MIRA.L Regulatory News (MIRA)

26 May 2006 12:42

Yoomedia PLC26 May 2006 YooMedia plc / Ticker: YOO / Market: AIM / Sector: Media 26 May 2006 YooMedia plc ('YooMedia' or 'the Group') Preliminary Results YooMedia plc, the AIM traded interactive media and gaming group, announces itspreliminary results for the year ended 31 December 2005. Overview • Turnover up over fourfold to £85.6m (2004: £21.3m) • EBITDA loss of £2.9m (2004: loss of £7.5m) • Expect to enter profitable trading in 2006 • Improved financial position after share placings and a loan note issue • Games and Gambling division expected to make a positive contribution going forward following agreements with blue-chip companies including William Hill and Gala Leisure • Strategic options being explored for the potential sale or spin off of the dating business • YooMedia Enhanced Solutions established to provide a multi-digital platform service for the marketing and advertising sectors - contracts with major brands such as Boots, Nestle and Anheuser Busch • Board strengthened with the appointment of Neil MacDonald as Group Managing Director YooMedia Managing Director Neil MacDonald said: "The Company has undergone somesignificant changes as it focuses on its core offering and establishes itself asa leading interactive media and gaming group. I am confident that the businessis on the cusp of achieving its goals. It is now in a stronger financialposition following our fund raising, which has reduced our debt. With aninnovative team, pioneering technology, healthy, and solid relationships withleading blue-chip companies I believe that we have put in place the rightprocedures and business structure to become profitable and maximise ourpotential." Chairman's Review 2005 presented YooMedia with a number of challenges, including rapid changes inour core markets, the completion of our integration into a single operatingbusiness, and the business performance of our Games and Gambling division. I ampleased to report that we have met these challenges and embarked on a processwhich re-aligns YooMedia as a key independent player in the converging digitalmedia market place. Turnover rose to £85.6m (2004: £21.3m), and earnings before interest, tax,depreciation and exceptional items ("EBITDA") improved to a loss of £2.9m,compared to a loss of £7.5m in 2004. These results are in line with analystexpectations and the trading update issued by the Company in February. Following a major strategic review of the business, which was initiated in thesecond half of 2005, the Company has focussed its resources and capabilities inorder to become a leading provider of interactive television, mobile andInternet services to businesses. YooMedia's combination of technologies, a widerange of products and solutions, and interactive television expertise places theCompany in a position to take advantage of the fundamental changes in thebroadcast and online markets. Our own intellectual property and our delivery and development capability willbe applied to provide unique value added services for broadcasters and contentproviders seeking to take advantage of the new ways in which television andtelephony will be delivered to viewers and utilised by consumers. In 2006, weexpect to see significant market take up of "on demand" television servicesthrough existing TV platforms as well as on broadband Internet and mobiledevices. These services and platforms lend themselves to all the interactive andtransactional services that YooMedia now offers. In June 2005, the Company announced that lower results than expected would bereported, primarily as a result of performance in the Games and Gamblingdivision. Several actions were therefore undertaken within each business unit toimprove performance. YooMedia has further developed its capability to create and deliver content withinteractivity to all digital media platforms. In line with this, newmarket-leading services have been launched, such as our data-casting service forthe Freeview platform, in addition to the continued delivery of innovativeservices, such as our real time sms messaging service synchronised to TVprogramming. Innovation has continued whilst we have met the businesschallenges, including launching the first mobile phone based video datingservice for our Dateline brand. This gained recognition as the best mobile TVchannel at the inaugural Mobile TV awards in Cannes. 1. Games & Gambling Turnover £69.9m, gross loss £1.4m The Games and Gambling division's contribution was substantially below theoriginal projections for 2005. A significant factor in this was theunderperformance of the arrangement with William Hill, due to causes beyondYooMedia's control. In November it was announced that an agreement had beenreached with William Hill on new terms that would improve YooMedia's positionfor the remainder of the year and into 2006. At the end of 2005, YooMedia entered into a long term agreement with GalaLeisure which will see the Avago channel transformed into a Gala owned andbranded channel in the second half of 2006. This coupled with the new WilliamHill terms and eradication of further loss making activities, has addressed theperformance issues of last year and now the Company believes the division willmake a positive contribution going forward. YooMedia continues to provide a range of interactive TV, mobile, and Internetgambling services for third parties and affiliates. With major clients such asWilliam Hill and Gala, I am confident that our business is now in good shape togrow and take advantage of further regulatory changes and market developments inthe near and mid term. 2. Dating Turnover £4.5m, gross profit contribution £3.1m A new managing director, Jose Adams, was appointed in September 2005 to increasethe online growth of our dating brands, Dateline and Avenues. Registered usernumbers were in excess of one million and strong growth has already been seen asa result of new online marketing initiatives. The new management has alsoimplemented re-structuring plans across the business including initiatives toimprove customer service and product offerings. To realise the value of the dating business, the Board has decided to pursuewider strategic options and appointed Seymour Pierce to explore possibilitiesfor the division. In line with the emphasis on generating value, it wasannounced in February 2006 that the minority shareholdings in the datingbusiness were acquired by the Company. 3. YooMedia Interactive Services Turnover £11.0m, gross profit contribution £7.0m YooMedia's Interactive Services business encompasses the wide range of productsand services we provide to clients in the broadcasting, publishing, advertising,retail and public sectors. The Company continues to be the largest independentprovider of the full range of digital interactive services from productionthrough broadcast management, interactive service development and consumer orviewer response management including individual financial transactions. Wecontinue to handle between five and seven million financial transactions with UKconsumers each month. The Interactive Services division includes the activities carried out for majorclients such as NHS Direct Interactive, for whom YooMedia manages the dedicatedinteractive TV service on Sky. We recently announced that this contract has beenextended by the Department of Health with options to take it into 2008. In 2005 we carried out extensive integration and harmonisation of our offeringsin order to deliver an improved high quality of service across all products andto all clients whilst developing innovative technical services. YooMedia'sInteractive Services is behind such developments as the Dateline mobile videodating service, and the sms response service for ITV and Celador, which is partof the Who Wants to Be a Millionaire TV show. We were able to achieve greater than expected cost savings through theintegration of different businesses and harmonisation of technical platforms,following the acquisitions made in 2004 and the service integration programme.Annualised cost savings from these are more than £4 million. In 2005 we identified the need to broaden the Interactive Services offeringbeyond interactive TV. As a result, YooMedia Enhanced Solutions ('YES') wassuccessfully launched to provide a multi-digital platform service for themarketing and advertising sectors. Our offering of integrating branding andpromotion campaigns across interactive TV, mobile phone and web platforms hasproved to be distinctive within the UK market and has resulted in contracts tosupply services to major brands such as Boots, Nestle and Anheuser Busch. At the start of 2005, YooMedia's business on the Freeview platform was theYooPlay games channel, which offered a limited range of games on a pay-to-playbasis. Our strategy now is to align ourselves with exciting new developments,which will see the functionality of the Freeview platform become enhancedthrough interactive data services delivered with next generation Freeview settop boxes. We have announced three significant contracts for our new datacasting service which uses bandwidth previously allocated to games. ElectraEntertainment, Gemstar TV Guide, and tvtv, a branch of Sony UK Ltd, will all usethis new service to deliver their enhanced services for Freeview viewers. Our joint venture with ICTV, Broadband TV Group, made good progress in 2005 andwe are confident that the significant investment and development made will bearfruit this year. We completed a successful pilot of the Broadband TV service onthe NTL platform and delivered high quality interactive content in partnershipwith 24 content providers, including MTV, Disney, ITN, CNN, Cartoon Network andothers. The Broadband TV proposition, now renamed 4GTV, proved effective atbridging the gap for the viewer between traditional broadcast television and apersonal, on-demand interactive service. We remain excited at the prospects forthis technology as we see the rapid growth of demand for personalised and ondemand content on many digital platforms. We also announced that the technologyis highly applicable to 3G mobile phone platforms and that the joint ventureholds the worldwide rights for the exploitation of this with 3G platforms andmobile content providers. Acquisitions In April 2005 we completed the acquisition of Viavision Limited, which saw theaddition of a second TV studio and broadcast facility in London to ourportfolio. Channels operating there include Pokerzone TV, a leading pokerchannel, and the Baby Channel. Dividends The Directors do not recommend the payment of a dividend. The Board During the year there were a number of changes to the Board. Neil MacDonaldjoined following his appointment as Group Managing Director, replacing DavidDocherty. Robin Robbins assumed the role as Finance Director in September 2005but has since had to step down for health reasons, and we wish Robin well in hisrecovery. Jonathan Apps also stepped down from the Board. Outlook As indicated in February, we expect to achieve positive EBITDA in 2006 throughthe combination of the re-positioning of the Games and Gambling business, salesgrowth and new lines of business in Interactive Services, and improvedefficiencies on delivering our services. In December 2005 we completed a share placing, the proceeds of which were usedto strengthen the balance sheet. Further to this, we have recently concluded aloan note issue and a further placing which are designed to both reduce andsubstantially replace the Company's bank debt with equity based finance. Weexpect the cost of capital to be reduced in 2006 as a result. Net debt at theend of the year stood at £5.0m. Your Board is confident that the futurefinancing needs can be met from the realisation of value from our Datingsubsidiary, more flexible bank facilities and cash generated from operations. Unaudited results for the first quarter of 2006 reflect the benefits resultingfrom these actions and we expect this to continue during the year with apositive impact at EBITDA level, principally weighted towards the second half ofthe year. The Company has taken decisive steps to reposition the business and identifyfoundations for business growth in new technologies and emerging platforms. Webelieve that with our proprietary technology and experienced team, YooMedia willplay an integral role in the rapidly maturing interactive media market. The lastfew months have seen a high volume of activity which we expect to maintain as wecontinue to build and develop relationships with key blue chip companies. Michael Sinclair Chairman 26 May 2006 YooMedia PLCConsolidated Profit & Loss AccountFor the Year ended 31 December 2005 Note Ongoing Acquisitions Unaudited Audited 2005 2005 Total 2004 £ £ £ £Turnover 2 84,726,061 854,413 85,580,474 21,267,478Cost of sales (76,816,056) (73,810) (76,889,866) (21,519,797) Gross profit / (loss) 7,910,005 780,603 8,690,608 (252,319)Administrative Costs (11,012,309) (628,481) (11,640,790) (7,283,167) Earnings before Interest, Tax, (3,102,304) 152,122 (2,950,182) (7,535,486)Depreciation, Amortisation andExceptionalsDepreciation 3 (1,843,410) (284,002) (2,127,412) (567,918)Amortisation 3 (2,997,918) - (2,997,918) (1,396,536)Impairment of goodwill 3 - - - (8,684,348)Exceptional items 4 (2,376,482) - (2,376,482) (5,860,431) Total Depreciation Amortisation and (7,217,810) (284,002) (7,501,812) (16,509,233)Exceptionals Operating loss 3 (10,320,114) (131,880) (10,451,994) (24,044,719)Interest receivable and similar 50,512 108,665incomeInterest payable and similar charges (775,251) (81,232) Loss on ordinary activities before (11,176,733) (24,017,286)taxationTax recoverable on ordinary - 27,264activities Loss on ordinary activities after (11,176,733) (23,990,022)taxationEquity minority interests 22,690 198,957 Loss for the financial year (11,154,043) (23,791,065) Loss per share- basic and diluted (2.38p) (15.14p) YooMedia PLCConsolidated Balance SheetAs at 31 December 2005 Note Unaudited Audited 2005 2004 £ £Fixed assetsGoodwill 43,980,071 44,634,190Other Intangible assets 1,925,364 1,402,158Tangible assets 2,736,661 3,044,029Investments 12,958 - 48,655,054 49,080,377Current assetsDebtors 5 7,633,843 6,015,898Cash and cash equivalents 116,799 7,770,287 7,750,642 13,786,185Creditors : amounts falling due within one 6 (15,075,486) (14,421,579)year Net current (liabilities) / assets (7,324,844) (635,394) Total assets less current liabilities 41,330,210 48,444,983 Creditors: amounts falling due greater 7 (1,815,814) (1,421,126)than one yearProvisions for liabilities and charges 8 (1,834,251) (2,025,123)Deferred income (881,327) (1,407,029) Net assets 36,798,818 43,591,705 Capital and reservesCalled up share capital 12,059,461 11,418,970Share premium account 75,521,347 69,011,512Shares to be issued 280,500 3,047,000Capital redemption reserve 455,331 455,331Profit and loss account (51,875,108) (40,721,084) Equity shareholders' funds 36,441,532 43,211,729Equity minority interest 357,286 379,976 Net Equity 36,798,818 43,591,705 YooMedia plcConsolidated Cash Flow StatementFor the Year Ended 31 December 2005 Unaudited Audited 2005 2004 £ £Net cash outflow from operating activities (8,334,017) (10,902,176) Returns on investments and servicing of financeInterest received 50,512 108,665Interest paid (704,131) (63,542)Interest element of finance lease rental payments (71,120) (17,689) Net cash inflow/(outflow) from returns on (724,739) 27,434investments and servicing of finance Taxation - - Capital expenditure and financial investmentPayments to acquire intangible assets (1,878,201) (791,901)Payments to acquire tangible fixed assets (1,820,044) (383,764) Net cash outflow from capital expenditure and (3,698,245 (1,175,665)financial investment Acquisitions and disposalsPurchase of subsidiary undertakings (264,779) (6,656,431)Purchase of trade and assets of a business - (627,118)Net cash received with subsidiary undertakings (1,683) 641,124 Net cash outflow from acquisitions and disposals (266,462) (6,642,425) Net cash outflow before management of liquid (13,023,463) (18,692,832)resources and financing Management of liquid resourcesDecrease/(Increase) in short-term deposits with 6,417,423 (4,896,404)banks FinancingIssue of ordinary share capital 2,981,326 32,027,461Costs associated with issue of share capital - (1,682,564)Issue of convertible loan notes - -Loans and finance leases acquired with subsidiary 650,000 -undertakingsRepayment of loans - (6,920,766)Repayment of capital element of finance leases and (371,055) (59,663)hire purchase contracts Net cash inflow from financing 3,260,271 23,364,468 (Decrease) in cash in the year (3,345,769) (224,768) Notes to the financial statements 1. Basis of Preparation During the year ended 31 December 2005, the Group recorded a loss of £11.2million and at 31 December 2005 the Group had net current liabilities of £7.3million. Net cash outflow from operating activities in 2005 was £8.3 million.The Directors consider that the acquisition of DITG and TGC in December 2004 wasa significant milestone for the Group. The acquisition has enabled managementto realise significant synergies and cost savings in the combined Group and thegroup is implementing the proposals identified by the strategic review carriedout in 2005. As part of their considerations of going concern, the directors have preparedworking capital projections for the period to 31 December 2007. Theseprojections assume growth in revenue above historic levels, further costreductions and additional synergy benefits beyond those already actionedfollowing the acquisitions referred to above. The projections, taken togetherwith unaudited management accounts to date, show the group becoming EBITDA andcash flow positive during 2006. The directors are currently negotiating new bank facilities to replace thoseexisting which were negotiated prior to the recent convertible note and equityplacing, and which expire on 23rd June 2006. The directors believe that thesenew bank facilities will be agreed on a basis more favourable than thosecurrently existing and when taken in conjunction with other financing options,including further proposed restructuring and the recent convertible loan debtissuance, there will be adequate working capital facilities available to theGroup. In addition to the existing facilities, the Group will require furtherproposed restructuring relating in particular to the realisation of value of theDating Division. Consequently, the directors consider that it is appropriate to prepare theaccounts on the going concern basis. However, in common with similar businessesat this stage of their development, the Directors recognise that there willremain a material uncertainty over the Group's ability to realise futureprofitability and positive cash flows until the Group has established a trackrecord of profitable trading, cash generation and meeting its working capitalprojections. There is, therefore, material uncertainty related to the above events andconditions which may cast significant doubt on the entity's ability to continueas a going concern and it may be unable to realize its assets and discharge itsliabilities in the normal course of business. The financial information set out in this preliminary announcement does notconstitute the Group's statutory accounts for the years ended 31 December 2005or 2004, but is derived from those accounts. The statutory accounts for theyear ended 31 December 2004 have been delivered to the Registrar of Companies,and those for the year ended 31 December 2005 will be delivered to the Registrarof Companies following the Annual General Meeting. The Directors anticipatethat the audit opinion in respect of the year ended 31 December 2005 willcontain a similar emphasis of matter to that of the prior year. 2. Accounting policies These financial statements have been prepared under the historical costconvention and are in accordance with applicable accounting standards. Basis of consolidation The Group financial statements consolidate the financial statements of YooMediaplc and its subsidiary undertakings drawn up to 31 December each year. No profitand loss account is presented for YooMedia plc as permitted by section 230 ofthe Companies Act 1985. The subsidiaries have been included within the Group financial statements usingthe acquisition method of accounting. Accordingly the Group profit and lossaccount and Group cash flow statement includes the results and cash flows of thesubsidiaries from the dates of acquisition up to 31 December 2005 Goodwill Goodwill arises on the excess of the consideration over the fair value of theidentifiable assets acquired. Goodwill is amortised through the profit and lossaccount over its useful economic life. Positive goodwill arising on acquisitions is capitalised, classified as an asseton the balance sheet and amortised on a straight line basis over its usefuleconomic life up to a presumed maximum of 20 years. It is reviewed at the endof the first full financial year following the acquisition and in other periodsif events or changes in circumstances indicate that the carrying value may notbe recoverable. Depreciation Depreciation is calculated so as to write off the cost of fixed assets, lesstheir estimated residual values, on a straight line basis over the expecteduseful economic lives of the assets concerned. The principal annual rates usedfor this purpose are: Computer equipment 33%Office equipment 33%Fixtures and fittings 33%Short-leasehold improvements 20% Deferred taxation The charge for taxation is based on the loss for the year and takes into accounttaxation deferred because of timing differences between the treatment of certainitems for taxation and accounting purposes. Deferred tax is recognised in respect of all timing differences that haveoriginated but not reversed at the balance sheet date where transactions orevents that result in an obligation to pay more, or a right to pay less, tax inthe future have occurred at the balance sheet date, except that deferred taxassets are recognised only to the extent that the Directors consider that it ismore likely than not that there will be suitable taxable profits from which thefuture reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis at the tax rates that areexpected to apply in the periods in which timing differences reverse, based ontax rates and laws enacted or substantively enacted at the balance sheet date. Turnover Turnover, which excludes value added tax, comprises revenue from interactivemedia services and dating services and is recognised as these services areprovided or in accordance with the contract. Gaming revenues, where the Companyholds a gaming licence, are recognised on a gross basis and winnings arerecognised as a cost of sale. All turnover is generated in the United Kingdom. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling atrates of exchange ruling at the end of the financial year. Transactions inforeign currencies are translated into sterling at the rate of exchange rulingat the date of the transaction. Exchange differences on retranslation of assetsand liabilities are taken to the profit and loss account in the year in whichthey arise. Operating leases Rentals payable in respect of operating leases are charged in the profit andloss account on a straight line basis over the lease term. Research and development expenditure The Group has capitalised internal development incurred on the production ofvarious interactive media services. These development costs are included withinIntangible Fixed Assets. Previously, the Group wrote off all developmentexpenditure as incurred. The capitalisation of development costs is due to agreater certainty of revenues being generated from these assets. The policy of the Group is to amortise these capitalised development costs overtheir useful economic lives which is expected to be between two and three years.These costs are expensed through the profit and loss account. Research costs are expensed to the profit and loss account as incurred. Financial instruments The Group's financial instruments comprise cash and liquid resources togetherwith debtors and creditors that arise directly from its operations. The Group does not enter into derivative or hedging transactions. It has been,throughout the year under review, the Group's policy that no trading infinancial instruments shall be undertaken. The Group places the majority of itscash on interest-bearing, short-term and instant-access deposit. Funds aretransferred to and from deposit on a daily basis. The Group's objective is tominimise the risk of loss to the Group by limiting the Group's credit exposureto quality institutions maintaining a very high credit rating. The main riskarising from the Group's financial instruments is interest rate risk. The Group's policy in relation to interest rate risk is to monitor short andmedium-term interest rates and to place cash on deposit for periods thatoptimise the amount of interest earned, while maintaining access to sufficientfunds to meet day-to-day cash requirements. Movements in the exchange rates can affect the Group's balance sheet. Themagnitude of this risk is not presently significant to the Group and thereforeno specific measures are currently undertaken to manage this risk. Share options issued to employees Under Urgent Issue Task Force abstract 17 (UITF 17), the Group is required torecognise as a charge in the profit and loss account, the amount by which thefair market value of any share options issued to employees exceeds theirrespective exercise prices at the date of grant. These costs are recognised overthe vesting period. The charge is notional in that there is no underlying cashflow or other financial liability associated with the charge, nor does it giverise to a reduction in net assets or shareholders' funds. In addition there isno impact on distributable profits. As a result of the grant of share options under unapproved schemes since 6 April1999, the Group will be obliged to pay National Insurance contributions on thedifference between the market value of the underlying shares and their exerciseprice when the options are exercised. The liability is calculated on the difference between the exercise price and themarket value at the date the options are exercised. In accordance with UITF 25,a provision is recognised by reference to the market value at each balance sheetdate and the charge is recognised over the performance period. 3. Operating loss The operating loss is stated after charging the following: 2005 2004 £ £ Depreciation of owned assets 1,945,191 527,877Depreciation of assets held under finance lease 182,219 40,041Amortisation of deferred development costs 674,815 159,962Write-off of deferred development costs 680,180 336,285Amortisation of goodwill 2,323,103 1,236,574Impairment of goodwill - 8,684,348UITF 17 charge 1,115,837 579,167Auditors' remuneration 265,000 145,721- non-audit services 25,000 36,200Operating lease charges - other 33,954 415,400 4. Exceptional items Exceptional items, within administrative expenses, relate mainly to thesignificant strategic redirection that the Group undertook during the yearevidenced by the number of acquisitions. These items are detailed below: 2005 2004 £ £Recognised in arriving at operating loss:Redundancy costs1 437,225 1,242,798Provision for losses on onerous contracts - 1,638,373Write-down of assets related to onerous contracts - 713,000Exceptional bonus payments2 - 1,096,873Exceptional professional fees 143,240 253,935UITF 17 charge3 1,115,837 579,167Write-off of deferred development costs 680,180 336,285 2,376,482 5,860,431 1 Including all relevant taxes and other related costs of redundancy. 2 Including all relevant taxes. 3 As described in note 2, under Urgent Issue Task Force abstract 17 (UITF 17),the Company is required to recognise as a charge in the profit and loss account,the amount by which the fair market value of any share options issued toemployees exceeds their respective exercise prices at the date of grant. Thecharge is notional in that there is no underlying cash flow or other financialliability associated with the charge, nor does it give rise to a reduction innet assets or shareholders' funds. In addition there is no impact ondistributable profits. 5. Debtors Group 2005 2004 £ £ Trade debtors 3,195,741 3,424,966Other debtors 487,664 1,114,891Prepayments 3,533,704 1,448,777Taxation and social security 416,734 27,264 7,633,843 6,015,898 Other debtors include £249,338 (2004 - £351,657) relating to rent deposits whichare recoverable in more than one year. 6. Creditors - amounts falling due within one year Group 2005 2004 £ £ Bank loans and overdraft 3,488,006 1,378,302Obligations under finance leases and hire purchase contracts 160,284 276,027Trade creditors 7,757,666 8,794,531Taxation and social security 361,242 722,821Other creditors 774,462 989,980Accruals and deferred income 2,533,826 2,259,918 15,075,486 14,421,579 7. Creditors - amounts falling due in more than one year Group 2005 2004 £ £ Loans 1,000,000 1,000,000Obligations under finance leases and hire purchase contracts 465,814 71,126Other Creditors 350,000 350,000 1,815,814 1,421,126 The loan relates to a revolving credit facility granted to the Group by LloydsTSB plc. This attracts interest at a rate of interest of base plus 5%. 8. Provisions for liabilities and charges Group Employers' National Insurance on Provision for share options restructuring Other Total £ £ £ £ At 1 January 2005 92,085 1,933,038 - 2,025,123Charged during the year 1,115,837 - 337,745 1,453,582Released during the year (71,132) (1,413,755) (159,566) (1,644,453) At 31 December 2005 1,136,790 519,282 178,179 1,834,251 Employers' National Insurance on share options On exercise of share options issued after 5 April 1999, under an unapprovedexecutive option scheme, the Company is required to pay National Insurance onthe difference between the exercise price and the market value at the exercisedate of the shares issued. The Company will become unconditionally liable to paythe National Insurance upon exercise of the options, which are exercisable overa period of 10 years from date of grant. The Company therefore makes a provisionfollowing the grant of options as opposed to on vesting or on exercise. Theamount of National Insurance payable will depend on the number of employees whoremain with the Company and exercise their options, the market price of theCompany's ordinary shares at the time of exercise, and the prevailing NationalInsurance rate at that time. Contacts: Neil MacDonald YooMedia plc Tel: 020 7462 0870Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange