Interim Results
24/09/2024 07:00
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RNS Number : 3241F Digitalbox PLC 24 September 2024
24 September 2024
Digitalbox plc
("Digitalbox", the "Group" or the "Company")
Unaudited interim results for the six months ended 30 June 2024
Digitalbox plc, the mobile-first digital media business, which owns leading
websites Entertainment Daily, The Daily Mash, The Tab, The Poke and
tvguide.co.uk today publishes its interim results for six months to 30 June
2024 (the "First Half", the "Period", or "H1 2024").
Financial Highlights:
H1 2024 H1 2024 Var
£m £m
Group revenue 1.6 1.2 32%
Gross profit 1.4 1.0 44%
Adjusted EBITDA* 0.2 (0.1) 260%
Cash generated from operations 0.3 (0.1) 487%
Gross cash balance 2.0 2.6 (24)%
Net cash balance 1.8 2.3 (22)%
Gross margin 84% 77% +7 ppts
Adjusted EBITDA* margin 14% (11)% +25 ppts
Pence Pence Pence
EPS 0.02 (0.15)p 0.17
Cash at bank on 20 September 2024 was £2.2m, up 13% since 31 December 2023.
*Adjusted EBITDA is stated before depreciation, amortization, impairment of
goodwill and intangible assets and share based payment charges.
Highlights
· Group revenue up 32% to £1.6m (H1 2023: £1.2m).
· Buoyant January and February Entertainment Daily session volumes
(traffic) via Facebook and Google.
· The Tab session volume growth of 3%.
· The Poke session volume growth of 21%.
· The Daily Mash Premium content offering reaches over 4,200 paying
subscribers.
· Daily Mash signs book deal to publish "The Daily Mash Class Wars - A
Field Guide to Being British" in Q4.
· Development of Emmerdale Insider.
· Session value growth on Entertainment Daily and the Poke, up 29% and
39% year on year respectively.
· Delivered an 18 month pay-back period for The Poke.
· Generated 31% of the cost to acquire TV Guide in the period keeping
it on track for an 18-24 month pay-back timescale.
Outlook
· The Board expects Group to be in line with market expectations for
the full year and grow in 2025.
James Carter, CEO, Digitalbox, said: This performance has exceeded our
expectations during a strong first half of 2024, providing evidence of a
strong operating model dealing with a fast-evolving media landscape. The
success is in part due to the commercial transformation of the latest addition
to our portfolio, TV Guide. Also, our strategic focus on mobile publishing,
success of established brands Entertainment Daily, The Tab and The Poke, and
good progress with the pivot to a paid subscription model on the Daily Mash.
The combination of this performance and Digitalbox's optimised operating model
gives us confidence that we are well placed to embrace challenges and seize
opportunities to further strengthen the Company's position."
"We anticipate further consolidation across the market as media companies look
to grow audience and extract cost synergies. Digitalbox is alive to all
strategic options these opportunities present and has the tools and technology
to further grow brands it is engaged with."
Commenting on the Group's performance and prospects for the year, Chairman
Marcus Rich said: "We exceeded our expectations in H1 and continued to offer
further evidence of a resilient operating model and agile leadership. The
performance of TV Guide further validates our strategy of buy and build as we
report full pay-back of The Poke investment after 18 months. The global
digital advertising market continued to move cautiously in the first half of
the year whilst both publishers and major platforms continued to plot their
journeys through the AI opportunity."
Certain information contained in this announcement would have constituted
inside information (as defined by Article 7 of Regulation (EU) No 596/2014)
("MAR") prior to its release as part of this announcement and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.
Digitalbox c/o SEC Newgate
James Carter, CEO
Panmure Liberum (Financial Adviser, Nominated Adviser & Joint Broker ) Tel: 020 7886 2500
James Sinclair-Ford
Rupert Dearden
Leander Capital Partners (Joint Broker) Tel: 07786150915
Alex Davies
SEC Newgate (Financial PR) Tel: 07540 106 366
Robin Tozer / Molly Gretton digitalbox@secnewgate.co.uk
About Digitalbox plc
Based in the UK, Digitalbox is a 'pure-play' digital media business with the
aim of profitable publishing at scale on mobile platforms.
Digitalbox operates the following trading brands, "Entertainment Daily", "The
Daily Mash", "The Tab", "The Poke" and "TV Guide". 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 fuelled by
students. The Poke expertly curates and editorialises the funniest content
from around the web and social media. TV Guide serves as the definitive guide
to what is on TV.
Digitalbox primarily 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.
InteriM Statement
Overview
The performance of the Group in the first six months has been strong and
exceeded our expectations. With a focus on becoming an entertainment
powerhouse, we delivered significant volumes of Google-sourced traffic on
Entertainment Daily in January and February and saw continued improvement in
the monetisation of Entertainment Daily and The Poke.
Revenue increased 32% year on year to £1.6 million. Importantly, Digitalbox
reported Adjusted EBITDA of £0.2 million which was ahead of management
expectations. Further, the gross cash balance has increased from £1.9
million as at 31 December 2023 to £2.0 million as at 30 June 2024.
Operating Review
The two main factors that drive the Group's revenue are the volume of traffic
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 increased
year on year in H1, chiefly due to the organic growth at the Tab and The Poke
alongside the acquisition of TV Guide. Entertainment Daily had a very strong
start to the year with significant traffic volumes from Google but was then
impacted by the Google Core Update to its algorithm in March. While we
anticipated broadly stable advertiser demand across the period, we did not
anticipate Google's algorithm blocking our biggest brand.
The delivery of the Group's strategy has progressed. H1 2024 represents the
first period we have been operating five brands, and we remain open to further
acquisition opportunities that may enable faster scaling of the business. As
well as considering bolt-on acquisitions, we have been focused on organic
expansion through investment in the existing portfolio, alongside launching
new products as evidenced by our new site, Emmerdale Insider (further details
below).
Product Review
Entertainment Daily - which is focused on TV and showbusiness news - had a
superb first two months in the period with the number of visits up 42% on the
same period last year. This performance reflected the site regaining
visibility with Google in November 2023, but this was removed again in March.
The team worked hard to regain visibility and had success reinstating Google
Search and News traffic but not Discover. We remain focused on tactics to get
the site reinstated across all three key channels after a further Google Core
Update in August.
The Daily Mash saw its subscription model strengthen with the 'Mash Premium'
offering moving from £20 p.a. to £30. The paid subscriber base has now
reached over 4,200 in total as we adjusted the metered paywall to allow one
free article a month. As well as the focus on the Mash Premium subscribers,
we entered into a contract to publish "The Daily Mash Class Wars - A Field
Guide to Being British" which is due to hit the shelves of UK bookstores in
Q4.
The Tab has continued to perform well, with session volumes up year on year
and delivering a positive contribution every month since achieving its full
repayment after an 18 month period, following its acquisition in 2020. Our 30
university campus teams deliver c.3000 articles a year, providing engagement
across student communities, while the central team's entertainment output has
increased traction with US youth audiences.
The Poke had a strong six months as it engaged through further political
absurdity in both the UK and US. Audiences grew and session values increased
as a result of Digitalbox's Graphene Ad Stack (G.A.S.) being in place for 12
months. Having joined the Group in December 2022, the site has now fully
repaid its acquisition costs after 18 months.
Whilst the acquisition of TV Guide took longer than expected, we are very
pleased to have this brand as a highly complementary part of the portfolio. We
have delivered a series of technical improvements since we acquired it with
the introduction of a seamless experience across Mobile, Desktop, Tablet and
App. These changes have resulted in a 30% uplift in web traffic whilst we have
also introduced Streaming content and plan to expand its output further in Q4.
Especially pleasing is the site repaying one third of its acquisition cost
during H1 2024.
Looking ahead, further acquisition opportunities continue to be considered as
the pace of change in the market continues at a rapid rate. With a close eye
on the future, we have decided to launch a number of sites around our core
competence; entertainment. We have labelled this our "Verticals strategy" as
we aim to deliver highly targeted sites that benefit from fan bases delivering
super engagement which is increasingly favoured by the platforms. Our first to
launch is Emmerdale Insider and we plan further releases this year.
Outlook
Looking ahead, the tough macro-economic conditions are expected to ease with
the global advertising market likely to strengthen in Q4. The primary
platforms - Facebook and Google - will continue to be challenged by the volume
of content being created by the AI boom, with Google focusing on its pivot
away from pure Search to a Search Generative Experience. In this time of
seismic change for media businesses globally, there are expected to be
challenges and opportunities in equal measure for companies like Digitalbox.
The Board holds the view that after a very strong first half alongside a
proven operating model, Digitalbox expects to be in line with market
expectations for the full year and continue to build into 2025.
Financial review
The Directors are pleased to report strong absolute growth in revenues with a
period-on-period uplift of 32% to £1.6 million, driven by the additional
inventory brought by the two new products, The Poke and tvguide.co.uk.
Further, gross margins are up from 77% last period to 84% this period serving
to highlight the high efficiency of successful digital media businesses like
Digitalbox. This efficiency is growing due to the low scaling costs of
servicing the new products added to the portfolio.
With Adjusted EBITDA of £0.2 million, which is the true cash generating
indicator for the business, plus strong working capital management, cash flow
from operations amounted to £0.3 million which compares very favourably to
the outflow of £0.1 million in the comparable period last year. Net cash at
the bank reduced by £0.5m period on period despite the business investing
over £1m in intangible assets since 30 June 2023.
INTERIM CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2024
Unaudited Unaudited Audited
Notes Six months to Six months to 12 months to
30 June 24 30 June 23 31 December 23
£'000 £'000 £'000
Continuing Operations 3
Revenue 1,630 1,238 2,790
Cost of sales (256) (282) (606)
__________ __________ __________
Gross profit 1,374 956 2,184
Administrative expenses (1,382) (1,245) (8,957)
__________ __________ __________
Operating loss (8) (289) (6,773)
"Adjusted EBITDA" being operating profit/(loss) before exceptional charges, 222 (139) 20
amortisation and depreciation
Depreciation (7) (7) (14)
Amortisation (181) (105) (265)
Impairment on goodwill and intangible assets - - (6,384)
Share based payment charge (42) (38) (96)
Direct cost of intangible asset acquisitions - - (34)
__________ __________ __________
Operating loss (8) (289) (6,773)
Finance income 31 14 44
Finance costs (3) (4) (6)
_________ _________ __________
Profit/(loss) before taxation 20 (279) (6,735)
Tax charge (2) 100 58
__________ __________ __________
Profit/(loss) for the period from continuing operations 18 (179) (6,677)
TOTAL INCOME FOR THE PERIOD 18 (179) (6,677)
============= ============= =============
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD - - -
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD 18 (179) (6,677)
============= ============= =============
Earnings/(loss) per share 4
Pence Pence Pence
Basic EPS from continuing operations 0.02 (0.15) (5.66)
__________ __________ __________
Diluted EPS from continuing operations 0.02 (0.15) (5.66)
__________ __________ __________
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2024
Share Capital Share Premium reserve Share based payment reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 1,179 11,169 196 1,431 13,975
Total comprehensive income for the period - - - (179) (179)
Share based payment charge - - 38 - 38
Reserve transfer for lapsed options - - (135) 135 -
_____ _____ _____ _____ _____
Balance at 30 June 2023 1,179 11,169 99 1,387 13,834
Total comprehensive expense for the period - - - (6,498) (6,498)
Share based payment charge - - 58 - 58
Reserve transfer for lapsed options - - 31 (31) -
_____ _____ _____ _____ _____
Balance at 31 December 2023 1,179 11,169 188 (5,142) 7,394
Total comprehensive income for the period - - - 18 18
Share based payment charge - - 42 - 42
Reserve transfer for lapsed options - - (42) 42 -
_____ _____ _____ _____ _____
Balance at 30 June 2024 1,179 11,169 188 (5,082) 7,454
_____ _____ _____ _____ _____
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2024
Unaudited Unaudited Audited
Notes 30 June 24 30 June 23 31 December 23
£'000 £'000 £'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 5 37 51 46
Intangible assets 6 4,440 10,105 4,594
Deferred tax asset 592 712 547
______ ______ _______
TOTAL NON-CURRENT ASSETS 5,069 10,868 5,187
______ ______ _______
CURRENT ASSETS
Trade and other receivables 605 713 866
Corporation tax recoverable 33 40 80
Cash and cash equivalents 1,967 2,579 1,913
______ ______ _______
TOTAL CURRENT ASSETS 2,605 3,332 2,859
______ ______ _______
TOTAL ASSETS 7,674 14,200 8,046
______ ______ _______
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 70 104 228
Deferred consideration - - 181
Bank loans 113 112 149
_______ _______ ________
TOTAL CURRENT LIABILITIES 183 216 558
_______ _______ ________
NON-CURRENT LIABILITIES
Bank loans 37 150 94
_______ _______ ________
TOTAL NON-CURRENT LIABILITIES 37 150 94
_______ _______ ________
TOTAL LIABILITIES 220 366 652
TOTAL NET CURRENT ASSETS 2,422 3,116 2,301
_______ _______ ________
TOTAL NET ASSETS 7,454 13,834 7,394
_______ _______ ________
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY SHAREHOLDERS
Issued share capital 7 1,179 1,179 1,179
Share premium account 11,169 11,169 11,169
Share based payment reserve 188 99 188
Retained earnings (5,082) 1,387 (5,142)
_______ _______ ________
7,454 13,834 7,394
_______ _______ ________
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2024
Unaudited Unaudited Audited
Six months to Six months to Period to
30 June 24 30 June 23 31 December 23
£'000 £'000 £'000
OPERATING ACTIVITIES
Loss from ordinary activities 18 (179) (6,677)
Adjustments for:
Income tax credit /(expense)
2 (100) (58)
Share based payment charge 42 38 96
Amortisation of intangibles 181 105 265
Impairment on goodwill and intangible assets - - 6,384
Depreciation on property plant and equipment 7 7 14
Loss on disposal of property, plant and equipment 2 - -
Finance costs 3 4 6
Finance income (31) (14) (44)
_____ _____ _____
Cash flows from operating activities before changes in working capital 224 (139) (14)
Decrease in trade and other receivables 261 239 86
Decrease in trade and other payables (158) (184) 121
_____ _____ _____
Cash generated by / (used in) operations 327 (84) 193
Income tax paid - (96) (13)
_____ _____ _____
Cash generated by / (used in) operating activities 327 (180) 180
_____ _____ _____
INVESTING ACTIVITIES
Purchase of property, plant and equipment - (6) (8)
Purchase of intangible assets (27) (16) (1,049)
Interested received 31 14 44
Payment of deferred consideration (181) - -
_____ _____ _____
Cash generated by / (used in) investing activities (177) (8) (1,013)
_____ _____ _____
FINANCING ACTIVITIES
Finance costs - - (44)
Loan and lease repayments (58) (60) (75)
Bank overdraft (38) - 38
_____ _____ _____
Cash used in financing activities (96) (60) (81)
--------------- --------------- ---------------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 54 (248) (914)
Cash and cash equivalents at beginning of the period 1,913 2,827 2,827
_____ _____ _____
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 1,967 2,579 1,913
_____ _____ _____
Represented by:
Cash at bank and in hand 1,967 2,579 1,913
======== ======== ========
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2024
1. Corporate information
The interim consolidated financial statements of the group for the period
ended 30 June 2024 were authorised for issue in accordance with a resolution
of the directors on 24 September 2024. 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 2024 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 United Kingdom ("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. At the reporting date
the Group had £1,967k 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 United Kingdom ("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.
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 2024
Entertainment Daily The Daily Mash The Tab The Poke TV Guide Head Office Total
Six months to 30 June 2024
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 759 59 444 155 213 - 1,630
Cost of sales (128) (52) (40) (32) (4) - (256)
Admin expenses* (262) (63) (219) (55) (40) (513) (1,152)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Adjusted EBITDA 369 (56) 185 68 169 (513) 222
Amortisation and depreciation - - (44) - - (144) (188)
Share based payment charge - - - - - (42) (42)
Finance income - - - - - 31 31
Finance costs - - - - - (3) (3)
Tax - - - - - 6 6
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss) for the period 369 (56) 141 68 169 (673) 18
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Unaudited six months to 30 June 2023
Entertainment Daily The Daily Mash The Tab The Poke Head Office Total
Six months to 30 June 2023
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 656 58 422 102 - 1,238
Cost of sales (137) (87) (43) (15) - (282)
Admin expenses* (286) (48) (243) (41) (477) (1,095)
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Adjusted EBITDA 233 (77) 136 46 (477) (139)
Amortisation, depreciation and impairment - - (44) - (68) (112)
Share based payment charge - - - - (38) (38)
Finance income - - - - 14 14
Finance costs - - - - (4) (4)
Tax - - - - 100 100
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss) for the period 233 (77) 92 46 (473) (179)
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
12 months to 31 December 2023
Entertainment Daily The Daily Mash The Tab The Poke TV Guide Head Office Total
Year to 31 December 2023
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 1,440 117 921 219 93 - 2,790
Cost of sales (305) (147) (110) (40) (4) - (606)
Admin expenses* (484) (122) (444) (87) (9) (1,018) (2,164)
---------------- ---------------- ---------------- ----------------- ----------------- ---------------- --------------------
Adjusted EBITDA 651 (152) 367 92 80 (1,018) 20
Amortisation, depreciation and impairment - - - - - (6,663) (6,663)
Acquisition and listing costs - - - - - (34) (34)
Share based payment charge - - - - - (96) (96)
Finance income - - - - - 44 44
Finance costs - - - - - (6) (6)
Tax - - - - - 58 58
---------------- ---------------- ---------------- ----------------- ----------------- ---------------- --------------------
Profit/(loss) for the period 651 (152) 367 92 80 (7,715) (6,677)
---------------- ---------------- ---------------- -------------- ----------------- ---------------- --------------------
* Admin expenses exclude share based payment charges, amortisation,
depreciation, impairment charges and acquisition and listing costs.
External revenue by location of customer
Six months to 30 June 2024 Six months to 30 June 2023 Year to 31 December 2023
£'000 £'000 £'000
United Kingdom 505 607 477
Europe 698 506 1,249
Rest of World 427 125 1,064
________ ________ ________
Total 1,630 1,238 2,790
________ ________ ________
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 to Six months to 12 months to
30 June 24 30 June 23 31 December 23
£'000 £'000 £'000
The earnings per share is based on the following:
Continuing earnings/(losses) after tax attributable to shareholders 18 (179) (6,677)
========== ========== ==========
Basic Weighted average number of shares 117,923,393 117,923,393 117,923,393
Diluted Weighted average number of shares 118,475,243 119,103,181 118,809,024
========== ========== ==========
Pence pence pence
Basic earnings per share 0.02 (0.15) (5.66)
Diluted earnings per share 0.02 (0.15) (5.66)
========== ========== ==========
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.
5. Tangible Assets
Office equipment
£'000
Cost
At 1 January 2024 76
Disposals (3)
_____
At 30 June 2024 73
Depreciation
At 1 January 2024 30
Charge for the period 7
Disposal (1)
_____
At 30 June 2024 36
_____
Net book value
30 June 2024 37
_____
31 December 2023 46
_____
6. Intangible Assets
Goodwill arising on consolidation Other Intangible Assets Development costs Total
£'000 £'000 £'000 £'000
Cost
At 1 January 2024 9,610 2,633 404 12,647
Additions - - 27 27
_____ _____ _____ _____
At 30 June 2024 9,610 2,633 431 12,674
Amortisation & impairment
At 1 January 2024 6,662 1,189 202 8,053
Charge for the period - 133 48 181
_____ _____ _____ _____
At 30 June 2024 6,662 1,322 250 8,234
_____ _____ _____ _____
Net book value
30 June 2024 2,948 1,311 181 4,440
_____ _____ _____ _____
31 December 2023 2,948 1,444 202 4,594
_____ _____ _____ _____
The other intangible assets are being amortised over a period of 7 years and
development costs are being amortised over 3 years on completion of the
project.
Amortisation is charged to administrative costs in the Statement of
Comprehensive Income.
7. Share capital
Allotted, issued and fully paid No. Value
£'000
Ordinary shares of 0.01p each 117,923,393 1,179
--------------------------- -------------------------
Total 117,923,393 1,179
============= ============
There were no shares issued in the 6 months to 30 June 2024 (6 months
to 30 June 2023: nil).
8. Related party transactions
During the period, Integral 2 Limited, a company related by virtue of David
Joseph, a member of key management personnel, having control over the entity,
charged £32k (6 months to 30 June 2023: £36k, 12 months to 31 December 2023:
£73k) to the Group. As at 30 June 2024, £6.5k (30 June 2023: £6k, 31
December 2023: £7k) was owed to Integral 2 Limited.
During the period, M Capital Investment Partners (Holdings) Limited, a company
related by virtue of Martin Higginson, a former member of key management
personnel, having control over the entity, billed £0 (6 months to 30 June
2023: £6k, 12 months to 31 December 2023: £6k) to the Group. As at 30 June
2024, £nil (30 June 2023: £nil, 31 December 2023: £nil) was owed to M
Capital Investment Partners (Holdings) Limited.
The key management personnel are considered to be the Board of Directors. Key
management were remunerated £228k in the period ended 30 June 2024 (6 months
to 30 June 2023: £211k, 12 months to 31 December 2023: £431k).
The key management personnel have been provided with a total of 1,363,916
effective share options resulting in a charge of £28k in the period (6 months
to June 2023: £14k, 12 months to 31 December 2023: £46k).
9. Seasonality
The Group's activities are not subject to significant seasonal variation
outside the normal parameters of a consumer media business.
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