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| Date/Time | Headline | Source |
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| 1 | 2 | ||
| 22-12-06 | RNS |
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RNS Number:5505O Shed Productions PLC 22 December 2006 22 December 2006 Holdings in Company Shed Productions plc ("Shed" or the "Company") was notified on 21 December 2006 that AEGON UK plc Group of Companies is interested in a total of 3,164,549 Ordinary Shares of 0.1 pence each in the Company ("Ordinary Shares"), representing approximately 5.3 per cent of the Company's issued share capital. This holding is registered under the name of Citibank Nominees Limited. For the purposes of this announcement the AEGON UK plc Group of Companies means Scottish Equitable plc, Scottish Equitable (Managed Funds) Limited, AEGON Fund Management UK Ltd, AEGON Investment Management UK Ltd, AEGON Asset Management UK plc, Scottish Equitable Trustees Limited, Guardian Assurance plc, Guardian Linked Life Assurance Limited, Guardian Pensions Management Limited and Guardian Unit Managers Limited, all having a place of business at Edinburgh Park, Edinburgh EH12 9SE.
END
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| 20-12-06 | RNS |
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RNS Number:3063O Shed Productions PLC 20 December 2006 Shed Productions plc Total Voting Rights In conformity with the Transparency Directive's transitional provision 6 we would like to notify the market of the following: Shed Productions plc's capital consists of 65,024,717 ordinary shares of 0.1 pence each ("Ordinary Shares") with voting rights. No Ordinary Shares are held in treasury. Therefore, the total number of voting rights in Shed Productions plc is 65,024,717. The above figure (65,024,717 Ordinary Shares) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Shed Productions plc under the FSA's Disclosure and Transparency Rules. Enquiries
Makin PR
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| 14-12-06 | RNS |
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RNS Number:9352N Shed Productions PLC 14 December 2006 Shed Productions plc 14 December 2006 Additional Listing Shed Productions plc ("Shed" or the "Company") announces that 4,335,573 new ordinary shares of 0.1 pence each ("Ordinary Shares") have been allotted pursuant to the acquisition of Ricochet Limited ("Ricochet"). On 25 November 2005, Shed announced the acquisition of Ricochet, and that under the terms of the acquisition, part of the consideration would be paid over the following year based on the performance of the company. Further to this, the 4,335,573 Ordinary Shares are being allotted in respect of the performance related payment for the Company's financial year to 31 August 2006. Application has been made to the London Stock Exchange for the new Ordinary Shares to be admitted to AIM and it is expected that admission will take place on 20 December 2006. Directors' shareholdings Following the above allotment of the new Ordinary Shares, Shed announces that Nick Powell, a Director of the Company, holds 10,973,266 Ordinary Shares, representing approximately 18% of the issued share capital and that Nick Southgate, a Director of the Company, holds 3,279,251 Ordinary Shares, representing approximately 5% of the issued share capital. Enquiries:
Shed
John Craven, Managing Director Fred Ward, Director
END
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| 11-12-06 | RNS |
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RNS Number:6635N Shed Productions PLC 11 December 2006 Shed Productions plc Change to registered address Shed Productions plc ("Shed" or the "Company") has moved office. From today, the new registered address is: Shed Productions plc 2 Holford Yard Cruickshank Street London, WC1X 9HD Telephone: 0207 239 1010 Ends Enquiries
Makin PR
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| 28-11-06 | AFX UK Focus |
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LONDON (AFX) - Michael Grade unexpectedly resigned as chairman of the BBC to take the helm at arch rival ITV, in a move that many in the industry feel could revive the fortunes of the beleaguered commercial broadcaster. ITV this morning confirmed that Grade will replace chairman Peter Burt early next year, taking on executive responsibility for the UK's biggest commercial broadcaster. His appointment is the culmination of a turbulent four months for ITV, during which it ousted former chief executive Charles Allen, fended off a 4.7 bln stg cash-and-shares bid from cable giant NTL and saw British Sky Broadcasting grab a 17.9 pct stake in the company. Industry executives said Grade, a former director of programmes at LWT, controller of BBC 1 and then chief executive of Channel 4, has the pedigree to arrest the decline at the group's flagship ITV1 channel. "They're cock-a-hoop at ITV. Michael Grade really understands the audience and that is absolutely crucial for a commercial broadcaster," said Eileen Gallagher, chief executive of Footballers Wives creator Shed Productions. "It's a very rare individual who has that understanding of the broadcast business as well as the City." Analysts agreed that Grade could give ITV a much-needed shot in the arm. "The turnaround of ITV needs to be creative-led, and the appointment of Michael Grade could prove a masterstroke," said UK broker Numis Securities. "Grade certainly has the background to drive this (turnaround), although clearly ITV is not an overnight fix." The ITV1 channel continues to lose audience share as viewers switch to the many free-to-air digital channels available in the UK. Viewing figures have also been hit by a run of poorly received and critically panned shows, such as the recently-axed Love Island, compounding the effects of an already weak advertising market. The outgoing chairman acknowledged the "considerable" challenges facing ITV on the programming front but trumpeted Grade's defection as a "real coup" for the company. "Michael's particular blend of skills will provide ... the creative leadership which ITV needs to move forward rapidly," said Burt, whose three-year contract was due to expire in March. Grade said there was a lot of work to be done before ITV regained its place as the UK's "most watched, ... most loved, most relevant and the most innovative" TV channel. However, he said that there were signs of recovery in the schedule for its Autumn and Winter programmes -- masterminded by director of TV Simon Shaps -- and that there was no need for a radical overhaul of the creative team. "What this organisation really needs now is a period of real stability ... and confidence building. Uncertainty and creative confidence do not go together," he told reporters on a conference call. Many sector watchers believe a stronger ITV schedule could give the UK's beleaguered media industry a lift. They argue that ITV's inability to produce mass-market "event-television" has hastened the fragmentation of the UK's TV audience, prompting advertisers to channel more of their spending to websites. Ralph Bernard, who as chief executive of the UK's largest commercial radio group, GCap Media, has experienced the flight of money away from traditional media first hand, saluted Grade's appointment. "Michael has not been bought in to cut costs but to give confidence to the sector and improve content," said Bernard on a conference call with journalists. "We think (Grade's appointment) is excellent news for the whole commercial sector. It clearly underlines the fact that there is a very healthy market in traditional media," he added. Aside from Grade's creative acumen, analysts also highlighted his political skills, which will be crucial when it comes to dealing with the UK media industry regulator. Ofcom is expected to review next year the contract rights renewal (CRR) -- a mechanism put in place to limit ITV's dominance of the commercial TV advertising market after the 2004 merger of Granada and Carlton. CRR has been a thorn in ITV's side since, effectively forcing it to cut its rates as audience figures at ITV1 decline. By 3.25 pm, shares in ITV were trading down 1-3/4 pence at 110-3/4, giving back earlier gains, as traders wagered that Grade's appointment would make a takeover less likely. Grade said the near 18 pct stake bought by BSkyB for almost 1 bln stg would give the Rupert Murdoch-controlled company "absolutely" no more sway over boardroom decisions than any other shareholder. By defecting to its biggest rival, Grade has dealt the BBC a heavy blow at at a time when it is negotiating the size of future licence fee increases with the government. Since taking over as chairman of the BBC in 2004 in the wake of the Hutton inquiry, which cost previous chairman Gavyn Davies and director-general Greg Dyke their jobs, Grade has been credited with improving morale at the organisation. The nephew of Lew Grade, one of ITV's founders, he will be be paid a basic salary of 825,000 stg a year, plus bonus and pension contribution. A long-term share award will be made based upon ITV's performance over five years and equivalent to 150 pct of current salary each year, ITV added. John Cresswell, the interim chief executive, will become chief operating officer and finance director. ITV also announced the suspension of its 500 mln share buyback programme, on which it has already spent some 251 mln stg. "There's money available (for new programmes) if we feel that's the right thing to do," Grade said. simon.duke@afxnews.com sd/nes
COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited More |
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| 27-11-06 | RNS |
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RNS Number:7417M Shed Productions PLC 27 November 2006 Shed Productions plc Directors' shareholdings 27 November 2006 Shed Productions plc (the "Company") announces that it was notified that David Kogan, a Non-executive Director of the Company, today purchased 12,802 ordinary shares of 1 pence each, ("Ordinary Shares") at a price of 116 pence per share. His resultant holding of Ordinary Shares in the Company is 24,166, representing 0.04% of the issued share capital.
END
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| 15-11-06 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number:0904M
Shed Productions PLC
15 November 2006
Shed Productions plc - Final Results announcement
15 November 2006
Shed Productions PLC ("Shed" or "the Company"), one of the UK's leading
independent production companies, today announces its Final Results for the year
ended August 31st 2006.
Financial Headlines
* Turnover up 69% to #43.5 m ( 2005: #25.7m)
* Gross profit up 94% to #13m (2005: #6.7m)
* Gross margin increased to 30% from 26%
* Pre goodwill Operating profit up 54% to #8m (2005: #5.2m*)
* Pre goodwill Operating margin 18% (2005: 20%*)
* Profit before Tax (before goodwill and exceptional items) up 48% to #7.7m
(5.2m)
* Gross Profits from rights exploitation up 230% to #4.5m
* Basic earnings per share 7.44p (2005: 5.9p**)
* Adjusted basic earnings per share 9.6p (2005: 7.4p**)
* Proposed final dividend of 1p, making a total of 1.25p per share (2005: 1p
per share)
* 2005 operating profit excludes flotation costs
**2005 eps calculation is based on issued share capital at 31st August 2005
rather than weighted average.
Operational Highlights
* Acquisition of Ricochet to extend genre coverage to factual entertainment.
* Acquisition of Screentime Partners completed in September 06 to extend our
capability in exploiting our IP rights.
* Growth in UK production up to 132 hours per year.
* Increase in UK client base, now supply BBC, ITV, Channel 4, Five, Sky and
Discovery.
* Expansion of US business with the development of new programmes and the
exploitation of rights and formats; working with ABC, Fox Networks, FX, USA
Networks, Bravo, Discovery US and Touchstone.
Commenting on the results, Eileen Gallagher, CEO of Shed, said:
"I am very pleased to announce such strong results for our financial year. A
main highlight of the year was the acquisition and successful integration of
Ricochet. This was a strategic move which enabled Shed to diversify into the
factual and entertainment genres whilst securing new creative talent. In its
first nine months Ricochet has contributed 47% of the Shed Group gross profits
for 2006.
"We are confident we will continue to deliver growth in revenues and profits as
we seek to expand our portfolio of brands. Whilst we continue to grow
organically and invest in new talent, we will also look for opportunities to
expand the business through strategic acquisitions.
"I'd like to thank all employees of the Shed Group for their continued hard work
over the year and their contribution to achieving such impressive results."
Enquiries
Eileen Gallagher, CEO, Shed Productions 0788 426 7776
Sharon Makin, Makin PR 0791 810 8195
An analyst presentation will be held today at 09.30 at the offices of Bridgewell
Securities Limited, Old Change House, 128 Queen Victoria Street, London EC4V
4BJ. If you wish to attend, please contact Sharon Makin on 0791 810 8195.
Chief Executive's Statement
OVERVIEW FOR THE PERIOD
I am pleased to announce Shed Productions' full year financial results for the
period ending 31 August 2006.
Over the period turnover increased by 69% from #25.7m to #43.5 million and
profit before tax, goodwill and exceptional items increased from #5.2m to #7.7m.
Overall operating margin for the Group was 18% with Shed's margin increasing
from 20% to 22% and Ricochet's margin at 14%. The adjusted basic earning per
share is 9.6p up 30% from 2005 and we are therefore proposing a final dividend
of 1p per share. This makes the total dividend for the year 1.25p per share up
25% from 2005.
The strong profit growth and high operating margin are the results of Shed's
strategy of growing powerful brands in a range of genres that earn over many
years in the UK and internationally. It is by building these brands and keeping
tight control of production costs and overheads that makes the Shed Group
exceptionally profitable for the sector.
Shed's strategy is to grow premium, profit-earning brands organically and to
acquire companies that own existing brands and are capable of generating new
ones. Over the twelve month period Shed has made good progress in achieving
these aims.
A main highlight of the year was the acquisition and successful integration of
Ricochet. This was a strategic move which enabled Shed to diversify into the
factual and entertainment genres whilst securing new creative talent. In its
first nine months Ricochet has contributed 47% of the Shed Group gross profits
for 2006. For 2007 Ricochet has already secured 72% of turnover and they have
also achieved their target for the additional consideration under the earn out.
More recently Shed acquired the global programme sales distribution company
Screentime Partners. This strategic move enables the group to capture more value
from Shed and Ricochet's library and format sales internationally. Revenue from
the Group's IP exploitation, which mostly falls straight to the bottom line,
already accounts for nearly 40% of gross profit. We also aim to build on
Screentime's existing third party distribution business.
Drama - Shed Productions
Shed's key objective of widening its customer base post the Communications Act
and the new terms of trade was swiftly achieved with a new primetime BBC 1
series Waterloo Road. This eight hour series aired in March 2006 and delivered
strong audiences for the BBC particularly among the sought after younger
audiences. A second series of 12 hours is presently in production for
transmission early in 2007 and a third series of 20 hours is in development for
possible transmission starting in the autumn of 2007.
During the period Shed Productions delivered two major drama brands for ITV -
Footballers' Wives series five for ITV 1 and the spin off drama Footballers'
Wives Extra Time series two for the digital channel ITV 2, which were
transmitted in the spring season. Shed also delivered series 8 of Bad Girls
scheduled over the summer. Both Bad Girls 8 and Footballers' Wives 5 series
delivered strong audiences in a difficult ITV1 schedule especially for the
target young demographic. Despite this performance neither series was
re-commissioned by ITV, however both brands continue to earn high margin profits
through library and format sales around the world and Shed has many new drama
brands in the late stages of development for key UK broadcasters (see Outlook
for 2007).
During the period ITV commissioned a 90 minute TV film Cat Walk Dogs written by
Men Behaving Badly creator Simon Nye, for transmission in autumn 2007. This is a
pilot for a possible series for 2008.
Shed Productions managed to increase an already high operating margin of 20% in
2005 to 22% in 2006. This is despite the fact that a higher percentage of
production hours in the period was for lower cost dramas for digital channels.
This improved operating margin is due to Shed's ability to keep a tight control
of overheads and production costs and increased profits from IP exploitation.
Shed Productions made good inroads in the US market where there is a real
appetite for Shed drama formats and original ideas for new US dramas.
Development deals were signed with four US networks: a US version of
Footballers' Wives for ABC; a US version of Bad Girls for the cable channel, FX;
a first look script deal with the Fox Network and an original drama development
deal with the USA Network, the cable arm of NBC Universal.
Revenue from the sales of Shed Productions' finished programmes continued to
grow as new territories opened up - significantly in South America, India and
China. With new markets for our dramas and as more hours are added to
our programme library, revenues from Shed's IP exploitation continue to grow
strongly.
Factual Entertainment - Ricochet
Ricochet's strategy of developing and growing strong factual entertainment
brands has continued apace during the period. All Ricochet's major existing
brands have been broadcast and recommissioned in the period.
Supernanny continues to be a major international hit, with Ricochet's finished
programmes now airing in 47 territories and with 14 local versions in
production. On the back of strong ratings, the Ricochet produced US Supernanny
was picked up by the ABC network for a third season and is due to air in
December 2006. In the UK, Supernanny continued as a ratings success on Channel 4
and it has been ordered again for 2007.
In the period, It's Me or the Dog has broadcast its second and third series and
has been picked up for a fourth series by Channel 4 for 2007. Ricochet's longest
running brand, No Going Back, is now into its sixth year and has been
recommissioned for a run of 6x30mins on Channel 4. Selling Houses, Living in the
Sun and Born to be Different have all been successfully broadcast in the period
and all have been reordered for 2007.
In addition to Ricochet's established brands, the period has seen the beginning
of some new brands, and an expanding broadcast partner base. Extreme Dreams
aired on BBC2 with a run of 20x30mins in the late summer and in the light of
strong ratings and critical success, it has been reordered for 2007 in an
extended run of 30x30mins. Sex Court has been picked up as 10x30 by E4 and
autumn 2006 has seen the successful launch of Too Big to Walk, a potential
worldwide format, screened over three consecutive nights on primetime Channel 4.
The period saw Ricochet working for the first time with Children's BBC - Clutter
Nutters; Discovery US - Off the Grid; Discovery UK - World's Toughest Tribes;
and Sky - Spontaneous Combustion and The Big Idea.
During the period, Ricochet has expanded its US office in Los Angeles and has
been in funded development with two major US cable channels, Bravo and Discovery
US, which it's hoped will convert into full commissions for 2007.
Revenue from sales of finished programmes and formats continues to grow strongly
as the Ricochet library grows. In the period, Ricochet has developed a number of
Supernanny products that will be in retail for 2007. In addition, Ricochet has
built a Supernanny website which will roll out globally through 2007. This is a
community website for parents and all child carers building on the trusted
world-wide brand of Supernanny.
Outlook for 2007
With 72% of product commissioned or agreed for 2007, Ricochet has good
visibility for the year ending 2007 and is in a good position to achieve budget
targets. We are hopeful that new series commissioned and seeded in 2006 will
grow Ricochet's portfolio into 2007 and beyond.
Shed Productions has a very healthy development slate with some major projects
in the late stages of development with broadcasters. A new drama series for ITV
1 is being developed for production and delivery in 2007. Another major drama,
Hope Springs, is in late stages of development for primetime BBC1. Shed
Productions also has funded development deals with Sky One and BBC1 for
multi-episode one hour and half hour "soaps" and is also developing a daytime
soap for ITV.
A reasonable conversion of these developments into solid commissions will enable
Shed to make up for the loss of production fee revenue resulting from the loss
of Bad Girls and Footballers' Wives. The Shed model ensures there are no costs
associated with these productions carried over to 2007. Meanwhile profit from
both Footballers' Wives and Bad Girls continues to grow strongly from format and
finished programmes sales internationally with some major new deals in prospect.
Today, Shed can announce it has concluded a deal for the sale of over 100 hours
of Bad Girls to Viacom-owned US cable channel, Logo. The deal demonstrates the
continuing appetite for high quality drama in the overseas market. Bad Girls has
already performed very well overseas and this latest deal will see Bad Girls
hitting the screens of 25 million households in the US.
Shed continues to seek to acquire companies that fit our strategy of building
strong programme brands and tying in the creative teams that create and support
them.
Meanwhile the recent acquisition of Screentime Partners helps build our
international profile and broadcaster relationships. With growing profits from
overseas sales from both Shed and Ricochet, in-house distribution will mean the
Group will no longer lose 25% - 30% of our profit to third party distributors
for our new product going forward. We also intend to grow the third party
distribution business that Screentime Partners has already established.
With a strong 2005/6 financial year behind us, we are confident of building the
Shed Group and delivering new drama and factual brands in 2007.
Eileen Gallagher
Financial Overview
The year ending 31st August 2006 saw a successful first full year as a public
company. A good sales and profit performance with strong cash generation
bolstered by a successful acquisition of Ricochet enabled the Group to reach its
expected budget.
The initial consideration for Ricochet was #25m which was satisfied by #7.5m in
cash, #10m in shares and #7.5m loan note redeemable on the first anniversary of
the deal. An additional consideration of #5m in shares was conditional upon
performance criteria for the periods ending 31 August 2006 and 31 October 2006,
which have now been met.
Capital Structure and Treasury Policy
During the year the company increased issued and authorised share capital to
59,916,944 ordinary shares of 0.1p each and 80,000,000 ordinary shares of 0.1p
each respectively.
The only bank debt the Group had on the balance sheet was a short term loan used
to fund the acquisition of Ricochet and at the 31st August 2006 the balance of
the loan was #1m (2005: Nil). There is also a loan note for #7.5m which matures
on 25th November 2006 which will be satisfied by drawing down on the short term
loan facility.
Earnings per Share
Basic earnings per share in the year was 7.44p (2005: 12.4p) based on the profit
on ordinary activities after taxation of #4.3m divided by the weighted average
number of shares in issue during the period of 57,634,688 (2005: 23,661,370).
Diluted earnings per share in the year was 7.37p (2005: 12.4p) based on the
basic earnings per share calculation above, except that the weighted average
number of shares includes all dilutive options granted by the balance sheet date
as if those options had been exercised on the first day of the accounting year
or the date of the grant, if later. This gives a weighted average number of
shares in issue of 58,151,598 (2005: 23,721,064).
After adjusting for FRS 20 charges and goodwill, adjusted basic earnings per
share is 9.6p (2005: 15.6p) and adjusted diluted earnings per share is 9.5p
(2005: 15.6p).
The large increase in the weighted average number of shares 57,634,688 (2005:
23,661,370) was due to the timing of the float of Shed productions. If we
adjusted the EPS calculation in 2005 based on the total issued share capital at
the end of the 2005 financial year the basic EPS would be 5.9p and the adjusted
EPS would be 7.4p (based on 50,000,000 shares).
Cash flow liquidity and gearing
Net Cash Inflow from operating activities was #10.1m (2005: #25.8m), this
decrease was due a change in presentation when capitalising the film asset and
there is a similar decrease in the net cash outflow from capital expenditure.
From 2006 we have only have capitalised the remaining value of the film asset
which has been apportioned to the future income, which is an average 8% of the
total film costs.
The overall net cash increase by #1m (2005: 3.1m) which was the net of the
overall growth in the business offset by the purchase of Ricochet in the year
(#7.5m).
Balance Sheet
Fixed assets The increase in fixed assets during the year represents the
capitalisation of new production during the year and the addition of Ricochet's
film library. Shed Productions plc in the current year depreciated on average
92% of assets arising from new drama productions and 94% on new factual
entertainment productions. The remainder will be amortised over the life of the
production defined by expected future sales.
Stock This has decreased in the period due to the timing of drama productions.
In the prior year FootballersO Wives 5 and Waterloo Road were held as work in
progress. In the current year production costs relating to Waterloo Road 2 are
held within work in progress.
Debtors The increase in debtors in the period is mainly due to the inclusion of
Ricochet's debtors. Of the #3.2m debtors within Shed Productions (2005: #2.9m),
#1.4m was the amount owed on the Bad Girls Christmas Special that was delivered
in the financial year but not paid for until 7th September 2006. Ricochet's
debtors of #6m included #3.2m of outstanding licence fees which were paid by
broadcasters by October 2006.
Creditors The increase in creditors in the period to #21.2m (2005: #4.0m) is due
to the loan and loan notes used to purchase Ricochet (#8.5m) and the Ricochet
creditors being included within the group. Ricochet's creditors at 31st August
2006 stood at #8.4m and included #4m deferred income, #1.7m accrued production
costs and #1.2m in residual payments.
Goodwill During the period #27.9m of Goodwill representing the excess of the
purchase price over the fair value of net assets acquired with Ricochet and is
being written off over 20 years as in the opinion of the directors this
represents the period over which the goodwill is effective.
International Financial Reporting Standards
Shed Productions plc will be reporting under International Financial Reporting
Standards ('IFRS') from the year commencing 1st September 2007. Management are
currently reviewing how this change will affect future results. However it is
anticipated it will have an impact on the presentation of the Group's results,
but should have no significant impact on the Group's trading or its cash flow.
Taxation
The tax charge for the year is #2.3m at an effective rate of 30% on the
operating profit before goodwill.
Jonathon Kemp
SHED PRODUCTIONS plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31st AUGUST 2006
2006 2006 2006 2005
Continuing Acquisition Total Restated
Unaudited Unaudited Unaudited Audited
Notes #'000 #'000 #'000 #'000
Turnover 24,268 19,219 43,487 25,691
Cost of Sales (17,360) (13,160) (30,520) (18,944)
Gross Profit 6,908 6,059 12,967 6,747
From Continuing Operations 6,908 6,059 12,967 6,772
From Exceptional Items (25)
Other operating expenses (1,584) (3,391) (4,975) (1,561)
(net)
Other operating expenses - - - - (740)
exceptional items
Goodwill - (1,088) (1,088) -
Operating Profit 5,324 1,580 6,904 4,446
Interest receivable and 133 25
similar income
Interest payable and similar (437) (2)
charges
Profit on ordinary 6,600 4,469
activities before taxation
Taxation 4 (2,310) (1,531)
Profit on ordinary 4,290 2,938
activities after taxation
Basic Earnings per ordinary 5 7.44p 12.4p
share
Diluted Earnings per 5 7.37p 12.4p
ordinary share
Statement of Recognised gains and loses
2006 2005
Total Restated
Unaudited Audited
#'000 #'000
Retained Profit for the financial period 4,141 2,438
Prior Year Adjustment - FRS 21 (500) -
Total recognised gains and losses for the 3,641 2,438
year
SHED PRODUCTIONS plc
CONSOLIDATED BALANCE SHEET
YEAR ENDED 31st AUGUST 2006
2006 2005
Notes Unaudited Audited
Restated
#'000 #'000
Fixed Assets
Tangible Assets 5,789 3,428
Goodwill 8 27,940 -
33,729 3,428
Current Assets
Stock and work in progress 203 1,517
Debtors 9,222 2,955
Cash at bank and in hand 6,631 5,612
Total Current Assets 16,056 10,084
Creditors: amounts falling due within one year 9 (21,160) (4,014)
Net Current (liabilities) /assets (5,104) 6,070
Total assets less current liabilities 28,625 9,498
Provisions for liabilities and charges 10 (5,323) -
Net Assets 23,302 9,498
Capital and reserves
Called up share capital 60 50
Share Premium 9,990 -
Other Reserves 213 50
Profit and loss account 13,039 9,398
Equity shareholders' funds 7 23,302 9,498
The accounts were approved by the Board on 10th November 2006
YEAR ENDED 31st AUGUST 2006
CONSOLIDATED CASH FLOW
2006 2005
Unaudited Audited
#'000 #'000
Net Cash (Outflow) / Inflow from Operating 10,146 25,759
Activities (see below)
Returns on investment and service of finance
Interest received 133 25
Interest paid (437) (2)
Net Cash (Outflow) / Inflow from returns on (304) 23
investment and servicing of finance
Taxation (4,390) (1,029)
Capital Expenditure
Payments to acquire film assets (2,901) (21,594)
Payments to acquire tangible fixed assets (28) (21)
Net Cash (Outflow) from capital expenditure (2,929) (21,615)
and financial investments
Acquisition
Purchase of subsidiary undertaking (7,500) -
Expenses to acquire subsidiary undertaking (604) -
Cash received from subsidiary undertaking on 6,249 -
acquisition
Net Cash (Outflow) for acquisition (1,855) -
Equity Dividends Paid (649) -
Net Cash Inflow before use of liquid 19 3,138
resources and financing
Management of liquid resources
New borrowings 1,000 -
Net Cash Inflow from financing 1,000 -
Increase in net cash 1,019 3,138
Notes to the cashflow statement
Reconciliation of operating profit to net cash inflow from
operating activities
2006 2005
Unaudited Audited
#'000 #'000
Operating Profit 6,904 4,446
Depreciation Charge 1,756 20,294
Goodwill 1,088 -
Amortisation
Share Scheme Charge 163 50
Decrease in Stock 1,314 3,405
Increase in Debtors (1,795) (1,538)
Increase in 716 (898)
Creditors
Net Cash Inflow from Operating 10,146 25,759
Activities
2006 2005
Unaudited Audited
#'000 #'000
Reconciliation of Net cash flow to
movement in net debt
Increase in cash in the period 1,019 3,138
Cash (inflow) from increase in debt and (1,000) -
lease financing
Change in net debt resulting from 19 3,138
cashflows
New loan notes (7,500) -
Net Funds at 1 September 2005 5,612 2,474
Net (Debt)/funds at 31 August 2006 (1,869) 5,612
Analysis of Net Funds
At 1 Non-Cash At 31 Aug
Sept Changes 2006
2005 Cashflow Unaudited
#'000 #'000 #'000 #'000
Cash at Bank and in hand 5,612 1,019 - 6,631
Loan Notes due within one year - - (7,500) (7,500)
Bank Loans - (1,000) - (1,000)
5,612 19 (7,500) (1,869)
Notes
Notes to the Accounts
for the year ended 31 August 2006
1. The financial information contained in this document does not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The figures for the year ended 31 August 2006 have been derived from the annual
accounts in respect of which the auditors have not yet signed their audit
report. The figures for the year ended 31 August 2005 have been extracted from
the audited statutory accounts for that year which have been filed with the
Registrar of Companies and received an unqualified auditors' report which did
not contain a statement under section 237(2) or (3) of the Companies Act 1985
2. The company has adopted FRS21 'Events after the Balance Sheet Date' from 1st
September 2005. This means dividends are now recognised in the period when
declared. The company has also adopted FRS 20 'Share Based Payments.'
Other accounting policies remain consistent with those stated in the financial
statements for the year ending 31 August 2005.
3. Dividends
An interim dividend for 2006 of 0.25p amounting to #149,000 was paid on 23rd
June 2006 (2005: #Nil interim dividend).
2006 2005
Unaudited Audited
#'000 #'000
Interim Dividend - 0.25p per ordinary share 149 -
Final Proposed Dividend 1p per ordinary share 607 -
Final Proposed Dividend 2005: 1p per ordinary shares - 500
The directors recommend the payment of a final dividend for 2006 of 1p per
ordinary share, amounting to #606,891 (2005: 1p per ordinary share, amounting to
#500,000).
The final dividend will be payable on 9th February 2007 to shareholders
registered at the close of business on 12th January 2007, subject to approval at
the AGM on 17th January 2007. The ex-dividend date will be 10th January 2007.
4. Taxation
2006 2005
Unaudited Audited
#'000 #'000
Current taxation 2,250 1,539
Deferred taxation 66 -
Adjustment in respect of prior periods (6) (8)
UK corporation tax charge 2,310 1,531
5 Earnings per ordinary share
Basic earnings per share are calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue
during the period. The weighted average number of shares has been adjusted for
the issue of shares during the year.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion for all dilutive potential ordinary
shares. These represent share options granted to employees where the exercise
price is less than the average market price of the Company's ordinary shares,
determined in accordance with the provisions of FRS 22.
2006 2005
No of shares No of shares
Weighted average number of shares in issue 57,634,688 23,661,370
Weighted average number of dilutive shares - 516,910 59,694
share options
Total number of shares for calculating diluted 58,151,598 23,721,064
earnings per share
The alternative measure of earnings per share is provided because it reflects
Shed Production's underlying trading performance by excluding the effect of
exceptional items.
2006 2005
Unaudited Audited
#'000 #'000
Basic and diluted earnings 4,290 2,938
Exceptional items net of tax - 765
Goodwill 1,088 -
Share option charge 163 -
Underlying earnings before exceptional items, 5,541 3,703
goodwill and share option charge
The 2005 figure excludes the share option charge of #50,000
Earnings per share is calculated as follows:
2006 2005
p p
Basic earnings per ordinary share 7.44 12.4
Diluted basic earnings per ordinary share 7.37 12.4
Basic earnings per ordinary share before goodwill, share 9.61 15.6
option charge and exceptional items
Diluted basic earnings per ordinary share before goodwill, 9.53 15.6
share option charge and exceptional items
6. Share capital and reserves
On 25 November 2005 the authorised share capital of the company was increased
from 50,000,000 to 59,916,944 by the creation of 9,916,944 Ordinary shares of
0.1p
7. Reconciliation of Movement in Shareholders' Funds
2006 2005
#'000 #'000
Opening equity shareholders' funds as 8,998 6,460
previously stated
Prior period adjustment - reclassification of 500 -
prior period dividend
Opening equity shareholders' funds as restated 9,498 6,460
Profit for the Period 4,290 2,938
Dividends (649) -
Increase in share capital 10 50
Premium on shares issued 9,990 -
Share Option Charge 163 50
Closing shareholders' funds 23,302 9,498
The statutory accounts for the period will be posted to shareholders in due
course and further copies will be available from the Company's registered office
at The Clockmill, Three Mill Studios, Three Mill Lane, London, E3 3DU
8. Acquisitions
On 25 November 2005 the Group acquired the issued share capital of Ricochet
Limited for cash consideration of 7.5 million, #10.0 million through the issue
of 9,916,944 new Ordinary Shares at 100.8375 pence per share (being the average
of the closing prices on the 20 business days preceding the date of completion),
representing 16.6% of the enlarged issued share capital of the Company, and #7.5
million in loan notes redeemable from the first anniversary of completion, with
a further #5.0 million in shares payable upon conditional performance conditions
that were satisfied at 31st October 2006.
This acquisition has been incorporated into the Group's balance sheet at the
fair value at the date of acquisition.
Assets and liabilities acquired
Book Fair Value Fair
Value
Adjustments Value
#'000 #'000 #'000
Tangible fixed assets 433 666 1,099
Debtors 4,501 (183) 4,318
Cash at bank and in hand 6,249 - 6,249
Creditors (9,808) (102) (9,910)
Provisions for liabilities and (17) (164) (181)
charges
Net Assets Acquired 1,358 217 1,575
Goodwill capitalised 29,028
Total Cost of Acquisition 30,603
Comprising
Cash 7,500
Loan notes 7,500
Shares allotted 10,000
Deferred consideration - shares 5,000
to be allotted
Costs 603
Total 30,603
Affect of acquisitions on Cash flow
The subsidiary undertakings acquired during the year contributed #946,666 to the
group's net operating cash flows, paid #nil in respect of net returns on
investments and servicing of finance, paid #1,681,312 in respect of taxation and
utilised #1,261,273 for capital expenditure.
9. Creditors falling due within one year
2006 2005
Unaudited Audited
restated
#'000 #'000
Revolving Loan Facility 1,000 -
Loan Notes 7,500 -
Trade Creditors 432
284
Corporation tax 401 1,617
Other taxation and social security 1,280
948
Other creditors 690
1
Payments received on account 5,700 -
Accruals and deferred Income 4,157 1,164
Total 21,160 4,014
10. Provisions and liabilities
2006 2005
Unudited Audited
restated
#'000 #'000
Deferred Tax 323 -
Deferred Share Consideration 5,000 -
Total 5,323 -
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FFAFALSMSELF
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| 01-11-06 | RNS |
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RNS Number:3823L Shed Productions PLC 01 November 2006 Shed Productions plc Holding in Company 1 November 2006 Shed Productions plc ("Shed" or the "Company") has received notification that on 31 October 2006, Talpa Beheer B.V. purchased 509,066 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares"). As a result, Talpa Beheer B.V. is interested in a total of 6,483,402 Ordinary Shares, representing approximately 10.8 per cent of the Company's issued share capital. This holding is registered under the name of Mellon Bank, N.A..
END
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| 26-10-06 | AFX UK Focus |
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LONDON (AFX) - Shed Productions was the main casualty among the minnows in morning deals after it said its ITV drama Bad Girls will not be recommissioned for a ninth series. The company said they are "disappointed" by the news, but that programme and drama development are making good progress with a number of UK and US broadcasters. Shed's shares were 22-1/2 pence lower at 99, a drop of 18.5 pct. newsdesk@afxnews.com hco/vjt
COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited More |
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| 26-10-06 | AFX UK Focus |
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LONDON (AFX) - Shed Productions PLC said its ITV drama Bad Girls will not be recommissioned for a ninth series. The company said they are "disappointed" about the news, but that programme and drama development are making good progress with a number of UK and US broadcasters. The group added that they hope to give a clearer picture on 2007 commissions in mid November when they present their preliminary results. newsdesk@afxnews.com tw/nes
COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited More |
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| 26-10-06 | RNS |
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RNS Number:0647L Shed Productions PLC 26 October 2006
Shed Productions plc ("Shed" or the "Company") announces today that its ITV drama, Bad Girls, will not be re-commissioned for a ninth series. Eileen Gallagher, CEO of Shed Productions said: "Naturally we're disappointed that Bad Girls has not been re-commissioned, especially as the last series performed well during a tough summer for ITV, particularly amongst the valuable younger audiences. "Programme development for the Group continues to progress positively and drama development is gathering pace with a number of broadcasters in the UK and in the US. Decisions on these developments are expected over the next few weeks and we hope to be able to give a clearer picture on 2007 commissions when we present our preliminary results in mid-November."
Enquiries
CEO Shed Productions
Makin PR
END
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| 24-10-06 | RNS |
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RNS Number:9373K Shed Productions PLC 24 October 2006
SHED PRODUCTIONS PLC Notification of Preliminary Results Shed Productions plc ("Shed" or the "Company") will announce its Preliminary Results for the twelve months ended 31 August 2006 on Wednesday 15 November 2006. An analyst briefing will be held at 09.30 on 15 November at the offices of Bridgewell Limited, Old Change House, 128 Queen Victoria Street, London EC4V 4BJ. If you wish to attend, please contact Sharon Makin by email: Sharon@makinpr.com. Ends Enquiries
END
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| 13-10-06 | RNS |
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RNS Number:4330K Shed Productions PLC 13 October 2006 Shed Productions plc Holding in Company 13 October 2006 Shed Productions plc ("Shed" or the "Company") has received notification that on 10 October 2006, Talpa Beheer B.V. purchased 910,000 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares"). As a result, Talpa Beheer B.V. is interested in a total of 5,974,336 Ordinary Shares, representing approximately 10.0 per cent of the Company's issued share capital. This holding is registered under the name of Mellon Bank, N.A..
END
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| 03-10-06 | AFX UK Focus |
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(Adding background information on Talpa Beheer, analyst comment) LONDON (AFX) - Shed Productions PLC said Talpa Beheer, an investment vehicle owned by Dutch media tycoon and Big Brother creator John de Mol, has raised his holding in the British TV production house. In a statement, the maker of hit series 'Footballers' Wives' said de Mol now holds a 8.45 pct stake in the group, compared to just over 3 pct at the start of August. Shed is not the only UK production company to have attracted de Mol's attention. In August he upped his holding in RDF Media, the creator of 'Faking It', to 16.1 pct stake. Patrick Yau at Bridgewell Securities said de Mol has traditionally invested in content companies. "He's probably looking at the leverage between traditional and new media, creating the rights in one and selling them multiple times across other platforms," said the media analyst. The prospect for more corporate activity is also likely to have enticed de Mol into the sector. "The independent production sector is fragmented but it has begun to consolidate, and I expect more of that to come through," said Roddy Davidson at Altium Securities. RDF itself has been at the forefront of that emerging trend, snapping up smaller rivals The Comedy Unit and Foundation TV Productions for a combined 16.5 mln stg in August. In July, meanwhile, US private equity house Permira picked up the UK's largest independent production house, All3Media, for 320 mln stg, in a move seen as increasing the prospects for further consolidation in the sector. By 10.10 am, shares in Shed Productions were unchanged while RDF Media added a penny to 212-1/2 pence, giving them respective market capitalisations of 70 mln stg and 79 mln. simonduke@afxnews.com sd/ak
COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited More |
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| 03-10-06 | AFX UK Focus |
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LONDON (AFX) - Shed Productions PLC, the TV production group, said Talpa Beheer BV now holds around 5.06 mln shares in the company, equivalent to a stake of 8.45 pct. Talpa Beheer has been increasing its stake in Shed gradually from just over 3 pct at the beginning of August. Talpa's holding is registered under the name of Mellon Bank, NA. newsdesk@afxnews.com ak
COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited More |
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| 03-10-06 | RNS |
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RNS Number:8458J Shed Productions PLC 03 October 2006 Shed Productions plc Holding in Company 3 October 2006 Shed Productions plc ("Shed" or the "Company") has received notification that on 29 September 2006, Talpa Beheer B.V. purchased 588,788 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares"). As a result, Talpa Beheer B.V. is interested in a total of 5,064,336 Ordinary Shares, representing approximately 8.45 per cent of the Company's issued share capital. This holding is registered under the name of Mellon Bank, N.A..
END
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| 02-10-06 | RNS |
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RNS Number:8213J Shed Productions PLC 02 October 2006 Shed Productions Plc The following amendment has been made to RNS number 6200J announced on 28 September 2006 relating to the Acquisition of Screentime Partners Limited. In that announcement, the number of shares issued as part of the consideration was incorrectly stated as 722,200. This figure should have been stated as 772,200. Therefore, the initial consideration of GBP2.0 million is to be satisfied as to GBP1.0 million in cash and GBP1.0 million through the issue of 772,200 new ordinary shares at 129.5 pence per share (being the average of the closing prices on the 20 business days preceding the date of completion), representing 1.3% of the enlarged issued share capital of the Company. Application will be made for the 772,200 new ordinary shares to be admitted to trading, and admission is expected to occur on 4 October 2006. Enquiries:
END
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| 28-09-06 | AFX UK Focus |
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LONDON (AFX) - TV production company Shed Productions PLC said it has bought distribution firm Screentime Partners Ltd for up to 3 mln stg. Shed will pay 2 mln stg in cash and shares initially, plus a further 1 mln stg dependent on Screentime's performance to June 30, 2008, the company said. Screentime has a strong presence in Australia, China, and other Asian countries, Shed noted, and posted sales for the year to June 30 of around 1.3 mln stg. newsdesk@afxnews.com abr
COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited More |
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| 28-09-06 | RNS |
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RNS Number:6200J Shed Productions PLC 28 September 2006 Shed Productions plc Acquisition of Screentime Partners Limited Shed Productions plc ("Shed" or the "Company"), one of the UK's leading independent television production companies, is pleased to announce the acquisition of Screentime Partners Limited ("Screentime Partners") a global distribution company. The initial consideration is #2.0 million payable in a mixture of cash and ordinary shares, with a further #1.0 million payable in a mixture of cash and ordinary shares dependent upon Screentime's financial performance up to 30 June 2008. Screentime Partners was formed in August 2003 by its management team with the backing of Screentime Group. It distributes a range of high quality entertainment programmes to broadcasters and producers worldwide. Screentime Partners has a strong presence in Australia and the Far East including China, which is one of the largest growing markets for content in both traditional and new media. Currently, Screentime Partners has over 400 hours of programming in its catalogue including 'To Catch A Thief', 'Can You Live Without..?' and 'Best Of The Worst'. Turnover for the year ended 30 June 2006 was approximately #1.3 million and the company made a loss of #59,000. The acquisition of Screentime Partners represents an important part of Shed's strategy detailed at the time of the IPO. It fulfils our aim to bring in-house the expertise in international distribution thus enabling Shed to capture more of the profit from the Group's IP exploitation in traditional and new media. Screentime Partners will continue to conduct business with third party producers and Shed will encourage growth in this part of the business also. Consideration Initial consideration of #2.0 million is to be satisfied as to #1.0 million in cash and #1.0 million through the issue of 722,200 new ordinary shares at 129.5 pence per share (being the average of the closing prices on the 20 business days preceding the date of completion), representing 1.3% of the enlarged issued share capital of the Company. Application will be made for the new ordinary shares to be admitted to trading, and admission is expected to occur on 4 October 2006. The cash element of the consideration will be funded from Shed's existing cash resources. In addition, subject to certain performance criteria for the period to 30 June 2008, additional consideration of up to #1.0 million will be payable in new ordinary shares and cash. The total maximum consideration is therefore #3.0 million. Eileen Gallagher, Chief Executive Officer of Shed commented: "Screentime Partners have a talented team led by Chris Bonney. They have built up a successful worldwide distribution business and we are delighted to have them on board. "With the growth of the Group's product and as new commissions are won, the acquisition means Shed will be in a strong position to increase revenue by fully exploiting the ancillary rights to all of its products and maximise on distribution opportunities." Chris Bonney, Chief Executive, Screentime Partners commented:
"The Shed Group has consistently produced sought after quality programmes that
have been distributed worldwide. The growing diversity of the Shed and
Ricochet output complements and greatly expands our existing portfolio with
business together." Des Monaghan, Executive Director, Screentime Group commented: "We are delighted by this development which we see as the start of an important relationship with the Shed Group and which we believe will present us both with some exciting collaborative opportunities. " Enquiries:
Enquiries
END
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| 14-09-06 | AFX UK Focus |
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LONDON (AFX) - Shed Productions PLC said its full-year is trading in line with expectations and it looks to the coming year with confidence. In a trading statement ahead of its full year results to August 31, the independent production company said its existing portfolio of programmes continued to perform well, with a new ITV1 drama commissioned along with 50 hours of factual entertainment. Shed said it cannot predict whether ITV will re-commission its hit TV series Bad Girls, but added the current season has done well in a difficult summer for ITV. The company added programme development continues to progress well although it will have a clearer indication of the 2007 order book when it announces its preliminary results in November. Commenting on international sales, the company expects this area of the business to continue to grow as it contributes strongly to the bottom line, with sales in line with expectations over this period. newsdesk@afxnews.com ks
COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited More |
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