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(INFO.L) Infoscreen Networks PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 04-11-09 | PRN |
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INFOSCREEN NETWORKS PLC
ANNUAL REPORT AND NOTICE OF AGM Infoscreen Networks PLC (the "Company") confirms that, in accordance with AIM Rule 20, its annual report and accounts for the year ended 30 June 2009 together with a Notice of Annual General Meeting have been sent to shareholders today. Copies of the 2009 annual report and accounts and Notice of Annual General Meeting are available from the Company's registered office at Staple Court, 11 Staple Inn Buildings, London WC1V and can also be downloaded from the Company's website, www.infoscreennetworks.com. Notice of AGM Notice is hereby given that the annual general meeting of Infoscreen Networks PLC will be held at 3rd Floor, 30 Old Broad Street, London, EC2N 1HT at 9.30 a.m. on Monday, 30 November 2009. At this meeting, Shareholders' consent will be sought to pass resolutions, namely:
1. To receive the Company's report and accounts for the year ended 30 June
2. To re-elect Patrick Chew as a director of the Company, who retires in accordance with the Company's Articles of Association and offers himself for re-election;
3. To re-appoint Jeffreys Henry LLP as auditors of the Company, and authorise
4. To authorise the directors to allot Ordinary Shares;
5. To disapply pre-emption rights in respect of the allotment of Ordinary
6. To adopt the new Articles of Association of the Company.
For further information visit www.infoscreennetworks.com or contact:
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| 14-10-09 | PRN |
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This news article is displayed preformatted as it may contain results tables
INFOSCREEN NETWORKS PLC
("INP" or the "Company")
FINAL RESULTS
The Board of INP announces its audited final results for the year ended 30 June
2009 ("FY2009).
HIGHLIGHTS
* Revenue has increased by 62% to £1,803,404 (2008: £1,114,323);
* Profit before tax has increased by 64% to £1,101,504 (2008: £672,619); and
* Earnings per share have increased by 69% to 0.27p (2008: 0.16p).
For further information please contact:
Infoscreen Networks plc Tel: 00 603 2330 2700
Amarjit Chhina, Chief Executive Officer
Dowgate Capital Advisers Limited Tel: 00 44 (0)20 7492 4777
Aaron Smyth, Nominated Adviser
CHAIRMAN'S STATEMENT
Overview
FY2009 represents the Company's third full year of operations, and I am pleased
to report that INP's main operating subsidiary, YTL Info Screen Sdn Bhd ("YTL
Info Screen") in Malaysia, achieved strong growth in revenues in Malaysian
Ringgit ("RM") terms.
Financial Performance
The Group's revenue increased by 62% to £1,803,404 (2008: £1,114,323) in the
year to 30 June 2009, while operating profit grew to £1,012,516 (2008: £
490,020) and profit before taxation rose 64% to £1,101,504 (2008: £672,619).
Earnings per share increased by 69% to 0.27p (2008: 0.16p) in the year, and the
Group's cash balance at the end of the year stood at £4.16 million (2008: £3.90
million). Shareholders' Funds grew by 22.6% to £4.78 million in FY2009 (2007: £
3.90 million).
YTL Info Screen continues to be the main contributor to the Group's revenues
and operating profit. In RM terms, YTL Info Screen posted a pre-tax profit in
FY2009 of RM6.73 million (approximately £1,001,744). As an innovator within the
digital narrowcast media sector in Malaysia, both as a digital media network
owner and operator, and as a developer of digital media solutions, YTL Info
Screen's revenue increased by 38.3% in FY2009 reflecting the growth in media
airtime sales on its digital narrowcast media networks in the Bintang Walk area
of Kuala Lumpur, and on the Kuala Lumpur Express Rail Link trains.
Outlook
Despite certain positive indicators that suggest an improvement in the global
economy, volatility and uncertainty still exists. In the event that the global
economy suffers another crisis, as a trading nation, Malaysia, where the Group
earns most of its profits, will be exposed to its effects.
With so much uncertainty surrounding the global economy, it is difficult to
forecast the outlook for the Group's performance over the next 12 months.
However, certain commentators believe that it is not unreasonable to expect a
contraction in total advertising expenditure in Malaysia for the calendar year
2009. Nonetheless, the Group remains ready to address this challenging
environment and expects to achieve a satisfactory performance for the financial
year ending 30 June 2010.
With net cash of £4.20 million at the year end, the Group is well positioned to
exploit any opportunities that may arise in present market conditions. INP will
continue to actively pursue investment opportunities synergistic to its core
knowledge competencies in key overseas markets, as well as potential
opportunities in Malaysia through YTL Info Screen. YTL Info Screen also
continues to actively explore avenues for network expansion.
INP will continue to pursue a strategy of developing its stable of media and
content related assets to which it can add value, and which display an ability
to enhance, integrate and add value to the Group's existing businesses. The
integrity and reliability of the Board's selection and assessment process is
designed to serve to mitigate the very high risks inherent in the rapidly
evolving business of digital media technology and content development.
Appreciation
I would like to thank the Board of Directors, our management and staff for all
their hard work and for their ongoing dedication, resourcefulness and
commitment to the ideals of the Group. Our achievements are a result of the
concerted effort and contribution of the entire team. I would also like to take
this opportunity to thank our customers, business partners, our professional
advisers, and our shareholders for their continuing strong support.
A S Chhina
Chairman and Chief Executive Officer
14 October 2009
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
Year ended Year ended
30 June 2009 30 June 2008
Notes £ £
Revenue 2 1,803,404 1,114,323
Cost of sales (324,672) (285,891)
******* *******
Gross profit 1,478,732 828,432
Administrative expenses (466,216) (338,412)
******* *******
Operating profit 1,012,516 490,020
Finance income and other income 88,988 182,599
******* *******
Profit before taxation 1,101,504 672,619
Tax on profit on ordinary (285,164) (200,378)
activities
******* *******
Profit for the year 816,340 472,241
******* *******
Attributable to:
Equity holders of the Company 816,340 472,241
******* *******
Earnings per share (basic & 3 0.27p 0.16p
diluted)
******* *******
BALANCE SHEETS
AS AT 30 JUNE 2009
Group Company
2009 2008 2009 2008
Notes £ £ £ £
Non current assets
Intangible assets 1,816 65,034 - 64,715
Property, plant and equipment 22,631 26,821 - -
Investments - - 57,181 57,181
Deferred tax assets 2,889 - - -
******* ******* ******* *******
27,336 91,855 57,181 121,896
******* ******* ******* *******
Current assets
Trade and other receivables 1,032,588 280,020 11,449 13,104
Cash and cash equivalents 4,159,400 3,897,122 3,090,085 3,119,502
******* ******* ******* *******
5,191,988 4,177,142 3,101,534 3,132,606
******* ******* ******* *******
Total Assets 5,219,324 4,268,997 3,158,715 3,254,502
******* ******* ******* *******
Equity and Liabilities
Capital and reserves attributable to equity
holders of the Company
Called up share capital 4 3,000,000 3,000,000 3,000,000 3,000,000
Other reserves 101,862 35,490 - -
Retained earnings 1,680,161 863,821 16,060 101,449
******* ******* ******* *******
Total Equity 4,782,023 3,899,311 3,016,060 3,101,449
******* ******* ******* *******
Non-current liabilities
Deferred tax liability - 5,602 - -
******* ******* ******* *******
Current Liabilities
Trade and other payables 437,301 364,084 142,655 153,053
******* ******* ******* *******
Total liabilities 437,301 369,686 142,655 153,053
******* ******* ******* *******
Total equity and liabilities 5,219,324 4,268,997 3,158,715 3,254,502
******* ******* ******* *******
The financial statements were approved and authorised for issue by the Board on
14 October 2009.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2009
Attributable to Equity Holders
Non-
distributable Distributable
Share Other Retained Total
Capital Reserves Earnings Equity
£ £ £ £
Balance as at 1 July 3,000,000 (1,699) 391,580 3,389,881
2007
Currency translation - 37,189 - 37,189
differences
Income recognised - 37,189 - 37,189
directly in equity
Profit for the year - - 472,241 472,241
Total recognised income - 37,189 472,241 509,430
and expenses for the year
Balance as at 30 June 3,000,000 35,490 863,821 3,899,311
2008
Balance as at 1 July 3,000,000 35,490 863,821 3,899,311
2008
Currency translation - 66,372 - 66,372
differences
Income recognised - 66,372 - 66,372
directly in Equity
Profit for the year - - 816,340 816,340
Total recognised income - 66,372 816,340 882,712
and expenses for the year
Balance as at 30 June 3,000,000 101,862 1,680,161 4,782,023
2009
Notes:
Share capital is the amount subscribed for shares at nominal value.
Other reserves mainly relates to foreign exchange reserves recognized for
currency translation differences.
Retained earnings represent the cumulative profits of the Group attributable to
equity holders.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
Year ended Year ended
30 June 2009 30 June 2008
£ £ £ £
Cash generated from operations 386,358 434,182
Income tax paid (280,092) (62,461)
Income tax refund received - 11,856
Interest received 87,941 180,801
******* *******
Net cash from operating activities 194,207 564,378
Cash flows from investing
activities
Payments to acquire property, (10,343) (15,183)
plant and equipment
Payments to acquire intangible (2,040) -
assets
Proceeds from disposal of 665 998
property, plant and equipment
******* *******
Net cash outflow from investing (11,718) (14,185)
activities
******* *******
Net increase in cash and cash 182,489 550,193
equivalents
Cash and cash equivalents at the 3,897,122 3,316,057
beginning of the year
Effects of foreign exchange rate 79,789 30,872
changes
******* *******
Cash and cash equivalents at the 4,159,400 3,897,122
end of the year
******* *******
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
1 Basis of preparation
The Group and Company financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) and with those parts of
the Companies Act 2006 applicable to companies reporting under IFRS. IFRS
comprises of Standards issued by the International Accounting Standards Board
(IASB) and the Interpretations issued by the International Financial Reporting
Interpretations Committee (IFRIC) that have been endorsed by the European Union
(EU).
2 Revenue
Revenue is recognised when services are rendered.
No segmental analysis is prepared as the Group's revenue is generated entirely
in one industry segment, namely original narrowcasting and development of
digital media content and delivery solutions.
3 Earnings per share
Basic earnings per ordinary share have been calculated using the weighted
average number of shares in issue during the financial year. The weighted
average number of equity shares in issue was 300,000,000 (2008: 300,000,000)
and the profit after tax, was £816,340 (2008: £472,241)
The basic and diluted earnings per ordinary shares are the same as the Group
does not have any convertible securities.
4 Share capital
2009 2008
£ £
Authorised 10,000,000 10,000,000
1,000,000,000 Ordinary shares of 1p each
******** ********
Allotted, called up and fully paid 3,000,000 3,000,000
300,000,000 Ordinary shares of 1p each
******** ********
5 Report and Accounts
Copies of the Report and Accounts for the year ended 30 June 2009 will be
available in due course on the Company's website www.infoscreennetworks.com and
at its registered office at: Staple Court, 11 Staple Inn Buildings, London WC1V
7QH.
END
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