01 May 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

The Board of Cellcast Plc (AIM: CLTV) announces the Company's audited results for the year ended 31 December 2017.

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Highlights

  • Group operating revenues of £12.0 million (2016: £12.1 million), comprising:
    • core interactive broadcast revenue of £11.3 million (2016: £11.5 million); and
    • technical services and consulting to overseas gaming and lottery operators of £660,000 (2006: £620,000)
  • Cost of sales were £11.2 million (2016: £11.0 million)
  • Gross profit of £0.8 million (2016: £1.1 million)
  • Board decision to fully provide against all amounts held in relation to the Lexinta Fund, totalling £754,000
  • Loss for the year after accounting for, inter alia, the Lexinta impairment, was £647,000 (2016: profit of £645,000)
  • Net cash balance at 31 December 2017 of £1.1 million (31 December 2016: £1.1 million)
  • Loss per share of 0.8p (2016: earnings per share of 0.8p)
  • Renegotiation of supplier bandwidth agreements in July 2017 resulted in an improved performance in H2 2017.

Craig Gardiner, Chief Executive of Cellcast, commented:

"Whilst we continued to see a gradual decline in the core interactive broadcast business throughout 2017, the reduction in revenue from the production and distribution of participatory television formats has been partially offset by an increase in revenues from online and mobile interaction. In addition, revenue contribution from the group's overseas consultancy operations also improved.

"The core focus of the Board in 2017 has been to control the cost base in all areas of the business. The renegotiation of our supplier bandwidth agreements in July 2017 has led to the Company trading profitably at the operating profit level in the second half of the financial year.

"Whilst the Board has taken the prudent approach of making a 100% provision for the funds held by the group in relation to the Lexinta Fund, this has not had an impact on the day to day running of the business, which continues to have sufficient funds for its normal operations."

For further information:

Cellcast plc 020 3376 9420
Mike Neville - Non-Executive Chairman
Craig Gardiner - Chief Executive Officer
Emmanuelle Guicharnaud - Finance Director
Allenby Capital Limited (Nominated Adviser and Broker) 0203 328 5656
Nick Naylor / James Reeve

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Cellcast plc published this content on 01 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 May 2018 16:05:02 UTC