Don't pay just to have an ISA. Find out more
(BOOM.L) Boomerang Plus PLC Buy/Sell
Add to portfolio Set Alert Level 2 Desktop Trader
Summary
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Date/Time | Headline | Source |
|---|---|---|
| 05-03-10 | RNS |
|
|
RNS Number : 1252I Boomerang Plus PLC 05 March 2010
Boomerang Plus plc Boomerang wins three year contract worth £4 million Boomerang Plus plc (AIM: BOOM.L), a multi-genre, independent television production group based in Cardiff, is pleased to announce that it has won, in open competition, the tender to produce programming content and links for Cyw, S4C's pre-school service. The new contract will run for three years from October 2010 and will be worth £1.33 million per annum. Revenue will be realised from FY2011 onwards. The contract reinforces Boomerang's strong revenue visibility as it is in addition to the £50 million revenue pipeline announced in the Group's interim results released on 25 February 2010. Last year, Boomerang's children's division won an RTS award for the programme ABC'H' and a children's BAFTA for Rhestr Nadolig Wil. Boomerang is currently in production of My Dad's in Prison for CBBC, whilst Boomerang's subsidiary, Indus, is producing Tough Kids and Children of the Road, also for CBBC. Combined with today's S4C contract win, these programmes will result in the Group producing over 200 hours of children's content next year and strengthen further its position as one of the UK's largest independent children's content producers. Commenting on the contract, Huw Eurig Davies, CEO of Boomerang, said: "We are delighted to have won this new contract. It reinforces Boomerang's fantastic reputation within the independent children's television production sector, enhances the Group's strong revenue visibility going forward and further strengthens our relationship with S4C. "We have enjoyed a transformational period over recent months with the addition of Indus, and Method to the Group as well as a series of contract wins. We are proud of our strengths within children's content and will continue to grow our genre portfolio and new and existing relationships with broadcasters." End For further information, please contact:
Huw Eurig Davies, Chief Executive Mark Fenwick, Finance Director
Tim Richardson / Melanie Szalkiewicz Evolution Securities (Broker)
Boomerang Plus plc § Boomerang, founded in 1994, has extensive experience in producing content in a variety of genres, including extreme sports, youth programming, music, entertainment, children's programming, and drama. § The market for independent television production companies in the Nations and Regions has grown following quotas from the regulator Ofcom, which require that, depending on the broadcaster, between 10 per cent. and 50 per cent. of qualifying programming hours must be sourced from outside the M25 boundary. § Boomerang is ranked in the top three independent television production companies, by revenue, in the Nations and Regions according to the Broadcast Survey (Nations and Regions) 2009. § Boomerang's strategy is both to achieve strong organic growth by leveraging the Group's existing customer base coupled with strategic acquisitions, with a view to becoming a major supplier to UK networks looking to satisfy their Nations and Regions quotas. This information is provided by RNS The company news service from the London Stock Exchange END
CNTJIMRTMBBMBMM More |
||
| 25-02-10 | RNS |
|
This news article is displayed preformatted as it may contain results tables
RNS Number : 6419H
Boomerang Plus PLC
25 February 2010
Date: 25 February 2010
On behalf of: Boomerang Plus plc ('Boomerang', 'the Company', or 'the Group')
Embargoed until: 0700hrs
Boomerang Plus plc
Interim Results
Boomerang Plus plc (AIM: BOOM.L), a profitable and vertically integrated, multi-genre, independent television production group operating within the Nations and Regions, today announces its unaudited results for the six months ended 30 November 2009.
Financial Highlights
§ FY 2010 second half weighted compared to FY 09
§ Turnover of £8.87 million (2008: £11.76 million)
§ Gross profit margin increased to 19.1% (2008: 16.7%)
§ Operating profit of £0.49 million (2008: £1.10 million)
§ Cash and cash equivalents of £2.82 million (2008: £3.98 million)
Operational Highlights
§ Good progress on diversification strategy:
- Acquisition of Indus Films Limited in October 2009
- Investment in winter sports live event joint venture, Big Freeze Limited
- Acquisition of multi-media producer Method
§ £12 million three year S4C Children's contract
§ 482 hours of programming for calendar year 2009
§ Continued critical acclaim for the Group's programmes
Outlook
§ Full year revenues will be second half weighted due to timing of larger projects
§ Strong visibility over future revenues and commissions with pipeline in excess of £50 million
§ Increasing network productions
§ Current trading in line with the Board's expectations
§ Continuing to examine acquisition opportunities
Huw Eurig Davies, Chief Executive Officer of Boomerang Plus, commented:
"Through this transformational six month period, we have made successful efforts to diversify our broadcast customer base, genre portfolio, IP and international reach whilst continuing to win significant commissions.
"In tune with our strategy, we have made considerable progress with acquisitive and organic growth. We continue to enjoy good revenue visibility and are delighted to have improved margins in such a difficult period.
"I would like to take this opportunity to thank our exceptional team of creative and talented people who continue to produce high quality, market leading content."
- Ends -
For further information, please contact:
Boomerang Plus plc Via Redleaf Communications
Huw Eurig Davies, Chief Executive
Mark Fenwick, Finance Director
Redleaf Communications 020 7566 6731
Anna Dunkin/ Lucy Salaman boomerang@redleafpr.com
Altium Capital
Tim Richardson/ Melanie Szalkiewicz 020 7484 4040
Evolution Securities
Adam Lloyd 020 7071 4317
Boomerang Plus
§ Boomerang, founded in 1994, has extensive experience in producing content in a variety of genres, including extreme sports, youth programming, music, entertainment, children's programming, and drama
§ The market for independent television production companies in the Nations and Regions has grown following quotas from the regulator Ofcom, which require that, depending on the broadcaster, between 10 per cent. and 50 per cent. of qualifying programming hours must be sourced from outside the M25 boundary
§ Boomerang is ranked in the top three independent television production companies, by revenue, in the Nations and Regions according to the Broadcast Survey (Nations and Regions) 2009
§ Boomerang's strategy is both to achieve strong organic growth by leveraging the Group's existing customer base coupled with strategic acquisitions, with a view to becoming a major supplier to UK networks looking to satisfy their Nations and Regions quotas
Chief Executive's Statement
I am pleased to present the Group's results for the six months ended 30 November 2009.
This has been a transformational six months for the Group. We have advanced our strategy of building on a strong platform of visible revenues in our local market by diversifying the Group's operations and, in particular, investing in IP strong businesses with global footprints and significant organic inroads into Network broadcasters.
We were delighted in July 2009 to be awarded, in open tender, a three-year £12 million contract from S4C for the provision of programming and links for their older children schedule. This is a great endorsement of the creative talent within the Group and confirms our position as one of the UK's largest producers of children's content, a position that we are seeking to exploit internationally through co-productions and sales.
On 18 August 2009, we announced the acquisition of 25% of Big Freeze Limited as part of a joint venture with broadcaster Channel 4 and events organiser Sports Vision. Big Freeze Limited is a production company created to organise and produce the Freesports on 4 Freeze live event franchise, the UK's biggest winter sports and music festival, as well as other broadcast related and advertiser funded events.
On 14 September 2009, our newly incorporated 75% subsidiary, Boom Extreme Publishing Limited, announced the acquisition of the intellectual property and certain assets of Method, a multimedia publisher offering snowboarding news and action across print, motion, audio and interactive platforms.
On 20 October 2009, we announced the acquisition of Indus Films Limited, a Welsh based, network focussed independent television production company. Indus will significantly diversify the Group's broadcast customer base and genre portfolio to include adventure, environmental, living history, natural history and arts. Steve Robinson and Paul Islwyn Thomas, founders of Indus, offer extensive creativity and experience to add to Boomerang's talented team of programme makers.
We continue to be among the market leaders in advertiser funded programming ('AFP') and this division continues to see growth and opportunities with a broad range of UK and global clients such as Red Bull, Nissan, McCain, Sony Playstation, Sony Ericsson and Quiksilver. Changes to product placement rules, pressure on programming budgets and widening distribution platforms are providing a strong base for growth which our talented team are well placed to exploit.
The economic difficulties facing all UK broadcasters continued to have a knock on effect on the television production sector, leading to increased pressure on tariffs and margins. However, investment in people, technology and new working practices means that we have managed to improve our margins in this difficult period and at the same time have continued to invest significant resources into programme development and into growing our existing and new businesses.
Financial Review
As anticipated, the Group's full year revenues for 2010 will be second half weighted due to the timing of certain dramas and other larger commissions. As a consequence, during the period under review, turnover was £8.87 million (2008: £11.76 million). Gross profit margins were significantly improved to 19.1 per cent from 16.7 per cent in the prior period partly due to the mix of genres as well as improved working practices.
Operating profit was £0.49 million (2008: £1.10 million) and profit before tax was £0.47 million (2008: £1.08 million).
The Group had cash and cash equivalents of £2.82 million at 30 November 2009 (2008: £3.98 million) after outflows for acquisitions, including deferred consideration payments in respect of acquisitions in prior periods, of £1.22 million (2008: £0.1 million), £0.48 million (2008: 0.1 million) due to the acquisition of publishing rights, and debt repayments of £0.2 million (2008: £0.1 million) during the period.
Programming
The Group's content production businesses, Boomerang, Fflic, Alfresco and Apollo, together with the recently acquired Indus, contributed towards a strong, multi-genre portfolio of programmes for our broadcast customers during the period.
We have had noted success in increasing our Network presence in a number of key genre during the period. In comedy drama we had our first network commission for BBC4/BBC2 for "A Child's Christmases in Wales"; in children's we have won our first commission for CBBC "My Dad in Prison" building on our position as one of the largest children's producers in the UK and in factual we are in production of "Too Poor for Posh School?" for Channel 4's Cutting Edge strand.
Complementing this success, the addition of Indus to the Group brings the world renowned and award winning expertise of the producers of "Amazon" (Bruce Parry), "Living with Monkeys", "Coalhouse", "Everest ER" and "Venom Hunter". Indus is currently in the middle of a strong slate of productions, including "Artic" (with Bruce Parry) and "Snowdonia 1890".
Over the last few years we have received critical acclaim for a wide number of our programmes, including RTS awards for "ABC" and "Freesports on 4"; a Golden Rose D'or for "Con Passionate"; Welsh BAFTA 2009 wins for "Con Passionate", "Y Saith Magnifico a Matthew Rhys" and six for "Martha, Jac a Sianco". Boomerang's success has continued during the period with "Rhestr Nadolig Wil" winning a Bafta Children's award for best drama as well as a nomination at the inaugural KidScreen in New York.
Post-production and Facilities
The Group is in the process of further expanding its post production department (in-house and Mwnci) by the addition of six further AVID editing suites, an ISIS central storage system and a further dubbing suite.
In readiness for the launch of our new £12 million three year Children's contract with S4C, we are planning to upgrade our studio gallery to HD and add an outside broadcast SNG truck to our in-house technical facilities.
Investment in HD tapeless cameras is also being made through both our in-house Children's department and the Group's camera facilities joint venture, Zoom, ensuring we are employing the latest technologies and work flow practices.
Radio
The Group continues to supply a diverse range of radio programmes particularly for BBC Radio Wales and Radio Cymru.
Talent management
Boom Talent, a management company representing singers, actors and presenters in film, television, theatre, radio, corporate and voice-over work, continues to increase its profile and client base.
Digital media
With our digital media partner, Cube Interactive, we continue to explore and develop opportunities in digital media including websites, web streaming and interactive media. Significant interactive contracts include content creation for the "Royal Welsh" and "Planed Plant" and multi-platform distribution is at the forefront of most of our AFP content.
Freeze
October saw the second year of the Freeze snow sports and music festival. With our partners Channel 4 and Sportsvision, we managed to build significantly on the success of the event's first year with large increases in both visitor numbers and infrastructure, providing a good platform to profitably grow the brand in future years.
Boom Extreme Publishing
In the first period of trading which, as expected, was set against a backdrop of a very challenging advertising market, Method magazine has been restructured, relocated to Biarritz and integrated into the Group. Synergy with our AFP division and its large global, digital platform provides exciting potential for its future within the Group.
Outlook
Our position as a multi-genre independent television production company based in the Nations and Regions means that we are well placed to benefit from the regulatory framework operating within our markets.
We have strong visibility of revenue. Our current pipeline of commissions, boosted by the recent acquisition of Indus, including the current year to date, is in excess of £50 million.
Increasing network commissions, a growing AFP department supplemented by Freeze and Method and the Indus acquisition are providing a good platform for increased growth and diversification.
The Group continues to trade in line with the Board's expectations and remains active in exploring further acquisition opportunities.
Huw Eurig Davies
Chief Executive
25 February 2010
Condensed Consolidated Income Statement
Six months ended 30 November 2009 (unaudited)
Note Six months Six months
ended 30 ended 30 Year ended 31 May
November November 2009
2009 2008
£'000 £'000 £'000
Revenue 8,866 11,759 19,759
Cost of sales (7,176) (9,793) (16,882)
Gross profit 1,690 1,966 2,877
Administrative expenses
Other administrative (1,320) (946) (1,862)
expenses
Professional fees in
relation to unsuccessful - - (66)
corporate transactions
Amortisation of intangibles
arising on business (6) (10) (21)
acquisitions
Equity settled share based (4) (11) (23)
payments
Total administrative expenses (1,330) (967) (1,972)
Other operating income 112 37 232
(Loss)/profit on disposal of (3) 37 -
fixed assets
Share of results of joint 24 25 3
ventures and associates
Operating profit 493 1,098 1,140
Investment income - 15 25
Finance costs (23) (35) (71)
Profit before tax 470 1,078 1,094
Tax on profit on ordinary 2 (143) (324) (207)
activities
Profit for the period 327 754 887
Earnings per share 3
Basic 3.67p 8.47p 9.96p
Diluted 3.60p 8.09p 9.70p
Adjusted - basic 3.78p 8.70p 11.20p
Adjusted - diluted 3.71p 8.31p 10.91p
All activities derive from continuing operations.
The Group has no other items of comprehensive income and as such has not presented a separate condensed consolidated statement of comprehensive income.
Condensed Consolidated Balance Sheet
As at 30 November 2009 (unaudited)
30 30 31
November November May
2009 2008 2009
£'000 £'000 £'000
NON-CURRENT ASSETS
Goodwill 2,102 2,108 2,131
Other intangible assets 3,802 1,201 1,161
Property, plant and equipment 1,613 1,841 1,686
Investments 496 175 147
8,013 5,325 5,125
CURRENT ASSETS
Inventories - 3 -
Trade and other receivables 3,423 3,766 3,625
Current tax assets - - 219
Cash and cash equivalents 2,818 3,983 3,027
6,241 7,752 6,871
TOTAL ASSETS 14,254 13,077 11,996
CURRENT LIABILITIES
Trade and other payables 2,945 2,829 2,106
Current tax liabilities 376 505 407
Interest-bearing loans and 250 410 307
borrowings
Deferred consideration 268 194 209
3,839 3,938 3,029
NON-CURRENT LIABILITIES
Interest-bearing loans and 90 327 175
borrowings
Other payables 14 52 17
Deferred tax liabilities 109 167 116
Deferred consideration 1,212 81 -
1,425 627 308
TOTAL LIABILITIES 5,264 4,565 3,337
NET ASSETS 8,990 8,512 8,659
Condensed Consolidated Balance Sheet
As at 30 November 2009 (unaudited)
30 30 31
November November May
2009 2008 2009
£'000 £'000 £'000
EQUITY
Share capital 89 89 89
Share premium account 3,933 3,931 3,933
Merger reserve 1,217 1,217 1,217
Retained earnings 3,751 3,275 3,420
Equity attributable to equity 8,990 8,512 8,659
holders of the parent
These financial statements were approved by the Board of Directors on 25 February 2010
Signed on behalf of the Board of Directors
H E Davies M W Fenwick
Director Director
Condensed Consolidated Cash Flow Statement
Six months ended 30 November 2009 (unaudited)
30 30 31
November November May
2009 2008 2009
Note £'000 £'000 £'000
NET CASH (OUTFLOW)/ INFLOW FROM
OPERATING ACTIVITIES 4 1,745 (2,106) (2,828)
INVESTING ACTIVITIES
Interest received - 15 25
Purchase of property, plant and (97) (134) (183)
equipment
Acquisition of subsidiaries - net
cash outflow arising on (768) - -
acquisition
Acquisition of subsidiaries - (128) (58) (146)
deferred consideration payments
Acquisition of associates (326) (27) (33)
Acquisition of intangible fixed (480) - -
assets
Proceeds on disposal of property, - 54 54
plant and equipment
NET CASH USED IN INVESTING (1,799) (150) (283)
ACTIVITIES
FINANCING ACTIVITIES
Repayments of obligations under (155) (86) (340)
finance leases
Proceeds on issue of shares - - 3
Grants received - - 150
NET CASH USED IN FINANCING (155) (86) (187)
ACTIVITIES
NET DECREASE IN CASH AND CASH (209) (2,342) (3,298)
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 3,027 6,325 6,325
CASH AND CASH EQUIVALENTS AT END 2,818 3,983 3,027
OF PERIOD
Condensed Consolidated Statement of Changes in Equity
Six months ended 30 November 2009 (unaudited)
Share Total
Share premium account Merger Retained earnings £'000
capital £'000 reserve £'000
£'000 £'000
Balance at 1 June 2008 89 3,931 1,217 2,510 7,747
Profit for the financial - - - 754 754
period
Equity-settled share-based 11
payments - - - 11
Balance at 30 November 2008 89 3,931 1,217 3,275 8,512
Profit for the financial - - - 133 133
period
New shares issued - 2 - - 2
Equity-settled share-based 12
payments - - - 12
Balance at 31 May 2009 89 3,933 1,217 3,420 8,659
Profit for the financial - - - 327 327
period
Equity-settled share-based 4
payments - - - 4
Balance at 30 November 2009 89 3,933 1,217 3,751 8,990
The Group has taken advantage of section 612 of the Companies Act 2006 and so the excess over the nominal value of shares issued other than for cash has been allocated to the merger reserve.
1. BASIS OF PREPARATION AND ACCOUNTING
The interim financial information does not constitute statutory accounts for the purpose of section 435 of the Companies Act 2006. The figures for the year ended 31 May 2009 have been extracted from the Group audited accounts for that year. Those accounts have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006
The interim financial information for the six months ended 30 November 2009 and 30 November 2008 have not been audited or reviewed by the auditors. The interim results have been prepared using the same accounting policies and estimation techniques that are expected to apply at the year-end and is consistent with the accounting policies disclosed in the Group's annual report for the year ended 31 May 2009.
2. tax Taxation for the six-month period is charged at the best estimate of the average annual effective income tax rate expected for the full year, applied to the pre-tax income of the six-month period.
30 November 2009 30 November 2008 31
£'000 £'000 May
2009
£'000
UK taxation at standard rate 155 260 194
Deferred taxation (12) 64 13
143 324 207
3. earnings per share 30 November 2009 30 November 2008 31
£'000 £'000 May
2009
Earnings £'000
Profit for the period 327 754 887
Professional fees in
relation to unsuccessful - - 66
corporate transactions
Amortisation of 6 10 21
intangibles arising on
business acquisitions
Equity settled 4 11 23
share based payments
Adjusted profit 337 775 997
Number of shares No. No. No.
Weighted average number of 8,911,231 8,901,231 8,903,478
ordinary shares
Dilutive weighted average 9,079,154 9,317,125 9,141,655
number of shares
Earnings per ordinary share - 3.67p 8.47p 9.96p
basic
Earnings per ordinary share - 3.60p 8.09p 9.70p
diluted
Adjusted earnings per share - 3.78p 8.70p 11.20p
basic
Adjusted earnings per share - 3.71p 8.31p 10.91p
diluted
4. notes to the condensed consolidated cash flow statement 30 November 30 November 31
2009 2008 May
£'000 £'000 2009
£'000
Profit from operations 493 1,098 1,140
Adjustment for:
Amortisation of intangible fixed 27 27 68
assets
Depreciation of property, plant 207 193 396
and equipment
(Loss)/profit on property, plant 4 (37) (37)
and equipment disposals
Government grants (60) (31) (165)
Results of joint ventures and (24) (25) 5
associates
Equity-settled share-based 4 11 23
payments
Operating cash flows before 651 1,236 1,430
movement in working capital
Decrease/ (increase) in 640 (915) (775)
receivables
Increase/ (decrease) in payables 457 (2,048) (2,823)
Decrease in inventory - - 3
Cash generated from/ (used by) 1,748 (1,727) (2,165)
operations
Income taxes received/ (paid) 20 (344) (592)
Interest paid (23) (35) (71)
Net cash inflow/ (outflow) from 1,745 (2,106) (2,828)
operating activities
5. AVAILABILITY OF INTERIM RESULTS A copy of the interim report will be available for members of the public by application to the Company's Registered Office or on the Company's website at www.boomerang.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SESFALFSSEEE
More |
||
| 19-02-10 | RNS |
|
|
RNS Number : 3767H Boomerang Plus PLC 19 February 2010
For Immediate Release Boomerang Plus plc Notice of Results Boomerang Plus plc (AIM: BOOM.L), a profitable and vertically integrated, multi-genre, independent television production group operating within the Nations and Regions, today announces that it will be releasing its interim results for the six months ended 30 November 2009, on Thursday, 25 February 2010. A results briefing for analysts will be held at 1100hrs on the morning of the results at Redleaf Communications, 11-33 St John Street, London, EC1M 4AA. Please contact Anna Dunkin on 020 7566 6731 or ad@redleafpr.com if you wish to attend. In the event that you are unable to attend but wish to receive an update from the Company, please let Anna know if you are interested in a one to one meeting with the management team at an alternative time.
For further information, please contact:
Huw Eurig Davies, Chief Executive Mark Fenwick, Finance Director
Tim Richardson / Melanie Szalkiewicz Evolution Securities (Broker)
Boomerang Plus plc
This information is provided by RNS The company news service from the London Stock Exchange END
NORDVLFFBLFEBBF More |
||
| 22-12-09 | RNS |
|
|
RNS Number : 5708E Boomerang Plus PLC 22 December 2009
For immediate release Boomerang Plus plc Result of Annual General Meeting The Board of Boomerang (AIM: BOOM.L), a profitable and vertically integrated, multi-genre, independent television production group operating within the Nations and Regions, is pleased to announce that at its Annual General Meeting held at 1200hrs today, all resolutions were duly passed.
Enquiries:
Huw Eurig Davies, Chief Executive Mark Fenwick, Finance Director
Tim Richardson / Melanie Szalkiewicz Evolution Securities (Broker)
Boomerang Plus plc
This information is provided by RNS The company news service from the London Stock Exchange END
RAGUUOSRKURUUAA More |
||
| Date/Time | Subject | Author | ||
|---|---|---|---|---|
| 11-01-10 | ||||
|
| ||||
|
| ||||
|
thanks, will look
|
||||
| 10-01-10 |
1
|
|||
|
| ||||
|
| ||||
|
Hi Duncan
Keep your beady eyes on AXS over the next few months. IMO, there's a bit of skullduggery going on. EGM on Tuesday to sign off Euro 20 million fundraising. Once paperwork in place, I expect to see regular flow of positive news. This could be a whopper. Inthetin  or  ?? |
||||
| 09-01-10 | ||||
|
| ||||
|
| ||||
|
I have company here
 thanks for the link, interesting |
||||
| 09-01-10 |
1
|
|||
|
| ||||
|
| ||||
|
Hi Duncan
Here's an article from the Guardian dated 31/12/09: http://www.guardian.co.uk/uk/2009/dec/31/doctor-who-leads-welsh-regeneration I also liked this bit from the CEO: "We are very well positioned with good revenue visibility, a strong balance sheet and a market offering which is highly favoured by the regulatory environment. This provides an excellent platform for the next phase of the Group's growth." particularly the "......a market offering which is highly favoured by the regulatory environment" bit. Inthetin  |
||||
They have not been approved or issued by Interactive Investor Trading Limited.
Discussion Board Terms & Conditions FSA Market Abuse Fact Sheet
More...