TIDMCLS
RNS Number : 9645B
Cheerful Scout PLC
28 February 2011
Cheerful Scout Plc / Index: AIM / Epic: CLS / Sector: Media
28 February 2011
Cheerful Scout Plc ('Cheerful' or 'the Company')
Interim Results
Cheerful Scout Plc, the AIM-traded multi media specialist,
announces its results for the six months ended 31 December
2010.
Chairman's Statement
The first six months of the year were very busy for the Company
as we focussed on developing our client base in the private sector.
Following the acquisition of Twentyfirst Century Communications
Limited ('Twentyfirst') in January 2010, turnover has increased by
34 per cent. to GBP985,640 (2009: GBP736,664).
Operations
Cheerful provides high quality corporate communication solutions
through two divisions - On Screen and Events.
Our On Screen division provides innovative and comprehensive
visuals to convey corporate messages and strategy. Our team
continues to gain recognition and we have been nominated for awards
at the New York Film Festival for our work with an international
law firm and a leading engineering company, the results of which
will be announced in April 2011.
We have had success in broadening our client base within the
private sector, which we anticipate will be reflected in our
results during the second half of the year. This focus has provided
some resilience to recent cuts in government spending which have
naturally affected some contracts within the public sector,
including the Central Office of Information. Although challenges
remain, we are confident that our long term relationships with our
public sector clients will maintain our position as their corporate
communications company of choice, and that we can continue to make
inroads into the private sector.
The Events division, which was created as a result of the
acquisition of Twentyfirst in January 2010, is now fully integrated
and performing well. During the period, we completed a number of
exciting projects including a product launch for a leading software
agency as well as a series of charity events for Trinity Hospice
and Oasis, the Archant London Business Awards, the National
Magazine Company awards gala, and the BVCA's annual gala
dinner.
Financial Results
The Group is reporting a loss before tax of GBP84,552 (2009:
loss of 21,789) on a turnover of GBP985,640 (2009: GBP736,664). The
operating loss for the Group is GBP84,697 (2009: loss of
GBP23,499). The Group's cash balance continues to be healthy at
GBP681,756 (2009: GBP901,587).
Outlook
Over the next six months we will focus on building relationships
with our new clients and increasing our profile in the corporate
communications arena. We expect gross margins to recover somewhat
in the second half of the year, thus improving our full year
financial performance.
I would like to thank the team for their hard work and
shareholders for their continued support.
S Appleton
Chairman
28 February 2011
** ENDS **
For further information visit www.cheerfulscout.com or
contact:
Gary Fitzpatrick Cheerful Scout Plc Tel: 020 7291
0444
Mark Percy Seymour Pierce Tel: 020 7107
8000
Catherine Leftley Seymour Pierce Tel: 020 7107
8000
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236
Ltd 1177
Condensed Consolidated Statement of Comprehensive Income
Six months ended 31 December 2010
Notes Unaudited Unaudited Audited
Six months Six months
to to Year ended
31 December 31 December 30 June
2010 2009 2010
GBP GBP GBP
Continuing operations
Revenue 985,640 736,664 1,809,757
Cost of sales (692,840) (461,400) (1,132,142)
------------ ------------ ------------
Gross profit 292,800 275,264 677,615
Administrative expenses (377,497) (298,763) (695,275)
Operating loss (84,697) (23,499) (17,660)
Finance income 145 1,710 1,883
Other income - - 16,921
------------ ------------ ------------
(Loss) / profit before
taxation (84,552) (21,789) 1,144
Taxation - 9,250 49,082
Total comprehensive
(loss) / income for
the period attributable
to owners of the parent (84,552) (12,539) 50,226
Basic 5 (1.07881)p (0.15695)p 0.63098p
Diluted 5 (1.07881)p (0.15695)p 0.63098p
There are no other comprehensive income items.
Condensed Consolidated Statement of Financial Position
At 31 December 2010
Unaudited Unaudited Audited
Six months
Six months to to Year ended
31 December 31 December 30 June
2010 2009 2010
GBP GBP GBP
Non-current assets
Intangible assets 365,154 365,154 365,154
Property, plant and
equipment 111,618 155,847 133,375
Deferred taxation 39,832 - 39,832
-------------- ------------ -----------
516,604 521,001 538,361
Current assets
Inventories 2,674 2,167 2,252
Trade and other receivables 366,088 167,516 506,592
Current tax receivable - 9,250 -
Cash and cash equivalents 681,756 901,587 632,200
-------------- ------------ -----------
1,050,518 1,080,520 1,141,044
Total assets 1,567,122 1,601,521 1,679,405
Current liabilities
Trade and other payables (342,937) (353,007) (386,226)
(342,937) (353,007) (386,226)
Net assets 1,224,185 1,248,514 1,293,179
============== ============ ===========
Equity
Share capital 979,688 1,004,688 979,688
Capital redemption
reserve 257,812 232,812 257,812
Retained earnings (28,873) 11,014 55,679
Share based payment
reserve 15,558 - -
-------------- ------------ -----------
Equity attributable
to equity holders
of the parent 1,224,185 1,248,514 1,293,179
============== ============ ===========
Condensed Consolidated Statement of Changes in Equity
At 31 December 2010
Share
Capital based
Share redemption Retained payment Total
capital reserve earnings reserve equity
GBP GBP GBP GBP GBP
At 1 July 2009 1,054,688 170,312 48,678 - 1,273,678
Comprehensive
expense for
the period - - (12,539) - (12,539)
Purchase of
own shares (62,500) 62,500 (25,125) - (25,125)
Issue of
shares 12,500 - - - 12,500
---------- ----------- ---------- ----------- -----------
At 31 December
2009 1,004,668 232,812 11,014 1,248,514
At 1 July 2009 1,054,688 170,312 48,678 - 1,273,678
Comprehensive
income for
the period - - 50,226 - 50,226
Purchase of
own shares (87,500) 87,500 (43,225) - (43,225)
Issue of new
shares 12,500 - - - 12,500
At 30 June
2010 979,688 257,812 55,679 - 1,293,179
At 1 July 2010 979,688 257,812 55,679 - 1,293,179
Comprehensive
expense for
the period - - (84,552) - (84,552)
Share based
payments - - - 15,558 15,558
At 31 December
2010 979,688 257,812 (28,873) 15,558 1,224,185
Condensed Consolidated Statement of Cash Flows
Six months ended 31 December 2010
Unaudited Unaudited Audited
Six Six
months months Year
to to ended
31 31
December December 30 June
2010 2009 2010
GBP GBP GBP
Cash flows from operating
activities
(Loss) / profit before taxation (84,552) (21,789) 1,144
Depreciation 35,607 32,821 68,908
Gain on sale of property,
plant and equipment (15,000) - -
Share based payment 15,558 - -
Finance income (145) (1,710) (1,883)
---------- ---------- ----------
(48,532) 9,322 68,169
Increase in trade and other
payables 140,504 52,629 85,848
(Increase) / decrease in trade
and other receivables (43,289) 42,378 (296,698)
Increase in inventories (422) (134) (219)
Taxation - - 9,250
---------- ---------- ----------
Cash generated / (used) in
operating activities 48,261 104,195 (133,650)
Cash flows from investing
activities
Finance income 145 1,710 1,883
Purchase of property, plant
and equipment (13,850) (23,184) (36,799)
Proceeds from sale of property,
plant and equipment 15,000 - -
---------- ---------- ----------
Cash generated / (used) in
investing activities 1,295 (21,474) (34,916)
Cash flows from financing
activities
Purchase of own shares - (25,125) (43,225)
Issue of new shares - 12,500 12,500
---------- ---------- ----------
Cash used in financing activities - (12,625) (30,725)
Net increase / (decrease) in
cash and cash equivalents 49,556 70,096 (199,291)
Cash and cash equivalents at
beginning of period 632,200 831,491 831,491
Cash and cash equivalents at
end of period 681,756 901,587 632,200
Cheerful Scout plc
Notes to the Interim Condensed Financial Statements
Six months ended 31 December 2010
1 General information
Cheerful Scout Plc is a public limited company incorporated in
the United Kingdom under the Companies Act 1985. The Company is
domiciled in the United Kingdom and its principal place of business
in 25-27 Riding House Street, London, W1P 7PB. The Company's
Ordinary Shares are traded on the AIM market of the London Stock
Exchange.
These condensed consolidated interim financial statements for
the period ended 31 December 2010 (including the comparatives for
the periods ended 31 December 2009 and 30 June 2010) were approved
by the board of directors on 28 February 2011.
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 2010, prepared under
International Financial Reporting Standards (IFRS), have been filed
with the Registrar of Companies. The auditor's report on those
financial statements was unqualified and did not contain a
statement under either 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 2010 statutory accounts
and have not been audited.
Copies of the annual statutory accounts and the interim report
can be found on our website at www.cheerfulscout.com or can be
requested from the Company Secretary at the Company's Registered
Office: 65 New Cavendish Street, London, W1G 7LS.
2 Basis of preparation
These condensed consolidated interim financial statements for
the period ended 31 December 2010 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 2010, which have been
prepared in accordance with IFRS's as adopted by the European
Union.
3 Accounting policies
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 30 June 2010, 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
2010.
4 Revenue and segment information
Revenue and segmental results have been disclosed by two
operating segments of On Screen and Events in the manner that the
information is presented to the Board of Directors, being the Chief
Operating Decision Makers. From 1 July 2010, the company's DVD
& Interactive segment has been incorporated into the On Screen
segment. Comparative figures for On Screen include DVD &
Interactive.
On Screen On Screen Events Events Total Total
6
6 months 6 months 6 months 6 months months 6 months
to 31 to 31 to 31 to 31 to 31
Dec Dec Dec Dec to 31 Dec Dec
2010 2009 2010 2009 2010 2009
GBP GBP GBP GBP GBP GBP
Revenue 482,625 736,664 503,015 - 985,640 736,664
Segment
results (36,765) 41,880 31,943 (16,586) (4,822) 25,294
Unallocated
expenses (79,875) (48,793)
Operating loss (84,697) (23,499)
Finance income 145 1,710
Taxation - 9,250
Total
comprehensive
expense for
the period (84,552) (12,539)
Segment assets 521,759 677,886 258,482 - 780,241 677,886
Unallocated
assets 786,881 923,635
Total assets 521,759 677,886 258,482 - 1,567,122 1,601,521
Segment
liabilities (176,722) (268,219) (136,394) (16,584) (313,116) (284,803)
Unallocated
liabilities (29,821) (68,204)
Total
liabilities (176,722) (268,219) (136,394) (16,584) (342,937) (353,007)
Capital
expenditure 10,868 23,184 2,983 - 13,851 23,184
Depreciation &
amortisation 35,247 32,821 360 - 35,607 32,821
5 Earnings per share
Basic earnings per share are calculated by dividing the profit
or loss attributable to ordinary owners of the parent by the
weighted average number of ordinary shares outstanding during the
year.
Diluted earnings per share are calculated by dividing the profit
or loss 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:
Unaudited Unaudited Audited
Six months Six months Year ended
to to to
31 December 31 December 30 June
2010 2009 2010
GBP GBP GBP
(Loss) /
profit
attributable
to owners of
parent (84,552) (12,539) 50,226
Shares Shares Shares
Basic and
diluted
weighted
average
number of
shares 7,837,500 7,989,130 7,959,966
6 Capital expenditure
During the period, the Group acquired property, plant and
equipment with a cost of GBP13,851 (2009: GBP23,184). During the
period, the Group disposed of property, plant and equipment for
proceeds of GBP15,000 (2009: GBPNil).
7 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.
Unaudited Unaudited
Six months
Six months to to
31 December 31 December
2010 2009
GBP GBP
Subsidiaries
Amounts owed by subsidiaries 396,423 226,272
Less provision (201,308) (200,000)
Amounts owed by subsidiaries 195,115 26,272
Amounts owed to subsidiaries - 1
Cheerful Scout Plc is a guarantor for a lease entered into by
Cheerful Scout Productions Limited (formerly known as Centralfix
Limited), its subsidiary undertaking.
Harris and Trotter LLP is a firm in which N J Newman is a
member. The following was charged to the Group in respect of
professional services.
Harris and Trotter LLP GBP GBP
Cheerful Scout plc 8,008 6,225
Cheerful Scout Productions
Limited 4,017 4,880
nVision Technology Limited 2,800 -
14,825 11,105
The compensation of key management (including directors) of the
Group is as follows:
GBP GBP
Short-term employee benefits 60,150 75,000
Post-employee benefits 26,492 -
86,642 75,000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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