TIDMPTV
RNS Number : 1242P
PeerTV PLC
28 September 2011
28 September 2011
PeerTV PLC
("PeerTV" or "the Company")
Results for the six months ending 30 June 2011
PeerTV (AIM:PTV), a provider of technology solutions for the OTT
(TV over the internet) market, today announces its unaudited
results for the six months ending 30 June 2011.
Key Developments
-- Production issues resolved and production process improved
and streamlined through cooperation with S.M. Digitek the operating
subsidiary of Digitek Holdings Ltd. ("Digitek")
-- Revenue of $993k show slower recovery than anticipated (2010:
$5,081k). Proforma revenue of enlarged group amounted to $5,726k
(2010:n/a)
-- Investment in R&D slightly up to $686k (2010: $538k),
Sales and G&A down to $100k and $473, respectively (2010: $231k
and $557k, respectively)
-- New Board focused on significantly strengthening the
corporate governance and reporting functions of the Company
Post Period Highlights
-- Lifting of suspension from trading on 12 September 2011.
-- Approval of acquisition of Digitek by PeerTV shareholders on
28 September 2011.
-- Readmission to trading on AIM of the enlarged group expected
on 29 September 2011
-- The Company raised GBP2.38m to provide working capital and
cover the costs of the acquisition of Digitek Holdings Ltd.
("Digitek").
-- Completion of Digitek acquisition, which is expected to
produce significant operational benefits to the Company in
logistics, quality control and production management.
Chairman Leon Nahon Commented:
"Having addressed the technical issues and finalised the
completion of the acquisition of Digitek, your Board looks forward
to growing the enlarged business. We are focussed on integrating
the businesses and further developing our product offering and
growing our customer base."
Further enquiries:
PeerTV Plc
Leon Nahon, Chairman +972 974 07315
Ofer Barda, CEO
Libertas Capital Corporate Finance Limited
Thilo Hoffmann/Andrew McLennan +44 (0) 20 7569 9650
Rivington Street Corporate Finance
Dru Edmonstone/ Jon Levinson +44 (0) 20 7562 3357
Bishopsgate Communications
Deepali Schneider/Natalie Quinn +44 (0) 20 7562 3350
Appendix
Chairman's Statement
We have been through a very significant period for the Company.
I will summarise events briefly and more detail can be found in our
recently published Admission document
-- I was appointed Chairman on 27 April 2011
-- We have successfully addressed the production problems which
impacted performance in 2010 and we appointed a new Group Chief
Executive, Ofer Barda in February 2011.
-- The Company negotiated the acquisition of Digitek Holdings
Ltd. ("Digitek") by way of an offer and the document covering this
transaction was published on 12 September 2011. By 27 September
2011 54% of Digitek shareholders had accepted the offer. The
transaction was approved by PeerTV shareholders on 28 September
2011.
-- Although our sales in the first half of the year are reduced,
the markets Peer TV operates in continue to be buoyant and we
believe that new products will make a significant contribution in
the future.
-- We recently announced the launch of the beta version of a new
Android based Set Top Box and we expect this to become an important
market.
-- Digitek continues to trade profitably and should provide
financial stability to our overall group results. For your
convenience, the table below combines our unaudited results for the
six months ended 30 June 2011 with those of Digitek for the same
period, giving an indication of the performance of the two
companies combined had the merger been effective throughout the
period:
CONDENSED ENLARGED GROUP PRO-FORMA INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2011
PeerTV Plc Digitek
Six months Six months
to to Combined
30 June 30 June
2011 2010 results
$'000 $'000 $'000
Unaudited Unaudited Unaudited
TURNOVER 993 4,733 5,726
Cost of sales (889) (3,860) (4,749)
------------- ------------- -------------
GROSS PROFIT 104 873 977
Research and development (686) - (686)
Sales and marketing (100) - (100)
General and administrative (473) (448) (921)
Other expenditure (97) - (97)
------------- ------------- -------------
OPERATING (LOSS) / PROFIT (1,252) 425 (827)
Finance costs (640) (164) (804)
-------------- -------------- -------------
(LOSS) / PROFIT BEFORE TAXATION (1,892) 261 (1,631)
Taxation - - -
------------- ------------- -------------
(LOSS)/PROFIT FOR THE PERIOD (1,892) 261 (1,631)
====== ====== ======
-- We have appointed Moshe Bartov as the Chief Operating Officer
of Peer TV Ltd. He brings a strong and deep background in the
connected TV world.
-- We completed a GBP2.38 million equity and debt placing on 28
September 2011.
We look forward to a period when we can attack our growth market
with greater vigour and we thank our shareholders for their
support
Leon R Nahon
Chairman
CONDENSED GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Six months Six months
to to Year to 31
30 June 30 June December
2011 2010 2010
Note $'000 $'000 $'000
Unaudited Unaudited Audited
TURNOVER 3 993 5,081 5,304
Cost of sales (889) (3,514) (5,051)
------------- ------------- -------------
GROSS PROFIT 104 1,567 253
Research and development (686) (538) (1,242)
Sales and marketing (100) (231) (747)
General and administrative (473) (557) (1,908)
Other (expenditure) /income (97) 36 (276)
------------- ------------- -------------
OPERATING (LOSS)/PROFIT (1,252) 277 (3,920)
Finance costs (640) (121) (479)
-------------- -------------- -------------
(LOSS) / PROFIT BEFORE TAXATION (1,892) 156 (4,399)
Taxation - - -
------------- ------------- -------------
TOTAL COMPREHENSIVE (LOSS)/PROFIT (1,892) 156 (4,399)
====== ====== ======
(Loss)/profit per share
Basic 4 ($0.12) $0.02 ($0.38)
====== ====== ======
Diluted ($0.11) $0.01 ($0.33)
====== ====== ======
CONDENSED GROUP BALANCE SHEET
AS AT 30 JUNE 2011
As at 30 As at 30
June June As at 31
December
2011 2010 2010
$'000 $'000 $'000
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets 1,198 1,029 1,347
Property, plant and equipment 44 49 48
------------- ------------- ------------
1,242 1,078 1,395
Current assets
Inventories 126 26 133
Trade and other receivables 538 4,721 956
Cash and cash equivalents 11 94 376
------------- ------------- -------------
675 4,841 1,465
------------- ------------- -------------
Total assets 1,917 5,919 2,860
====== ====== ======
LIABILITIES
Non-current liabilities
8% convertible preference
shares 1,294 744 1,029
------------- ------------- ------------
1,294 744 1,029
Current liabilities
Trade and other payables 2,039 3,203 2,394
Borrowings 937 378 425
Warranty provisions 92 189 265
------------- ------------- ------------
3,068 3,770 3,084
------------- ------------- ------------
Total liabilities 4,362 4,514 4,113
------------- ------------- ------------
Net (liabilities)/assets (2,445) 1,405 (1,253)
====== ====== ======
EQUITY
Capital and reserves
attributable to theCompany's
equity shareholders
Called up share capital 115 83 110
Share premium account 8,289 5,835 7,635
Share options and deferred
shares 1,382 1,248 1,341
Other reserves - on consolidation
under predecessor accounting (1,817) (1,817) (1,817)
Other reserves - equity component
of preference shares 490 513 490
Retained earnings (10,904) (4,457) (9,012)
------------- ------------- -------------
Total equity (2,445) 1,405 (1,253)
======= ======= ======
PEERTV PLC
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Share Other Other
reserves reserves
options - -
Share Share and deferred equity on Retained
capital premium shares component consolidation earnings Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1
January
2010 69 5,539 497 96 (2,318) (4,613) (730)
Share issues 14 245 - - - - 259
Reallocation
of equity
component on
convertible
loans - 51 - (51) - - -
Equity
component of
preference
shares - - - 468 - - 468
Share based
payments - - 751 - - - 751
Movement on
intercompany - - - - 501 - 501
Net profit - - - - - 156 156
---------------- ------------- ----------------- ---------------------- ---------------------- -------------------- --------------------
As at 30 June
2010 83 5,835 1,248 513 (1,817) (4,457) 1,405
Share issues 22 1,767 - - - - 1,789
Share issue
costs - (399) - - - - (399)
Conversion of
loan notes
into shares 5 432 - (23) - - 414
Share based
payments - - 93 - - - 93
Net loss - - - - - (4,555) (4,555)
------------- ------------- ----------------- ---------------------- ---------------------- ------------------- --------------------
At 31
December
2010 110 7,635 1,341 490 (1,817) (9,012) (1,253)
Share
issues 5 654 - - - - 659
Share
based
payments - - 41 - - - 41
Net loss - - - - - (1,892) (1,862)
____ _____ ______ _______ _______ _______ _______
At 30
June
2011 115 8,289 1,382 490 (1,817) (10,904) (2,445)
===== ====== ======= ======= ======== ======= =======
CONDENSED GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Six months Six months Year to
to to 31
30 June 30 June December
2011 2010 2010
$'000 $'000 $'000
Unaudited Unaudited Audited
Cash flows from
operating activities
(Loss) / profit before
taxation (1,892) 156 (4,399)
Adjustments for:
Net finance expense 640 126 479
Foreign exchange loss - 27
Depreciation and
amortisation 503 156 373
Movement in trade and
other receivables 217 (3,656) 314
Movement in inventories 7 26 (81)
Movement in trade and
other payables (44) 2,265 1,544
-------------- -------------- ---------------
Net cash outflow from
operating activities (569) (752) (1,515)
Cash flow from
investing activities
Purchase of fixed
assets (3) (30) (44)
Intangible assets
additions (361) (639) (1,359)
Withdrawal /
(investment) in
restricted bank
deposit 55 (33) (38)
-------------- -------------- ---------------
Net cash outflow from
investing activities (309) (702) (1,441)
Cash flows from
financing activities
Proceeds from
borrowings 688 - 518
Repayment of borrowings (243) (260) (374)
Proceeds from issuance
of convertible
preference shares - 1,640 1,675
Issue of shares 122 - 1,341
-------------- -------------- ---------------
Cash inflow from
financing activities 567 1,380 3,160
Net cash (outflow) /
inflow from all
activities (311) (74) 204
Cash and cash
equivalents at
beginning of period 316 112 112
--------------- --------------- -------------
Cash and cash
equivalents at end of
period 5 38 316
======= ======= ======
BASIS OF PREPARATION
The condensed group financial statements have been prepared
using accounting policies consistent with International Financial
Reporting Standards (IFRS) as endorsed for use by Companies listed
on an EU regulated market and in accordance with IAS34 - "Interim
Financial Reporting". The same accounting policies, presentation
and methods of computation have been followed in the preparation of
these results as were applied in the Group's latest annual audited
financial statements. It is not expected that there will be any
changes or additions to these in the 2011 annual financial
statements.
This statement does not comprise statutory accounts as defined
in Section 434 of the Companies Act 2006 and the results for the
six months ended 30 June 2011 and for the six months ended 30 June
2010 are unaudited.
The financial information for the year ended 31 December 2010 is
an extract from the latest group accounts. Statutory financial
statements for the year ended 31 December 2010, prepared in
accordance with IFRS, on which the auditors gave an unqualified
opinion but did include reference to matters to which the auditors
drew attention by way of emphasis without qualifying their
report.
The condensed group financial statements are presented in US
Dollars and all values are rounded to the nearest thousand dollars
($'000) except when otherwise indicated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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