TIDMPFO
RNS Number : 8159U
Prime Focus London PLC
30 December 2011
Prime Focus London Plc
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
2011
AND REVIEW OF AIM ADMISSION
The Board of Prime Focus London plc, the visual entertainment
services group, is pleased to announce its unaudited interim
results for the six months to 30 September 2011. An overview of the
financial statements is set out below and full version is available
on the Company's website at www.primefocusworld.com.
Overview
-- Profit before tax of GBP1.795m on turnover of GBP20.348m (6
months to 30 September 2010: GBP2.673m on turnover of
GBP18.495m)
-- Basic EPS at 5.46p (6 months to 30 September 2010: 8.19p)
-- Borrowings increased in the period to GBP9.369m from GBP8.277m at 31 March 2011.
-- Review of decision to cancel AIM admission commissioned.
Further announcement to be made by 31 January 2012
For further information, please contact
Prime Focus London Plc
Tony Bradley - Communications Director +44 ( 0) 20 7437 0026
Grant Thornton Corporate Finance
Colin P Aaronson / Jen Hatter +44 (0) 20 7383 5100
Chairman's Statement
The Board of Prime Focus London Plc, the visual entertainment
services group, is pleased to announce its unaudited interim
results for the six months to 30 September 2011.
Overview
In the 6 months to 30 September 2011, Prime Focus London Plc and
its subsidiaries (together "the Group") made a profit before tax of
GBP1.795 million on turnover of GBP20.348 million, compared to a
profit before tax of GBP2.673 million on turnover of GBP18.495
million for the 6 months to 30 September 2010. Basic earnings per
share were 5.46p (6 months to 30 September 2010: 8.194p).
Borrowings increased to GBP9.369m from GBP8.277m at the March
2011 year end.
Sales in the period increased by almost GBP2m to GBP20.348m and
cost of sales reduced by GBP.770m compared to the same period last
year. In the 6 months to 30 September 2010, cost of sales included
GBP1.6m in respect of the cost of outside facilities required for
the post production on 3 Hindi films. Additionally, the previous
period figures include GBP2.029m charged in respect of the 2D to 3D
conversion of a major feature film. Use of outside facilities has
been much reduced in the current period.
However, administration expenses continued to rise in the period
primarily due to the costs associated with the View-D(TM) business
(referred to below). Total administration expenses rose by
GBP4.546m to GBP14.585m from GBP10.039m in the equivalent period of
the prior year. Of this increase GBP4.5m relates to GBP3.7m of
salaries and GBP0.8m of rent incurred in connection with the
View-D(TM) business, increasing the losses incurred on this former
part of the Group's activities.
The Group generated an exceptional gain on the disposal of the
View-D(TM) business, referred to below.
A nonrecurring exceptional charge of GBP0.485m was incurred in
respect of professional fees and other costs related to an aborted
corporate transaction and prior period write off.
Sale of View-D(TM) Business
Since the period under review, in October 2011 the Company
announced the sale of its View-D(TM) 2D to 3D film conversion
business to Prime Focus International Services (UK) Limited, a
wholly owned subsidiary of the Company's majority shareholder,
Prime Focus Limited for a total consideration of approximately
GBP2.1 million.
As was announced at that time, the Company's View-D(TM) Division
made losses, in part due to the cost of the license to the
View-D(TM) software, and the board did not believe that the
division would become profitable in the foreseeable future. Since
the disposal of the View-D(TM) business these losses are no longer
being incurred.
The Company generated an exceptional gain on the disposal of
this part of the Company's activities of GBP1.799m (this includes
USD 0.5m reported earlier and an adjustments of USD 2.3m for the
operating performance between 1 April 2011 till 30 September 2011).
Intercompany debt of USD2.8m (GBP1.8m) due to the Indian holding
company has been written off as part of this transaction.
Review of AIM Admission
I am aware that there has been some concern among shareholders
following the announcement at the Annual General Meeting on 1
November 2011 of the board's decision to seek a cancellation of
your Company's admission to AIM. The board has been considering a
number of options and now proposes to conduct a review, in
conjunction with its advisers, the purpose of which will be to
assess what changes to the Company may need to be made in the best
interest of all shareholders and stakeholders.
One outcome of this review may, or may not, be that the Company
will continue to be listed on AIM.
There will be a further announcement to shareholders on the
progress of this review by 31 January 2012.
Ramakrishnan Sankaranarayanan
Chairman and Managing Director
30 December 2011
Consolidated income statement
For the six months ended 30 September
2011
Unaudited Unaudited Audited
6 months 6 months 12 months
ended 30 ended 30 Ended 31
Sept. 2011 Sept. 2010 Mar. 2011
GBP'000 GBP'000 GBP'000
Revenue 20,348 18,495 30,608
Less: Cost of sales (4,978) (5,748) (11,890)
Gross Profit 15,370 12,747 18,718
Administration expenses (14,585) (10,039) (15,842)
Group operating profit 785 2,708 2,876
Other Income 93 175 1,159
Finance Income 175 173 464
Finance costs (572) (383) (594)
Exceptional Income 1,799 - 5
Exceptional Charges (485) - -
Profit before taxation 1,795 2,673 3,910
Taxation - Corporation Tax - - -
Deferred tax - - (108)
Profit on ordinary activities
after taxation 1,795 2,673 3,802
----------- ----------- ----------
Basic earnings per share 5.46p 8.19p 11.65p
Diluted earnings per share 5.42p 8.11p 11.53p
Consolidated balance sheet
As at 30 September 2011
Unaudited Unaudited Audited
As at As at As at
30 Sept. 30 Sept. 31 Mar.
2011 2010 2011
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible Assets 907 9,393 707
Property, plant and equipment 6,486 8,470 7,997
Deferred Tax Assets - - -
Other Receivables - - -
Available for sale investments 32 42 32
7,425 17,905 8,736
---------- ---------- --------
Current assets
Inventory 38 38 38
Trade and other receivables 28,554 14,896 21,563
Cash and cash equivalents 1,612 782 1,300
30,204 15,716 22,901
---------- ---------- --------
Total Assets 37,629 33,621 31,637
---------- ---------- --------
EQUITY
Capital and reserves attributable
to equity shareholders
Share capital 1,642 1,632 1,632
Share premium 6,515 6,498 6,498
Capital redemption reserve 270 270 270
Fair value reserve (10) - (10)
Retained earnings 985 1,566 (810)
Total equity 9,402 9,966 7,580
---------- ---------- --------
LIABILITIES
Current liabilities
Borrowings 7,793 7,650 6,247
Trade and other payables 18,766 15,658 15,690
Current tax liabilities - - -
26,559 23,308 21,937
---------- ---------- --------
Non-current liabilities
Borrowings 1,576 - 2030
Other payables - - -
Deferred tax liability 92 347 90
1,668 347 2,120
---------- ---------- --------
Total equity and liabilities 37,629 33,621 31,637
---------- ---------- --------
Consolidated cash flow statement
for the six months ended 30 September
2011
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