TIDMMFP
RNS Number : 1501P
Music Festivals PLC
29 September 2011
29 September 2011
Music Festivals plc
("Music Festivals" or the "Group")
Unaudited half-yearly results for the period ended 30 June
2011
Music Festivals plc (AIM: MFP), a company which owns, develops
and produces music festivals, is pleased to announce its
half-yearly results for the period ended 30 June 2011.
Highlights
-- The Group was admitted to trading on AIM on 28 June 2011,
raising GBP6.5 million (gross) through a placing of 5,421,259 new
ordinary shares at 65p per share and GBP3 million nominal of
convertible loan notes at par
-- Acquisitions of five companies at an aggregate cost of
GBP12.3 million were made during the period, funded by a further
issue of new ordinary shares and a further issue of GBP2.3 million
nominal of convertible loan notes
-- The five companies acquired were: Benicassim Limited (the
parent company of Maraworld, SA); Kent Festival Limited; Finsbury
Park Events Limited; EP Events Limited; and SP Events Limited
-- As a result, the Group owns and produces the following live
music festivals:
-- Benicassim - the largest international live music festival in
Spain, held annually in the Castellon region, close to
Valencia;
-- Hop Farm Music Festival - a large live music festival with
internationally acclaimed artists held annually at the Hop Farm,
Paddock Wood, Kent, England;
-- The Feis Festival - a new two-day Irish-focused music
festival held in Finsbury Park, London; and
-- Two other companies which did not trade during the period
-- Net cash of GBP2.2 million as at period end
-- All revenues earned in second half of financial year
David Mansfield, Non-Executive Chairman of Music Festivals plc,
commented:
"I am very pleased that the Group obtained its listing on AIM
and acquired festivals which showcase some of the best live music
talent in the international festival market.
"Due to the timing of the completion of the acquisitions, the
interim results only include trading for the two days at the end of
the period under review. The second half of the year will contain
all the trading revenue since this is the period during which the
Benicassim and Hop Farm Music Festival take place.
"The only income generated by the acquired companies in the
period under review was that for The Feis Festival, but since this
occurred pre-acquisition, its results are not consolidated.
Following the end of the period under review, the two major
festivals took place, with record ticket sales at Benicassim
Festival ("FIB") and encouraging ticket sales at the Hop Farm Music
Festival.
"FIB sold almost double the number of tickets for the 2011
festival compared with 2010 and the number of festival-goers across
the four days was over double that in 2010.
"The Hop Farm Music Festival tickets sales for 2011 were ahead
of 2010 albeit over a three day period as opposed to the two day
period in 2010. The three day festival led to a 34.4% increase in
festival-goers against 2010.
"Whilst the Directors were encouraged by the increase in ticket
sales at both festivals for 2011, due to increased costs the gross
margin and profitability of the festivals was lower than
expected.
"The investment made in the current year to grow the ticket
sales is expected to benefit the advance bookings for the festivals
for 2012. Tickets for FIB 2012 went on sale in July 2011 and are
encouraging at this early stage. Tickets for the Hop Farm Festival
2012 went on sale on Friday, 23 September 2011 and are also
encouraging at this early stage.
"Our strategy is to maximise the quality of the offering to
festival-goers and increase the attendance levels at the Hop Farm
Music Festival as well as FIB, where capacity allows. We shall seek
out growth areas in live music festivals through both organic
growth and further acquisitions."
For further information please contact:
Music Festivals plc
Vince Power (Chief Executive) Tel: +44 (0)20 7644
1420
Merchant Securities Limited (Nominated Adviser and Broker)
John East/Virginia Bull Tel: +44 (0)20 7628
2200
Mission Public Relations
Andrew Murray-Watson Tel: +44 (0)20 7845
7800
Chairman's Statement
I am pleased to report the interim results for Music Festivals
plc for the two day period ended 30 June 2011.
Group Activity
During the period five acquisitions, at a total cost of GBP12.3
million, were made to acquire Benicassim Limited, Kent Festival
Limited, Finsbury Park Events Limited, EP Events Limited and SP
Events Limited:
-- The acquisitions own and manage the following major music
festivals:
-- Benicassim (FIB) - the largest international live music
festival in Spain, held annually in the Castellon region, close to
Valencia. Headline artists that have played the festival include
Oasis, Muse, The Killers, Gorrilaz, Kings of Leon, Radiohead,
Kasabian and Franz Ferdinand with over 100 artists playing live
each year;
-- Hop Farm Music Festival - a large live music festival with
internationally acclaimed artists held annually at the Hop Farm,
Paddock Wood in Kent. Headline artists that have played the
festival include Neil Young, Bob Dylan, Eagles, Prince, Morrissey
and Paul Weller with around 80 artists playing live each year and
growing; and
-- The Feis Festival - a new two-day Irish-focused music
festival held in Finsbury Park, London.
Current Trading
After the end of the period under review, the Company's two
major festivals took place, Benicassim ("FIB") and the Hop Farm
Music Festival. The Directors were encouraged by the performance of
these festivals, which generated the strongest ticket sales ever at
FIB and encouraging ticket sales at Hop Farm Music Festival.
FIB sold almost double the number of tickets for the 2011
festival compared with 2010 and the number of festival-goers across
the four days was over double that in 2010.
The Hop Farm Music Festival tickets sales for 2011 were ahead of
2010 albeit over a three day period as opposed to the two day
period in 2010. The three day festival led to a 34.4% increase in
festival-goers against 2010.
Whilst the Directors were encouraged by the increase in ticket
sales at both festivals for 2011, due to increased costs the gross
margin and profitability of the festivals was lower than
expected.
The investment made in the current year to grow the ticket sales
is expected to benefit the advance bookings for the festivals for
2012. Tickets for FIB 2012 went on sale in July 2011 and are
encouraging at this early stage. Tickets for the Hop Farm Festival
2012 went on sale on Friday, 23 September 2011 and are also
encouraging at this early stage.
Funding and Results
The Group issued 14,189,640 new ordinary shares during the
period which, when valued at 65p, the price at which ordinary
shares were placed on admission to AIM, had a market value of
GBP9.2 million. In addition, the Group issued GBP5.3 million of
convertible loan notes. Of these, the securities issued on
admission to AIM were 5,421,259 new ordinary shares at 65p per
share and GBP3 million nominal of convertible loan notes at
par.
There were negligible operating losses of GBP22,000 incurred
within the two day trading period. The Group had net funds of
GBP2.2 million as at the period end.
Board Changes
We are pleased to appoint Matt Heiman to the Board as
Non-executive Director. Matt has a mergers and acquisitions
background and has founded, as well as invested in, a number of
start-ups including Mobix Trading and Diagonal View.
A separate announcement incorporating further details with
regards to Mr Heiman's appointment, including the information
required by Schedule 2(g) of the AIM Rules, will be made
shortly.
In addition, Noel Lyons has resigned from the Board as a
Non-executive Director with immediate effect. We would like to
thank him for his contribution towards the Company's IPO and wish
him all the best for the future.
Outlook
The second half of the year will produce all the annual revenue
for the Group, since it is the trading period in which FIB and Hop
Farm Music Festival took place.This preponderance of income in the
second half of the year is expected to continue for the foreseeable
future.
The Group's strategy is to maximise the quality of the
experience to festival goers and to increase the attendance levels
at the Hop Farm Music Festival as well as FIB, where capacity
allows. The Directors will also seek growth areas in live music
festivals, through both organic growth and potential further
acquisitions
We look to the future with confidence.
David Mansfield
Non-Executive Chairman
Consolidated Statement of Comprehensive Income (unaudited)
For the period ended 30 June 2011
Period to
30 June 2011
Note GBP'000
Operating and administrative expenses
distribution costs (22)
--------------
Operating loss (22)
Loss before taxation (22)
Taxation -
--------------
Loss for the period attributable to shareholders (22)
==============
Loss per share 5 Pence
Basic (0.232)
Diluted (0.189)
Consolidated Statement of Financial Position (unaudited)
as at 30 June 2011
30 June 2011
GBP'000
Assets
Non-current assets
Intangible assets 15,194
Tangible assets 15
Investments 9
-------------
15,218
-------------
Current assets
Trade and other receivables 7,948
Cash and cash equivalents 2,157
-------------
10,105
Current liabilities
Trade and other payables (11,567)
-------------
Net current liabilities (1,462)
-------------
Non-current liabilities
Financial liabilities - borrowings (5,340)
-------------
Net assets 8,416
=============
Shareholders' equity
Share capital 1,469
Share premium 6,969
Retained earnings (22)
-------------
Total equity 8,416
=============
Consolidated Statement of Cash Flows (unaudited)
For the period ended 30 June 2011
Period to
30 June 2011
GBP'000
Net Cash out flow from operating activities beforeChanges
in working capital (22)
Decrease in trade and other receivables 191
Decrease in trade and other payables (79)
--------------
Net cash flow generated from operating activities 90
--------------
Investing activities
Acquisitions of subsidiary undertakings including non-cash
items (12,285)
--------------
Net cash outflow from investing activities (12,285)
--------------
Financing activities
Issue of ordinary share capital 9,223
Issue of convertible loan stock 5,341
Expenses related to the issue of ordinary share capital
and convertible loan stock (1,110)
Conversion of unsecured loan to ordinary share capital (250)
--------------
Net cash flow from financing activities 13,204
--------------
Net increase in cash and cash equivalents in the period 1,009
Cash and cash equivalents at the beginning of the period 1,148
--------------
Cash and cash equivalents at the end of the period 2,157
--------------
Notes to the Interim Report
1. Corporate Information
Music Festivals plc ("the Company") is a company incorporated in
England and Wales and quoted on the London Stock Exchange's AIM
Market.
2. Basis of preparation
These condensed interim financial statements of the Company and
its subsidiaries ("the Group") for the period ended 30 June 2011
have been prepared using accounting policies consistent with
International Financial Reporting Standards (IFRSs).
These condensed interim financial statements do not constitute
Statutory Accounts under the Companies Act 2006, have not been
audited, and do not include all of the information required for
full annual financial statements.
No comparatives figures have been prepared for the period ending
30 June 2010, since this was prior to the incorporation of the
Company.
3. Total Comprehensive Income and Expense
There are no additional items of income and expense which are
not included within the profit and loss account for the period.
4. Segmental analysis
A segment is a distinguishable component of the Group that is
engaged in providing products or services in a particular business
sector (business segment) or in providing product and services in a
particular economic environment (geographical segment), which is
subject to risks and rewards that are different in those other
segments.
The Group operated in the period in one segment, the provision
of live music in two markets, the United Kingdom and Spain. The
disclosures required by IFRS8 relating to profits, losses, assets
and liabilities of the segment are, therefore, shown by the
financial statements as a whole.
5. Loss per share
The calculation of the basic loss per share for the period ended
30 June 2011 is based upon the loss for the period attributable to
shareholders of the Group of GBP21,963 on 9,488,527 ordinary shares
being the weighted average number of ordinary shares in issue
during the period.
The calculation of diluted loss per share is based on the basic
loss per share adjusted to allow for the issue of shares on the
assumed conversion of all options resulting in 11,619,937 issued
ordinary shares.
6. Dividend
No dividend has been paid in the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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