TIDMDBOX
RNS Number : 1328N
Digitalbox PLC
28 September 2021
28 September 2021
Digitalbox plc
("Digitalbox", the "Group" or the "Company")
Unaudited interim results for the six months ended 30 June
2021
Digitalbox plc, the mobile-first digital media business, which
owns leading websites Entertainment Daily, The Daily Mash and The
Tab, today publishes its interim results for six months to 30 June
2021.
The Company is also pleased to announce that it will provide a
live investor presentation through the Investor Meet Company
platform today at 09.30am (further details below).
Financial Highlights
-- Group revenue of GBP1.3 million, up 37% (H1 2020: GBP1.0 million)
-- Gross profit of GBP1.1 million, up 61.5% (H1 2020: GBP0.7million)
-- Gross margin of 84% (H1 2020: 71%)
-- Adjusted operating profit(1) of GBP0.3 million (H1 2020: GBP0.1 million)
-- Profit before taxation of GBP0.1 million (H1 2020: loss of GBP0.1 million)
-- P ositive total comprehensive income of GBP0.1 million (H1
2020: loss of GBP0.1 million) and positive basic EPS of 0.08 pence
(H1 2020: loss of 0.15 pence) for the first time since readmission
to AIM in February 2019
-- Cash generated by operating activities GBP0.2 million (H1 2020: GBP0.7m)
-- Cash balance of GBP2.0 million as at 30 June 2021 (31(st) December 2020: GBP1.9m)
(1.) Adjusted operating profit is stated before amortisation,
depreciation, share based payment charges, direct costs associated
with business combinations and capital restructure costs.
Operational Highlights
-- Increased auction competition for high-quality mobile
inventory has fueled growth in session values across the
portfolio
-- Entertainment Daily session values up 43%
-- Entertainment Daily Interactive Advertising Bureau (IAB) ad unit prices up over 30% in Q1
-- The Tab website users up 15% to a total of 34 million for the period
-- The Tab continued to generate an adjusted operating profit
through every month in the period
-- The Daily Mash TV show commissioned for nine episodes in H2
2021 compared to six episodes in H2 2020
Current trading and outlook
-- Trading has remained strong since the end of H1 2021, with
the positive trend in the ad market continuing alongside some very
strong traffic attached to some seasonal TV shows.
-- Building on the strong trading in the first half of 2021, the
Group is optimistic regarding the continued trading momentum in the
second half of the year, which represents the biggest trading
period for the Group.
-- Although there remains some uncertainty in the second half of
2021 due to COVID 19, the full year 2021 outcome is anticipated to
be materially ahead of market consensus.
James Carter, CEO, Digitalbox plc, said: "Digitalbox's
performance has exceeded our expectations amid the turbulent
economic conditions of the first half of 2021, reaching
profitability at profit after tax and EPS levels. This is evidence
of our resilient operating model and strong management. The success
is in part due to the latest addition to our stable, The Tab,
validating our buy and build strategy. Our focus on mobile
publishing has seen disproportionate growth in advertising
revenues. With the excellent trading performance the Group
experienced in the first half of the year we expect the shift in
advertising budgets to mobile channels to continue and competition
for audience share of voice on key platforms such as Google and
Facebook to intensify. Whilst the effects of COVID 19 still injects
some uncertainty, the Group is optimistic that the continued
recovery in the advertising market will benefit revenue in the
second half, traditionally the Group's strongest trading period
."
Investor Presentation - Investor Meet Company
Digitalbox will also provide a live investor presentation
through the Investor Meet Company platform today at 09.30am. The
presentation is open to all existing and potential shareholders.
Questions can be submitted at any time during the live
presentation. Investors can sign up to Investor Meet Company for
free and add to meet Digitalbox plc via
https://www.investormeetcompany.com/digitalbox-plc/register-investor
. Investors who have already registered and added to meet the
Company will be automatically invited.
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
Enquiries:
Digitalbox c/o SEC Newgate
James Carter, CEO
Panmure Gordon (Nominated Advisor, Tel: 020 7886 2500
Financial Advisor and Joint Broker)
Alina Vaskina / James Sinclair-Ford
(Corporate Advisory)
Rupert Dearden (Corporate Broking)
Alvarium Capital Partners (Joint Broker) Tel: 020 7195 1400
Alex Davies / Hugh Kingsmill Moore
SEC Newgate Tel: 020 3757 6880
Robin Tozer / Isabelle Smurfit digitalbox@secnewgate
.co.uk
About Digitalbox plc
Based in Bath, UK, Digitalbox is a 'pure-play' digital media
business with the aim of profitable publishing at scale on mobile
platforms and seeks to acquire scale through its buy and build
strategy.
Digitalbox operates three trading brands, "Entertainment Daily",
"The Daily Mash" and "The Tab". 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 fueled
by students.
Digitalbox 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.
CHIEF EXECUTIVE'S Statement
Overview
In spite of the aftershocks from last year's market disruption
caused by the pandemic, the performance of the Group in the first
six months has been encouraging, and the market recovery has
exceeded our expectations. As a result of the Group's strong
operating margins, Digitalbox has reported an adjusted operating
profit of GBP0.3 million, which is ahead of management
expectations. Furthermore, the cash balance has increased from
GBP1.9 million at 31 December 2020 to GBP2.0 million at 30 June
2021.
Operating Review
The two factors that drive revenue are the volume 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 significantly increased in the first half, in
part as a result of the acquisition of the Tab. While we
anticipated continued advertising uncertainty in the first quarter
as a result of Brexit and the Spring lockdown, there was strong
competition for high quality mobile inventory that saw session
values push considerably ahead of management expectations in the
first six months.
The delivery of the Group's strategy has progressed in the first
six months, and the total audience has grown. Entertainment Daily,
which is focused on TV and showbusiness news, had a solid six
months with the number of users up 17% on the same period last
year. The Daily Mash saw its traffic position normalise after the
surge in the consumption of humour within the first lockdown of
2020, while the Tab user base grew by 15%. As a result,
Digitalbox's total average monthly unique users for the Period rose
to 14 million.
Advertisers across the market re-established their priorities in
the second half of 2020 with an acceleration towards mobile
advertising inventory. We were further encouraged by how the market
adapted at the start of 2021. Session values across the portfolio
performed ahead of internal expectations among the challenging UK
environment of lockdown combined with Brexit. For example, a
segment of Entertainment Daily's inventory - IAB inventory - traded
at over 30% up year on year in the first quarter compared to the
same pre-pandemic levels of 2020.
The Daily Mash started to develop a paid content offering at the
start of the second quarter with some positive early feedback.
Testing continues as we look to maintain a direct dialogue with the
site's audience base. At the beginning of last year, we were
disappointed to learn that the BBC wasn't going to recommission the
Mash Report TV show despite its fantastic ratings performance in
2020. Subsequently, we are very pleased that the show has now been
commissioned by UKTV/Dave for an Autumn 2021 run of 9 episodes
under the new name of Late Night Mash.
The Tab has delivered a profit every month since it was acquired
in October 2020. The editorial team have remained as engaged as
ever on serving the 16-24 student-focused demographic. The
commercial operations have pivoted to an automated advertising
solution delivered through Digitalbox's Graphene ad stack. This
approach has led the site to deliver revenue in a much more
efficient manner hence the conversion of the site to a profitable
model. This approach forms part of our plan when evaluating future
acquisition targets.
Financial review
The Directors are pleased to report strong absolute growth in
revenues with a year-on-year uplift of 37% to GBP1.3 million driven
by sustained recovery from last year's market disruption and by the
addition of The Tab in October 2020. On a like for like basis,
excluding The Tab, revenues were flat year on year. In the first
quarter, revenue was 21% down, but importantly 39% up in the second
quarter. The recovery was evident.
Furthermore, gross margins are up from 71% last year to 84% this
year, highlighting the high efficiency of successful digital media
businesses like Digitalbox.
The business passed an important milestone in the period,
reporting positive total comprehensive income and positive earnings
per share for the first time since readmission to AIM in February
2019.
With adjusted operating profit of GBP0.3 million, which is the
true cash-generating indicator for the business, and cash in hand
of GBP2.0 million, the stage is set for the second half of the
year, typically the significantly larger trading period, although
there is material uncertainty surrounding the visibility of
forecast revenues.
The future
Digitalbox has delivered strong results despite significant
challenges presented by the aftershocks from last year's market
disruptions resulting from COVID 19. This reinforces the view that
the Company's continued focus on mobile content consumption is the
right one and that the consumer behaviour that was accelerated by
the pandemic is here to stay. Although there remains some
uncertainty in the second half of 2021 due to COVID 19, the
Directors expect the full year results for 2021 to be materially
ahead of the current market consensus.
DIGITALBOX PLC
INTERIM CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2021
Unaudited Unaudited Audited
Notes Six months Six months 12 months
to to to
30 June 21 30 June 20 31 December
20
GBP'000 GBP'000 GBP'000
Continuing Operations
Revenue 1,345 983 2,187
Cost of sales (219) (286) (529)
__________ __________ __________
Gross profit 1,126 697 1,658
Administrative expenses (1,028) (818) (1,823)
Other operating income 5 18 24
__________ __________ __________
Operating profit/(loss) 103 (103) (141)
"Adjusted operating profit" being operating
profit before exceptional charges, amortisation
and depreciation 294 54 305
Depreciation (15) (15) (30)
Amortisation (105) (63) (149)
Share based payment charge (71) (79) (140)
Direct costs of business combinations - - (98)
Capital restructure costs - - (29)
__________ __________ __________
Operating profit/(loss) 103 (103) (141)
-------------------------------------------- ------ ------------------------- -------------- ----------------
Finance income 1 1 -
Finance costs (5) - (2)
__________ __________ __________
Profit/(loss) before taxation 99 (102) (143)
__________ __________ __________
Tax charge (8) (31) (48)
__________ __________ __________
Profit/(loss) for the period from
continuing operations 91 (133) (191)
TOTAL INCOME/(EXPENSE) FOR THE 91 (133) (191)
PERIOD ============= ============= =============
OTHER COMPREHENSIVE INCOME FOR - - -
THE PERIOD
TOTAL COMPREHENSIVE INCOME/(EXPENSE)
FOR THE PERIOD 91 (133) (191)
============= ============= =============
Earnings p er share 4
Pence Pence Pence
Basic EPS from continuing operations 0.08 (0.15) (0.20)
__________ __________ __________
Basic EPS from loss for the period 0.08 (0.15) (0.20)
Diluted EPS from continuing operations 0.08 (0.15) (0.20)
__________ __________ __________
Diluted EPS from loss for the period 0.08 (0.15) (0.20)
__________ __________ __________
DIGITALBOX PLC
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2021
Share Share Premium Share based Retained Total
Capital reserve payment earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2020 21,331 29,757 181 (39,836) 11,433
Total comprehensive expense
for the period - - - (133) (133)
Issue of new shares 16 20 - - 36
Share based payment charge - - 79 - 79
_____ _____ _____ _____ _____
Balance at 30 June 2020 21,347 29,777 260 (39,969) 11,415
Total comprehensive expense
for the period - - - (58) (58)
Issue of new shares 244 956 - - 1,200
Share issue costs - (84) - - (84)
Capital reduction (20,428) (19,500) - 39,928 -
Share based payment charge - - 61 - 61
_____ _____ _____ _____ _____
Balance at 31 December
2020 1,163 11,149 321 (99) 12,534
Total comprehensive income
for the period - - - 91 91
Share based payment charge - - 71 - 71
_____ _____ _____ _____ _____
Balance at 30 June 2021 1,163 11,149 392 (8) 12,696
_____ _____ _____ _____ _____
DIGITALBOX PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2021
Unaudited Unaudited Audited
Notes 30 June 21 30 June 20 31 December
20
GBP'000 GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 61 34 19
Intangible assets 5 10,741 10,185 10,839
______ ______ _______
TOTAL NON-CURRENT ASSETS 10,802 10,219 10,858
______ ______ _______
CURRENT ASSETS
Trade and other receivables 951 556 1,047
Cash and cash equivalents 2,042 1,207 1,853
______ ______ _______
TOTAL CURRENT ASSETS 2,993 1,763 2,900
______ ______ _______
TOTAL ASSETS 13,795 11,982 13,758
______ ______ _______
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 269 351 449
Lease liabilities 28 14 2
Bank loans 71 - 25
Corporation tax payable 55 70 51
_______ _______ ________
TOTAL CURRENT LIABILITIES 423 435 527
_______ _______ ________
NON-CURRENT LIABILITIES
Lease liabilities 17 - -
Bank loans 423 - 465
Deferred tax 236 132 232
_______ _______ ________
TOTAL NON-CURRENT LIABILITIES 676 132 697
_______ _______ ________
TOTAL LIABILITIES 1,099 567 1,224
TOTAL NET CURRENT ASSETS 2,570 1,328 2,373
_______ _______ ________
TOTAL NET ASSETS 12,696 11,415 12,534
_______ _______ ________
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY SHAREHOLDERS
Issued share capital 6 1,163 21,347 1,163
Share premium account 11,149 29,777 11,149
Share based payment reserve 392 260 321
Retained earnings (8) (39,969) (99)
_______ _______ ________
12,696 11,415 12,534
_______ _______ ________
DIGITALBOX PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2021
Unaudited Unaudited Audited
Six months Six months Period to
to to
30 June 21 30 June 20 31 December
20
GBP'000 GBP'000 GBP'000
OPERATING ACTIVITIES
Profit / (loss) from ordinary activities 91 (133) (191)
Adjustments for: 4-4-458547
Tax expense 8 31 48
Share based payment charge 71 79 140
Amortisation of intangibles 105 63 149
Depreciation on property, plant and
equipment 15 15 30
Finance costs 5 - 2
Finance income (1) (1) -
Taxes paid - (55) (109)
_____ _____ _____
Operating profit/(loss) before changes
in working capital and provisions 294 (1) 69
Decrease in trade and other receivables 96 851 518
Decrease in trade and other payables (185) (145) (205)
_____ _____ _____
Cash generated by/(used in) working
capital (89) 706 313
_____ _____ _____
Cash generated by operating activities 205 705 382
_____ _____ _____
INVESTING ACTIVITIES
Acquisition of subsidiary - - (841)
Cash on acquisition of subsidiary - - 269
Purchase of intangible assets (7) - -
Finance income 1 1 -
_____ _____ _____
Cash generated by/(used in) investing
activities ( (6) 1 (572)
_____ _____ _____
FINANCING ACTIVITIES
Proceeds from share issues - 36 1,236
Share issue costs - - (84)
Finance costs - - (2)
New loans - - 440
Loan and finance lease repayments (10) (12) (24)
_____ _____ _____
Cash (used in)/generated by financing (10) 24 1,566
activities
INCREASE IN CASH AND CASH --------------- --------------- ---------------
EQUIVALENTS 189 730 1,376
Cash and cash equivalents brought forward 1,853 477 477
_____ _____ _____
CASH AND CASH EQUIVALENTS CARRIED FORWARD 2,042 1,207 1,853
_____ _____ _____
Represented by:
Cash at bank and in hand 2,042 1,207 1,853
======== ======== ========
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2021
1. Corporate information
The interim consolidated financial statements of the group for
the period ended 30 June 2021 were authorised for issue in
accordance with a resolution of the directors on 27 September 2021.
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 2021 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 European Union
("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. In particular, the Group has reviewed the current
situation with COVID 19 and produced several scenario plans
assessing the impact on the Group. The directors believe that they
can mitigate the risks arising from COVID 19 to ensure that the
Group is able to continue to meet its liabilities as they fall due
for the foreseeable future. At the reporting date the Group had
GBP2.0m 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
European Union ("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.
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2021
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 2021
Entertainment The Daily The Tab Head Office Total
Daily Mash Six months
to 30 June
2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 917 95 333 - 1,345
Cost of sales (105) (84) (30) - (219)
Admin expenses* (221) (39) (142) (435) (837)
Other operating
income - - - 5 5
---------------- ---------------- ---------------- ---------------- --------------------
Adjusted
operating
profit/(loss) 591 (28) 161 (430) 294
Amortisation
and
depreciation -) -) -) (120) (120)
Share based
payment
charge -) -) -) (71) (71)
Finance income -) -) -) 1 1
Finance costs - - - (5) (5)
Tax -) -) -) (8) (8)
---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss)
for
the period 591 (28) 161 (633) 91
---------------- ---------------- ---------------- ---------------- --------------------
Unaudited six months to 30 June 2020
Entertainment The Daily Head Office Total
Daily Mash Six months
to 30 June
2020
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 826 156 1 983
Cost of sales (180) (106) - (286)
Admin expenses* (227) (23) (411) (661)
Other operating income - - 18 18
---------------- ---------------- ---------------- --------------------
Adjusted operating
profit/(loss) 419 27 (392) 54
Amortisation and depreciation (2) (61) (15) (78)
Share based payment
charge - - (79) (79)
Finance costs - - 1 1
Tax - - (31) (31)
---------------- ---------------- ---------------- --------------------
Profit/(loss) for
the period 417 (34) (516) (133)
---------------- ---------------- ---------------- --------------------
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2021
3. Segment Information (continued)
12 months to 31 December 2020
Entertainment The Daily The Tab Head Office Total
Daily Mash Year to
31 December
2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 1,641 334 208 4 2,187
Cost of sales (307) (192) (30) - (529)
Admin expenses* (447) (40) (71) (819) (1,377)
Other operating
income - - - 24 24
---------------- ---------------- ---------------- ---------------- --------------------
Adjusted
operating
profit/(loss) 887 102 107 (791) 305
Amortisation
and
depreciation - - - (179) (179)
Acquisition and
listing
costs - - - (98) (98)
Capital
restructure
costs - - - (29) (29)
Share based
payment
charge - - - (140) (140)
Finance costs - - - (2) (2)
Tax - - - (48) (48)
---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss)
for
the period 887 102 107 (1,287) (191)
---------------- ---------------- ---------------- ---------------- --------------------
* Admin expenses exclude share-based payment charges,
amortisation, depreciation and acquisition and listing costs.
External revenue by location of customer
Six months Six months Year to 31
to 30 June to 30 June December
2021 2020 2020
GBP'000 GBP'000 GBP'000
United Kingdom 572 473 1,024
Europe 313 356 704
Rest of World 460 154 459
________ ________ ________
Total 1,345 983 ) 2,187
________ ________ ________
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2021
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 Six months 12 months
to to to
30 June 21 30 June 20 31 December
20
GBP'000 GBP'000 GBP'000
The earnings per share is based
on the following:
Continuing earnings post tax
profit/(loss) attributable to
shareholders 91 (133) (191)
========== ========= = ==========
Basic Weighted average number
of shares 116,332,457 91,370,626 96,425,598
Diluted Weighted average number
of shares 116,332,457 91,699,911 96,425,598
========== ========== ==========
pence pence pence
Basic earnings per share 0.08 (0.15) (0.20)
Diluted earnings per share 0.08 (0.15) (0.20)
========== ========== ==========
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. The exercise
price of the outstanding share options is significantly more than
the average and closing share price. Therefore, as per IAS 33 the
potential ordinary shares are disregarded in the calculation of
diluted EPS.
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2021
5. Intangible Assets
Other Intangible Goodwill Development
Assets arising costs
on consolidation
Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2021 1,476 9,610 35 11,121
Additions - - 7 7
_____ _____ _____ _____
At 30 June 2021 1,476 9,610 42 11,128
Amortisation
At 1 January 2021 247 - 35 282
Charge for the period 105 - - 105
_____ _____ _____ _____
At 30 June 2021 352 - 35 387
_____ _____ _____ _____
Net book value
30 June 2021 1,124 9,610 7 10,741
_____ _____ _____ _____
31 December 2020 1,229 9,610 - 10,839
_____ _____ _____ _____
The other intangible assets are being amortised over a period of
7 years.
Amortisation is charged to administrative costs in the Statement
of Comprehensive Income.
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2021
6. Share capital
Allotted, issued and No. Value
fully paid GBP'000
Ordinary shares of
0.01p each 116,332,457 1,163
--------------------------- -------------------------
Total 116,332,457 1,163
============= ============
No shares issued in the 6-month period to 30 June 2021.
7. Related party transactions
At 30 June 2021, the Group was due GBP171k (30 June 2020:
GBP172k, 31 December 2020: GBP171k) from James Carter and Jim
Douglas, two Directors of the company. The outstanding balance is
split equally between the directors and is included within trade
and other receivables. The amounts are repayable either on sale of
shares by the Directors, by prior charge over the proceeds of
dividends or distributions due to the directors net of tax, or by
prior charge over remuneration payments in excess of a
pre-determined level. Interest is charged at 0.75% per annum.
Prior to the readmission of Digitalbox plc (formerly Polemos
plc) onto AIM, and its subsequent acquisition of Digitalbox
Publishing Holdings Ltd, James Carter and Jim Douglas each held
shares in Digitalbox Publishing Holdings Ltd. It was agreed by the
then board that these shares would form the basis for their
physical shareholding in Digitalbox plc once the acquisition had
completed and that the loans would transfer to the plc. The loan
facility from the Company was part of a package to ensure key
management were sufficiently incentivised and locked into the
success of the business. Where any individuals' personal bonus
payment exceeds GBP100,000 in a calendar year, the excess will be
used to pay down these loans. The current board of Directors view
this arrangement as satisfactory and believe it has served well to
incentivise management.
During the period, Integral 2 Limited charged GBP26k (30 June
2020: GBP27k, 31 December 2020: GBP57k) to the Group, a company
related by virtue of David Joseph, a member of key management
personnel, having control over the entity. As at 30 June 2021,
GBP5k (30 June 2020: GBP5k, 31 December 2020: GBP5k) was owed to
Integral 2 Limited.
During the period, the Group received revenue of GBPnil (30 June
2020: GBP2k, 31 December 2020: GBP1.5k) from Immotion Group plc, a
company related by virtue of Martin Higginson being a member of key
management personnel of both entities. As at 30 June 2021, GBPnil
(30 June 2020: GBPnil, 31 December 2020: GBPnil) was owed to the
Group.
During the period, M Capital Investment Partners (Holdings)
Limited billed GBP12.5k (30 June 2020: GBP15k, 31 December 2020:
GBP25k) to the Group, a company related by virtue of Martin
Higginson, a member of key management personnel, having control
over the entity. As at 30 June 2021, GBPnil (30 June 2020: GBP3k,
31 December 2020: GBP2.5k) was owed to M Capital Investment
Partners (Holdings) Limited.
During the period, Robin Miller Consultants Limited billed GBP6k
(30 June 2020: GBP9k, 31 December 2020: GBP17k) to the Group, a
company related by virtue of Robin Miller, a former member of key
management personnel, having control over the entity. As at 30 June
2021, GBPnil (30 June 2020: GBPnil, 31 December 2020: GBP1.7k) was
owed to Robin Miller Consultants Limited.
The key management personnel are considered to be the Board of
Directors, and were remunerated GBP196k in the period (30 June
2020: GBP191k, 31 December 2020: GBP382k).
The key management personnel were provided 3,008,808 share
options contributing to a charge of GBP71k in the period (30 June
2020: GBP47k, 31 December 2020: GBP99k).
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2021
8. Seasonality
The Group's activities are not subject to significant seasonal
variation outside the normal parameters of a consumer media
business.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR LRMRTMTBTBLB
(END) Dow Jones Newswires
September 28, 2021 02:00 ET (06:00 GMT)
Digitalbox (LSE:DBOX)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Digitalbox (LSE:DBOX)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024