BOOM Audioboom Group Plc

Notes to the financial statement

   1.             General information and basis of preparation. 

Audioboom Group plc is incorporated in Jersey under the Companies (Jersey) Law 1991. The Company's shares are traded on the Alternative Investment Market of the London Stock Exchange ("AIM").

These consolidated interim financial statements, which are unaudited, have been approved by the Board of Directors on 23 July 2015. They have been drawn up using accounting policies and presentation expected to be adopted in the Group's full financial statements for the year ending 30 November 2015, which are not expected to be significantly different to those set out in note 1 to the Company's audited financial statements for the period ended 30 November 2014.

The consolidated interim financial statements have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards ("IFRS") and with IAS 34 "Interim financial reporting", as adopted by the EU.

The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.

The comparative periods provided in these financial statements are for the 5 months to 31 May 2014 (unaudited) and 11 months to 30 November 2014 (audited). This is due to the 31 December year end that had been used by Audioboom Limited, which was acquired by the Company during 2014. Further detail on the basis of preparation of those comparative periods is set out in note 1 to the Company's audited financial statements for the period ended 30 November 2014.

Going concern

These interim financial statements have been prepared on the going concern basis, which assumes that the Company will have sufficient funds to continue in operational existence for the foreseeable future. The Company's forecasts for the combined group, including due consideration of the continued operating losses of the group, and projections, taking account of reasonably possible changes in trading performance, indicate that the group has sufficient cash available to continue in operational existence for at least the next 12 months. The Board has considered various alternative operating strategies should these be necessary and are satisfied that revised operating strategies could be adopted if and when necessary. As a consequence, the Board believes that the Group is well placed to manage its business risks, and longer term strategic objectives, successfully. Therefore the Directors consider the going concern basis appropriate.

   2.             Loss per share 

Basic earnings per share is calculated by dividing the loss attribuable to shareholders by the weighted average number of ordinary shares in issue during the period.

IAS33 requires presentation of diluted EPS when a company coud be called upon to issue shares that would decrease earnings per share, or increase the loss per share. For a loss-making company with outstanding share options, net loss per share would be decreased by the exercise of share options. Therefore, as per IAS33:36, the antidilutive potential ordinary shares are disregarded on the the calculation of diluted EPS.

Reconciliation of the loss and weighted average number of shares used in the calculation are set out below:

 
                                                         31-May-15 
                                          Loss   Weighted average number   Per share 
                                                               of shares      amount 
 Basic and Diluted EPS                 GBP'000                  Thousand       Pence 
 Loss attributable to shareholders: 
 - Continuing and discontinued 
  operations                           (3,273)                   532,988      (0.61) 
 
                                                         31-May-14 
                                          Loss   Weighted average number   Per share 
                                                               of shares      amount 
 Basic and Diluted EPS                 GBP'000                  Thousand       Pence 
 Loss attributable to shareholders: 
 - Continuing and discontinued 
  operations                           (2,078)                    15,507     (13.40) 
 
                                                         30-Nov-14 
                                          Loss   Weighted average number   Per share 
                                                               of shares      amount 
 Basic and Diluted EPS                 GBP'000                  Thousand       Pence 
 Loss attributable to shareholders: 
 - Continuing and discontinued 
  operations                           (3,825)                   326,118      (1.17) 
 
   3.             Share Capital 

Issued and fully paid - ordinary shares of no par value

At 30 November 2014 532,734,557

At 31 May 2015 533,014,577

On 17 December 2014 the Company issued 280,000 new ordinary shares to Malcolm Wall, a director, pursuant to his terms of appointment and in lieu of his first year's director's fee.

The total number of instruments over equity outstanding at the period end was 91,479,985, comprising 40,219,884 warrants and 51,260,101 share options.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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