Half Yearly Report
29 Junio 2010 - 7:27AM
UK Regulatory
TIDMZEST
RNS Number : 4307O
Zest Group PLC
29 June 2010
29 June 2010
Zest Group plc
("Zest" or "the Group")
Interim Results
for the six months ended 31 March 2010
Zest Group plc (AIM:ZEST), announces its interim results for the six months
ended 31 March 2010.
During the period the Group made a loss before taxation of GBP194,000 (2009:
loss GBP113,000). There was a loss per share from continuing operations of 0.05p
(2009: loss per share 0.07p).
Current trading
During the period under review the Group has continued to make progress on
several fronts.
Tony Fennell has been writing in Los Angeles both for a new artist and a new
television show. In addition one of his songs has been recorded by Warner Bros
artist " Fabio" and will be released throughout the world this year.
The Group is negotiating the release of Tara Chinn's Album with a major European
based label.
We have suffered delays on the sales of Nasio Fontaine's catalogue with the
current distributor and publishing administrator. Although we expect this issue
to be resolved in the final quarter of this year, we have been in negotiations
to secure a new worldwide distribution deal. In addition one of Nasio's songs
has been placed in a movie which is due to be released during the first quarter
of 2011.
In 2006 Zest signed songwriter Ben Langmaid. In 2008 we released him from his
agreement but put in place a settlement agreement. This agreement called for two
payments which for legal reasons cannot be listed. We received the first one in
2009 and the second payment is due in the third quarter of 2010. Ben has
recently had worldwide success writing with the artist La Roux.
The Group has also begun to provide consultancy services drawing on the
experience of its executives which has provided us with a new revenue stream.
Outlook
The Group has continued to incur losses to date and is reliant on external
funding. In November 2009 the Company raised GBP300,000 through a placing of new
shares to fund its working capital requirements. The Group is actively managing
its cost base and has reduced its overheads but will need to raise further funds
for working capital by the end of its financial year. The Group is in
discussions with potential funders and will provide an update in due course
The Group is continuing to develop its current roster of artists and in line
with its strategy will continue to look for potential acquisition opportunities.
Richard Griffiths
Chairman
29 June 2010
ZEST GROUP PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2010
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Note | Unaudited | Unaudited | Audited |
| | | Six months | Six months | Year ended 30 |
| | | ended 31 | ended 31 | September |
| | | March 2010 | March 2009 | 2009 |
+-------------------------------------------+------+---------------+--------------+---------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------+------+---------------+--------------+---------------+
| | | | | |
+-------------------------------------------+------+---------------+--------------+---------------+
| | Administrative expenses | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | - reversal of | | - | - | 60 |
| | impairment/(impairment) of | | | | |
| | advance payments to artists | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | - other administrative | | (194) | (117) | (347) |
| | expenses | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Total administrative expenses | | (194) | (117) | (287) |
| | | | | | |
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Loss from operations | | (194) | (117) | (287) |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Finance income | | - | 4 | 4 |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Loss for the period before | | (194) | (113) | (283) |
| | taxation | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Taxation expense | | - | - | - |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Loss for the period after | | (194) | (113) | (283) |
| | taxation and loss attributable | | | | |
| | to the equity holders of the | | | | |
| | company | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Other comprehensive income | | - | - | - |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Total comprehensive | | (194) | (113) | (283) |
| | expenditure for the period | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | Basic and diluted loss per | 4 | (0.05)p | (0.07)p | (0.16)p |
| | ordinary share (pence) | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
| | | | | | |
+----------+--------------------------------+------+---------------+--------------+---------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2010
+------------------------+---------+---------+---------+----------+---------+
| | | Share | Share | Retained | Total |
| | Share | premium | based | earnings | equity |
| | capital | | payment | | |
| | | | reserve | | |
+------------------------+---------+---------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+------------------------+---------+---------+---------+----------+---------+
| At 1 October 2008 | 434 | 3,598 | 166 | (4,059) | 139 |
+------------------------+---------+---------+---------+----------+---------+
| Loss for the year | - | - | - | (283) | (283) |
+------------------------+---------+---------+---------+----------+---------+
| Employee share based | - | - | 11 | - | 11 |
| compensation | | | | | |
+------------------------+---------+---------+---------+----------+---------+
| At 30 September 2009 | 434 | 3,598 | 177 | (4,342) | (133) |
| (audited) | | | | | |
+------------------------+---------+---------+---------+----------+---------+
| Loss for the period | - | - | | (194) | (194) |
+------------------------+---------+---------+---------+----------+---------+
| Issue of share capital | 30 | 270 | | | 300 |
+------------------------+---------+---------+---------+----------+---------+
| Employee share based | - | - | 13 | | 13 |
| compensation | | | | | |
+------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+------------------------+---------+---------+---------+----------+---------+
| At 31 March 2010 | 464 | 3,868 | 190 | (4,536) | (14) |
| (unaudited) | | | | | |
+------------------------+---------+---------+---------+----------+---------+
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2010
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | Unaudited | Unaudited | Audited |
| | Note | 31 March | 31 March | 30 |
| | | 2010 | 2009 | September |
| | | | | 2009 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| ASSETS | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Non-current assets | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Intangible assets | | - | - | - |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Property, plant and equipment | | - | 1 | 1 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | - | 1 | 1 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Current assets | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Trade and other receivables | | 47 | 76 | 12 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Cash and cash equivalents | | 30 | 53 | 5 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Total current assets | | 77 | 129 | 17 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Total assets | | 77 | 130 | 18 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| EQUITY AND LIABILITIES | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Current liabilities | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Trade and other payables | | 91 | 93 | 151 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Total current liabilities and | | 91 | 93 | 151 |
| total liabilities | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Equity | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Share capital | 5 | 464 | 434 | 434 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Share premium | | 3,868 | 3,598 | 3,598 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Share based payment reserve | | 190 | 177 | 177 |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Retained earnings | | (4,536) | (4,172) | (4342) |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Total equity attributable to | | (14) | 37 | (133) |
| equity holders | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| | | | | |
+---------------------------------+------+-----------------------+-------------+--------------------+
| Total equity and liabilities | | 77 | 130 | 18 |
+---------------------------------+------+-----------------------+-------------+--------------------+
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 31 MARCH 2010
+----------------------------------+-----+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | Six | Six | Year to |
| | | months | months | 30 |
| | | ended 31 | ended 31 | September |
| | | March | March | 2009 |
| | | 2010 | 2009 | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Operating activities | | | | |
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Loss after taxation | | (194) | (113) | (283) |
+----------------------------------+-----+-----------+-----------+-----------+
| Finance costs | | - | - | - |
+----------------------------------+-----+-----------+-----------+-----------+
| Finance income | | - | (4) | (4) |
+----------------------------------+-----+-----------+-----------+-----------+
| Amortisation of intangibles | | - | - | - |
+----------------------------------+-----+-----------+-----------+-----------+
| Depreciation | | 1 | - | - |
+----------------------------------+-----+-----------+-----------+-----------+
| Impairment of intangible fixed | | | - | - |
| assets | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Increase in inventories | | - | - | - |
+----------------------------------+-----+-----------+-----------+-----------+
| Decrease/(increase) in trade and | | (35) | 57 | 121 |
| other receivables | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| (Decrease)/increase in trade and | | (60) | 36 | 94 |
| other payables | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Equity settled share based | | 13 | 11 | 11 |
| payments | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Net cash (outflow)/inflow from | | (275) | (13) | (61) |
| operating activities | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
| | | | | |
| Investing activities | | | | |
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Finance income | | - | 4 | 4 |
+----------------------------------+-----+-----------+-----------+-----------+
| Adjustment to purchase price of | | - | - | - |
| subsidiary undertakings | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Net cash inflow/(outflow) from | | - | 4 | 4 |
| investing activities | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Cash flow from financing | | | | |
| activities | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | 300 | | |
| Proceeds from issue of share | | | | |
| capital | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Share issue costs | | - | - | - |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Net change in cash and cash | | 25 | (9) | (57) |
| equivalents | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Cash and cash equivalents at | | 5 | 62 | 62 |
| beginning of period | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| Cash and cash equivalents at end | | 30 | 53 | 5 |
| of period | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
| | | | | |
+----------------------------------+-----+-----------+-----------+-----------+
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 31 MARCH 2010
1 GENERAL INFORMATION
The financial information for the period ended 31 March 2010 does not constitute
statutory accounts as defined in Section 240 of the Companies Act 2006. The
figures for the year ended 30 September 2009 have been extracted from the 2009
statutory financial statements. The auditors' report on those accounts was
unqualified and did not contain a statement under section 237(2) of the
Companies Act 2006.
2 BASIS OF PREPARATION
The Company's shares are listed on the AIM market of the London Stock Exchange
and apply the Companies Act 2006 when preparing its annual financial statements.
The principal accounting policies of the Group remain unchanged from those set
out in the Group's 2009 financial statements except for the adoption of IAS 1
Presentation of Financial Statements (Revised 2007) and IFRS 8 Operating
Segments.
The adoption of IAS 1 (Revised 2007) does not affect the financial position or
profits of the Group, but gives rise to additional disclosures. The measurement
and recognition of the Group's assets, liabilities, income and expenses is
unchanged, however, some items that were recognised directly in equity are now
recognised in other comprehensive income, for example gains/losses on available
for sale financial assets. IAS 1 (Revised 2007) affects the presentation of
owner changes in equity and introduces a 'Statement of comprehensive income'.
The adoption of IFRS 8 has not changed the segments that are disclosed in the
interim financial statements.
Interim financial information in this report has been neither audited nor
reviewed by the Group's auditors.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results
3 SEGMENTAL REPORTING
(a) By business segment (Primary segment)
As defined under International Financial Reporting Standard 8 (IFRS 8) the only
material business segment the Group has is that of music publishing and
distribution.
(b) By Geographical Segment (Secondary segment)
Under the definitions contained in IFRS 8 the only material geographic segment
the Group operates in is the United Kingdom.
4 LOSS PER SHARE
The calculation of the loss per share is based on the loss attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the period.
+----------------------------------+-------------+-------------+-------------+
| | Six months | Six | Year |
| | ended 31 | months | ended 30 |
| | March 2010 | ended 31 | September |
| | | March | 2009 |
| | | 2009 | |
+----------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------+-------------+-------------+-------------+
| Loss for the period from total | (194) | (113) | (283) |
| operations (GBP'000) | | | |
+----------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------+-------------+-------------+-------------+
| Weighted average number of 0.25p | 412,630,039 | 173,619,050 | 173,619,050 |
| ordinary shares | | | |
+----------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------+-------------+-------------+-------------+
| Loss per share from total | (0.05)p | (0.07)p | (0.16)p |
| operations | | | |
+----------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------+-------------+-------------+-------------+
The share options are anti-dilutive.
5 SHARE CAPITAL
+---------------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
| | 31 March | | |
| | 2010 | 31 March | 30 |
| | | 2009 | September |
| | | | 2009 |
+---------------------------------------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+-----------+-----------+-----------+
| Authorised | | | |
+---------------------------------------+-----------+-----------+-----------+
| 4,000,000,000 ordinary shares of | 400 | 400 | |
| 0.01p | | | |
+---------------------------------------+-----------+-----------+-----------+
| 4,000,000,000 deferred shares of | 9,600 | 9,600 | |
| 0.24p | | | |
+---------------------------------------+-----------+-----------+-----------+
| 4,000,000,000 ordinary shares of | | | 10,000 |
| 0.25p | | | |
+---------------------------------------+-----------+-----------+-----------+
| | 10,000 | 10,000 | 10,000 |
+---------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------+-----------+-----------+-----------+
| Allotted, issued and fully paid | | | |
+---------------------------------------+-----------+-----------+-----------+
| 173,619,050 deferred shares of 0.24p | 417 | - | 417 |
+---------------------------------------+-----------+-----------+-----------+
| 473,619,050 ordinary shares of 0.01p | 47 | 434 | 17 |
| (31 March 2009: 173,619,050 ordinary | | | |
| shares of 0.25p and 30 September | | | |
| 2009: 173,619.050 ordinary shares of | | | |
| 0.01p) | | | |
+---------------------------------------+-----------+-----------+-----------+
| | | | |
+---------------------------------------+-----------+-----------+-----------+
| | 464 | | 434 |
| | | 434 | |
+---------------------------------------+-----------+-----------+-----------+
Enquiries:
+-------------------------------+-------------------------------+
| Steve Weltman, Chief | +44 (0) 208 398 4144 |
| Executive, Zest Group plc | |
+-------------------------------+-------------------------------+
| James Joyce, WH Ireland | +44 (0) 207 220 1666 |
| Limited | |
| | |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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