Aeorema Comm. Regulatory News (AEO)

Aeorema Communications plc / Index: AIM / Epic: AEO / Sector: Media

13 February 2015

Aeorema Communications plc ('Aeorema' or 'the Company')

Interim Results

Aeorema Communications plc, the AIM-traded live events agency, announces its results for the six months ended 31 December 2014.

Overview

· Pre-tax profits of £101, 316 on a turnover of £1,658,315

· Stronger second half anticipated with new client wins and repeat work

· Strong cash position of £1,219,527 after payment in the period of a dividend and special dividend totalling £452,500

Chairman's Statement

The Company remains strong as it continues to build its position as a provider of live events under one brand, Cheerful 21st.

We have a robust balance sheet with £1,219,527 cash in the bank (2014: £1,466,352) and good revenue generation of £1,658,315 (2014: £1,812,493), slightly down due to a project being cancelled although we remain ahead of our budget. We anticipate a stronger second half and are pleased to have added some new clients along with confirmation of our larger summer projects. During the six months we achieved a pre-tax profit of £105,316 (2014: £225,941). Operational costs were £702,238 (2014: £700,102).

The Board has continued to focus upon the Company's strategy, which brings innovative live event products and solutions to a range of highly sophisticated customers including senior leaders and partners in global professional and engineering services, technology and telecoms firms. We have made good progress in supporting these clients resulting in excellent feedback and considerable repeat work. 

Over the past six months we were rewarded with nominations and wins at the EVCOM awards, the official industry body for the visual communications sector, for the work we are doing under our new single brand. 

It is imperative that we remain cautious and keep a tight rein on costs as there is still volatility in the market. However, whilst keeping this in mind, we see great opportunities ahead, as we build on the creative capabilities of our team and deliver unique products to create growth under strong leadership. I want to thank all our colleagues at for their hard work, and our shareholders for their continued support.

M Hale

Chairman

13 February 2015

AEOREMA COMMUNICATIONS PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

For the period ended 31 December 2014

There are no other comprehensive income items

AEOREMA COMMUNICATIONS PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

For the period ended 31 December 2014

AEOREMA COMMUNICATIONS PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the period ended 31 December 2014

AEOREMA COMMUNICATIONS PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the period ended 31 December 2014

AEOREMA COMMUNICATIONS PLC

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 31 December 2014

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 2014 (including comparatives for the periods ended 31 December 2013 and 30 June 2014) were approved by the board of directors on 12 February 2015.

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 2014, 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 2014 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 2014 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 2014, 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 2014, 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 2014.

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 2014 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 21 percent (2013: 21 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:

7. Dividends

During the interim period a dividend of 5 pence (2013: 1.5 pence) per share was paid to holders of the Company's ordinary shares.

8. Issued capital

Issued capital as at 31 December 2014 amounted to £1,131,313 (2013: £1,042,188). 104,000 shares were issued on 2 July 2014, 9,000 shares were issued on 7 July 2014 and 300,000 shares were issued on 21 October 2014. In the prior period 300,000 shares were issued on 28 November 2013.

9. 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.

Aeorema Communications plc is a guarantor for a lease entered into by Aeorema Limited, its subsidiary undertaking.

Harris & Trotter LLP is a firm in which S Garbutta is a member. The following was charged to the Group in respect of professional services.

The compensation of key management (including directors) of the Group is as follows:

ENDS

For further information visit www.aeorema.comor contact:

Gary Fitzpatrick Aeorema Communications plc 020 7291 0444

Mark Percy Cantor Fitzgerald Europe 020 7894 7000

Catherine Leftley Cantor Fitzgerald Europe 020 7894 7000

Elisabeth Cowell St Brides Partners 020 7236 1177