Don't pay just to have an ISA. Find out more
(PFO.L) Prime Focus London PLC Buy/Sell
Add to portfolio Set Alert Level 2 Desktop Trader
Summary
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||
| Date/Time | Headline | Source |
|---|---|---|
| 24-12-09 | RNS |
|
This news article is displayed preformatted as it may contain results tables
RNS Number : 7003E
Prime Focus London PLC
24 December 2009
Prime Focus London Plc
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
Highlights
The Board of Prime Focus London plc, a Visual Entertainment Services Group, is pleased to announce its results for the six months to 30 September 2009.
Overview
* Profit before tax of £7,613 on turnover of £8,191,748 (6 months to 30 September 2008: £102,321 on turnover of £8,821,463)
* EPS at 0.09p (6 months to 30 September 2008: 0.31p)
For further information, please contact
Tony Bradley - Communications Director 020 7437 0026
Anshul Doshi - Group Managing Director 020 7437 0026
Philip Davies - Charles Stanley Securities (Nominated Adviser) 020 7149 6000
Chairman's Statement
The Board of Prime Focus London Plc is pleased to announce its unaudited results for the six months to 30 September 2009.
In the 6 months to 30 September 2009 the Prime Focus London Plc group of companies ("the Group") made a profit before tax of £7,613 on turnover of £8,191,748 compared to a profit before tax of £102,321 on turnover of £8,821,463 for the 6 months to 30 September 2008. Earnings per share were 0.09p per ordinary share (6 months to 30 September 2008: 0.31p).
Net debt increased from £3,830,263 at 30 September 2008 to £4,384,879 at 30 September 2009 and gearing consequently rose from 32.73% to 53.13%. Capital expenditure during the period amounted to £954,530.
Following a twelve month audit and analysis of the global group and its various brands, Prime Focus celebrated the unveiling of its new worldwide brand identity at the end of September 09 with spectacular launch events in London's Leicester Square and Hollywood, CA. Repositioning the company as a global Visual Entertainment Services group, we united our 15 facilities across North America, the UK and India under one new brand - Prime Focus. The evenings were an immense success, with around 500 clients and VIPs in attendance at each event. These high-profile events were also used to launch View-D*, our proprietary 2D-to-3D conversion process and CLEAR*, the Group's web-based media asset management service.
The repositioning of the group as a global Visual Entertainment Services company also allows us to engage in markets which would not normally have been considered relevant under the narrower definition of the company as a post production group. We are now engaging clients, not just in traditional areas such as film, commercials and broadcast, but also in new areas such as gaming, internet and wider media industries. It has also begun to help us in becoming partners to these companies, rather than just suppliers.
I am pleased to announce the launch of a new initiative in London, which will see the Group invest in the growth of the feature film visual effects arm of the business in the UK. Our aim is to expand the UK film VFX division to bring it alongside the capacity and capabilities of the North American division, which has recently completed work on Hollywood blockbusters 'Avatar', 'The Twilight Saga: New Moon' and 'G.I. Joe: The Rise of Cobra'. Early progress on this front is encouraging, with the UK division winning key VFX work on Ridley Scott's next movie 'Robin Hood' and on Kevin Macdonald's forthcoming film 'The Eagle of the Ninth'. There has also been a big win for the animation team in the UK, as they have secured an 18 month contract to produce an animated feature film tentatively titled 'Bus Tales', based on the 'Busy Buses' children's television series which Prime Focus previously produced (as 'the hive animation').
The Corporate Restructuring exercise set out in my statement which accompanied the Annual Accounts for the year ended 31 March 2009 continued during this period. As set out above, the first part of this exercise is complete with the restructuring of the Group's operating companies, and therefore recognised brands - relaunching all as simply Prime Focus. The remainder of this exercise will be completed by March 2010.
A new service, 'WorldVersioning*', has also been unveiled by Prime Focus during this period. The service, which utilises the existing infrastructure of the group, is designed to help meet the ever changing needs and demands of international advertisers and agencies worldwide, by assisting them with the smooth roll-out of global and regional marketing campaigns. Prime Focus WorldVersioning* manages the complete process - from initial cultural and language checks, through to script and copy translation and finally to video and print output in all chosen media. The Prime Focus global presence is being used to align with other worldwide companies who already manage global multi-lingual campaigns for leading brands, and through CLEAR*, we provide clients with real-time input, status and tracking of their campaigns at any stage of the process. We're confident of substantial production and delivery cost reductions for our clients, across all media and at every stage of the process, and feel this is a strong and exciting offering.
I am pleased to report that the Group was ranked 5th among all UK post production facilities in the Televisual Magazine Top 50 for 2009, including being ranked 1st in the UK for kit and infrastructure. Televisual is the leading journal for the post production industry and its annual survey ranks UK facilities houses on the basis of a number of criteria, including equipment available, client comments and competitor perception. I am pleased to see that we are achieving such a high ranking within this influential poll.
Market conditions have remained very challenging in this period. The current economic climate has seen advertisers cutting back on budgets and reducing the number of new productions, and rates are under constant pressure as our competition seek to win projects by cutting their bids, devaluing the offering of the market. The Group is fighting hard to maintain margins, and keeping a keen eye on developments. We will keep shareholders abreast of developments in the Annual Report and Accounts to 31 March 2010.
I am very pleased that during these difficult times, the Prime Focus London Plc group is working harder than ever to drive the business forward. I believe that following the relaunch, the Group has never been better structured and positioned, and through the continuing integration with Prime Focus Limited in India and with our companies in North America, and the launch of proprietary products and services such as View-D*, CLEAR* and WorldVersioning*, we are able to offer more value and competitive services to our clients than any of our worldwide competitors.
Namit Malhotra
23rd December 2009
Consolidated income statement
For the six months ended 30 September 2009
Unaudited Unaudited
6 months 6 months
ended 30 ended 30
September 2009 September 2008
Revenue 8,191,748 8,821,463
Less: Cost of sales (653,053) (713,677)
Gross Profit 7,538,695 8,107,786
Administration expenses (7,297,233) (7,884,903)
Group operating profit 241,462 222,883
Other Income - 49,616
Finance Income - -
Finance costs (233,849) (170,178)
Profit before taxation 7,613 102,321
Taxation - Corporation Tax - (1,395)
Deferred tax 20,194 -
Profit on ordinary activities after 27,807 100,926
taxation
Basic and diluted earnings per share 0.09p 0.31p
Consolidated balance sheet
As at 30 September 2009
Unaudited Unaudited
As at As at
30 September 2009 30 September 2008
ASSETS
Non-current assets
Intangible Assets 1,964,693 3,182,546
Property, plant and equipment 8,283,825 10,368,348
Deferred Tax Assets 770,298 20,152
Other Receivables 1,822,000 120,000
Available for sale investments 48,125 575,623
12,888,941 14,266,669
Current assets
Inventory 33,543 32,727
Trade and other receivables 12,205,207 6,771,466
Cash and cash equivalents 177,135 421,106
12,415,885 7,225,299
Total Assets 25,304,826 21,491,968
EQUITY
Capital and reserves attributable to equity
shareholders
Share capital 1,631,578 1,631,578
Share premium 6,498,786 10,267,463
Capital redemption reserve 270,000 270,000
Fair value reserve 19,250 107,981
Retained earnings (166,145) (574,696)
Total equity 8,253,469 11,702,325
LIABILITIES
Current liabilities
Borrowings 533,645 163,350
Hire purchase creditors 761,270 416,395
Trade and other payables 10,979,121 5,511,774
Current tax liabilities 1,475 26,500
12,275,511 6,118,019
Non-current liabilities
Borrowings 3,267,099 3,671,624
Other payables 1,160,205 -
Deferred tax liability 348,541 -
4,775,845 3,671,624
Total equity and liabilities 25,304,826 21,491,968
Consolidated cash flow statement
for the six months ended 30 September 2009
Unaudited Unaudited
6 months 6 months
ended 30 ended 30
September 2009 September 2008
Cashflow from operating activities
Operating profit before taxation 241,462 272,499
Profit on disposal of tangible assets - -
Depreciation 598,248 709,108
(increase) in trade and other receivables 312,118 (1,355,474)
Increase in trade and other payables 695,908 (121,977)
(Increase) / decrease in inventories (1,379) (2,386)
Impairment of investment adjustment - (258,125)
Net cash inflow from operations 1,846,357 (756,355)
Net interest paid (233,849) (170,178)
Net cash inflow/(outflow) from operations 1,612,508 (926,533)
Taxation - (1,395)
Cashflow from investing activities
Purchase of tangible fixed assets (954,530) (752,104)
Purchase of investments available for sale - 283,125
Repayment of Debt and refinancing 109,545 (3,014,063)
Net cash inflow from investing activities (844,985) (3,483,042)
Cashflow from financing activities
Cash flow from decrease in debt and lease (109,545) 3,014,063
financing
Cashflow from issue of shares at premium - 1,010,102
Net cash inflow from financing activities (109,545) 4,024,165
Net cash inflow 657,978 (386,804)
Cash and cash equivalents at the start of the (4,158,205) (4,049,008)
period
Cash and cash equivalents at the end of the (3,500,227) (4,435,812)
period
Consolidated statement of changes in equity
for the six months ended 30 September 2009
Capital Fair
Share Share redemption Value Retained Total
capital premium Reserve Reserve earnings equity
At 01 April 2009 1,631,578 6,498,786 270,000 - (193,952) 8,206,412
Total recognised income for - - - - 27,807 27,807
the period
- - - 19,250 - 19,250
Revaluation of Financial
Assets
Shares Issued during the - - - - - -
period
At 30 Sept 2009 1,631,578 6,498,786 270,000 19,250 (166,145) 8,253,469
Notes to the interim results
1. GENERAL INFORMATION
Prime Focus London Plc (the "Company") is a company domiciled in England whose registered office address is 64 Dean Street, London W1D 4QQ. The condensed consolidated half-yearly financial statements of the Company for the six months ended 30 September 2009 comprise the Company and its subsidiaries (together referred to as "the Group"). The condensed consolidated half-yearly financial statements do not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The auditors' report on the statutory accounts for the year ended 31 March 2009 was unqualified and did not contain a statement under Section 237 of the Companies Act 1985. A copy of those financial statements has been filed with the Registrar of Companies.
The condensed consolidated half-yearly financial statements were authorized for issue on 23rd December 2009.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
The condensed consolidated financial statements are unaudited and have been prepared on the historical cost basis in accordance with IFRS adopted by the EU using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 March 2009.
The condensed half-yearly financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.
3. EARNINGS PER SHARE
Unaudited Unaudited
6 months 6 months
ended 30 ended 30
September 2009 September 2008
No. No.
Weighted average number of 5p ordinary shares
in issue during the period 32,631,528 32,631,528
For basic earnings per share
Weighted diluted average number of 5p 32,631,528 32,631,528
ordinary shares
Profit for the financial period
Profit / (Loss) for the period ended 27,807 100,926
Profit / (Loss) for earnings per share 27,807 100,926
Basic and diluted earnings per share 0.09p 0.31p
4. AVAILABILITY OF ACCOUNTS
A copy is available on the Company's website at www.primefocusworld.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VZLBLKLBZFBX
More |
||
| 01-10-09 | RNS |
|
|
RNS Number : 0385A Prime Focus London PLC 01 October 2009 Prime Focus London plc ("the Company") Result of Annual General Meeting The Company is pleased to announce that all resolutions proposed at its Annual General Meeting held on 30 September 2009 were duly passed. 1 October 2009 For more information, please contact: Tony Bradley Group Communications Director 020 7565 1000 tony.bradley@primefocusworld.com Charles Stanley Securities (Nominated Adviser) Philip Davies / Carl Holmes 020 7149 6000 This information is provided by RNS The company news service from the London Stock Exchange END
RAGFSWSUFSUSESS More |
||
| Date/Time | Subject | Author | ||
|---|---|---|---|---|
| 21-10-08 |
HOLD
Hello 25p
|
|||
|
| ||||
|
| ||||
|
As noted before, the share price now represents approximate company value.
With Neil Lane gone, this company may now move forward. I'm keeping an eye on it. |
||||
| 18-01-08 | ||||
|
| ||||
|
| ||||
|
Shake-up starts to work at VTR
Created: 14 January 2008 Written by: Nigel Bolitho Three years ago, Soho-based VTR was in a bad way. It was overstaffed, rented too many buildings in central London and subsidiaries were competing against each other. So in came new management, who reckon to have reduced costs by about £4m over the past 18 months. Employee numbers have fallen from over 320 to 260, subsidiaries have been merged into the visual effects and broadcasting divisions, and the number of buildings occupied has halved to three, thereby saving £1m a year in rent. VTR has also found a sugar daddy in the form of Prime Focus, one of India’s largest post-production houses. Two years ago, it invested £4.5m and now has a 58 per cent stake. The obvious benefit to VTR of the link-up is that it can now offer film companies cheaper, yet still high quality, work in India: over the past three months its Indian subsidiaries have completed no less than 2,500 visual effects shots for three feature films. Prime Focus has recently acquired post-production companies in Canada and Los Angeles, and these deals should mean increased business for VTR as major film studios increasingly resort to global services in order to save costs. Earlier this month, VTR bought a visual effects company specialising in television work. Further acquisitions can be expected. |
||||
| 01-12-07 | ||||
|
| ||||
|
| ||||
|
November 28, 2007 08:00 AM Eastern Time Prime Focus Group Acquires Post Logic Studios and Frantic Films VFX Global Post-Production Powerhouse, Prime Focus Group, Expands Holdings to North America with Purchase of Hollywood and New York-based Post Logic Studios and Frantic Films’ VFX offices in Los Angeles, Winnipeg and Vancouver LOS ANGELES--(BUSINESS WIRE)--Prime Focus Group (MUMBAI:PRFOCUS) announced its first North American holdings today with the acquisitions of Post Logic Studios and Frantic Films VFX. Terms of the acquisitions were not disclosed, and the transaction is subject to the regulatory approval of shareholders. Prime Focus Group’s global footprint is significant with six visual effects and post-production facilities across India and four facilities in London. This latest acquisition adds new facilities in Los Angeles, New York, Vancouver and Winnipeg, along with ownership of 55,000 square feet of prime real estate in the heart of Hollywood, CA, and 200 new staff members. Aiming to become the leading visual effects and post-production service provider in each local market, Prime Focus facilities in India service the country’s thriving two-billion-dollar film industry; its London facilities service European film and television projects and in North America will continue to service the domestic film market. Bicoastal post facility Post Logic Studios, with offices in Hollywood and New York, is known for delivering high level digital intermediate, color science and post-production services to independent and studio feature clientele. Recent projects completed at the facility include Halloween, American Gangster, Mysteries of Pittsburgh, Phoebe in Wonderland, Smart People, Elite Squad and more. Frantic Films businesses include an award-winning visual effects company, with offices in Los Angeles, Vancouver and Winnipeg. Prime Focus will also be acquiring Frantic Films Software, the company’s R&D division that develops and markets visual effects software solutions. Frantic Films has worked on top Hollywood films including Fantastic Four: The Rise of the Silver Surfer, Grindhouse, Superman Returns, X-Men 3, Poseidon, Mr. Magorium’s Wonder Emporium and Journey 3-D. Prime Focus Group is one of the largest integrated film, advertising and television post-production and visual effects companies in the world. It operates six studios in three different cities in India and four studios in London comprising Prime Focus UK, formed last year after the equity investment in effects and post company VTR (LSE:VTR). Prime Focus Group plans to continue operations of both Post Logic Studios and Frantic Films as independent facilities, providing both companies access to a talent base of over 400 visual effects artists worldwide. “We are extremely delighted about investing in the incredible talent pool and technology at Frantic Films and Post Logic. The acquisitions strategically complete the Prime Focus Group’s global proposition to ensure the best creative and technical services for content companies worldwide,” said Namit Mahlotra, Managing Director, Prime Focus. “By virtue of their fantastic reputations and top quality services, Post Logic and Frantic Films will facilitate a gateway for Prime Focus Group into all of the major studios. Both companies also have strong R&D divisions that have developed proprietary technologies and processes for film color management, visual effects and pipeline collaboration which will benefit the organization as a whole.” “Having just launched our Image Science Division and refining our 4K DI workflow, this acquisition comes at a very exciting time in Post Logic’s history,” said Larry Birstock, CEO, Post Logic Studios. “We look forward to being part of the successful Prime Focus organization and to taking advantage of creative synergies across continents and across disciplines to deliver a new model for the future of digital post production.” “The acquisition by Prim . . . Read Full Message More | View thread (1) | Respond | Login to Vote up |
||||
| 12-07-07 | ||||
|
| ||||
|
| ||||
|
Hmmm. The dead wood has been cut, hence the return to profit, but turnover has decreased and there's still no dividend.
The business environment is still very difficult, and no savings have been made outsourcing to India. Cuurent prices are unrealistic - I think this will sink back to 20 - 25p when the real picture appears.
|
||||
The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
Discussion Board Terms & Conditions FSA Market Abuse Fact Sheet
More...