Rns...27 Sep 2013 11:37
27 September 2013
Cellcast plc
(the "Company")
Interim Results for the six months ended 30 June 2013
The Board of Cellcast plc (AIM: CLTV) announces the Group's interims results for the six months ended 30 June 2013.
Financial results Highlights
-- Revenue for the six months ended 30 June 2013 of approximately GBP8.3m (H1 2012: GBP9.8m);
-- First half loss before tax of GBP915,000 (H1 2012: loss before tax of GBP119,000);
-- Cost reductions implemented to date will have a positive impact on second half of current year.
Andrew Wilson, CEO of Cellcast plc, commented:
"The first half of 2013 saw a continued decline in revenue and profitability largely due to continued fall in consumer demand for our products and services in the UK. We expect the second half of 2013 to benefit from the move to Milton Keynes; reorganisation of operations and reduction in broadband commitments."
For further information:
Cellcast plc
Andrew Wilson, CEO Tel: +44 (0) 203 376
9420
andrew@cellcast.tv www.cellcast.tv
Zeus Capital
Ross Andrews Tel: +44 (0) 161 831
1512
Andrew Jones www.zeuscapital.co.uk
CHIEF EXECUTIVE OFFICER'S STATEMENT
Half year results
The Group's performance in the first half showed a decline in revenue and operating profit when compared with the first half of 2012.
Revenue for the six months ended 30 June 2013 was approximately GBP8.3 million, a decrease of 16% on the same period last year. Gross profit for the period was GBP44,000 (H1 2012: GBP678,000).
Operating costs in the UK, excluding TV exploration costs, for the period were GBP752,000, which is 4% lower than the GBP784,000 total for the first half of 2012.
Overall, the Group's UK operations incurred an operating loss of GBP912,000 for the period after depreciation and amortisation costs of GBP316,000. This compares unfavourably to an operating loss of GBP106,000 in the comparative period for 2012.
In the first quarter the Group also incurred the costs of trialling new international markets of GBP203,000 (H1 2012: nil).
After taking into account the interest charges, the loss for the period was GBP915,000 (H1 2012: GBP119,000 loss). This represents a loss per share of 1.2p (H1 2012: 0.2p loss).
The GBP239,000 investment was made predominantly in new mobile business ventures in the UK and internationally.
Funding
The cash balance at 30 June 2013 stood at GBP454,000 compared to a balance of GBP904,000 at 30 June 2012.
Having reviewed the forward cash flows for the foreseeable future, the directors are confident that the Company has sufficient financial resources and that the preparation of the interim accounts on a going concern basis is appropriate.
Outlook
In the UK, the Group continued to see reduced demand and this has impacted on revenue in the period.
To address these,
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