Aeorema Communications plc / Index: AIM / Epic: AEO / Sector: Media
Aeorema communications plc ('Aeorema' or 'the Company') Interim Report
Aeorema Communications plc, the AIM-traded live events agency, announces its results for the six months ended 31 December 2016.
Overview
Pre-tax profits of £77,180 on a turnover of £1,575,470
Awards wins in film and events
Robust cash position of £1,151,766
Chairman's Statement
During the period, we maintained our position as a leading London based live events agency with award wins and home and abroad.
Despite this, the trading environment in the events sector has been uncertain, in part due to the post-Brexit market uncertainty, causing clients to be more hesitant in their event planning budgets and resulting in some contracts to be either postponed or cancelled. Against this background, Aeorema traded in line with management expectations for the first half of the year and maintained its strong cash position, but the second half remains challenging as previously reported.
However, we believe that these are short-term challenges and in the longer term we remain confident that our strategy and strong market reputation in the delivery of creative and diverse live events will see Aeorema prosper. As such, we continue to differentiate ourselves in the market with our distinct skill-set, working with several blue-chip corporations and attracting a pipeline of potential quality business.
Our robust balance sheet with £1,151,766 cash in the bank and revenue generation of £1,575,470 is something we are proud of. During the six months, we achieved a pre-tax profit of £77,180 and operational costs were £699,836.
Aeorema is powered by the hard work and commitment of all our employees; I would like to thank them for their efforts and dedication, as well as our shareholders for their continued support.
M Hale Chairman
20 January 2017
For further information visit www.aeorema.com or contact:
Gary Fitzpatrick | Aeorema Communications plc | Tel: 020 7291 0444 |
Marc Milmo/Catherine Leftley | Cantor Fitzgerald Europe | Tel: 020 7894 7000 |
Isabel de Salis/Elisabeth Cowell | St Brides Partners | Tel: 020 7236 1177 |
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the period ended 31 December 2016
Unaudited 6 Months to 31 December | Unaudited 6 Months to 31 December | Audited Year to 30 June | |||
2016 | 2015 | 2016 | |||
Notes | £ | £ | £ | ||
Continuing Operations | |||||
Revenue | 1,575,470 | 1,591,114 | 4,583,050 | ||
Cost of sales | (798,814) | (795,832) | (2,779,903) | ||
Gross profit | 776,656 | 795,282 | 1,803,147 | ||
Administrative expenses | (699,836) | (715,202) | (1,463,899) | ||
Operating profit | 76,820 | 80,080 | 339,248 | ||
Finance income | 360 | 396 | 917 | ||
Profit before taxation | 77,180 | 80,476 | 340,165 | ||
Taxation | 5 | (24,847) | (16,565) | (66,663) | |
Profit for the period from continuing operations | 52,333 | 63,911 | 273,502 | ||
Basic and diluted earnings per share from | |||||
continuing operations | |||||
Basic (pence) | 6 | 0.57823 | 0.70616 | 3.02195 | |
Diluted (pence) | 6 | 0.55968 | 0.68350 | 2.92500 | |
There are no other comprehensive income items |
AEOREMA COMMUNICATIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the period ended 31 December 2016
Unaudited 6 Months to 31 December 2016 | Unaudited 6 Months to 31 December 2015 | Audited Year to 30 June 2016 | ||
£ | £ | £ | ||
Non-current assets | ||||
Intangible assets | 365,154 | 365,154 | 365,154 | |
Property, plant and equipment | 50,958 | 99,560 | 60,259 | |
Deferred taxation | - | - | 6,075 | |
416,112 | 464,714 | 431,488 | ||
Current assets | ||||
Trade and other receivables | 651,502 | 747,770 | 1,174,337 | |
Cash and cash equivalents | 1,151,766 | 1,372,589 | 1,427,723 | |
1,803,268 | 2,120,359 | 2,602,060 | ||
Total assets | 2,219,380 | 2,585,073 | 3,033,548 | |
Current liabilities | ||||
Trade and other payables | 636,320 | 839,868 | 1,340,583 | |
Current tax payable | 83,205 | 57,000 | 66,043 | |
719,525 | 896,868 | 1,406,626 | ||
Non-current liabilities Deferred taxation | 1,610 | 4,322 | - | |
1,610 | 4,322 | - | ||
Net assets | 1,498,245 | 1,683,883 | 1,626,922 | |
Equity attributable to equity holder: | ||||
Share capital | 1,131,313 | 1,131,313 | 1,131,313 | |
Share premium | 7,063 | 7,063 | 7,063 | |
Merger reserve | 16,650 | 16,650 | 16,650 | |
Capital contribution reserve | 257,812 | 257,812 | 257,812 | |
Retained earnings | 85,407 | 271,045 | 214,084 | |
Total equity | 1,498,245 | 1,683,883 | 1,626,922 |
Aeorema Communications plc published this content on 23 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2017 09:55:03 UTC.
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