PTCM.L Regulatory News (PTCM)

22 Dec 2006 12:09

Media Steps Group PLC22 December 2006 For immediate release 22 December 2006 MEDIA STEPS GROUP PLC ("Media Steps" or the "Company") Unaudited Interim Results for the six months ended 30 September 2006 and AGM The results for the six months ended 30 September 2006 covers the period whenthe Company disposed of its principal trading subsidiary for nominalconsideration. As full provision was made for the losses arising from thistransaction in the results for the year ended 31 March 2006, the interim resultspurely reflect the trading of the holding company. As all overheads were cut to zero after the trading company was disposed of on30 June 2006, the ongoing costs represent the costs associated with maintainingour AIM listing and professional fees. As announced on 22 December 2006 the Company has now managed to secure newfinance, conditional upon, inter alia, shareholder approval. At the same timeagreement has been reached with the Group's principal creditors for sumsconsiderably less than the provision contained in the last report and accounts.The exceptional item represents the release of this provision. At the Annual General Meeting of the Company held on 22 December 2006 all theresolutions were duly passed. I hope we can now look forward to a brighter future for the business, subject tocompletion of all the proposed refinancing proposals. Neil McClure Chairman Enquiries: Media Steps Group plc Tel: 07710 652277 Neil McClure, Chairman Beaumont Cornish Limited Tel: 0207 628 3396 Roland Cornish, Chairman UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2006 6 months to 12 months to 8 months to 30 Sept 31 March 30 Sept 2006 2006 2005 £ Turnover 0 172,949 79,822Cost of sales 0 (157,203) (60,488) --------- --------- -------- Gross profit 0 15,746 19,334Administrative expenses (105,595) (921,827) (473,519) --------- --------- -------- Operating loss (105,595) (906,081) (454,185)Other interest receivable andsimilar income 685 24,101 22,413Interest payable and similarcharges (7,425) (11,176) (8,500)Profit on sale of asset (500) --------- --------- -------- Loss on ordinary activitiesbefore taxation (112,335) (893,656) (440,272)Exceptional Items 161,920 (1,232,443) -Tax on loss on ordinary activities - - - --------- --------- --------Profit / loss on ordinaryactivities after taxation 49,585 (2,126,099) (440,272)Minority interests - - (668) --------- --------- -------- Loss for the period 49,585 (2,126,099) (440,940) --------- --------- -------- Basic EPS £0.068 (£2.95) (£0.008) Diluted EPS £0.068 (£2.95) (£0.0078) UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2006 30 Sept 2006 31 March 2006 30 Sept 2005 £ £ £ --------- --------- --------Fixed assets Intangible assets - 171,438 148,782Tangible assets - 221,145 115,244Goodwill on consolidation - - 640,218 --------- --------- -------- - 392,583 904,244 --------- --------- --------Current assets Debtors 1,175 79,047 125,188Cash at bank and in hand 85,954 320,918 835,908 --------- --------- -------- 87,129 399,965 961,096 Creditors: amounts falling duewithin one year (51,327) (251,069) (207,184) --------- --------- -------- Net current assets 35,802 148,896 753,912 --------- --------- -------- Total assets less currentliabilities 35,802 541,479 1,658,156 --------- --------- -------- Creditors: amounts falling dueafter more than one year (330,000) (347,953) (366,667) Provisions for liabilities andcharges (40,000) (577,310) - --------- --------- -------- (334,198) (383,784) 1,291,489 --------- --------- -------- Capital and reserves Called up share capital 720,000 720,000 720,000Share premium account 1,022,315 1,022,315 1,022,315Profit and loss account (2,076,513) (2,126,099) (440,940) --------- --------- -------- Shareholders' funds - equityinterests (334,198) (383,784) 1,301,375Minority interests - - (9,886) --------- --------- -------- (334,198) (383,784) 1,291,489 --------- --------- -------- UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2006 6 months to 30 September 2006 Net cash outflow from operating activities (166,855) Returns on investments and servicing of financeInterest paid (7,425)Interest received 685 ---------- Net cash inflow for returns on investments and servicingof finance (6,740) ---------- Financial investment Receipts from sale of tangible assets -Receipts from sale of intangible assets - ---------- Net cash inflow for capital expenditure - ---------- Net cash outflow before management of liquid resourcesand financing (173,595) Financing Capital element of finance lease contracts (4,373)Loans (56,667)Loan notes ---------- Net cash outflow from financing (61,040) ---------- Increase in cash in the period (234,635) ---------- NOTES TO THE UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2006 1 Reconciliation of operating loss to net cash outflow from operating activities Operating profit/(loss) (105,595) Depreciation of tangible assets 0 Amortisation of intangible assets 0 Adjustment on loss of subsidiary 17,194 Decrease in debtors 77,872 Decrease in creditors (156,326) ------------- Net cash outflow from (166,855) operating activities ------------- 2 Analysis of net funds Other non- 31 March Cash cash 30 Sept 2006 Flow changes 2006 £ £ £ £ Net Cash Cash at bank and in hand 320,918 (234,964) - 85,954 Bank overdrafts (329) 329 320,589 (234,635) - 85,954 Finance leases (4,373) 4,373 - - Loans (56,667) 56,667 - Loan notes (330,000) - (330,000) (391,040) 61,040 (330,000) Net funds (70,451) (173,595) - (244,046) 3 Reconciliation of net cash flow to movement in net debt 30 Sept 2006 £ Decrease in cash in the period (234,635) Cash outflow from decrease in debt 61,040 Change in net debt resulting from cash flows (173,595) Loans acquired with subsidiary - New finance lease - Movement in net funds in the period (173,595) Opening net funds (70,451) Closing net funds (244,046) 4 Basis of Preparation The Interim figures have not been audited. The interim financial statements do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and were approved by the Directors on 21st December 2006. The earnings per share for the 8 months ended 30 September 2005 are calculated on the basis of the weighted average number of shares in issue during the period being 54,457,627. The earnings per share for the six months ended 30 September 2006 and the 12 months ended 31 March 2006 are calculated on the basis of the weighted average number of shares in issue during the period being 72,000,000. The figures do not include any trading results of subsidiary companies sold on 30th June 2006 on the basis that full provision for losses on the sale of those subsidiaries were made in the audited figures for the year ended 31st March 2006. The interim figures therefore show the holding company activity only, which represents the continuing activities. 5 Copies of this statement are available at the registered office of Media Steps Group Plc, 5th Floor, 17 Hanover Square, London, NW1 1HU. 6 Exceptional Item The exceptional item relates to a reduction in the provision relating to the potential claim for breach of contract with Mr J E Farmer, the former Sales Director. ENDS This information is provided by RNS The company news service from the London Stock Exchange