REG - Ebiquity PLC - Final Results <Origin Href="QuoteRef">EBQ.L</Origin> - Part 2
28/03/2017 07:07
- Part 2: For the preceding part double click ID:nRSb6811Aa
charged to equity in which case
the changes in the tax estimates will also be reflected in equity. The Group
believes that its accruals for tax liabilities are adequate for all open audit
years based on its assessment of many factors including past experience and
interpretations of tax law. This assessment relies on estimates and
assumptions and may involve a series of complex judgements about future
events. To the extent that the final tax outcome of these matters is different
than the amounts recorded, such differences will impact income tax expense in
the period in which such determination is made.
Provisions
The Group provides for certain costs of reorganisation that has occurred due
to the Group's acquisition and disposal activity. When the final amount
payable is uncertain, these are classified as provisions. These provisions are
based on the best estimates of management.
Adoption of new standards and interpretations
On 1 January 2016, the Group adopted the following amendments to IFRS. The
accounting pronouncements, none of which is considered by the Group as
significant on adoption, are:
· Amendments to IAS 1 "Disclosure Initiative". These amendments are as
part of the IASB's initiative to improve presentation and disclosure in
financial reports.
· Amendments to IFRS 11 "Accounting for Acquisitions of Interests in
Joint Operations". This amendment adds new guidance on how to account for the
acquisition of an interest in a joint operation that constitutes a business.
· Amendments to IAS 16 'Property, plant and equipment' and IAS 38
'Intangible assets'. This amendments provide clarification of acceptable
methods of depreciation and amortisation.
· Improvements to IFRS: 2012-2014 cycle.
2. Segmental reporting
In accordance with IFRS 8 the Group's operating segments are based on the
reports reviewed by the Executive Directors that are used to make strategic
decisions.
Certain operating segments have been aggregated to form three reportable
segments, Media Value Measurement, Market Intelligence and Marketing
Performance Optimization:
· Media Value Measurement includes our media benchmarking, financial
compliance and associated services.
· Market Intelligence includes our advertising monitoring, reputation
management and research/insight services.
· Marketing Performance Optimization consists of our marketing
effectiveness and multi-channel analytics services.
The Executive Directors are the Group's chief operating decision-maker. They
assess the performance of the operating segments based on operating profit
before highlighted items. This measurement basis excludes the effects of
non-recurring expenditure from the operating segments such as restructuring
costs and purchased intangible amortisation. The measure also excludes the
effects of equity-settled share-based payments. Interest income and
expenditure are not allocated to segments, as this type of activity is driven
by the central treasury function, which manages the cash position of the
Group.
The segment information provided to the Executive Directors for the reportable
segments for the year ended 31 December 2016 is as follows:
Year ended 31 December 2016
Media Value Measurement Market Intelligence Marketing Performance Optimization Reportable segments Unallocated Total
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 47,161 23,360 13,048 83,569 - 83,569
Operating profit/(loss) before highlighteditems 12,124 3,902 3,739 19,765 (6,806) 12,959
Total assets 56,948 32,469 11,868 101,285 9,648 110,933
Other segment information
Capital expenditure - property, plant and equipment 46 455 4 505 35 540
Capital expenditure - intangible assets 586 591 155 1,332 765 2,097
Capital expenditure - goodwill 464 - - 464 - 464
Total 1,096 1,046 159 2,301 797 3,098
Eight month period ended 31 December 2015
Marketing
Media Value Market Performance Reportable
Measurement Intelligence Optimization segments Unallocated Total
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 20,409 16,002 6,899 43,310 - 43,310
Operating (loss)/profit before highlighteditems (81) 2,070 1,874 3,863 (3,866) (3)
Total assets 53,011 29,398 10,640 93,049 13,618 106,667
Other segment information
Capital expenditure - property, plant and equipment 26 - 12 38 512 550
Capital expenditure - intangible assets 77 - - 77 750 827
Total 103 - 12 115 1,262 1,377
A reconciliation of segment operating profit before highlighted items to total
profit before tax is provided below:
Eight month
Year ended period ended
31 December 31 December
2016 2015
£'000 £'000
Reportable segment operating profit before highlighted items 19,765 3,863
Unallocated costs1:
Staff costs (5,219) (3,281)
Property costs (786) (260)
Exchange rate movements (158) 31
Other administrative expenses (643) (356)
Operating profit/(loss) before highlighted items 12,959 (3)
Highlighted items (note 3) (5,202) (6,656)
Operating profit/(loss) 7,757 (6,659)
Net finance costs (1,132) (800)
Share of profit of associates - 13
Profit/(loss) before tax 6,625 (7,446)
1 Unallocated costs comprise central costs that are not considered
attributable to the segments.
A reconciliation of segment total assets to total consolidated assets is
provided below:
31 December 31 December
2016 2015
£'000 £'000
Total assets for reportable segments 101,285 93,049
Unallocated amounts:
Property, plant and equipment 1,900 2,278
Other intangible assets 1,517 2,853
Other receivables 1,015 2,892
Cash and cash equivalents 3,989 3,478
Deferred tax asset 1,227 2,113
Investments in associates - 4
Total assets 110,933 106,667
The table below presents revenue and non-current assets by geographical
location:
Year ended Eight month period ended
31 December 2016 31 December 2015
Revenue by Revenue by
location of Non-current location of Non-current
customers assets customers assets
£'000 £'000 £'000 £'000
United Kingdom 22,627 46,617 13,142 46,955
Rest of Europe 31,586 9,378 14,786 7,957
North America 20,032 7,257 10,376 6,297
Rest of world 9,324 11,265 5,006 10,118
83,569 74,517 43,310 71,327
Deferred tax assets - 1,338 - 2,267
Total 83,569 75,855 43,310 73,594
No single customer (or group of related customers) contributes 10% or more of
revenue.
3. Highlighted items
Highlighted items comprise non-cash charges and non-recurring items which are
highlighted in the income statement because separate disclosure is considered
relevant in understanding the underlying performance of the business.
Year ended Eight month period ended
31 December 2016 31 December 2015
Cash Non-cash Total Cash Non-cash Total
£'000 £'000 £'000 £'000 £'000 £'000
Administrative expenses recurring:
Recurring:
Share option (credit)/charge (92) 652 560 203 228 431
Amortisation of purchased intangibles - 1,865 1,865 - 1,327 1,327
(92) 2,517 2,425 203 1,555 1,758
Non-recurring:
Acquisition and integration costs 2,777 - 2,777 533 - 533
Impairment charge - - - - 4,365 4,365
2,777 - 2,777 533 4,365 4,898
Total highlighted items before tax 2,685 2,517 5,202 736 5,920 6,656
Taxation credit (252) (88) (340) (128) (628) (756)
Total highlighted items after tax 2,433 2,429 4,862 608 5,292 5,900
Amortisation of purchased intangibles relates to acquisitions made in the
current financial year of £26,000 and to acquisitions made in prior years of
£1,839,000.
The share option cash credit of £92,000 arising during the year is in relation
to national insurance contributions on share options not exercised. In
addition, a non-cash IFRS 2 charge of £652,000 was also recorded.
Total acquisition and integration costs of £2,777,000 were recognised during
the year.
Acquisition costs totalling £1,996,000 primarily consists of £841,000 in
relation to an earn-out extension agreed in March 2016 and associated to the
Stratigent acquisition in 2013; deferred consideration adjustments of £575,000
resulting from foreign exchange differences net of the impact of discounting
to present value; £295,000 of professional fees were incurred in relation to
acquisitions; and £285,000 was recognised following the transparency work
performed for the US Association of National Advertisers.
Integration costs totalling £781,000 primarily consists of severance costs of
£568,000 arising from the restructure of senior management in Spain, Ireland
and France; and fees of £251,000 in relation to the appointment of the new
Group CEO. Other one-off charges recognised in highlighted items during the
year include a credit of £66,000 following the write-off of certain
dilapidation provisions and £28,000 of other integration costs.
Current tax arising on the highlighted items is included as a cash item, while
deferred tax on highlighted items is included as a non-cash item. Refer to
note 7 for more detail.
Deferred consideration adjustments, within acquisition and integration costs,
are included as a cash item.
As at 31 December 2016, £1,197,000 of the £2,685,000 cash highlighted items
had been settled.
4. Taxation charge/(credit)
Year ended Eight month period ended
31 December 2016 31 December 2015
Before Before
highlighted Highlighted highlighted Highlighted
items items Total items items Total
£'000 £'000 £'000 £'000 £'000 £'000
UK tax
Current year/period 912 (187) 725 194 (128) 66
Adjustment in respect of prior year/period (205) - (205) (236) - (236)
707 (187) 520 (42) (128) (170)
Foreign tax
Current year/period 1,409 (65) 1,344 248 - 248
Adjustment in respect of prior year/period (94) - (94) (160) - (160)
1,315 (65) 1,250 88 - 88
Totalcurrenttax 2,022 (252) 1,770 46 (128) (82)
Deferred tax
Origination and reversal of temporary differences (note 20) 160 (88) 72 (622) (628) (1,250)
Adjustment in respect of prior year/period 388 - 388 - - -
Total tax charge/(credit) 2,570 (340) 2,230 (576) (756) (1,332)
The difference between tax as charged/(credited) in the financial statements
and tax at the nominal rate is explained below:
Eight month
Year ended periodended
31 December 31 December
2016 2015
£'000 £'000
Profit/(loss) before tax 6,625 (7,446)
Corporation tax at 20% (31 December 2015: 20%) 1,325 (1,489)
Non-deductible taxable expenses 265 943
Overseas tax rate differential 189 24
Overseas losses not recognised 66 832
Share options 319
Losses utilised not previously recognised (7) (80)
Adjustment in respect of prior years 89 (396)
Effect of change in statutory tax rates 9 (265)
Deferred tax movement 224 (985)
Recognition of deferred tax not previously recognised (249) -
Other - 84
Total tax charge/(credit) 2,230 (1,332)
Reductions in the UK corporation tax rate to 19% (effective from 1 April 2017)
and to 18% (effective 1 April 2020) were substantively enacted on 26 October
2015. Further reductions to 17% (effective 1 April 2020) were substantively
enacted on 6 September 2016. As these changes have been substantively enacted
at the statement of financial position date, their effects are included in
these financial statements.
5. Earnings/(loss) per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Eight month
Year ended periodended
31 December 31 December
2016 2015
£'000 £'000
Earnings for the purpose of basic earnings per share being net profit/(loss) attributable to equity holders of the parent 4,150 (6,221)
Adjustments:
Impact of highlighted items (net of tax)1 4,837 5,885
Earnings for the purpose of underlying earnings per share 8,987 (336)
Number of shares:
Weighted average number of shares during the period
- Basic 77,186,127 76,976,240
- Dilutive effect of share options 2,598,806 1,993,033
- Diluted 79,784,933 78,969,273
Basic earnings/(loss) per share 5.38p (8.08)p
Diluted earnings/(loss) per share 5.20p (8.08)p
Underlying basic earnings/(loss) per share 11.64p (0.44)p
Underlying diluted earnings/(loss) per share 11.26p (0.43)p
1 Highlighted items attributable to equity holders of the parent (see note
3), stated net of their total tax impact.
6. Goodwill
£'000
Cost
At 1 May 2015 58,096
Adjustments in respect of a pre-acquisition period (177)
Foreign exchange differences 37
At 31 December 2015 57,956
Additions1 426
Foreign exchange differences 2,792
At 31 December 2016 61,174
Accumulated impairment
At 1 May 2015 -
At 31 December 2015 (3,129)
Impairment -
At 31 December 2016 (3,129)
Net book value
At 31 December 2016 58,045
At 31 December 2015 54,827
1 £426,000 of goodwill was recognised following the acquisition of the
remaining 50% interest in the Group's Irish media consultancy associate,
Fairbrother Marsh Company Limited. Refer to note 28 for further details.
Goodwill has been allocated to the following segments:
Eight month
Year ended period ended
31 December 31 December
2016 2015
£'000 £'000
Media Value Measurement 28,778 26,886
Market Intelligence 22,360 21,904
Marketing Performance Optimization 6,907 6,037
58,045 54,827
The Group tests goodwill annually for impairment or more frequently if there
are indications that goodwill may be potentially impaired. Goodwill is
allocated to the Group's cash-generating units (CGUs) in order to carry out
impairment tests. The Group's remaining carrying value of goodwill by CGU at
31 December was as follows:
Eight month
Year ended period ended
31 December 31 December
2016 2015
Cash-generating unit Reporting segment £'000 £'000
Advertising UK/USA/International Market Intelligence 19,114 19,114
Media UK and International1 Media Value Measurement 9,238 8,770
Stratigent (MCA) Marketing Performance Optimization 5,229 4,359
China Media Value Measurement 4,966 4,429
Media Germany Media Value Measurement 4,319 4,297
Media Value Group Media Value Measurement/Marketing Performance Optimization 3,035 2,624
FirmDescisions Media Value Measurement 2,981 2,981
Media Australia Media Value Measurement 2,506 2,115
Advertising Germany Market Intelligence 2,333 2,016
Effectiveness Marketing Performance Optimization 1,678 1,678
Advertising Australia Market Intelligence 764 645
Media America Media Value Measurement 604 604
Media France Media Value Measurement 559 527
Media Italy Media Value Measurement 381 330
Russia Media Value Measurement 337 337
58,045 54,827
1 At 31 December 2016, the balance includes £426,000 of acquired goodwill
recognised following the acquisition of the remaining 50% interest in the
Group's Irish media consultancy associate, Fairbrother Marsh Company Limited.
Refer to note 28 for further details.
The impairment test involves comparing the carrying value of the CGU to which
the goodwill has been allocated to the recoverable amount. The recoverable
amount of all CGUs has been determined based on value in use calculations.
Under IFRS, an impairment charge is required for goodwill when the carrying
amount exceeds the recoverable amount, defined as the higher of fair value
less costs to sell and value in use. No impairment of goodwill was recognised
in the year ended 31 December 2016 (8 months ended 31 December 2015:
£3,129,000).
Value in use calculations
The key assumptions used in management's value in use calculations are
budgeted operating profit, pre-tax discount rate, and the long-term growth
rate. The Directors prepare a three year pre-tax cash flow forecast based on
the following financial year's budget as approved by the Board, with revenue
and cost forecasts for the following two years adjusted by segment and
geography. The forecast takes account of actual results from previous years
combined with management expectations of market developments.
The Directors estimate discount rates using rates that reflect current market
assessments of the time value of money and risk specific to the
cash-generating units. The three-year pre-tax cash flow forecasts have been
discounted at between 7.2% and 8.7% (31 December 2015: between 8.2% and
9.7%).
Cash flows beyond the three year period are extrapolated at a rate of 2.25%
(31 December 2015: 2.25%), which does not exceed the long-term average growth
rate in any of the markets in which the Group operates.
The excess of the value in use to the goodwill carrying values for each CGU
gives the level of headroom in each CGU. The estimated recoverable amounts of
the Group's operations in all CGU's significantly exceed their carrying values
with the exception of China, where the headroom exceeds its carrying value by
£1.8 million.
Sensitivity analysis
The Group's calculations of value in use for its respective CGUs are sensitive
to a number of key assumptions. Other than disclosed below, management does
not consider a reasonably possible change in isolation, of any of the key
assumptions to cause the carrying value of any CGU to exceed its value in
use.
China%
Budgeted operating profit (21.7)
Pre-tax discount rate 1.6
Long-term growth rate (1.9)
7. Other intangible assets
Capitalised Purchased Total
development Computer intangible intangible
costs software assets1 assets
£'000 £'000 £'000 £'000
Cost
At 1 May 2015 2,997 2,194 23,259 28,450
Additions 652 175 - 827
Disposals - (13) - (13)
Foreign exchange differences (11) 27 40 56
At 31 December 2015 3,638 2,383 23,299 29,320
Additions 1,091 781 - 1,872
Acquisitions2 - - 225 225
Disposals (453) (260) - (713)
Foreign exchange differences 68 147 1,414 1,629
At 31 December 2016 4,344 3,051 24,938 32,333
Amortisation and impairment
At 1 May 2015 (1,136) (1,120) (11,016) (13,272)
Charge for the period3 (194) (190) (1,327) (1,711)
Disposals - 12 - 12
Impairment4 (214) - (559) (773)
Foreign exchange differences - (22) (27) (49)
At 31 December 2015 (1,544) (1,320) (12,929) (15,793)
Charge for the year3 (256) (330) (1,865) (2,451)
Disposals 425 260 - 685
Foreign exchange differences (1) (127) (612) (740)
At 31 December 2016 (1,376) (1,517) (15,406) (18,299)
Net book value
At 31 December 2016 2,968 1,534 9,532 14,034
At 31 December 2015 2,094 1,063 10,370 13,527
1 Purchased intangible assets consist principally of customer
relationships with a typical useful life of 10 years.
2 Customer relationships of £142,000 and a brand valuation of £83,000
were recognised during the year as part of the acquisition of Fairbrother
Marsh Company Limited. Refer to note 28 for further details.
3 Amortisation is charged within administrative expenses so as to write
off the cost of the intangible assets over their estimated useful lives. The
amortisation of purchased intangible assets is included as a highlighted
administrative expense.
4 No impairment charge is required for the year to 31 December 2016
following management's review of the carrying value of other intangible
assets. In the prior period, an impairment charge of £773,000 was recorded to
fully write off the purchased intangible assets and related capitalised
development costs of the Reputation business.
8. Financial liabilities
31 December 31 December
2016 2015
£'000 £'000
Current
Bank overdraft 2,062 2,391
Bank borrowings 2,410 2,410
Finance lease liabilities 4 4
Contingent deferred consideration 1,777 3,422
6,253 8,227
Non-current
Bank borrowings 30,205 32,615
Finance lease liabilities 5 9
Contingent deferred consideration 238 1,431
30,448 34,055
Total financial liabilities 36,701 42,282
Bank Bank Finance lease Contingentdeferred
overdrafts borrowings liabilities consideration Total
£'000 £'000 £'000 £'000 £'000
At 1 May 2015 1,411 34,291 17 8,999 44,718
Additions 980 - - - 980
Paid - - (4) (4,063) (4,067)
Charged to the income statement - 60 - (82) (22)
Discounting charged to the income statement - - - (148) (148)
Discounting charged to the statement of financial position - - - (49) (49)
Borrowings - 2,578 - 2,578
Repayments - (1,982) - - (1,982)
Foreign exchange released to the Income statement - 78 - 198 276
Foreign exchange released to reserves - - - (2) (2)
At 31 December 2015 2,391 35,025 13 4,853 42,282
Recognised on acquisition - - - 557 557
Additions (329) - - - (329)
Paid - - (4) (5,110) (5,114)
Charged to the income statement - 90 - 638 728
Discounting charged to the income statement - - - 155 155
Discounting charged to the statement of financial position - - - (39) (39)
Borrowings - 3,336 - - 3,336
Repayments - (6,410) - - (6,410)
Foreign exchange released to the income statement - 574 - 808 1,382
Foreign exchange released to reserves - - - 153 153
At 31 December 2016 2,062 32,615 9 2,015 36,701
A currency analysis for the bank borrowings is shown below:
31 December 31 December
2016 2015
£'000 £'000
Pounds Sterling 32,615 32,096
Euros - 2,929
Total bank borrowings 32,615 35,025
All bank borrowings are held jointly with Barclays and Royal Bank of Scotland
('RBS'). The committed facility, totalling £40,000,000, comprises a term loan
of £10,000,000 (of which £3,750,000 remains outstanding at 31 December 2016
(31 December 2015: £6,250,000)), and a revolving credit facility ('RCF') of
£30,000,000 (of which £29,000,000 was drawn down at 31 December 2016 (31
December 2015: £29,000,000)). Both the term loan and the RCF have a maturity
date of 2 July 2018. The £10,000,000 term loan is being repaid on a quarterly
basis to maturity, and the drawn RCF and any further drawings under the RCF
are repayable on maturity of the facility. The facility may be used for
deferred consideration payments on past acquisitions, to fund future potential
acquisitions, and for general working capital requirements.
Loan arrangement fees of £135,000 (31 December 2015: £225,000) are offset
against the term loan, and are being amortised over the period of the loan.
The facility bears variable interest of LIBOR plus a margin of 2.50%. The
margin rate is able to be lowered each quarter end depending on the Group's
net debt to EBITDA ratio.
The undrawn amount of the revolving credit facility is liable to a fee of 40%
of the prevailing margin. The Group may elect to prepay all or part of the
outstanding loan subject to a break fee, by giving 5 business days' notice.
All amounts owing to the bank are guaranteed by way of fixed and floating
charges over the current and future assets of the Group. As such, a composite
guarantee has been given by all significant subsidiary companies in the UK,
USA and Germany.
Contingent deferred consideration represents additional amounts that are
expected to be payable for acquisitions made by the Group and is held at fair
value at the statement of financial position date. All amounts are expected to
be fully paid by August 2017.
All finance lease liabilities fall due within five years. The minimum lease
payments and present value of the finance leases are as follows:
Minimum lease payments
31 December 31 December
2016 2015
£'000 £'000
Amounts due:
Within one year 6 6
Between one and five years 6 12
12 18
Less: finance charges allocated to future periods (3) (5)
Present value of lease obligations 9 13
The minimum lease payments approximate the present value of minimum lease
payments.
9. Dividends
31 December 31 December
2016 2015
£'000 £'000
Dividend in respect of the prior year 292 291
Total dividend paid 292 291
A dividend of £292,000 (0.4p per share) was paid during the current financial
year (31 December 2015: £291,000). Dividends were paid to non-controlling
interests as shown in the consolidated statement of changes in equity.
10. Cash generated from operations
31 December 31 December
2016 2015
£'000 £'000
Profit/(loss) before taxation 6,625 (7,446)
Adjustments for:
Depreciation 1,231 770
Amortisation (note 7) 2,451 1,711
Impairment of goodwill - K 3,129
Impairment of intangible assets - 773
Loss on disposal 33 18
Unrealised foreign exchange loss (107) (95)
Share option charges 653 228
Finance income (18) (13)
Finance expenses 1,150 813
Share of profit of associates - (13)
Contingent deferred consideration revaluations 1,599 (32)
13,617 (157)
(Increase)/decrease in trade and other receivables (3,968) 5,549
Increase/(decrease) in trade and other payables 1,312 (333)
Movement in provisions (179) (31)
Cash generated from operations 10,782 5,028
11. Acquisitions
Fairbrother Marsh Company Limited ('FMC')
On 11 March 2016, the Group acquired the outstanding 50% interest in its Irish
media consultancy associate, Fairbrother Marsh Company Limited ('FMC'). The
50% interest in FMC was acquired for an initial cash consideration of E150,000
(£118,000). E643,000 (£500,000) in deferred consideration was recognised at
acquisition however, the maximum total purchase consideration is up to
E2,000,000 (£1,559,000), payable in cash, depending on the performance of the
FMC business during the period ending 31 December 2020.
The fair value of the purchase consideration for the acquisition of FMC is as
follows:
£'000
Cash 118
Net present value of contingent deferred consideration1 500
Total purchase consideration 618
1 The fair value of contingent deferred consideration payable is based on
EBIT for the years ending 31 December 2019 and 31 December 2020 with stage
payments each year from 2017 onwards based on two year averages. The potential
range of future payments that Ebiquity plc could be required to make under the
contingent consideration arrangement is between £nil and £1,441,000 and will
be paid in cash. All contingent deferred consideration payments are expected
to be paid by June 2021.
The carrying value and the provisional fair value of the net assets recognised
at the date of acquisition are as follows:
Carrying value Fair value adjustments1 Fair value
£'000 £'000 £'000
Customer relationships - 142 142
Brands - 83 83
Property, plant and equipment 10 - 10
Trade and other receivables 140 - 140
Cash and cash equivalents 162 - 162
Trade and other payables (250) (27) (277)
Deferred tax liabilities - (28) (28)
Net assets acquired 62 170 232
Fair value of 50% previously held equity interest2 (40)
Goodwill arising on acquisition3 426
Total purchase consideration 618
1 The fair value adjustments relate to the finalisation of the allocation
of the purchase consideration accounting for intangible assets (customer
relationships and brands), trade and other payables and deferred tax
liabilities. The fair value of trade and other receivables includes trade
receivables with a fair value and gross contractual value of £94,000.
2 A loss of £5,000 was recognised and charged to the income statement on
the disposal of the original 50% previously held equity interest in FMC.
3 The goodwill recognised of £426,000 is attributable to the assembled
workforce, expected synergies and other intangible assets, which do not
qualify for separate recognition. None of the goodwill arising from the
acquisition is expected to be tax deductible.
FMC contributed £519,000 to revenue and £62,000 to profit before tax for the
period between the date of acquisition and the year ended 31 December 2016. If
the above transaction had been completed on 1 January 2016, management
estimates Group revenue would have been £83,640,000 and Group operating profit
before highlighted items would have been £12,922,000 during the financial year
to 31 December 2016.
Acquisition-related costs of £20,000 were charged to the Group's financial
statements as administrative expenses during the year ended 31 December 2016.
Refer to note 3 "highlighted items" for further details.
Fairbrother Iberica and Partners SL
On 15 December 2015, the Group acquired the remaining 35% in its subsidiary
undertaking, Fairbrother Iberica and Partners SL, from the minority
shareholder for cash consideration of E60,000 (£43,000). Subsequently,
Fairbrother Iberica and Partners SL was liquidated and its business and assets
were transferred to Media Value SL.
12. Events after the reporting period
There have been no events after the reporting period requiring disclosure.
13. Financial Information
The financial information included in this report does not amount to full
financial statements within the meaning of Section 434 of Companies Act 2006.
The financial information has been extracted from the Group's Annual Report
and financial statements for the period ended 31 December 2016, on which an
unqualified report has been made by the Company's auditors,
PricewaterhouseCoopers LLP. Financial statements for the period ended 31
December 2016 have been delivered to the Registrar of Companies; the report of
the auditors on those accounts was unqualified and did not contain a statement
under Section 498 of the Companies Act 2006. The 31 December 2016 statutory
accounts are expected to be published on 12 April 2017.
This information is provided by RNS
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