Half Yearly Report

Global Opportunities Trust

27/06/2013 07:00

RNS Number : 9487H

Talent Group PLC

27 June 2013

 

27 June 2013

 

Talent Group plc

("Talent" or the "Company" or the "Group)

 

Unaudited interim results for the six month period ended 31 March 2013

 

 

CHAIRMAN'S STATEMENT

 

I present the Group's results for the six months ended 31 March 2013.

 

Group turnover for the period was £315,000 (2012 - £706,000), on which gross profit was £75,000 (2012 - £257,000). After operating costs of £223,000 (2012 - £221,000) and interest charges of £22,000 (2012 - £27,000), the operating loss for the period (and the loss after taxation) was £170,000 (2012 - profit of £9,000 before and after taxation). Earnings per share were a loss of 0.744p (2012 - earnings of 0.041p).

 

It goes without saying that these results are extremely disappointing. After incurring losses for a number of years, the Group had appeared to be making good progress, and was able to trade profitably for the 18 months to 31 March 2012. However, as I reported in the 2012 full year results, there was very little production activity in either of our production companies, Talent Television and Talent Television South, in the second half of the last financial year.

 

In the six months to 31 March 2013, there has been some improvement in this position, Talent Television South has completed two documentaries, on Frankie Fraser (which received extensive pre-broadcast interest in the national press) and Broadmoor, for The Crime and Investigation Network, and has been commissioned by the same channel to produce a third series of crime documentaries: these went into production in March. Talent South has also delivered a number of short documentary features for both Imperial College Hospital and Creative Skillset.

 

Talent Television is currently co-producing two feature films: Peterman, which commenced filming this month, is a low budget crime thriller, but with a strong cast including Alison Steadman, Phil Davis and Peter Bowles; and The Deranged Marriage, a film adaptation of a successful stage play, which is currently raising finance with the expectation of entering production within the next six months. A number of other film projects are in the early stages of development.

 

Talent Television is also continuing development on a number of television projects in the scripted comedy, children's, and entertainment genres, including a possible second series of My Phone Genie.  We are currently in discussions with major national broadcasters over another two of these projects, although it is not likely that either of these will enter production before 2014. Accordingly we are taking steps to reduce further our overhead base until these income streams materialise.

 

 

Terry Bate

Chairman

 

27 June 2013

 

 

FURTHER ENQUIRIES

Talent Group plc
Tony Humphreys (Managing Director)
020 7415 7114
Sanlam Securities UK
Simon Clements
020 7628 2200

 

TALENT GROUP plc

CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2013

Six months ended
31-Mar
2013
Six months ended
31-Mar
2012
Year ended
30-Sep
2012
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
Revenue
315
706
1,041
Cost of sales
(240)
(449)
(749)
Gross profit
75
257
292
Administrative expenses
(223)
(221)
(494)
Finance income
-
-
-
Finance costs
(22)
(27)
(43)
(Loss)/profit before taxation
(170)
9
(245)
Income tax expense - prior year refund
-
-
-
- current year
-
-
-
(Loss)/profit for the period
(170)
9
(245)
Basic (loss)/earnings per share (pence)
(0.774p)
0.041p
(1.116p)
Diluted (loss)/earnings per share (pence)
(0.744p)
0.039p
(1.066p)

 

 

TALENT GROUP plc

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2013

31-Mar
2013
31-Mar
2012
30-Sep
2012
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
£'000
£'000
£'000
Assets
Non-current assets
Goodwill
1,082
1,082
1,082
Property, plant & equipment
12
18
14
1,094
1,100
1,096
Current assets
Inventories
95
78
138
Trade receivables
188
505
78
Cash & cash equivalents
13
34
11
296
617
227
Total assets
1,390
1,717
1,323
Equity and liabilities
Equity
Share capital
6,368
6,368
6,368
Share premium
11,822
11,822
11,822
Share option reserve
150
144
148
Retained earnings
(18,746)
(18,322)
(18,576)
Total equity
(406)
12
(238)
Current liabilities
Bank overdraft
29
-
30
Borrowings
850
862
850
Trade & other payables
917
843
681
Total liabilities
1,796
1,705
1,561
Total equity & liabilities
1,390
1,717
1,323

 

TALENT GROUP plc

CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2013

Six months ended
31-Mar
2013
(Unaudited)
Six months ended
31-Mar
2012
(Unaudited)
Year ended
30-Sep
2012
(Audited)
£'000
£'000
£'000
Cash flows from operating activities
(Loss)/profit before taxation
(170)
9
(245)
Adjustments for:
Depreciation of tangible assets
2
4
7
Share option reserve
2
3
7
Interest paid
22
27
43
(144)
43
(188)
(Increase)/decrease in trade and other receivables
(110)
(257)
170
Decrease/(increase) in inventories
43
(23)
(83)
Increase in trade and other payables
236
270
108
25
33
7
Tax refund received
-
-
-
Tax paid
-
-
-
Net cash flows from operating activities
25
33
7
Cash flows from investing activities
Purchase of property, plant and equipment
-
(1)
-
Interest received
-
-
-
Net cash used in investing activities
-
(1)
-
Cash flows from financing activities
Net decrease in borrowing
-
-
(12)
Interest paid
(22)
(27)
(43)
Net cash from financing activities
(22)
(27)
(55)
Net cash increase/(decrease) in cash and cash equivalents
3
5
(48)
Cash and cash equivalents at beginning of period
(19)
29
29
Cash and cash equivalent at end of period
(16)
34
(19)

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 MARCH 2013

Share
Capital
Share Premium
Share Option Reserve
Retained Earnings
Total
£'000
£'000
£'000
£'000
£'000
At 30 September 2012
6,368
11,822
148
(18,576)
(238)
Loss for period
-
-
-
(170)
(170)
Equity share option recognised
-
-
2
-
2
At 31 March 2013
6,368
11,822
150
(18,746)
(406)

 

Share
Capital
Share Premium
Share Option Reserve
Retained Earnings
Total
£'000
£'000
£'000
£'000
£'000
At 30 September 2011
6,368
11,822
141
(18,331)
-
Profit for period
-
-
-
9
9
Equity share option recognised
-
-
3
-
3
At 31 March 2012
6,368
11,822
144
(18,322)
12

 

NOTES TO THE HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2013

 

1.       BASIS OF PREPARATION

 

The interim report is unaudited and does not constitute statutory accounts within the meaning of s498 of the Companies Act 2006. The statutory accounts for 2012, which were prepared under IFRS, have been delivered to the Registrar of Companies. The auditor's opinion on these accounts was unmodified and did not contain a statement under s498 of the Companies Act 2006.

 

The interim financial information has been prepared on a basis which is consistent with the accounting policies adopted by the Company for the last financial statements and in compliance with IAS 34.

 

Comparative figures are given for the six months ended 31 March 2012 and the year ended 30 September 2012.

 

 

2.       REVENUE and loss on ordinary activities before taxation

 

The results for the six months ended 31 March 2012 and 31 March 2011 are unaudited. The audited results for the year ended 30 September 2011 have also been shown.

 

By geographical location
2013
2012
Revenue
£'000
(Loss)
Before
Taxation
£'000
Revenue
£'000
Profit
Before
Taxation
£'000
United Kingdom
315
(170)
650
9
Europe
-
-
56
-
315
(170)
706
9

 

3.       EARNINGS PER ORDINARY SHARE

 

The earnings per share is based on a loss for the period of £170,000 (six months ended 31 March 2012: a profit of £9,000; year ended 30 September 2012: a loss of £245,000), being the profit or loss attributable to ordinary shareholders, and a weighted average of 21,960,284 ordinary shares.

 

The diluted earnings /(loss) per share is based on a time weighting of the options granted by the current Talent Group employee share option plan.

 

4.       Reconciliation of net cash flow to movement IN Cash and cash eqivalents

 

31-Mar
2013
31-Mar
2012
30-Sep
2012
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
Increase/(decrease) in cash and cash equivalents in the period
29
5
(48)
Cash and cash equivalents at beginning of period
(19)
29
29
Cash and cash equivalents at end of period
10
34
(19)

 

5.       COPIES OF THE INTERIM RESULTS

 

Copies of the half-yearly results will be available from the Company's registered office FBC Studio 31, 40 Bowling Green Lane, London EC1R 0NE, and will be available from the Company's website www.talenttv.com.

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 
  END
 

 
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