =======
GENERAL INFORMATION
The financial information included in this preliminary announcement
has been prepared in accordance with International Financial
Reporting Standards ("IFRS") as endorsed by the European Union.
The financial information set out in this announcement, which
was approved by the Board of Directors on 7 March 2011, does
not comprise statutory accounts. The statutory accounts for
the year ended 31 December 2009 have been delivered to the Registrar
of Companies and included an audit report which was unqualified
and did not contain statements under s498(2) or (3) of the Companies
Act 2006.
The statutory accounts for the year ended 31 December 2010 will
be delivered to the Registrar of Companies in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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