(BOOM.L) Boomerang Plus PLC Buy/Sell

RNS Number : 4772B Boomerang Plus PLC 28 October 2009

Date: 28 October 2009
On behalf of: Boomerang Plus plc ('Boomerang' or 'the Group')
Embargoed until: 0700hrs

Boomerang Plus plc

Boomerang wins four year contract with S4C worth £3.2 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 film and broadcast events from the Royal Welsh Showground. Boomerang is the incumbent provider.

The contract, worth £800,000 per annum, will run for four years, from 2010 to 2014 and include broadcasts from the Royal Welsh Agricultural Show, Winter Fair and Smallholder and Garden Festival. First revenues from the contract will be recognised in the financial year ending 31 May 2010.

This contract was not included in the £42.9 million programming pipeline announced in the Company's preliminary results on 26 October 2009.

Commenting on the contract, Huw Eurig Davies, CEO of Boomerang Plus, said:

"We are very pleased to renew the Royal Welsh Showground contract with S4C. We have successfully demonstrated our ability to produce high quality programming from the Royal Welsh Showground and look forward to continuing this in the future, a relationship that we value greatly.

"This contract adds to our existing strong pipeline of revenue, further boosting the Group's visibility going forward."

RNS Number : 3411B
  Boomerang Plus PLC
  26 October 2009
   

Date:                      26 October 2009

On behalf of:          Boomerang Plus plc ('Boomerang', 'the Company', or 'the Group')

Embargoed until:    0700hrs

Boomerang Plus plc

Preliminary 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 preliminary results for the year ended 31 May 2009.

Financials 

* Revenue of £19.76 million (2008: £20.93 million), a decrease of 5.6% predominantly due to delayed projects

*     Operating profit of £1.14 million (2008: £1.40 million), a decrease of 19%

*     Adjusted operating profit* of £1.25 million (2008: £2.20 million), a decrease of 43%

*     Profit before tax of £1.10 million (2008: £1.30 million), a decrease of 16%

*     Cash and cash equivalents of £3.03 million (2008: £6.33 million)

Operations

* Three-year contract for £12 million from S4C to produce programming and links for older children, reinforcing position as one of the largest children's content producers in the UK

* Revenue growth of 93% in Advertiser Funded Programming ('AFP') division to £1 million

* Produced 371 hours of television programming in calendar year 2008 

* adjusted for exceptional administrative expenses (2009: £nil, 2008: £0.64 million), professional fees in relation to unsuccessful corporate transactions (2009: £0.07 million, 2008: £0.10 million), amortisation of intangible assets arising on business acquisitions (2009: £0.02 million, 2008: £0.04 million) and share- based payments (2009: £0.02 million, 2008: £0.02 million).

Outlook

* High visibility of future commissions with a pipeline of £42.9 million of programming revenue including £16.9 million for the current financial year

* Favourable regulatory environment

* Strong balance sheet to fund future growth

* Post year end incorporation of Freesports on 4 Freeze live event joint venture

* Post year end acquisition of multimedia producer, Method 

* Post year end acquisition of Indus Films Limited

* Current trading is in line with the Board's expectations. 

Huw Eurig Davies, Chief Executive Officer of Boomerang Plus, commented:

"Boomerang has enjoyed some very positive and exciting developments over recent months despite the tough financial climate.

"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."

- 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/ Samantha Robbins               boomerang@redleafpr.com 

 Altium Capital                                         020 7484 4040
 Tim Richardson/ Melanie Szalkiewicz    

 Evolution Securities                                   020 7071 4317
 Adam Lloyd    

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.

Chairman's Statement

I was delighted to take on the role of Non-Executive Chairman of Boomerang in October 2008 and I am pleased to present the Group's results for the year ended 31 May 2009.

It has been a difficult year for all UK broadcasters and this has inevitably had a knock-on effect on the television production sector, leading to increased pressure on programming budgets and margins, as well as creating a more uncertain commissioning environment. Boomerang has not been immune to the impact of this.

In light of this, and following a year of substantial growth in 2008, the Group has concentrated on integrating its existing businesses, growing its Advertiser Funded Programming ('AFP') division and delivering and developing a strong pipeline of projects for its key customers in order to provide long-term visibility.

We have created a well diversified group, which is amongst the largest Nations and Regions television production companies in the UK, producing across a wide variety of genres including entertainment, drama, lifestyle, children's, sports and factual programming.

The long-term value of this strategic positioning has been reinforced by the public sector broadcasting review carried out by Ofcom, together with the Digital Britain report, which have both increased the quota requirements for broadcasters to commission programmes from the Nations and Regions and also strongly reinforced S4C's remit, securing its position as an integral part of the digital broadcasting future.

During the year, the Group has continued to invest in new markets such as AFP, digital media and talent management, all of which are playing increasingly important roles in the broadcasting and production business models of the future. We will continue to seek out acquisitions that are both a good strategic fit for the Group and can add value for shareholders.

Subsequent to the year-end, 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 older children. This is a great endorsement of the creative talent within the Company and makes us one of the UK's largest producers of children's content, a position that we will seek to exploit internationally through co-productions and sales.

After a challenging 12 months, we now have a strong foundation for the future with high visibility over future commissions having a pipeline of £42.9 million of production revenues, including £16.9 million for the current financial year. This, together with the recent acquisition of Indus Films, provides an excellent platform for the next phase of the Group's growth.

Creative-led businesses are all about people and I would therefore like to take the opportunity to thank the executive team, under the leadership of Huw Eurig Davies, and most importantly all of our staff, for their hard work, commitment and passion for Boomerang over the past year.

Richard Huntingford

Non-Executive Chairman

26 October 2009

Business Review

Financial Review

Against the backdrop of the global economic downturn, the year to 31 May 2009 was one of consolidation and integration of our businesses. Turnover decreased 5.6% to £19.76 million (2008: £20.93 million), impacted by a small number of cancelled and delayed projects, most of which will occur in the current financial year.

One of the Group's key performance indicators is gross profit which decreased by £1.02 million to £2.88 million, down by 26% on the prior year. Gross profit margins for the year were 14.6% (2008: 18.6%). This reduction was impacted by two of the Group's projects underperforming financially as well as the delays and cancellations mentioned above and general downward pressure on programme budgets. Adjusted operating profits* decreased 43% to £1.25 million (2008: £2.20 million).

Costs of £0.07 million (2008: £0.10 million) were incurred in the period in relation to professional fees in relation to unsuccessful corporate transactions. The prior year exceptional items included £0.64 million of costs associated with listing on AIM in November 2007 and £0.1 million of costs in relation to an unsuccessful merger. Reported profit before tax for the year was £1.1 million (2008: £1.30 million).

The Group had cash and cash equivalents of £3.03 million at 31 May 2009 (2008: £6.33 million). Deferred consideration payments in respect of acquisitions in prior periods of £0.15 million and debt repayments of £0.3 million were also made during the year. The Group incurred capital expenditure of £0.9 million in the year to 31 May 2009, principally on expansion and upgrade of its post production facilities.

As at 31 May 2009, the Group had net assets of £8.66 million (2008: £7.75 million).

* adjusted for exceptional administrative expenses (2009: £nil, 2008: £0.64 million), professional fees in relation to unsuccessful corporate transactions (2009: £0.07 million, 2008: £0.10 million), amortisation of intangible assets arising on business acquisitions (2009: £0.02 million, 2008: £0.04 million) and share- based payments (2009: £0.02 million, 2008: £0.02 million).

Programming

All the Group's content production businesses, Boomerang, Fflic, Alfresco and Apollo, have contributed towards a strong, multi-genre portfolio of programmes for our broadcast customers during the year. Highlights include:

Sports and AFP 

Boomerang's Sports department completed the seventh series of the Royal Television Society's award-winning "Freesports on 4" for Channel 4 and is currently in production of an eighth series. We have long and trusted relationships with major brands such as Red Bull, Quiksilver, Billabong, Xbox and Sony. 

During the year Boomerang produced "4 Sport:Road to 2012" for Channel 4 featuring Olympic hopefuls for London 2012 and two documentaries following Welsh Olympic hopefuls - "Y Ras i Lundain" for S4C. Also in production for S4C is a second series of the extreme sports show, "Chwa".

Following the success of "4Sport: Road to 2012" we were commissioned by McCain to produce the "Track and Field show" on Channel 4. This was one of a number of important commissions by our AFP division during the year, including "Sony Eriksson B-boy Championships" and "Sony Playstation GT Academy" - both of which have been recommissioned.

Post year-end we have made exciting announcements: setting up Big Freeze Limited, with Channel 4 and Sportsvision, and acquiring Method, a multimedia producer specialising in snowboarding. Both these businesses will utilise the core skills of our AFP division and enable us to maximise the value of our brands.

Drama

Apollo, which is now the specialist drama department responsible for all of the Group's drama output, has delivered a critically acclaimed 90-minute film for S4C entitled "Martha, Jac a Sianco" and the third series of their Rose d'Or award-winning drama, "Con Passionate" which follows a Welsh male voice choir. Both productions were successful at the Welsh Baftas with "Martha, Jac a Sianco" winning a staggering six awards.

The second series of both "Teulu", a ten-part 60-minute drama set around a doctor's surgery in Aberaeron, and "Dau dy a Ni", a ten-part thirty-minute teen drama set in a foster home in the Welsh valleys, were both filmed in the period for S4C, and "Teulu" has been subsequently recommissioned for a third series.

Other one-off dramas delivered by the Group during the year for S4C included "Ryan a Ronnie", "Y Rhwyd", "Omlet", "Cymru Fach" and "Beryl, Cheryl and Meryl".

Comedy, Entertainment and Music

For S4C, the Group produced a Christmas special of the award-winning "PC Leslie Wynne Show", the second series of a ten-part travel quiz show "0 ond 1" and an eight-part comedy chat show "Tudur Owen o'r Doc". 

A two-part celebrity reality show on a cattle ranch won a Welsh Bafta. "Saith Magnifico" featured Matthew Rhys and was filmed in Arizona as part of a substantial Christmas schedule from the Group for S4C. 

The Boomerang 'in production' portfolio includes: 

*     "Bandit" - four specials of its late-night youth music show featuring Welsh music festivals

*     "Nodyn" - the second series of the music show showcasing the best in contemporary  welsh music

*     "Gofod" - series one of a twice weekly irreverent youth magazine show

*     "Tenor" - a four-part factual entertainment series for BBC Wales fronted by Only Men Aloud's charismatic conductor Tim Rhys Evans searching for the secrets of the tenor voice

*     "Elvis Weekend" - a one-off special (also BBC Wales) showing what happens when thousands of fans take over a seaside town for three days of Elvis-mania

*     "Seren Bethlehem" - an eight-part flagship series featuring the village of Bethlehem in West Wales as the locals prepare to produce a very special nativity show

*     "Tudur Owen o'r Doc" - series two with the stand up comedian Tudur Owen and guests

*     "PC Leslie Wynne" - a second one-hour Christmas comedy special

*     "Cyngerdd y Cardis" - a celebratory gathering of past National Eisteddfod winners of the prestigious Blue Ribbon singing competition

Lifestyle

Fflic has produced another season of its high-end, lifestyle programming for S4C. As extensions of existing successful strands, "04 Wal Gwestai" looks at the architecture and design of hotels around the world; "Y Dref Gymreig" investigates historical and vernacular house-building in Welsh towns; and "Cwpwrdd Dillad" considers an individual's life through their wardrobe.

For the current year Fflic is in production for two new series: "Cartrefi Cefn Gwlad Cymru" and "Tocyn".

Children's

In November 2008, Boomerang started the second year of its £4 million contract for S4C's "Planed Plant" children's continuity links. This contract has been extended until April 2010 when the new £4 million per annum expanded contract for programming and links for older children will start.

Series produced or in production in the period include "Yn yr Ardd", "Heini", "Dawnstastig 2", "Jac Russell", "Garej", "123" and RTS award winning"ABC". 

The 2009 Broadcast Survey highlighted the Group as one of the largest children's content producers in the UK. Building on this expertise, we are currently in production for our first CBBC commission "Children of Prisoners".

Series currently in production by Fflic include "Garej 2", "Ant ac Al ar y Ffordd", "Y Salon" and "Yn yr Ardd 2", and by Boomerang: "Twm Tisian", "Ty Cyw" and a 60-minute film "Ble mae Cyw?"

Factual

For BBC Wales, Boomerang has produced "Chiefs", with David Williams (a former BBC broadcaster); "Kick into Reading" linking storytelling with football through famous storyteller Pat Ryan and the players and coaches of Cardiff City FC; and "The Member for Happiness", a documentary marking the death of the flamboyant Welsh MP Leo Abse.

For S4C the Group has produced the one-offs "Camp Bastion" following members of the Territorial Army's '203' Field Hospital in Afghanistan; Griffith Jenkins Griffith where actor Matthew Rhys explores the life of the Welsh entrepreneur who helped transform Los Angeles from a cow town into a metropolis; "Y Bleddiad" following bikers, a biography on Hywel Teifi Edwards and "Lawrence o Arabia" where Welsh born Ali Yassine follows in the footsteps of T E Lawrence.

For Channel 4's Cutting Edge strand, Boomerang is in production of "Harrow Scholarships" a documentary made with access to Britain's most expensive public school. This film focuses on a scholarship that offers boys from less well-off families a fully funded place amongst the public school elite. 

Events

In July 2008, Boomerang produced the live broadcast of the "Royal Welsh Agricultural Show" for the third year of a four-year contract with S4C which included over 60 hours of live TV broadcast, live web streaming and interactive coverage. The Group's joint venture company, Hanner:Hanner, produced in May 2009 the live broadcast of the "Eisteddfod Genedlaethol yr Urdd" for the fourth year of a four-year contract.

Post-production and facilities

The Group further expanded its in-house post-production department during the period, investing in high-end suites, expanding High Definition capability and increasing central unity storage. These cutting-edge facilities provide a high quality finish to productions across the Group and for external clients. 

The Group's in-house studios continued to be highly utilised, mainly to service the "Planed Plant" contract, and the Group's camera facilities joint venture, Zoom, continued to expand in its first full year of operation.

Radio

The Group continues to supply a diverse range of radio programmes, particularly for BBC Radio Wales and Radio Cymru, and during the year produced its first content for Radio 5.

Talent management

In its second full year of trading, Boom Talent, a management company representing actors and presenters in film, television, theatre, radio, corporate and voice-over work, continues to establish itself and to increase its profile and client base - which has now grown to 29.

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 for the "Royal Welsh", "Eisteddfod Genedlaethol yr Urdd" and "Planed Plant".

Indus acqusition 

On 20 October 2009, Boomerang announced the acquisition of Indus Films Limited, the Welsh-based, network-focused, award winning production company for an initial consideration of £1.1m. This acquisition significantly expands Boomerang's customer base and genre offering and will further enhance our position as the supplier of choice to the Network Broadcasters looking to fill their quotas for the Nations and Regions. The acquisition is expected to be earnings enhancing for Boomerang in the financial year ending 31 May 2010.

Regulatory environment

Ofcom, the Industry Regulator, published Phase 2 of its second public sector broadcasting review on 25 September 2008. This for the first time proposes a specific quota (3%) from outside England from 2010 for Channel 4 together with an increase in the outside London quota from 30% to 35%. Ofcom also "welcomes the BBC's target to reach 50% out-of-London production, with 17% from the nations*". Together with a very positive review from Ofcom of S4C, this strengthens our belief that being based in the Nations, and Wales in particular, provides substantial opportunities for the Group.

Dividend policy

The directors are not recommending the payment of a dividend for the year (2008: £nil). The declaration of any future dividends will depend on the Company and Group's results, its financial position, cash requirements, future prospects and other factors deemed to be relevant at that time. In due course, the directors intend to adopt a progressive dividend policy.

Going concern 

The group has considerable financial resources together with a long-term relationship with its key customer. Due to the nature of the group's business, management have visibility over its pipeline of productions over the foreseeable future, which is fully funded by its customers. As a consequence, the directors believe the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors, after making enquiries, have a reasonable expectation that the company will have adequate resources to continue operating for the foreseeable future and therefore the going concern basis has been adopted in preparing the accounts. 

Outlook

Our position as a multi-genre independent television production company based in the Nations and Regions makes us ideally placed to take advantage of the regulations within the market in which we operate.

Our success in securing new contracts and track record on recommissions provides the Group with excellent visibility over revenues for the next financial year and the first half of 2011, a position not often experienced in our industry. 

Integration of our businesses is continuing well, and our talented teams of people are developing many new ideas for our clients, which is helping us to grow our business organically. Our AFP division continues to grow and the additions of Big Freeze Limited and Method should ensure that we can further exploit our core skills in this area. The acquisition of Indus Films Limited will significantly diversify the Group's customer base and broaden its genre offerings to include adventure, environmental, living history, natural history and the arts.

We will also continue to look for further acquisitions that can add value for shareholders in a fast-changing media marketplace.

Huw Eurig Davies                                             Mark Fenwick

Chief Executive Officer                                    Finance Director

26 October 2009                                                26 October 2009            
            

      BOOMERANG PLUS PLC

Consolidated income statement

Year ended 31 May 2009

                                                                2009      2008
                                                      Note     £'000     £'000
                                                    
 Continuing operations                              
 Revenue                                                      19,759    20,931
   Cost of sales                                            (16,882)  (17,034)
                                                    
 Gross profit                                                  2,877     3,897
                                                    
 Administrative expenses                            
   Other administrative expenses                             (1,862)   (1,874)
   Exceptional administrative expenses                   2         -     (642)
   Professional fees in relation to unsuccessful                (66)      (97)
 corporate transaction                              
   Amortisation of intangibles arising on business              (21)      (38)
 acquisitions                                       
   Equity-settled share-based payments                          (23)      (23)
                                                    
 Total administrative expenses                               (1,972)   (2,674)
 Other operating income                                          232       133
 Share of results of joint ventures and associates                 3        48
                                                    
 OPERATING PROFIT                                              1,140     1,404
                                                    
 Investment revenue                                               25        32
 Finance costs                                                  (71)     (133)
                                                    
 PROFIT BEFORE TAX                                  
                                                               1,094     1,303
                                                    
 Tax                                                     3     (207)     (617)
                                                    
 PROFIT FOR THE YEAR                                             887       686
                                                    
 Attributable to:                                   
 Equity holders of the parent                                    887       686
                                                    
 Earnings per share                                      4
 Basic                                                         9.96p     8.77p
                                                    
 Diluted                                                       9.70p     8.31p
                                                    
 Adjusted - basic                                             11.20p    18.99p
                                                    
 Adjusted - diluted                                           10.91p    17.78p
                                                    

      BOOMERANG PLUS PLC

Consolidated statement of changes in equity

Year ended 31 May 2009

                                                           Share                                        Total
                                          Share  premium account       Merger   Retained earnings      equity
                                        capital            £'000       reserve              £'000       £'000
                                          £'000                          £'000
 Group                             
 Balance at 1 June 2007                      68              969         1,217              1,801       4,055
 Profit for the financial year                -                -             -                686         686
 New shares issued (*)                       21            2,962             -                  -       2,983
 Equity-settled share-based                   -                -             -                 23          23
 payments                          
                                   
 Balance at 31 May 2008                      89            3,931         1,217              2,510       7,747
                                   
 Profit for the financial year                -                -             -                887         887
 New shares issued                            -                2             -                  -           2
 Equity-settled share-based                   -                -             -                 23          23
 payments                          
                                   
 Balance at 31 May 2009                      89            3,933         1,217              3,420       8,659
                                   
                                   

The Group has taken advantage of section 612 of the Companies Act 2006 and therefore the excess over the nominal value of shares issued other than for cash has been allocated to the merger reserve. 

(*) Amount is stated net of share issue costs of £150,000

      BOOMERANG PLUS PLC

Consolidated balance sheet

31 May 2009

                                            2009    2008
                                           £'000   £'000
                                        
 NON-CURRENT ASSETS                     
 Goodwill                                  2,131   2,108
 Other intangible assets                   1,161   1,229
 Property, plant and equipment             1,686   1,662
 Investments                                 147     124
                                        
                                           5,125   5,123
                                        
 CURRENT ASSETS                         
 Inventories                                   -       3
 Trade and other receivables               3,625   2,851
 Current tax assets                          219       -
 Cash and cash equivalents                 3,027   6,325
                                        
                                           6,871   9,179
                                        
 TOTAL ASSETS                             11,996  14,302
                                        
 CURRENT LIABILITIES                    
 Trade and other payables                  2,106   4,894
 Current tax liabilities                     407     589
 Interest-bearing loans and borrowings       307     278
 Deferred consideration                      209     174
                                        
                                           3,029   5,935
                                        
 NON-CURRENT LIABILITIES                
 Interest-bearing loans and borrowings       175     290
 Other payables                               17      68
 Deferred tax liabilities                    116     103
 Deferred consideration                        -     159
                                        
                                             308     620
                                        
 TOTAL LIABILITIES                         3,337   6,555
                                        
 NET ASSETS                                8,659   7,747
                                        

 EQUITY                 
 Share capital               89     89
 Share premium account    3,933  3,931
 Merger reserve           1,217  1,217
 Retained earnings        3,420  2,510
                        
 TOTAL EQUITY             8,659  7,747
                        

BOOMERANG PLUS PLC

Consolidated cash flow statement

Year ended 31 May 2009

                                                                 2009    2008 
                                                                £'000    £'000
                                                         
 NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES     
                                                           5  (2,828)    1,044
                                                         
 INVESTING ACTIVITIES                                    
 Interest received                                                 25       32
 Purchase of property, plant and equipment                      (183)    (346)
 Acquisition of subsidiaries                                        -      (2)
 Acquisition of associates                                       (33)        -
 Acquisition of subsidiaries - deferred consideration    
 payments                                                       (146)    (837)
 Acquisition of intangible fixed assets                             -     (69)
 Proceeds on disposal of property, plant and equipment             54      184
                                                         
 NET CASH USED IN INVESTING ACTIVITIES                          (283)  (1,038)
                                                         
 FINANCING ACTIVITIES                                    
 Repayments of obligations under finance leases                 (340)    (329)
 Repayment of borrowings                                            -    (350)
 Proceeds on issue of shares                                        3    2,983
 Grants received                                                  150       80
                                                         
 NET CASH (USED IN)/GENERATED FROM FINANCING ACTIVITIES  
                                                                (187)    2,384
                                                         
 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS    
                                                              (3,298)    2,390
                                                         
                                                         
 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR          
                                                                              
                                                                6,325    3,935
                                                         
                                                         
 CASH AND CASH EQUIVALENTS AT END OF YEAR                
                                                                              
                                                                3,027    6,325
                                                         

BOOMERANG PLUS PLC

Notes to the preliminary announcement

1.    basis of preparation 

The financial information set out in this announcement does not constitute the company's statutory accounts for the years ended 31 May 2009 or 31 May 2008, but is derived from those accounts. Statutory accounts for 2008 have been delivered to the Registrar of Companies and those for 2009 will be delivered following the company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under s498(2) or (3) Companies Act 2006.

The Group income statement, balance sheets and cash flow statements for the years ended 31 May 2009 and 31 May 2008 have been prepared on a basis consistent with the accounting policies disclosed in the Group's annual report for the year ended 31 May 2008.

Whilst the financial information included in this preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. The Company expects to publish full financial statements that comply with IFRSs in November 2009.

2.    EXCEPTIONAL ITEMs

                                           2009  2008 
                                          £'000  £'000
                                        
 Costs associated with AIM listing            -    642
                                        

Costs associated with AIM listing were costs not directly attributable to the raising of equity. 

3.    TAX on profit on ordinary activities

                                                                  2009    2008
                                                                  £'000  £'000
 Current taxation                                               
 United Kingdom corporation tax:                                
 Current tax on income for the year at 28% (2008 - 28%/30%)*        194    618
 Adjustment in respect of prior years                                 -   (23)
                                                                
 Total current tax                                                  194    595
                                                                
 Deferred tax                                                   
 Origination and reversal of timing differences                      13     40
 Adjustments to the estimated recoverable amounts of            
 deferred tax assets arising in previous periods                      -   (18)
                                                                
                                                                     13     22
                                                                
 Total charge for the year                                          207    617
                                                                

* Included within the current tax charge is a credit of £219,000. This relates to the UK Film tax credit earned within Boom Films Limited, a subsidiary company

The difference between the total tax shown above and the amount calculated by applying the standard rate of United Kingdom corporation tax to the profit before tax is as follows:
                                                                   2009   2008
                                                                  £'000  £'000
                                                                
 Profit on ordinary activities before tax                         1,094  1,303
                                                                
 Tax on profit on ordinary activities before tax at 28%             306    387
 (2008 - 28%/30%)                                               
                                                                
 Factors affecting charge for the year                          
 Expenses not deductible for tax purposes                            34    249
 Non-deductible amortisation and impairment charges                   6     11
 Capital allowances (in excess of)/less than depreciation            17   (45)
 Unutilised tax losses                                                7     12
 Other                                                              (8)      4
 Marginal relief                                                    (2)      -
 UK Film tax credit adjustment                                    (166)      -
 Adjustment in respect of prior years                                 -   (23)
 Origination and reversal of timing differences                       -     40
 Adjustments to the estimated recoverable amounts of            
 deferred tax assets arising in previous periods                      -   (18)
                                                                
 Total tax charge for the year                                      194    617
                                                                

       4.   Earnings per share 
        

The calculation of the basic, diluted and adjusted earnings per share is based on the following data:

                                                               2009       2008
                                                              £'000      £'000
 Earnings
 Profit for the year                                            887        686
 Preferred share finance cost                                     -         17

 Diluted profit                                                 887        703
 Exceptional administrative expenses                             66        739
  Amortisation of intangibles arising on business                21         38
 acquisitions 
  Equity-settled share-based payments                            23         23

 Adjusted profit                                                997      1,503

 Number of shares                                               No.        No.
 Weighted average number of ordinary shares for the
 purpose of basic earnings per share                      8,903,478  7,824,974

 Effect of dilutive potential ordinary shares:
   Share options                                            238,178    631,148

 Dilutive weighted average number of shares               9,141,655  8,456,122

 Earnings per ordinary share - basic                          9.96p      8.77p

 Earnings per ordinary share - diluted                        9.70p      8.31p

 Adjusted earnings per share - basic                         11.20p     18.99p

 Adjusted earnings per share - diluted                       10.91p     17.78p

The Group have 12,797 options in issue but these are not considered to be dilutive and have been excluded from the weighted average number of shares for the purpose of diluted earnings per share calculation.

      5.    notes to the consolidated cash flow statement

                                                                 2009    2008 
                                                                £'000    £'000
                                                            
 Profit from operations                                         1,140    1,404
 Adjustment for:                                            
 Amortisation of intangible fixed assets                           68       65
 Depreciation of property, plant and equipment                    396      363
 Profit on property, plant and equipment disposals               (37)      (7)
 Government grants                                              (165)     (38)
 Results of joint venture                                           5     (48)
 Equity-settled share-based payments                               23       23
                                                            
 Operating cash flows before movement in working capital    
                                                                1,430    1,762
                                                            
 Increase in receivables                                        (775)  (1,034)
 (Decrease)/increase in payables                              (2,823)      870
 Decrease in inventory                                              3        2
                                                            
 Cash generated by operations                                 (2,165)    1,600
                                                            
 Income taxes paid                                              (592)    (423)
 Interest paid                                                   (71)    (133)
                                                            
 Net cash (outflow)/inflow from operating activities          (2,828)    1,044
                                                            

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
FR FGMZGVKRGLZM

RNS Number : 1587B Boomerang Plus PLC 21 October 2009

Date: 21 October 2009
On behalf of: Boomerang Plus plc ('Boomerang' or 'the Group')
Embargoed until: 0700hrs

Boomerang Plus plc

Notice of Results

Boomerang Plus plc (AIM: BOOM.L), a multi-genre, independent television production group operating within the Nations and Regions, today announces that it will be releasing its preliminary results for the year ended 31 May 2009, on Monday, 26 October 2009.

A results briefing for analysts will be held at 0930hrs 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.

RNS Number : 0486B Boomerang Plus PLC 20 October 2009

Date: 20 October 2009
On behalf of: Boomerang Plus plc ('Boomerang' or 'the Group')
Embargoed until: 0700hrs

Boomerang Plus plc

Acquisition of Indus Films Limited

Further to its announcement on 15 October 2009, Boomerang Plus plc (AIM: BOOM.L), the multi-genre independent television production group, is pleased to announce that it has completed the acquisition of Indus Films Limited ('Indus'), a Welsh-based, network-focused, award winning production company ('the Acquisition').

The Acquisition will significantly diversify the Group's customer base and broaden its genre portfolio to include adventure, environmental, living history, natural history and arts. Steve Robinson and Paul Islwyn Thomas, founders of Indus, will remain with the business and offer extensive creativity and experience to Boomerang's talented team of programme makers.

The initial consideration for the Acquisition is £1.1m in cash. Of this initial consideration, £0.88m was paid on completion and £0.22m will become payable on the first anniversary of the Acquisition. Further consideration of up to £1.295m in cash and new Boomerang shares may become payable dependent upon the achievement by Indus of profit before taxation

targets over the three-year period post the Acquisition.

For the year ended 30 June 2008, Indus achieved unaudited earnings before interest, tax, depreciation and amortisation of £0.263m and unaudited profit before taxation of £0.209m on turnover of £5.32m. Indus had unaudited net assets at 30 June 2008 of £0.122m. The Acquisition is expected to be earnings enhancing for Boomerang in the financial year ending 31 May 2010.

Huw Eurig Davies, Chief Executive Officer of Boomerang, said:

"Indus is a great strategic fit for Boomerang. We have long admired Indus' award winning talents and are delighted to have the opportunity to benefit from their experience and creativity in our own work. The Acquisition significantly expands Boomerang's customer base and genre offering and will further enhance our position as the supplier of choice to the Network Broadcasters looking to fill their quotas for the Nations and Regions."

Paul Islwyn Thomas, Managing Director of Indus, said:

"We are delighted to be joining forces with Boomerang at such an exciting time in our development. Over the last few years, both companies have produced an impressive range of programming, and this new alliance will provide an excellent creative and business platform to enable us to aim for even more ambitious targets in the future."

Steve Robinson, Director of Programmes of Indus, said:

"This is an exciting new development for Indus. We have a strong track record in making high-quality, award-winning programmes to the UK and US networks. The partnership with Boomerang will allow us to continue to grow and make the most of the opportunities coming to Wales in the future."