TIDMAEO
RNS Number : 7793U
Aeorema Communications Plc
23 January 2017
Aeorema Communications plc / Index: AIM / Epic: AEO / Sector:
Media
23 January 2017
Aeorema communications plc ('Aeorema' or 'the Company')
Interim Report
Aeorema Communications plc, the AIM-traded live events agency,
announces its results for the six months ended 31 December
2016.
Overview
-- Pre-tax profits of GBP77,180 on a turnover of GBP1,575,470
-- Awards wins in film and events
-- Robust cash position of GBP1,151,766
Chairman's Statement
During the period, we maintained our position as a leading
London based live events agency with award wins and home and
abroad.
Despite this, the trading environment in the events sector has
been uncertain, in part due to the post-Brexit market uncertainty,
causing clients to be more hesitant in their event planning budgets
and resulting in some contracts to be either postponed or
cancelled. Against this background, Aeorema traded in line with
management expectations for the first half of the year and
maintained its strong cash position, but the second half remains
challenging as previously reported.
However, we believe that these are short-term challenges and in
the longer term we remain confident that our strategy and strong
market reputation in the delivery of creative and diverse live
events will see Aeorema prosper. As such, we continue to
differentiate ourselves in the market with our distinct skill-set,
working with several blue-chip corporations and attracting a
pipeline of potential quality business.
Our robust balance sheet with GBP1,151,766 cash in the bank and
revenue generation of GBP1,575,470 is something we are proud of.
During the six months, we achieved a pre-tax profit of GBP77,180
and operational costs were GBP699,836.
Aeorema is powered by the hard work and commitment of all our
employees; I would like to thank them for their efforts and
dedication, as well as our shareholders for their continued
support.
M Hale
Chairman
20 January 2017
For further information visit www.aeorema.com or contact:
Gary Fitzpatrick Aeorema Communications plc Tel: 020 7291
0444
Marc Milmo/Catherine Leftley Cantor Fitzgerald Europe Tel: 020
7894 7000
Isabel de Salis St Brides Partners Tel: 020 7236 1177
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the period ended 31 December 2016
Unaudited Unaudited Audited
6 Months 6 Months Year
to 31 to 31 to
December December 30 June
2016 2015 2016
Notes GBP GBP GBP
Continuing Operations
Revenue 1,575,470 1,591,114 4,583,050
Cost of sales (798,814) (795,832) (2,779,903)
Gross profit 776,656 795,282 1,803,147
Administrative expenses (699,836) (715,202) (1,463,899)
Operating profit 76,820 80,080 339,248
Finance income 360 396 917
Profit before taxation 77,180 80,476 340,165
Taxation 5 (24,847) (16,565) (66,663)
Profit for the period
from continuing operations 52,333 63,911 273,502
Basic and diluted earnings
per share from continuing
operations
Basic (pence) 6 0.57823 0.70616 3.02195
Diluted (pence) 6 0.55968 0.68350 2.92500
========== ========== ============
There are no other comprehensive income items
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the period ended 31 December 2016
Unaudited Unaudited Audited
6 Months 6 Months Year
to 31 to 31 to
December December 30 June
2016 2015 2016
GBP GBP GBP
Non-current assets
Intangible assets 365,154 365,154 365,154
Property, plant and
equipment 50,958 99,560 60,259
Deferred taxation - - 6,075
416,112 464,714 431,488
Current assets
Trade and other receivables 651,502 747,770 1,174,337
Cash and cash equivalents 1,151,766 1,372,589 1,427,723
---------- ---------- ----------
1,803,268 2,120,359 2,602,060
Total assets 2,219,380 2,585,073 3,033,548
========== ========== ==========
Current liabilities
Trade and other payables 636,320 839,868 1,340,583
Current tax payable 83,205 57,000 66,043
---------- ---------- ----------
719,525 896,868 1,406,626
Non-current liabilities
Deferred taxation 1,610 4,322 -
---------- ---------- ----------
1,610 4,322 -
Net assets 1,498,245 1,683,883 1,626,922
========== ========== ==========
Equity attributable
to equity holder:
Share capital 1,131,313 1,131,313 1,131,313
Share premium 7,063 7,063 7,063
Merger reserve 16,650 16,650 16,650
Capital contribution
reserve 257,812 257,812 257,812
Retained earnings 85,407 271,045 214,084
Total equity 1,498,245 1,683,883 1,626,922
========== ========== ==========
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2016
Share Share Merger Capital Retained Total
capital Premium reserve contribution earnings equity
reserve
GBP GBP GBP GBP GBP GBP
At 1 July
2015 1,131,313 7,063 16,650 257,812 471,202 1,884,040
Payment of
dividends - - - - (271,515) (271,515)
Comprehensive
income for
the period - - - - 63,911 63,911
Share based
payment - - - - 7,447 7,447
At 31 December
2015 1,131,313 7,063 16,650 257,812 271,045 1,683,883
At 1 January
2016 1,131,313 7,063 16,650 257,812 271,045 1,683,883
Payment of
dividends - - - - (271,515) (271,515)
Comprehensive
income for
the period - - - - 209,591 209,591
Share based
payment - - - - 4,963 4,963
At 30 June
2016 1,131,313 7,063 16,650 257,812 214,084 1,626,922
At 1 July
2016 1,131,313 7,063 16,650 257,812 214,084 1,626,922
Payment of
dividends - - - - (181,010) (181,010)
Comprehensive
income for
the period - - - - 52,333 52,333
At 31 December
2016 1,131,313 7,063 16,650 257,812 85,407 1,498,245
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 31 December 2016
Unaudited Unaudited Audited
6 Months 6 Months Year
to 31 to 31 to
December December 30 June
2016 2015 2016
GBP GBP GBP
Cash flow from operating
activities
Profit before taxation 77,180 80,476 340,165
Adjustments for:
Depreciation of property,
plant and equipment 25,235 26,031 44,101
Share based payment expense - 7,447 12,410
Finance income (360) (396) (917)
---------- ---------- ----------
Operating cash flow before
movement in working capital 102,055 113,558 395,759
Decrease in trade and
other payables (704,264) (572,475) (71,760)
Decrease in trade and
other receivables 522,835 604,629 178,061
Cash (used) in / generated
from operating activities (79,374) 145,712 502,060
Taxation paid - - (51,452)
Cash flow from investing
activities
Finance income 360 396 917
Purchase of property,
plant and equipment (15,933) (60,457) (39,225)
Net cash used in investing
activities (15,573) (60,061) (38,308)
Cash flow from financing
activities
Dividends paid (181,010) (271,515) (543,030)
---------- ---------- ----------
Net cash used in financing
activities (181,010) (271,515) (543,030)
Net decrease in cash and
cash equivalents (275,957) (185,864) (130,730)
---------- ---------- ----------
Cash and cash equivalents
at beginning of period 1,427,723 1,558,453 1,558,453
Cash and cash equivalents
at end of period 1,151,766 1,372,589 1,427,723
========== ========== ==========
AEOREMA COMMUNICATIONS PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the period ended 31 December 2016
1. General information
Aeorema Communications plc is a public limited company
incorporated within the United Kingdom. The company is domiciled in
the United Kingdom and its principal place of business is 23-31
Great Titchfield Street, London, W1W 7PA. The Company's ordinary
shares are traded on AIM market of the London Stock Exchange.
These condensed consolidated interim financial statements for
the period ending 31 December 2016 (including comparatives for the
periods ended 31 December 2015 and 30 June 2016) were approved by
the board of directors on 20 January 2017.
The financial information set out in this interim report does
not constitute statutory accounts for the purposes of section 434
of the Companies Act (2006). The Group's statutory financial
statements for the year ended 30 June 2016, prepared under
International Financial Reporting Standards (IFRS), have been filed
with the Registrar of Companies. The auditor's report for those
financial statements was unqualified and did not contain a
statement under section 498 (2) or section 498 (3) of the Companies
Act (2006).
The interim financial statements have been prepared using the
accounting policies set out in the Group's 2016 statutory accounts
and have not been audited.
Copies of the annual statutory financial statements and the
interim report can be found on our website at www.aeorema.com or
can be requested from the Company Secretary at the Company's
registered office: 64 New Cavendish Street, London, W1G 8TB.
2. Basis of preparation
These condensed consolidated interim financial statements for
the period ended 31 December 2016 have been prepared in accordance
with IAS 34, 'Interim Financial Reporting' as adopted by the
European Union. The interim condensed consolidated financial
statements should be read in conjunction with the annual financial
statements for the year ended 30 June 2016, which have been
prepared in accordance with IFRS as adopted by the European
Union
3. Summary of significant accounting policies
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 30 June 2016, as
described in those annual financial statements. There has been no
impact on the Group's financial position or performance from new
and amended IFRS and IFRIC interpretations mandatory as of 1 July
2016.
4. Revenue and segmental results
The Company uses several factors in identifying and analysing
reportable segments, including the basis of organisation such as
differences in products and geographical areas. The Board of
Directors, being the chief operating decision makers, have
determined that for the period ended 31 December 2016 there is only
one reportable operating segment.
5. Income tax charge
Income period tax is accrued based on the estimated average
annual effective income tax rate of 20 percent (2015: 20
percent).
6. Earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit
attributable to ordinary owners of the parent by the weighted
average number of ordinary shares outstanding during the year plus
the weighted average number of ordinary shares that would have been
issued on the conversion of all dilutive potential ordinary shares
in ordinary shares.
The following reflects the income and share data used and
dilutive earnings per share computations:
Unaudited Unaudited Audited
6 Months 6 Months Year
to 31 December to 31 to 30
2016 December June
2015 2016
Earnings per share
attributable to owners
of parent 52,333 63,911 273,502
Number of shares
Basic weighted average
number of shares 9,050,500 9,050,500 9,050,500
Effect of dilutive
share options 300,000 300,000 300,000
Diluted weighted average
number of shares 9,350,500 9,350,500 9,350,500
7. Dividends
During the interim period a dividend of 2 pence (2015: 3 pence)
per share was paid to holders of the Company's ordinary shares.
8. Related party transactions
The Group has a related party relationship with its subsidiaries
and its directors. Transactions between Group companies, which are
related parties, have been eliminated on consolidation and are
therefore not included in these consolidated interim financial
statements.
Unaudited Unaudited
6 months 6 months
to 31 to 31
December December
2016 2015
GBP GBP
Subsidiaries
Amounts owed by/(to) subsidiaries 504,015 400,973
---------- ----------
Amounts owed by/(to) subsidiaries 504,015 400,973
Harris & Trotter LLP is a firm in which S Haffner and S
Garbutta are members. The following was charged to the Group in
respect of professional services.
Unaudited Unaudited
6 Months 6 Months
to 31 to 31
December December
2016 2015
Harris & Trotter LLP GBP GBP
Aeorema Communications plc 7,500 6,000
Aeorema Limited 2,450 1,900
---------- ----------
9,950 7,900
Fees charged to Aeorema Communications plc include GBP7,500
(2015: GBP5,000) for the services of Stephen Haffner (2015: Stephen
Garbutta) as a non-executive director of that company.
The compensation of key management (including directors) of the
Group is as follows:
Unaudited Unaudited
6 Months 6 Months
to 31 to 31
December December
2016 2015
GBP GBP
Short-term employee benefits 112,000 109,810
Post-employment benefits 20,496 31,708
---------- ----------
132,496 141,518
This information is provided by RNS
The company news service from the London Stock Exchange
END
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