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(MRM.L) Metrodome Group PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 10-03-10 | RNS |
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RNS Number : 3310I Metrodome Group PLC 10 March 2010 10 March 2010 Metrodome Distribution Limited ("Metrodome") celebrates Oscar win with Argentinean thriller "The Secret In Their Eyes" (El Secreto De Sus Ojos) Metrodome, the wholly owned subsidiary of Metrodome Group plc, celebrates its own David and Goliath Oscar triumph winning a Best Foreign Language Oscar with outstanding Argentinean thriller "The Secret In Their Eyes" beating bookies favourites The Prophet and Haneke's "The White Ribbon". Metrodome is no stranger to this category winning with Stefan Ruzowitzky's "The Counterfeiters" for Best Foreign Language in 2008 and securing a nomination in 2007 for Deepa Mehta's "Water" and in 2006 for Rachid Bouchareb's "Days of Glory". "The Secret In Their Eyes" directed by Juan Jose Campanella recently swept the board at the 2009 Argentina Academy Awards winning in 13 categories out of 17 nominations including prizes for Best Film, Best Director and Best Adapted Screenplay. It has been a huge local hit and the best performance of a local picture since 1970. Metrodome plan to release the film in summer 2010. More about Metrodome: Metrodome is one of the leading independent film distributors in the UK. They acquire films and product for exploitation in cinemas, on DVD & VOD, and via broadcast. Metrodome is no stranger to the Academy Award nominated foreign language section with titles including the winning The Counterfeiters and nominated Days of Glory and Water. Their up-coming theatrical slate includes the highly critically-rated I Am Love starring Tilda Swinton (9th April 2010), the 2009 Venice Film Festival Golden Lion winner Lebanon (May 2010), Leaving starring Kristin Scott Thomas (June 2010) and Uma Thurman comedy Motherhood (March 2010). Last year saw the release of a vast array of strong titles including the Danish smash hit Flame and Citron, the Michael Winterbottom directed Genova starring Colin Firth, the award winning thriller Fifty Dead Men Walking starring Ben Kingsley & Jim Sturgess, the BAFTA & five-time BIFA nominated Brit flick Shifty and the winner of seven Cesar Awards (including Best Film & Best Actress) Seraphine. Alongside their high profile theatrical titles, Metrodome's award winning Home Entertainment department also releases new films, classic cinema, documentaries, animation, stage adaptations, television programming and historical drama. Recent successes include Goal III (the third and final film in the highly successful football franchise), the Uwe Boll directed and Jason Statham action fest "In the Name of the King" (150,000 units sold to date), The Warlords starring Jet Li (110,000 units sold), Saints and Soldiers (680,000 units sold, making it the biggest selling war movie in the UK since it's 2006 release), Transformers The Movie Ultimate Edition (re-released 4th June 2007, the campaign for which won a HEW marketing award) and the much publicised internet sensation Mega Shark VS Giant Octopus. For further information: Peter Urie CEO Tel: 0207 766 8600
This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-03-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0538I
Metrodome Group PLC
04 March 2010
4 March 2010
Metrodome Group Plc
("Metrodome" or the "Company")
Preliminary Results for the year to 31 December 2009
Chairman's Statement
Highlights
Metrodome is pleased to announce its preliminary results for the year ended 31 December 2009.
· Company returns to profit despite challenging trading conditions at the start of the year
· Revenues of £9,091,000 (2008: £6,587,000), up 38% on the previous year
· Organic growth across all revenue streams
· Headline* operating profit of £245,000 (2008: loss of £99,000)
· Profit before tax of £199,000 (2008: loss of £543,000)
· £960,000 share capital raised during the year
*Headline operating profit / (loss) consists of revenues and other operating income after deducting operating costs incurred in the normal course of business excluding non-recurring items.
The start of the year was challenging as the collapse of Woolworths and its DVD distribution arm Entertainment UK ("EUK") at the end of 2008, together with the loss of Zavvi, left Metrodome in a difficult position, unsure of how the DVD retail market would shape up. As announced in our interim report, Metrodome was quick to take the initiative and develop direct relationships with new retail customers, including former EUK customers and successfully raised new finance to strengthen our financial position.
Metrodome has continued to outperform the market with a 19.2% increase in DVD sales. The performance in DVD sales underpinned strong growth across the Company, with overall revenues up 38% and the Company posting a full year profit for the first time since 2004. Our quick and decisive actions, together with a positive result for the year, have left the company in a strong position with a healthy cash balance, ready to expand the company as and when the opportunities arise.
Having achieved our stated objective of returning to profitability we now have two objectives, namely to maintain profitability and to expand the company, by focusing on our core business of film distribution, as well as investing in related activities such as co-production deals and seeking diversification in related markets via mergers and acquisitions.
Operating performance
At the start of the year Metrodome was committed to releasing a number of titles theatrically on a wider scale than achieved in recent years, having acquired most of the theatrical slate of product for 2009 in the latter half of 2008. In contrast, there had been a lack of investment in theatrical releases in 2008 due to the uncertainty surrounding the ownership of Metrodome which was resolved in May of that year. This is reflected in the increase in revenue from Cinema Sales from £152,000 in 2008 to £395,000 in 2009.
Metrodome released 15 theatrical titles in 2009, of which 3 were one-print releases to launch the DVD. The highlights in the first half included Fifty Dead Men Walking, starring Sir Ben Kingsley and Jim Sturgess, and Shifty, a low-budget British film for which the writer/director Eran Creevy was nominated for a BAFTA award in the Outstanding Debut category. Both films received substantial grants from the UK Film Council ("UKFC") which enabled Metrodome to release the films to a much wider audience.
In the second half of the year, Metrodome signed an exclusive deal with Palisades Tartan to represent the Palisades TV and VOD library in the UK. The deal also included theatrical distribution rights for the vampire feature film Thirst, joint winner of the 2009 Cannes Film Festival Jury Prize, which was released in October 2009. Other titles released in the second half of the year included Three Miles North of Molkom, The First Day of the Rest of Your Life and Seraphine. We promoted the release of Three Miles North of Molkom with a special satellite screening and night of stand-up comedy with comedian Russell Howard using new digital technology which allows us to try innovative ways of releasing our films.
Our theatrical releases, in aggregate, grossed over £1.4 million at the Box Office this year which was a fantastic result. However, it was not as high as we had anticipated given our investment in acquiring bigger and better films. We now recognise our success lies in releasing a small number of quality titles in selected cinemas. We are not a major studio that can afford massive Prints and Advertising ("P&A") spend on saturated releases across the country and the kind of art-house films we specialise in do not lend themselves to this kind of release. The lessons learned this year about the size of release and the resulting impact on cinema revenues will be applied to our theatrical releases in 2010 and beyond.
Despite the television channels having reduced budgets for our product during the economic recession, we are pleased to have achieved £517,000 in revenue, nearly twice the 2008 revenue, largely due to the number of quality titles added to our film catalogue during the year.
As predicted in recent years, we have seen a shift towards Video on Demand ("VOD") as a significant distribution channel. We competed strongly with the studios for market share on Virgin Media's Filmflex, which is a significant achievement for an independent film distributor. We have continued our strategy of signing non-exclusive licensing deals with existing and emerging VOD retailers, for example by signing an agreement with Apple to make our titles available on iTunes from 2010 for internet users to buy or rent.
During 2009 we decided to bring our rental activity in-house in order to maximise revenue and gross margin, by using our in-house sales and marketing teams who have already proved their expertise within the theatrical, new media and home entertainment retail sectors. Working directly with key rental retailers such as Blockbuster has led to revenue growth of more than 300% from £193,000 to £790,000. Although this is a terrific result for the year we recognise the DVD rental market is probably in decline and the profits available from this revenue stream are expected to fall in the future.
In contrast to the overall DVD market which has declined in terms of both volume and price, Metrodome continues to report an annual increase in DVD Sell Through revenue, due to our strategy of investing heavily in the home entertainment market, with a focus on commercially valuable titles. This is a fantastic result in a challenging market where there is significant price pressure and strong competition for retailer shelf space.
The Group released 63 titles during the year, including:
· Dragon Hunter
· Fifty Dead Men Walking
· Goal III
· Mega Shark vs Giant Octopus
· North Face
· Shifty
· Warlords
We released nine more titles on Blu Ray: American Virgin, Fifty Dead Men Walking, Flame & Citron, Goal III, Management, North Face, Shifty, Them and Warlords. As Blu Ray production costs are still higher than conventional DVD and the format has not yet fully emerged in the marketplace, we carefully select titles for release on Blu Ray at a premium price. We are aware of a competitor who has offered price parity on Blu Ray and DVD new releases in an attempt to improve the uptake of Blu Ray and we will continue to monitor the situation as we consider each title for release on Blu Ray.
A full breakdown of the Group's Distribution revenue is as follows:
Year ended % of Year ended % of Growth
31 Dec 09 Revenue 31 Dec 08 Revenue Year on Year
Revenue £'000 % £'000 % %
Cinema Sales 395 4.3% 152 2.3% 159.9%
Television Sales 517 5.7% 267 4.1% 93.6%
Video on Demand 695 7.6% 364 5.5% 90.9%
Other ancillary income 68 0.8% 52 0.8% 30.8%
DVD Rental 790 8.7% 193 2.9% 309.3%
DVD Sell Through 6,626 72.9% 84.4% 19.2%
5,559
9,091 100.0% 6,587 100.0% 38.0%
Cost base
The Group is constantly reviewing its operating structure and cost base in an attempt to improve operational effectiveness and achieve efficiencies. We are regularly reviewing key contracts with suppliers, with a view to maintaining high standards and further cost reductions.
We eliminated third party rental costs when we brought the rental activity in-house during the year. Rental activity was the last operation that was being handled externally by third parties.
Overheads have increased by 18% from £2,038,000 in 2008 to £2,412,000 in 2009. The largest increase was employment costs which have risen by 18% due to the investment in additional staff in preparation for future growth. In common with other companies in the media and entertainment industry we controlled our payroll costs in the current economic climate by imposing a freeze on the annual pay rise during the year. The other significant increase in overheads was due to the cost of the office relocation from premises shared with our former parent company in Dean Street, Soho to our new office in Leicester Square at a lower rent.
Non recurring items
During 2009 Metrodome incurred £45,000 of legal and professional fees in respect of a potential acquisition which was aborted in early 2010. Additional expenses were incurred after the year end, totalling £20,000, which will be expensed in 2010 financial year.
Funding
In March 2009 we raised £960,000 of funding through the issue of new shares, which comprised £610,000 of new capital through the issue of 40,666,667 new ordinary shares at 1.5 pence each, representing 33.7% of the existing share capital, and the conversion of a £350,000 loan from MediaPro through the issue of a further 23,333,333 new ordinary shares, representing 19.3% of the existing share capital. The net cash proceeds, after costs of £11,000, were £599,000. Following the issue of equity, the Company's total issued share capital consists of 184,717,915 ordinary shares of 1 pence each.
In addition, the Company secured exclusive access to up to £1,000,000 via Acme International Investments Limited P&A Fund, a specialised vehicle dedicated to funding expenditure on Prints and Advertising. During the year, Metrodome used £689,000 of the P&A fund to release its theatrical titles and repaid the whole £689,000 out of film proceeds.
Board appointments
As previously reported, Leonard Fertig joined the board as non-executive director in April 2009 bringing a wealth of experience, specifically in both the Media/Entertainment and Internet Technology sector.
I was appointed as Executive Chairman in November 2009 (formerly non-executive Chairman), with specific responsibility for Mergers and Acquisitions ("M&A"). I look forward to being able to spend more time with the board of Metrodome and bringing all my experience of M&A activity with me to enable Metrodome to continue to grow.
Outlook
We are pleased with the company's progress this year, in both a difficult market place and a depressed economy, and delighted to report a full year profit for the first time in several years. The Company ended the year with a strengthened balance sheet, helped by the cash generated from operating activities during the year and the fund raising in the first half. This has enabled Metrodome to increase its investment into new titles for 2010 and beyond.
We have already acquired a substantial proportion of the slate for release in 2010 however, organic growth for the current year is unlikely to reach the high levels achieved in each of the last three years. Metrodome now needs to achieve a step-change in future activity in order to continue to drive its growth prospects and we are actively taking steps to achieve this.
In line with the strategic objective of diversifying into related activities, Metrodome has announced its first co-production deal with a US Production and Sales company for a new action adventure film, Dragon Fire (working title) which began shooting in February 2010 with our CEO, Peter Urie, as the Executive Producer.
The Company has implemented an acquisition strategy designed to both strengthen our current operations and broaden our range of activities. Regrettably, an opportunity we were pursuing in 2009 did not proceed to completion in 2010 but we continue to seek other suitable opportunities.
I would personally like to thank our shareholders and staff for their ongoing support and contribution to this year's success.
Mark WebsterChairman
For further information please visit www.metrodomegroup.com, or contact:
Metrodome Group plc
Peter Urie / Steve Winetroube Tel: 020 7766 8600
Astaire Securities plc
Antony Legge Tel: 020 7448 4400
Tavistock Communications
Duncan McCormick Tel: 020 7920 3150
Unaudited Consolidated Statement of Comprehensive Income
For the year ended 31 December 2009
Year ended Year ended
31-Dec-2009 31-Dec-2008
Notes (Unaudited) (Audited)
£'000 £'000
Revenue 9,091 6,587
Cost of sales (6,434) (4,648)
Gross Profit 2,657 1,939
Operating expenses (2,412) (2,038)
Headline operating profit / 2 245 (99)
(loss)
Non recurring items 6 (45) (466)
Profit / (loss) on ordinary 200 (565)
activities before interest
and taxation
Investment income 2 38
Finance costs (3) (16)
Profit / (loss) before 199 (543)
taxation
Income tax expense 7
- -
Profit / (loss) for the year 199 (543)
Profit / (loss) per share
Basic 3 0.1p (0.4p)
Diluted 3 0.1p (0.4p)
Unaudited Consolidated Statement of Financial Position
As at 31 December 2009
31-Dec-2009 31-Dec-2008
Notes (Unaudited) (Audited)
£'000 £'000
Non current assets
Property, plant and equipment 162 30
Intangibles 11 4
Film distribution library 5 2,771 2,730
Trade and other receivables 73 116
3,017 2,880
Current assets
Inventories 90 53
Trade and other receivables 1,554 1,949
Cash and cash equivalents 1,578 1,091
3,222 3,093
Total assets 6,239 5,973
Current liabilities
Trade and other payables (3,526) (3,895)
Bank loans and overdrafts - (84)
Other borrowings - (282)
(3,526) (4,261)
Non current liabilities
Bank loans - (200)
- (200)
Total liabilities (3,526) (4,461)
Net assets 2,713 1,512
Equity
Share capital 1,847 1,207
Share premium account 2,890 2,581
Share option reserve 181 128
Accumulated losses (2,205) (2,404)
Capital and reserves attributable to 2,713 1,512
owners of the company
Unaudited Consolidated Statement of Changes in Equity
For the year ended 31 December 2009
Share capital Share premium Share option Accumulated Total equity
account reserve Losses
Notes (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2008 1,207 2,581 (1,885) 1,990
87
Loss for the year (543) (543)
- - -
Totalcomprehensiveincome and - - - (543) (543)
expense for the year
Transactions with owners - - (24) 24 -
Share options forfeited during
the year
Share based payment charge for 65 65
the year - - -
Transactions with owners - - 41 24 65
Balance at 31 December 2008 1,207 2,581 128 (2,404) 1,512
199 199
Profit for the year - - -
Totalcomprehensiveincome for - - - 199 199
the year
Transactions with owners 640 309 - - 949
Net proceeds from ordinary
shares issued
Share based payment charge for 53 53
the year - - -
Transactions with owners 640 309 53 - 1,002
Balance at 31 December 2009 1,847 2,890 181 (2,205) 2,713
All changes in equity are attributable to the owners of the company.
Unaudited Consolidated Statement of Cash Flows
For the Year ended 31 December 2009
Year ended Year ended
31-Dec-2009 31-Dec-2008
Notes (Unaudited) (Audited)
£'000 £'000
Net cash from operating activities 8 5,111 3,693
Net cash used in investing activities 9 (4,656) (3,678)
Net cash from financing activities 10 32 209
Net increase in cash and cash equivalents 487 224
Cash and cash equivalents at beginning of 1,091 867
year
Cash and cash equivalents at end of year 1,578 1,091
Notes to the Preliminary announcement
For the year ended 31 December 2009
1. Preparation of the accounts
The unaudited preliminary announcement has been prepared under the historical cost convention on a going concern basis and in accordance with applicable International Financial Reporting Standards and IFRIC interpretations ("IFRS") as adopted by the EU.
The directors have considered the working capital requirements of the Group and believe that the going concern basis is appropriate.
The preliminary announcement has been prepared on the basis of the same accounting policies as published in the audited financial statements of the Group for the year ended 31 December 2008.
The financial information in this preliminary announcement does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2009 have not yet been delivered to the Registrar of Companies and no audit report has yet been given on the statutory financial statements. Statutory accounts for the year ended 31 December 2008 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement either under section 237(2) or 237(3) of the Companies Act 1985.
The preliminary announcement is presented in pounds sterling since that is the currency in which the majority of the Group's transactions are denominated.
2. Headline operating profit / (loss)
Headline operating profit / (loss) consists of revenues and other operating income after deducting operating costs incurred within the normal course of business.
3. Profit / (loss) per share
The profit / (loss) per share is based on the consolidated profit of £199,000 (2008: £543,000 loss) after taxation and the weighted average number of shares in the year of 174,051,248 (31 December 2008: 120,717,915).
Basic and diluted earnings per share are the same because at the year end the exercise price was greater than the share price.
4. Dividends
As in prior periods, the directors are not recommending payment of a dividend.
5. Film Distribution Library
Expenditure on the Group's film distribution library is carried forward and recognised as an asset when it is estimated that sufficient future income will be earned to cover recoupment of the costs. These costs are written off in line with actual income flows calculated in accordance with licensor agreements.
The estimate of future income depends on management judgement and assumptions based on the pattern of historical revenue streams and the remaining life of each film contract.
6. Non recurring items
The Group has separately identified costs and revenue of a non-recurring nature which are considered to be outside the normal course of business due to their one-off nature or size.
31-Dec-2009 31-Dec-2008
(Unaudited) (Audited)
£'000 £'000
Due diligence costs (45) -
Bad debts - customers in administration - (373)
Proposed sale of Metrodome shares - fees - (59)
Prism Leisure Corporation plc - legal fees - (34)
(45) (466)
Due diligence costs
During 2009 Metrodome incurred £45,000 of legal and professional fees in respect of a potential acquisition which was aborted in early 2010.
7. Income tax expense
2009 2008
£'000 £'000
Current tax - -
Deferred tax - -
- -
Corporation tax is calculated at 28% (31 December 2008: 28%) of the estimated assessable profit for the year.
The charge for the year can be reconciled to the profit / (loss) per the income statement as follows:
2009 2009 2008 2008
£'000 % £'000 %
Profit / (loss) before tax 199 28% (543) (28%)
Tax at the UK corporation tax rate of 28% (31
December 2008: 28%) 56 28% (152) (28%)
Tax effect of expenses that are not deductible in
determining taxable profit 10 5% 30 6%
Other (11) (5%) - 0%
Tax losses utilised (55) (28%) - 0%
Losses on which deferred tax asset is not - - 122 22%
recognised
Tax expense and effective tax rate for the year
- - - -
A deferred taxation asset of approximately £1,048,000 (2008: £1,132,000) exists but has not been recognised in the financial statements. This principally relates to trading losses, which can be recovered against future profits from the same trade. The potential deferred taxation asset has not been recognised due to the uncertainty of the timing of future profits.
Domestic income tax is calculated at 28 per cent (2008: 28 per cent) of the estimated assessable profit for the year. On 1 April 2008, the rate of corporation tax that applies to the UK companies in the Group fell from 30% to 28%.
8. Reconciliation of profit / (loss) before income tax expense to net cash from operating activities
Year ended Year ended
31-Dec-2009 31-Dec-2008
(Unaudited) (Audited)
£'000 £'000
Profit / (loss) before income tax expense 199 (543)
Adjustments for:
Investment income (2) (38)
Finance costs 3 16
Depreciation of property, plant & equipment 23 12
Amortisation of intangible assets 3 -
Amortisation of film distribution library 3,777 2,932
Impairment of film distribution library 667 303
Share based payment expense 53 65
(Gain)/loss on disposal of property, plant & 6 (2)
equipment
(Increase) / decrease in inventories (37) 121
Decrease in receivables 438 167
Increase / (decrease) in payables (19) 660
Net cash from operating activities 5,111 3,693
9. Investing activities
Purchases of film distribution library (4,485) (3,657)
Purchases of property, plant & equipment (161) (20)
Purchases of intangible assets (10) (4)
Proceeds from disposal of property, plant & equipment - 3
Net cash used in investing activities (4,656) (3,678)
10. Financing activities
Proceeds from issue of ordinary share capital 599 -
Proceeds from new borrowings 689 550
Repayments of bank loan (284) (81)
Repayments of other borrowings (971) (282)
Investment income 2 38
Interest paid (3) (16)
Net cash from financing activities 32 209
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 04-02-10 | RNS |
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RNS Number : 6550G Metrodome Group PLC 04 February 2010 4 February 2010 Metrodome Group Plc ("Metrodome" or the "Company") Acquisition of Argentinean and Oscar short-listed film: "The Secret In Their Eyes" (El Secreto De Sus Ojos) Metrodome is pleased to announce that it has acquired the UK rights to the outstanding Argentinean thriller "The Secret In Their Eyes" which has been nominated for an award in the Academy's foreign language section for 2010. "The Secret In Their Eyes", directed by Juan Jose Campanella, recently swept the board at the 2009 Argentina Academy Awards winning in 13 categories out of 17 nominations including prizes for Best Film, Best Director and Best Adapted Screenplay. It has also been a huge local hit and the best performance of a local picture since 1970. "The Secret In Their Eyes" is the gripping story of a lawyer who struggles to write a novel and realises that to complete it he must solve the case on which it is based - a brutal case that has haunted him for 30 years. Metrodome plans to release in cinemas in the UK in summer 2010. For further information please visit www.metrodomegroup.com, or contact:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-02-10 | RNS |
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RNS Number : 4994G Metrodome Group PLC 02 February 2010 2 February 2010 Metrodome Group plc ("Metrodome" or the "Company") Co-Production Deal Trading Update Metrodome (MRM.L) is pleased to announce its first co-production deal in conjunction with US Producer and Sales Company Koan Inc for a new action adventure film, 'Dragon Fire', (working title) which begins shooting this month. The film is based on the classic story of 'Moby Dick' and stars Vinnie Jones and Danny Glover and is being directed by Ryan Little ('Saints and Soldiers'). As well as Co-producing the film, Metrodome will distribute in the UK & Eire and will hold an equity stake in the movie worldwide. Metrodome has set up a new wholly owned production company, 'Cinedome Limited' and CEO; Peter Urie is the Executive Producer on behalf of the company. The production, which should be completed by November this year and on general release in Q1 2011, is the first of a number of productions that are currently under development and marks the first step in Metrodome's plans to expand on the Company's core business of film and DVD distribution. The move comes as Metrodome prepares to announce strong growth for the year to 31 December 2009, with all areas contributing to an increase in sales. Key title releases for the year include 'Warlords' (DVD) and 'Shifty' (Theatrical and DVD). DVD Sell Through and DVD Rental had a particularly good year after the disruption caused by the demise of Woolworths, Zavvi and Entertainment UK in December 2008, with both areas performing ahead of expectations. For further information please visit www.metrodomegroup.com, or contact:
This information is provided by RNS The company news service from the London Stock Exchange END
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I agree - reason I said 'hold' is because the sp has a nasty habbit of shooting up on good news only to fall back again to around current levels -so unless you are quick on the buy/sell buttons you could lose out (short term) especially when taking into consideration the dealing costs
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Surprised these are not higher in view of recent news. Could move up smartly soon imo.
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Though very early days and the film industry is very high risk- I personally think the company is now making great strides in re-establishing its foundations and is beginning to build itself into a meaningful business.
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This looks extremely good for Metrodome and should see more of an upward trend in SP. Well done
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