TIDMUTV 
 
UTV Media plc 
                            ("UTV" or "the Group") 
 
                                Interim Results 
                     for the six months ended 30 June 2015 
 
Financial highlights * 
 
  * Group revenue of GBP58.3m (2014: GBP57.8m) 
  * Pre-tax profit of GBP1.0m (2014: GBP10.0m) 
  * Group operating profit of GBP2.7m (2014: GBP11.2m) 
  * Net debt of GBP46.9m (2014: GBP43.5m) 
  * Diluted adjusted earnings per share of (0.55)p (2014: 8.28p) 
  * Proposed interim dividend of 1.82p (2014: 1.82p) 
 
Operational highlights 
 
  * Radio GB - 2014 World Cup impact softened by strong core trading 
    performance 
  * Continued strong audience performance across established radio and 
    television businesses 
  * Board has approved programming and marketing action plan for UTV Ireland 
 
* As appropriate, references to profit include income from joint ventures and 
associates 
 
Richard Huntingford, Chairman, UTV Media plc, said: 
 
"The challenges of establishing a new television channel are evident in these 
results which reflect the significant losses incurred by UTV Ireland in its 
first six months on air. Less evident, but not to be lost sight of, is the 
inherent value created by the establishment of a mainstream television channel 
in Europe's fastest growing economy, with long term licensing, programme supply 
and infrastructure in place." 
 
For further information contact: 
 
Enquiries 
 
Orla McKibbin, Director of         +44 (0) 28 9026 2188 / +44 (0) 
Communications                     7879 666 427 
 
                                   www.utvmedia.com/investors 
 
Maitland                           +44 (0) 20 7379 5151 
James Devas 
 
Chairman's Statement 
 
Introduction 
 
The challenges of establishing a new television channel are evident in these 
results which reflect the significant losses incurred by UTV Ireland in its 
first six months on air. Less evident, but not to be lost sight of, is the 
inherent value created by the establishment of a mainstream television channel 
in Europe's fastest growing economy, with long term licensing, programme supply 
and infrastructure in place. 
 
Results and Dividend * 
 
Group operating profit was GBP2.7m (2014: GBP11.2m) on group revenue of GBP58.3m 
(2014: GBP57.8m).    A reduction in the net interest charge to GBP1.0m (2014: GBP 
1.3m) was more than offset by a foreign exchange loss of GBP0.7m (2014: GBPNil) 
resulting in a group pre-tax profit of GBP1.0m (2014: GBP10.0m).  Diluted adjusted 
earnings per share were (0.55)p (2014: 8.28p).  The investment in UTV Ireland 
was well supported by the strong cash generation characteristics of the rest of 
the group.  As a result, net debt increased by just GBP3.4m to GBP46.9m 
representing Net debt/EBITDA at 30 June 2015 of 3.40 times (30 June 2014: 1.72 
times).  The group agreed a relaxation with its bankers of its Net debt/EBITDA 
covenant from 3.50: 1 to 4.50: 1 for one year to 30 June 2016. 
 
The Board is proposing a dividend of 1.82p (2014: 1.82p). 
 
* As appropriate, references to profit include income from associates and joint 
venture. 
 
Television 
 
Turnover in our Northern Ireland television business was down by 2% in the 
first six months of the year, reflecting an 11% decrease in advertising revenue 
from Belfast.  This decrease resulted from a significant cut in expenditure by 
government departments in the Northern Ireland Assembly.  Incorporating the 
results of Tibus and Simply Zesty, operating profit in our Northern Ireland 
television business was GBP4.2m (2014: GBP4.9m). 
 
Turnover in our new television channel, UTV Ireland, fell below expectations as 
a result of a slower build in audience numbers.  In the first six months, UTV 
Ireland's share of commercial impacts was 11.4%, compared to our original 
forecast of approximately 15%.  Early teething issues, such as the re-tuning of 
domestic digital receivers, further compounded the problem of audience 
under-delivery, resulting in turnover for the first half being recorded at GBP 
4.9m (2014: GBPNil).  With costs of GBP12.4m (2014: GBP0.5m), in the first half, 
operating losses at UTV Ireland were GBP7.5m (2014: GBP0.5m), creating an overall 
operating loss in the television division of GBP3.3m (2014: operating profit of GBP 
4.4m). 
 
Radio * 
 
Operating profit in our radio division was GBP0.9m lower at GBP7.9m on turnover of 
GBP34.6m (2014: GBP38.8m).  Revenues in our GB radio division were down by GBP2.6m to 
GBP25.8m, with lower revenues at talkSPORT accounting for all of this.  In a post 
World Cup year, and in the context of a national advertising market which was 
flat in the six month period, talkSPORT's 15% revenue decline was a creditable 
performance, while its cost base reduced by GBP2.1m.   Our local radio stations 
experienced modest growth and held costs at the previous year's level.  GB 
Radio operating profit, therefore, was down by only GBP0.5m to GBP5.8m.  As 
previously reported, a strategic review of our local radio stations is being 
carried out with disposal terms in respect of one station, Juice FM in 
Liverpool, having been agreed.  Subject to CMA approval the GBP10.0m cash 
proceeds of this disposal are expected to be received in Q4. 
 
The Irish radio advertising market failed to respond to the increasingly 
positive macroeconomic data and, in the first six months, was estimated by the 
advertising agencies to be down by about 4%.  Significant currency headwinds 
compounded this leading to an overall reduction in our Irish radio advertising 
revenues of GBP1.5m to GBP8.8m.  With compensating currency tailwinds in our 
operating cost base, Irish radio operating profit for the first half was GBP0.4m 
lower at GBP2.1m. 
 
* As appropriate, references to profit include income from associates and joint 
venture. 
 
Prospects 
 
We are experiencing good growth from both our London and Dublin offices and 
this is expected to generate growth in Northern Ireland television advertising 
revenue of 4% in the current quarter.  However the budget impasse in the local 
assembly continues and this is expected to create a drag on our Northern 
Ireland television advertising revenue from Belfast in the third quarter. 
 
UTV Ireland's progress is closely linked to the performance of ITV network's 
programming, which is the mainstay of its output, and there are new series 
scheduled for the autumn which have been favourably commented upon.  Alongside 
this, we are implementing an action plan which includes stronger domestic 
programming, more effective marketing and a better defined branding strategy. 
 
As we move through Q3, the tough World Cup comparator for talkSPORT falls away, 
with good growth forecast for both August and September.  For the current 
quarter as a whole, talkSPORT's advertising revenue is expected to be up by 1%, 
with similar growth from our local radio stations. 
 
The poor performance of the Irish radio market relative to the economy 
continued on into July and August, with the strength of sterling exerting 
further downward pressure on our reported Irish radio revenues.  However, 
advertising agencies are generally positive about the last four months of the 
year and we are forecasting growth of 3% in local currency for September which 
would result in a 5% reduction on the same basis for the third quarter as a 
whole. 
 
Richard Huntingford 
Chairman 
28 August 2015 
 
 
 
Group Income Statement 
for the six months ended 30 June 2015 
 
                                     Notes              30 June  30 June 
 
                                                           2015     2014 
 
                                                           GBP000     GBP000 
 
Continuing operations 
 
Revenue                                  3               58,262   57,781 
 
Operating costs                                        (55,765) (46,731) 
 
                                                        -------  ------- 
 
Operating profit from 
continuing operations                                     2,497   11,050 
before tax and finance 
costs 
 
Share of results of 
JVs and associates                                          185      142 
accounted for using 
the equity method 
 
                                                        -------  ------- 
 
Profit from continuing 
operations before tax                    3                2,682   11,192 
and finance costs 
 
Finance revenue                                              22       26 
 
Finance costs                                           (1,021)  (1,283) 
 
Foreign exchange                                          (703)       27 
(loss)/gain 
 
                                                        -------  ------- 
 
Profit from continuing                   3                  980    9,962 
operations before tax 
 
Taxation                                                (1,460)  (1,970) 
 
                                                        -------  ------- 
 
(Loss)/profit from 
continuing operations                                     (480)    7,992 
after tax 
 
Discontinued 
operations 
 
Loss from discontinued                                        -     (61) 
operations 
 
                                                        -------  ------- 
 
(Loss)/profit for the                                     (480)    7,931 
period 
 
                                                        -------   ------ 
 
 
Attributable to: 
 
Equity holders of the                                     (556)    7,855 
parent 
 
Non-controlling                                              76       76 
interest 
 
                                                        -------  ------- 
 
                                                          (480)    7,931 
 
                                                        -------   ------ 
 
(Loss)/Earnings per                                        2015     2014 
share 
 
Continuing operations 
 
Basic                                    6              (0.58)p    8.26p 
 
Diluted                                  6              (0.58)p    8.19p 
 

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August 28, 2015 02:00 ET (06:00 GMT)

Adjusted                                 6              (0.55)p    8.35p 
 
Diluted adjusted                         6              (0.55)p    8.28p 
 
Continuing and 
discontinued 
operations 
 
Basic                                    6              (0.58)p    8.20p 
 
Diluted                                  6              (0.58)p    8.13p 
 
Adjusted                                 6              (0.55)p    8.29p 
 
Diluted adjusted                         6              (0.55)p    8.22p 
 
 
 
Group Statement of Comprehensive Income 
for the six months ended 30 June 2015 
 
                                                          30 June     30 
                                                                    June 
 
                                                             2015   2014 
 
 
 
                                                            GBP000    GBP000 
 
(Loss)/profit for the period                               (480)   7,931 
 
                                                         ------- ------- 
 
Other comprehensive (loss)/income 
 
Items that will not be reclassified 
subsequently to profit or loss: 
 
Actuarial loss on defined benefit                        (2,223) (2,081) 
pension schemes 
 
Income tax relating to items that                            445     416 
will not be reclassified subsequently 
 
                                                         ------- ------- 
 
                                                         (1,778) (1,665) 
 
                                                         ------- ------- 
 
Items that may be reclassified 
subsequently to profit or loss: 
 
Cash flow hedges 
 
Gain arising during the period                               293       - 
 
Less transfers to the income                                (17)       - 
statement 
 
Exchange difference on translation of                    (3,874) (1,881) 
foreign operations 
 
Income tax relating to items that may                       (22)       - 
be reclassified 
 
                                                         ------- ------- 
 
                                                         (3,620) (1,881) 
 
                                                         ------- ------- 
 
Other comprehensive loss for the                         (5,398) (3,546) 
period, net of tax 
 
                                                         ------- ------- 
 
Total comprehensive (loss)/income for                    (5,878)   4,385 
the period, net of tax 
 
                                                         ------- ------- 
 
Attributable to: 
 
Equity holders of the parent                             (5,954)   4,309 
 
Non-controlling interest                                      76      76 
 
                                                         ------- ------- 
 
                                                         (5,878)   4,385 
 
                                                         ------- ------- 
 
 
 
 
 
 
 
Group Balance Sheet 
for the six months ended 30 June 2015 
 
                                              30      30         31 
 
                                            June    June   December 
 
                                   Notes    2015    2014       2014 
 
 
 
                                             GBP000     GBP000     GBP000 
 
ASSETS 
 
Non-current assets 
 
Property, plant and equipment          7   17,546   12,487   17,360 
 
Intangible assets                         166,047  174,374  172,163 
 
Investments accounted for using               864      890      900 
the equity method 
 
Deferred tax asset                          1,691    1,818    1,531 
 
                                          -------  -------  ------- 
 
                                          186,148  189,569  191,594 
 
                                          -------  -------  ------- 
 
Current assets 
 
Inventories                                 1,591      785    2,390 
 
Trade and other receivables                21,567   22,298   23,502 
 
Financial assets                       8      376      375      275 
 
Cash and short term deposits               12,832   13,906   12,886 
 
                                          -------  -------  ------- 
 
                                           36,366   37,364   39,053 
 
                                          -------  -------  ------- 
 
TOTAL ASSETS                              222,514  226,933  231,007 
 
                                          -------  -------  ------- 
 
EQUITY AND LIABILITIES 
 
Equity attributable to equity 
holders of the parent 
 
Equity share capital                       55,557   55,557   55,557 
 
Capital redemption reserve                     50       50       50 
 
Treasury shares                             (104)        -    (104) 
 
Foreign currency reserve                    (303)    5,069    3,571 
 
Cash flow hedge reserve                       276        -        - 
 
Retained earnings                          38,038   39,336   45,428 
 
                                          -------  -------  ------- 
 
                                           93,514  100,012  104,502 
 
Non-controlling interest                      129       85       53 
 
                                          -------  -------  ------- 
 
TOTAL EQUITY                               93,643  100,097  104,555 
 
                                          -------  -------  ------- 
 
Non-current liabilities 
 
Financial liabilities                  8   56,437   53,594   55,399 
 
Pension liability                      9    3,229    4,241    1,971 
 
Provisions                                    622      413      372 
 
Deferred tax liabilities                   32,979   34,518   34,266 
 
                                          -------  -------  ------- 
 
                                           93,267   92,766   92,008 
 
                                          -------  -------  ------- 
 
Current liabilities 
 
Trade and other payables                   29,766   27,291   28,058 
 
Financial liabilities                  8    3,335    3,790    3,668 
 
Tax payable                                 1,829    2,313    1,909 
 
Provisions                                    674      676      809 
 
                                          -------  -------  ------- 
 
                                           35,604   34,070   34,444 
 
                                          -------  -------  ------- 
 
TOTAL LIABILITIES                         128,871  126,836  126,452 
 
                                          -------  -------  ------- 
 
TOTAL EQUITY AND LIABILITIES              222,514  226,933  231,007 
 
                                          -------  -------  ------- 
 
 
 
Group Cash Flow 
for the six months ended 30 June 2015 
 
                                                     30 June 30 June 
 
                                                        2015    2014 
 
                                                        GBP000    GBP000 
 
Operating activities 
 
Profit before tax (i)                                    980   9,851 
 
Adjustments to reconcile profit 
before tax to 
    net cash flows from 
operating activities 
 
Foreign exchange loss/(gain)                             703    (27) 
 
Net finance costs                                        999   1,257 
 
Share of results of associates                         (185)   (142) 
and joint ventures 
 
Depreciation of property, plant                        1,514     971 
and equipment 
 
Gain from sale of property,                              (1)       - 
plant and equipment 
 
Share based payments                                     171     175 
 
Difference between pension 
contributions paid and                               (1,038) (2,530) 
amounts recognised in the income 
statement 
 
Decrease in inventories                                  799     973 
 
Decrease in trade and other                            1,286     228 
receivables 
 
Decrease in trade and other                          (2,830) (1,169) 
payables 
 
Increase/(decrease) in                                   115    (22) 
provisions 
 
                                                     ------- ------- 
 
Cash generated from operations                         2,513   9,565 
 
Tax paid                                             (1,241)   (729) 
 
                                                     ------- ------- 
 
Net cash inflow from operating                         1,272   8,836 
activities 
 
                                                     ------- ------- 
 
Investing activities 
 
Interest received                                         24      26 
 
Proceeds on disposal of                                    1       1 
property, plant and equipment 
 
Purchase of property, plant and                      (2,167) (1,893) 
equipment 
 
Income received from associates                          221      75 
and joint ventures 
 
Proceeds from the disposal of                            175     300 
discontinued operations 
 
                                                     ------- ------- 
 
Net cash flows from investing                        (1,746) (1,491) 
activities 
 
                                                     ------- ------- 
 
Financing activities 
 
Borrowing costs                                      (1,084) (1,078) 
 
Acquisition of treasury shares                             -   (402) 
 
Dividends paid to equity                                 (4)     (3) 
shareholders 
 
Dividends paid to                                          -    (97) 
non-controlling interests 
 
Repayment of borrowings                              (1,939) (2,000) 
 
Proceeds from borrowings                               3,582       - 
 
                                                     ------- ------- 
 
Net cash flows used in financing                         555 (3,580) 
activities 
 
                                                     ------- ------- 
 

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Net increase in cash and cash                             81   3,765 
equivalents 
 
Net foreign exchange differences                       (135)    (44) 
 
Cash and cash equivalents at 1                        12,886  10,185 
January 
 
                                                     ------- ------- 
 
Cash and cash equivalents at 30                       12,832  13,906 
June 
 
                                                     ------- ------- 
 
 
(i) Includes both continuing and 
discontinued operations 
 
 
 
Group Statement of Changes in Equity 
for the six months ended 30 June 2015 
 
               Equity    Capital Treasury  Foreign Cashflow Retained   Share        Non- 
                share redemption   shares currency    hedge earnings  holder controlling   Total 
              capital    reserve           reserve  reserve           equity    interest 
 
                 GBP000       GBP000     GBP000     GBP000     GBP000     GBP000    GBP000        GBP000    GBP000 
 
At 1 January   55,557         50    (123)    6,950        -   38,531 100,965         106 101,071 
2014 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
Profit for          -          -        -        -        -    7,855   7,855          76   7,931 
the period 
 
Other 
comprehensive       -          -        -  (1,881)        -  (1,665) (3,546)           - (3,546) 
income in the 
period 
 
               ------     ------  -------  -------  -------  ------- -------     ------- ------- 
 
Total net 
comprehensive       -          -        -  (1,881)        -    6,190   4,309          76   4,385 
income in the 
period 
 
Acquisition 
of treasury         -          -    (402)        -        -        -   (402)           -   (402) 
shares 
 
Treasury            -          -      525        -        -    (525)       -           -       - 
shares issued 
 
Share based         -          -        -        -        -      175     175           -     175 
payment 
 
Equity 
dividends           -          -        -        -        -  (5,035) (5,035)        (97) (5,132) 
paid and 
payable 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
At 30 June     55,557         50        -    5,069        -   39,336 100,012          85 100,097 
2014 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
Profit for          -          -        -        -        -    5,788   5,788          81   5,869 
the period 
 
Other 
comprehensive       -          -        -  (1,498)        -    1,921     423           -     423 
income/(loss) 
in the period 
 
               ------     ------  -------  -------  -------  ------- -------     ------- ------- 
 
Total net 
comprehensive       -          -        -  (1,498)        -    7,709   6,211          81   6,292 
income in the 
period 
 
Acquisition 
of treasury                         (104)        -        -        -   (104)           -   (104) 
shares 
 
Share based         -          -        -        -        -      128     128           -     128 
payment 
 
Equity 
dividends           -          -        -        -        -  (1,745) (1,745)       (113) (1,858) 
paid 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
At 31          55,557         50    (104)    3,571        -   45,428 104,502          53 104,555 
December 2014 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
(Loss)/profit 
for the             -          -        -        -        -    (556)   (556)          76   (480) 
period 
 
Other 
comprehensive       -          -        -  (3,874)      276  (1,800) (5,398)           - (5,398) 
(loss)/income 
in the period 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
Total net 
comprehensive       -          -        -  (3,874)      276  (2,356) (5,954)          76 (5,878) 
(loss)/income 
in the period 
 
Share based         -          -        -        -        -      171     171           -     171 
payment 
 
Equity 
dividends           -          -        -        -        -  (5,205) (5,205)           - (5,205) 
paid and 
payable 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
At 30 June     55,557         50    (104)    (303)      276   38,038  93,514         129  93,643 
2015 
 
               ------    -------  -------  -------  -------  ------- -------     ------- ------- 
 
 
 
Notes to the accounts 
 
1.    Basis of preparation 
 
The condensed interim financial statements have been prepared in accordance 
with IAS34 "Interim Financial Reporting" and the Disclosure and Transparency 
Rules of the Financial Conduct Authority. 
 
In addition, the interim condensed financial statements have been prepared on a 
basis consistent with the accounting policies set out in the Group's Annual 
Report and Accounts for the year ended 31 December 2014.  A number of New 
European Union endorsed amendments to existing standards are effective for 
periods beginning on or after 1 January 2015. However, none of these have a 
material, if any, impact on the annual or condensed interim financial 
statements of the Group in 2015. 
 
These interim statements have been prepared on a going concern basis as the 
directors, having considered available relevant information, have a reasonable 
expectation that the Group has adequate resources to continue in operational 
existence for the foreseeable future. 
 
The interim results are unaudited but have been formally reviewed by the 
auditors and their report to the Company is set out at the end of this Interim 
Report.  The information shown for the year ended 31 December 2014 does not 
constitute statutory accounts within the meaning of Section 434 of the 
Companies Act 2006 and has been extracted from the Group's 2014 Annual Report, 
which has been filed with the Registrar of Companies.  The report of the 
auditors on the accounts contained within the Group's 2014 Annual Report was 
unqualified and did not contain a statement under either Section 498(2) or 
Section 498(3) of the Companies Act 2006 regarding inadequate accounting 
records or a failure to obtain necessary information and explanations. 
 
2.    Seasonality and cyclicality 
 
The established businesses historically have had no significant seasonality or 
cyclicality affecting the interim results of the operations. However, the 
launch of UTV Ireland in January 2015 has had a significant impact on the 
seasonality and cyclicality of the Group.  The Board have agreed upon and 
implemented an action plan to improve the performance of UTV Ireland in order 
to reduce this impact and as such remains confident that UTV Ireland will 
create long-term strategic value for shareholders. 
 
3.    Segmental information 
 
The Group operates in three principal areas of activity - radio in GB, radio in 
Ireland and commercial television.  These three principal areas of activity 
also form the basis on which the Group is managed and reports are provided to 
the Chief Executive and the Board. 
 
Revenue 
 
Six months ended 30 June 2015 
 
                          Radio GB  Radio Ireland  Television   Total 
 
                              GBP000           GBP000        GBP000    GBP000 
 
Sales to third parties      25,839          8,814      23,609  58,262 
 
Intersegmental sales           344            678         932   1,954 
 
                           -------        -------     ------- ------- 
 
                            26,183          9,492      24,541  60,216 
 
                           -------        -------     ------- ------- 
 
Six months ended 30 June 2014 
 
                          Radio GB  Radio Ireland  Television   Total 
 
                              GBP000           GBP000        GBP000    GBP000 
 
Sales to third parties      28,485         10,287      19,009  57,781 
 
Intersegmental sales           289            586       1,493   2,368 
 
                           -------        -------     ------- ------- 
 
                            28,774         10,873      20,502  60,149 
 
                           -------        -------     ------- ------- 
 
Results 
 
Six months ended 30 June 2015 
 
                                   Radio      Radio Television   Total 
                                      GB    Ireland 
 
                                    GBP000       GBP000       GBP000    GBP000 
 
Segment operating profit/(loss)    5,573      2,128    (3,295)   4,406 
 
                                 -------    -------    ------- 
 
Central costs                                                  (1,909) 
 
Income from Joint Ventures and                                     185 
Associates 
 
                                                               ------- 
 
Profit before tax and finance                                    2,682 
costs 
 
Net finance cost                                                 (999) 
 
Foreign exchange loss                                            (703) 
 
                                                               ------- 
 
Profit before taxation                                             980 
 
                                                               ------- 
 
Six months ended 30 June 2014 
 
                                   Radio      Radio Television   Total 
                                      GB    Ireland 
 
                                    GBP000       GBP000       GBP000    GBP000 
 
Segment operating profit           6,112      2,533      4,376  13,021 
 
                                 -------    -------    ------- 
 
Central costs                                                  (1,971) 
 
Income from Joint Ventures and                                     142 
Associates 
 
                                                               ------- 
 
Profit before tax and finance                                   11,192 
costs 
 

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Net finance cost                                               (1,257) 
 
Foreign exchange gain                                               27 
 
                                                               ------- 
 
Profit before taxation                                           9,962 
 
                                                               ------- 
 
4.      Taxation 
 
In the budget in July 2015, it was proposed that corporation tax rates in the 
UK would be reduced to 19% in 2017 and 18% in 2020.  As these have not yet been 
substantively enacted, deferred tax has been calculated at 20% within this 
Interim Report.  If the proposed corporation tax rate changes were to be fully 
approved, the relevant deferred tax assets and liabilities would be restated 
accordingly resulting in a net exceptional credit of approximately GBP1,780,000. 
 
5.      Dividends 
 
                                                  30 June   30 June 
                                                     2015      2014 
 
                                                     GBP000      GBP000 
 
Equity dividends on ordinary shares 
 
Declared at the AGM during the period 
 
Final for 2014: 5.43p (2013: 5.25p)                 5,205     5,035 
 
                                                  -------   ------- 
 
Proposed but not recognised as a liability at 
30 June 
 
Interim for 2015: 1.82p (2014: 1.82p)               1,744     1,745 
 
                                                  -------   ------- 
 
The final dividend for 2014 was paid on 15 July 2015 (2013: 15 July 2014). 
 
6.      Earnings per share 
 
Basic earnings per share are calculated based on the profit for the financial 
period attributable to equity holders of the parent and on the weighted average 
number of shares in issue during the period. 
 
Adjusted earnings per share are calculated based on the profit for the 
financial period attributable to equity holders of the parent adjusted for the 
impact of net finance costs under IAS 19 "Employee Benefits (Revised)".  This 
calculation uses the weighted average number of shares in issue during the 
year. 
 
Diluted earnings per share are calculated based on profit for the financial 
period attributable to equity holders of the parent.  Diluted adjusted earnings 
per share are calculated based on profit for the financial period attributable 
to equity holders of the parent before the impact of net finance costs under 
IAS 19 "Employee Benefits (Revised)".  In each case the weighted average number 
of shares is adjusted to reflect the dilutive potential of the awards expected 
to be vested on the Long Term Incentive Schemes. 
 
The following reflects the income and share data used in the basic, adjusted, 
diluted and diluted adjusted earnings per share calculations: 
 
Net profit attributable to equity holders 
 
                          30 June 2015                    30 June 2014 
 
                 Continuing Discontinued   Total Continuing Discontinued   Total 
                 Operations   Operations         Operations   Operations 
 
                       GBP000         GBP000    GBP000       GBP000         GBP000    GBP000 
 
Net (loss)/ 
profit                (556)            -   (556)      7,916         (61)   7,855 
attributable to 
equity holders 
 
Adjustments to 
net financing            28            -      28         93            -      93 
costs 
 
                     ------       ------  ------     ------       ------  ------ 
 
Total adjusted 
and diluted 
(loss)/profit         (528)            -   (528)      8,009         (61)   7,948 
attributable to 
equity holders 
 
                    -------      ------- -------    -------      ------- ------- 
 
Weighted average number of shares 
 
                2015                                                2014 
 
           thousands                                           thousands 
 
Shares in     95,903                                              95,903 
issue 
 
Weighted 
average 
number of       (53)                                                (29) 
treasury 
shares 
 
             -------                                             ------- 
 
Weighted 
average 
number of 
shares for 
basic and 
              95,850                                              95,874 
adjusted 
earnings 
per share 
(excluding 
treasury 
shares) 
 
Effect of 
dilution 
of the           238                                                 824 
Long Term 
Incentive 
Plan 
 
             -------                                             ------- 
 
              96,088                                              96,698 
 
             -------                                             ------- 
 
Earnings per share 
 
                               2015            2014 
 
From continuing 
operations 
 
Basic                       (0.58)p           8.26p 
 
                            -------         ------- 
 
Diluted                     (0.58)p           8.19p 
 
                            -------         ------- 
 
Adjusted                    (0.55)p           8.35p 
 
                            -------         ------- 
 
Diluted adjusted            (0.55)p           8.28p 
 
                            -------         ------- 
 
 
 
From 
continuing 
and 
discontinued 
operations 
 
Basic        (0.58)p                                               8.20p 
 
             -------                                             ------- 
 
Diluted      (0.58)p                                               8.13p 
 
             -------                                             ------- 
 
Adjusted     (0.55)p                                               8.29p 
 
             -------                                             ------- 
 
Diluted      (0.55)p                                               8.22p 
adjusted 
 
             -------                                             ------- 
 
 
From 
discontinued 
operations 
 
Basic              -                                             (0.06)p 
 
             -------                                             ------- 
 
Diluted            -                                             (0.06)p 
 
             -------                                             ------- 
 
Adjusted           -                                             (0.06)p 
 
             -------                                             ------- 
 
Diluted            -                                             (0.06)p 
adjusted 
 
             -------                                             ------- 
 
7.   Property, plant and equipment 
 
During the period the Group incurred GBP2,020,000 (2014: GBP1,627,000) of capital 
additions. 
 
At 30 June 2015 the Group had entered into contractual commitments for the 
acquisition of property, plant and equipment amounting to GBP390,000 (2014: GBP 
Nil). 
 
8.   Financial instruments 
 
The Group's principal financial instruments comprise bank loans and cash and 
short-term deposits.  The main purpose of these financial instruments is to 
raise finance for the Group's operations.  The Group has various other 
financial assets and liabilities, such as trade receivables and trade payables, 
which arise directly from its operations.  Contingent consideration arises in 
respect of the disposal of businesses. 
 
Set out below is a comparison by category of carrying amounts and fair values 
of the Group's financial assets and liabilities, excluding trade receivables 
and payables, that are carried in the financial statements. 
 
                       30 June 2015     30 June 2014 31 December 2014 
 
                   Carrying    Fair Carrying    Fair Carrying    Fair 
                   amount     value amount     value amount     value 
 
                       GBP000    GBP000     GBP000    GBP000     GBP000    GBP000 
 
Financial assets 
 
Contingent              100     100      375     375      275     275 
consideration 
 
Derivative              276     276        -       -        -       - 
financial assets 
 
                     ------  ------   ------  ------   ------  ------ 
 
                        376     376      375     375      275     275 
 
                    ------- -------  ------- -------  ------- ------- 
 
Financial 
liabilities 
 
Interest-bearing 
loans and            59,772  59,772   57,384  57,384   59,067  59,067 
borrowings 
 
                    ------- -------  ------- -------  ------- ------- 
 
The Group uses the following hierarchy as set out in IFRS 7 "Financial 
Instruments: Disclosures" and IFRS 13 "Fair Value measurement" for determining 
and disclosing the fair value of financial instruments by valuation technique: 
 
  * Level 1: quoted (unadjusted) prices in active markets for identical assets 
    or liabilities; 
  * Level 2: other techniques for which all inputs which have a significant 
    effect on the recorded fair value are observable, either directly or 
    indirectly; and, 
  * Level 3: techniques which use inputs which have a significant effect on the 
    recorded fair value that are not based on observable market data. 
 
With the exception of the contingent consideration receivable, which is 
considered as falling within level 3, the Group's other financial assets and 
liabilities are considered as falling within level 2 of this hierarchy. For 
assets and liabilities that are recognised in the financial statements on a 
recurring basis, the Group determines whether transfers have occurred between 
levels in the hierarchy by re-assessing categorisation at the end of each 
reporting period.  There have been no transfers between level 1, 2 or 3 of the 
hierarchy or changes in valuation techniques during the current period or in 
the previous years. 
 
Management have assessed that the fair value of cash and cash equivalents, 
trade and other receivables and trade and other payables approximate to their 
carrying amounts largely due to the short-term maturities of these 
instruments.  The fair value of interest bearing loans and borrowings are also 

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