TIDMMTV
RNS Number : 3385X
Motive Television PLC
28 August 2015
28 August 2015
Motive Television PLC
("Motive", the "Company" or the "Group")
Half-yearly results for the six months ended 30 June 2015
Motive Television PLC (AIM: MTV.LN), the digital television
technology, software and services provider, is pleased to announce
its interim results for the six months ended 30 June 2015.
Financial highlights
-- Revenue from continuing operations up 17 per cent. to GBP673,410 (H1 2014: GBP577,740)
-- Gross profit from continuing operations up 6 per cent. to GBP292,757 (H1 2014: GBP276,409)
-- Loss attributable to continuing activities and developing new
business before interest decreased by 12 per cent. to GBP955,283
(H1 2014: GBP1,086,616 loss)
-- Administrative expenses were reduced by 16 per cent. to
GBP1,117,489 (H1 2014: GBP1,333,916), excluding depreciation and
amortisation
-- Cash reserves at 30 June 2015 were GBP223,291
Operational highlights
-- Completed the product development of TabletTV US and TabletTV
UK with Apps for iOS and Android devices
-- Prepared for Beta testing during summer of PVR functionality
and OTT channels for TabletTV in preparation for autumn launch of
new services
-- Developed new product BYOD TV and launched services on 14
ships with two ferry companies operating in Greece.
Michael Pilsworth, Chairman, said: "The first half of 2015 saw
the Company making substantial progress in completing development
and testing of new products, identifying distribution partners, and
preparing them for widespread marketing in the autumn. At the same
time, the Company reduced its cost structure and is positioned to
start to reap the benefits of its investment in technology and
positioning in the industry over the past six years."
Enquiries:
Motive Television plc T: +44 20 7025 8425
Michael Pilsworth, Chairman
Leonard M Fertig, CEO
Sanlam Securities UK Limited T: +44 20 7628 2200
Simon Clements / James Thomas
Beaufort Securities Ltd (Company T: +44 20 7382 8300
Broker)
Jon Belliss
Newgate Communications T: +44 20 7680 6559
Jason Nisse/Andre Hamlyn
Media PR Europe T: +44 7774 860011
Gerry Buckland
Brainerd Communicators T: +1 212 986 6667
Chris Plunkett / Mike Smargiassi
Motive Television provides broadcasters and pay television
operators with enabling technology that provides opportunities to
deliver highly valued services to viewers that generate additional
income and retain existing subscribers, comprising:
Content Express(TM)
Today's television viewers are demanding the ability to watch
whatever they want when they want it on any screen, and Motive's
Content Express(TM) makes that possible without having to build new
networks. Content Express(TM) software provides secure delivery and
management of non-linear digital content across any type of
broadcast network to any consumer-facing screen or device. Motive
has deployed it in both single and hybrid distribution systems that
combine broadband access with traditional distribution for an
optimal solution.
Motive's Content Express(TM) solutions platform provides a
one-stop shop for digital terrestrial broadcasters, satellite, DTT
cable pay television platforms, and Internet OTT content providers
to offer new services including: Video on Demand (VOD and SVOD),
Catch-up television, Tablet Television, Targeted advertising for
VOD, Mocast for 4G LTE, Virtual channels and Video2Go.
Tablet TV
With a proprietary app and T-Pod antenna-tuner, tablet owners
around the globe can watch and record all the programming currently
broadcast over digital terrestrial channels. Additionally, Tablet
TV subscribers have the ability to download a selection of
video-on-demand movies and programmes without the need for Internet
access and, when they are connected, use integrated social
networking and access anything available over the Internet.
Motive's content division is:
Motive Television Limited, a Dublin-based award-winning
independent production company that produces factual programmes for
Irish broadcasters. It specializes in live sports production and
sports documentaries and also produces factual and entertainment
series.
Motive Television was founded in London in 2005 and its shares
are quoted on the London Stock Exchange (AIM).
http://www.motivetelevision.co.uk
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended
30 June 2015
Unaudited Unaudited Audited
Six months Six months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP GBP GBP
Revenue 673,410 577,740 1,143,314
Cost of sales (380,653) (301,331) (669,463)
Gross Profit 292,757 276,409 473,851
Administrative expenses (1,248,040) (1,363,025) (11,240,022)
Operating loss (955,283) (1,086,616) (10,766,171)
------------ ------------ -------------
Analysed as;
Operating loss before exceptional
item (955,283) (1,086,616) (2,764,137)
Exceptional item - Goodwill
impairment - - (8,002,034)
------------ ------------ -------------
(955,283) (1,086,616) (10,766,171)
------------ ------------ -------------
Financial income 145,521 82,736 85,061
Financial costs (973,861) (611,782) (1,822,752)
Financial costs - exceptional - - (117,187)
----------------------------------- ------------ ------------ -------------
Total financial costs (973,861) (611,782) (1,939,939)
------------ ------------ -------------
Loss before tax (1,783,623) (1,615,662) (12,621,049)
Tax credit 162,181 66,263 90,062
Loss for the period (1,621,442) (1,549,399) (12,530,987)
Other comprehensive income
Exchange differences on
translating foreign operations 302,831 162,148 209,046
Total comprehensive income
for the period attributable
to equity holders of the
company (1,318,611) (1,387,251) (12,321,941)
============ ============ =============
Loss per share from continuing
activities in pence
basic and diluted (0.012)p (0.024)p (0.179)p
All other comprehensive income shown above will be reclassified
subsequently to profit or loss when specific conditions are
met.
STATEMENT OF FINANCIAL POSITION
as at 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP GBP GBP
Non-current assets
Intangible assets 1,638,150 9,004,702 1,379,596
Tangible fixed assets 16,867 22,455 19,842
Total non-current assets 1,655,017 9,027,157 1,399,438
------------- ------------- -------------
Current assets
Inventories 92,863 - 20,836
Trade and other receivables 586,135 632,586 329,589
Cash and cash equivalents 223,291 751,884 595,608
Total current assets 902,289 1,384,470 946,033
------------- ------------- -------------
Total assets 2,557,306 10,411,627 2,345,471
------------- ------------- -------------
Equity
Issued share capital 9,315,451 7,170,621 8,900,299
Share Premium 10,160,882 9,037,134 9,551,034
CLN reserve 2,093,392 2,093,392 2,093,392
Merger reserve 155,467 155,467 155,467
Foreign exchange reserve 631,933 282,204 329,102
Retained Earnings (26,431,882) (14,297,818) (24,844,640)
Total Equity (4,074,757) 4,441,000 (3,815,346)
------------- ------------- -------------
Current liabilities
Trade and other payables 1,856,581 1,693,649 1,983,671
Borrowings 4,693,999 1,588,153 4,081,092
Total current liabilities 6,550,580 3,281,802 6,064,763
------------- ------------- -------------
Non-current liabilities
Borrowings 81,483 2,673,825 89,758
Other payables - 15,000 6,296
Total non-current liabilities 81,483 2,688,825 96,054
------------- ------------- -------------
Total liabilities 6,632,063 5,970,627 6,160,817
(MORE TO FOLLOW) Dow Jones Newswires
August 28, 2015 02:00 ET (06:00 GMT)
------------- ------------- -------------
Total equity and liabilities 2,557,306 10,411,627 2,345,471
------------- ------------- -------------
STATEMENT OF CASHFLOWS
For the six months ended
30 June 2015 Unaudited Unaudited Audited
Six months Six months
to to Year to
30 June 30 June 31 December
2015 2014 2014
Cash flows from operating
activities GBP GBP GBP
Operating loss (955,283) (1,086,616) (10,766,171)
Adjustments for:
Impairment of Goodwill - - 8,002,034
Depreciation 130,551 29,109 58,090
(Increase)/decrease in
inventories (72,027) - (20,836)
Decrease/(increase) in
receivables (94,365) 71,216 302,596
Increase/(decrease) in
payables (50,213) 6,009 321,855
Share based payments 34,200 51,000 377,000
Net cash flows from operating
activities (1,007,137) (929,282) (1,725,432)
------------ ------------ -------------
Cash flows from investing
activities
Interest received - 100 254
Payments to acquire tangible
fixed assets (2,790) (1,225) (9,936)
Payments to acquire intangible
fixed assets (410,249) (286,853) (702,893)
Net cash used in investing
activities (413,039) (287,978) (712,575)
------------ ------------ -------------
Cash flows from financing
activities
Interest paid (125,502) (125,502) (250,409)
Proceeds from issue of
shares 1,000,000 775,000 1,575,000
Costs of issue of shares (155,000) (83,125) (138,125)
Proceeds from issue of
convertible loans 400,000 1,200,000 1,600,000
Loan repayments (54,988) (57,787) (89,728)
Payment of earn out consideration - (31,290) (31,290)
Exercise of warrants - 58,750 58,750
Withholding tax paid on
CLN interest (14,379) (14,379) (28,522)
Net cash from financing
activities 1,050,131 1,721,667 2,695,676
------------ ------------ -------------
Taxation
Tax refund received - - 90,062
Net cash from taxation - - 90,062
------------ ------------ -------------
Net increase/(decrease)
in cash and cash equivalents (370,045) 504,407 347,731
Cash and cash equivalents
at beginning of period 595,608 250,404 250,404
Exchange gains and losses
on cash and cash equivalents (2,272) (2,927) (2,527)
Cash and cash equivalents
at end of period 223,291 751,884 595,608
------------ ------------ -------------
,
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2015
Foreign
Share Share CLN Merger Exchange Retained Total
Capital Premium Reserve Reserve Reserve Earnings Equity
unaudited unaudited unaudited unaudited unaudited Unaudited Unaudited
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January
2014 6,683,954 8,640,176 2,093,392 155,467 120,056 (12,799,419) 4,893,626
Loss for six
months
to 30 June
2014 - - - - - (1,549,399) (1,549,399)
Exchange
differences
on
translating
foreign
operations - - - - 162,148 - 162,148
--------------- ----------------------- ------------------------- ----------------- ----------------- ----------------- ---------------------- -------------
Total
comprehensive
income for
the period - - - - 162,148 (1,549,399) (1,387,251)
Other equity
transactions:
Shares issued
for
cash 387,500 387,500 - - - - 775,000
Shares issued
in
settlement of
liabilities 60,000 48,000 - - - - 108,000
Issue costs - (58,125) - - - - (58,125)
Shares issued
on
exercise of
warrants 39,167 19,583 - - - - 58,750
Cost of share
based
awards - - - - - 51,000 51,000
Balance at 30
June
2014 7,170,621 9,037,134 2,093,392 155,467 282,204 (14,297,818) 4,441,000
Loss for six
months
to 31
December 2014 - - - - - (10,981,588) (10,981,588)
Exchange
differences
on
translating
foreign
operations - - - - 46,898 - 46,898
--------------- ----------------------- ------------------------- ----------------- ----------------- ----------------- ---------------------- -------------
Total
comprehensive
income for
the period - - - - 46,898 (10,981,588) (10,934,690)
Other equity
transactions:
Shares issued
for
cash 615,385 184,615 - - - - 800,000
Issue costs - (122,322) - - - - (122,322)
Shares issued
on
conversion of
Other
CLNs 1,114,293 451,607 - - - - 1,565,900
Issue of
warrants - - - - - 108,766 108,766
Cost of share
based
awards - - - - - 326,000 326,000
Balance at 31
December
2014 8,900,299 9,551,034 2,093,392 155,467 329,102 (24,844,640) (3,815,346)
Loss for six
months
to 30 June
2015 - - - - - (1,621,442) (1,621,442)
Exchange
differences
on
translating
foreign
operations - - - - 302,831 - 302,831
--------------- ----------------------- ------------------------- ----------------- ----------------- ----------------- ---------------------- -------------
Total
comprehensive
income for
the period - - - - 302,831 (1,621,442) (1,318,611)
Other equity
transactions:
Shares issued
for
cash 333,333 666,667 - - - - 1,000,000
Shares issued
on
conversion of
Other
CLNs 81,819 98,181 - - - - 180,000
(MORE TO FOLLOW) Dow Jones Newswires
August 28, 2015 02:00 ET (06:00 GMT)
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