Cadence Mineral Regulatory News (KDNC)

30 Jun 2009 12:30



30 June 2009

Zest Group plc 

("Zest" or "the Group")

Interim Results

for the period ended 31 March 2009

Zest Group plc (AIM:ZEST), announces its interim results for the six months ended 31 March 2009.

During the period the Group made a loss before taxation of £113,000 (2008: loss £341,000). There was a loss per share from continuing operations of 0.01p (2008: loss per share 0.20p).

Current trading

During the period the Group has continued to seek to exploit the publishing and recording rights from Tara Chinn, Nasio Fontaine and Tony Fennell.

The Board is currently considering a proposed UK/European release for Tara Chinn's debut album "Night Racing" through an independent marketing company and expects to make a decision shortly.

Zest owns 100% of the recording and publishing rights of all five Nasio Fontaine's albums and is currently negotiating a new worldwide license deal. In addition, VP Records/Greensleeves will be releasing a "Best of" Nasio album with a DVD late in the summer of 2009. To support this release, Nasio is being asked to tour in the USA and Europe.

A songwriter and record producer signed to Zest, Tony Fennell, has a song on hold with Disney Records and has a number of other covers currently being considered by major record labels. Tony is also recording and writing an album with a mainstream female artist, who for legal reasons cannot be named at this time.

Whilst the Board continues to support these artists and is confident that the Group will receive some positive financial benefit from these relationships, in the current economic climate the quantum and timing of this benefit is subject to significant uncertainty. Accordingly, in order to take a prudent view of the prospects, the Board agreed to make a full provision against the recoverability of these amounts in the financial year to 30 September 2008.

Board changes

On 13 January 2009 Jon Crawley resigned from the Board to pursue other business interests. The Board would like to thank him again for his contribution to the Group.

Outlook 

The Group will continue to seek to optimise the value of existing artists and where the opportunity arises, seek to add further rights by signing new artists and songwriters. In addition, Zest continues to look for potential acquisition opportunities and to explore alternative routes to securing shareholder value.

I would like to thank the staff and our shareholders for their continued support.

Richard Griffiths

Chairman

30 June 2009

  ZEST GROUP PLC

UNAUDITED CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD ENDED 31 MARCH 2009

ZEST GROUP PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2009

ZEST GROUP PLC

UNAUDITED CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2009

ZEST GROUP PLC

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 31 MARCH 2009

ZEST GROUP PLC

NOTES TO THE INTERIM REPORT 

FOR THE PERIOD ENDED 31 MARCH 2009

1 GENERAL INFORMATION

The financial information for the period ended 31 March 2009 does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The figures for the year ended 30 September 2008 have been extracted from the 2008 statutory financial statements prepared under International Financial Reporting Standards as adopted by the European Union. The auditors' report on those accounts was unqualified and did not contain a statement under section 237(2) of the Companies Act 1985.

2 BASIS OF PREPARATION

This consolidated financial information for the six months ended 31 March 2009 has been prepared in accordance with IAS34, "Interim Financial Reporting" as adopted by the European Union. The half yearly consolidated financial report should be read in conjunction with the annual financial statements for the year ended 30 September 2008, which have been prepared in accordance with IFRS as adopted by the European Union.

This interim financial information has been prepared using the accounting policies set out in the Group's 2008 statutory accounts.

Copies of the interim results for the six months are being sent to all shareholders. A copy can also be found on the Company's website at www.zestmusic.com

3 SEGMENTAL REPORTING

(a) By business segment (Primary segment)

As defined under International Accounting Standard 14 (IAS 14) the only material business segment the Group has is that of music  publishing and distribution.

(b) By Geographical Segment (Secondary segment)

Under the definitions contained in IAS 14 the only material geographic segment the Group operates in is the United Kingdom.

  4 LOSS PER SHARE

The calculation of the loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.

The share options are anti-dilutive.

5 SHARE CAPITAL

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