TIDMCLTV

RNS Number : 7277M

Cellcast plc

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.

1 May 2018

Cellcast Plc

("Cellcast", the "group" or the "Company")

Audited results for the year ended 31 December 2017

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

Highlights

   --      Group operating revenues of GBP12.0 million (2016: GBP12.1 million), comprising: 

o core interactive broadcast revenue of GBP11.3 million (2016: GBP11.5 million); and

o technical services and consulting to overseas gaming and lottery operators of GBP660,000 (2006: GBP620,000)

   --      Cost of sales were GBP11.2 million (2016: GBP11.0 million) 
   --      Gross profit of GBP0.8 million (2016: GBP1.1 million) 

-- Board decision to fully provide against all amounts held in relation to the Lexinta Fund, totalling GBP754,000

-- Loss for the year after accounting for, inter alia, the Lexinta impairment, was GBP647,000 (2016: profit of GBP645,000)

   --      Net cash balance at 31 December 2017 of GBP1.1 million (31 December 2016: GBP1.1 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 
 

Chief Executive's statement

I am pleased to present my first review as the Chief Executive.

The UK market has continued, as we forecast, to experience difficult economic conditions in our core markets. This has meant we have had to be extremely focused in our strategy, adaptable in our thinking, and cautious in how we invest in new areas.

2017 Results

Cellcast's total operating revenues amounted to GBP12.0 million in 2017, compared to GBP12.1 million in 2016, a decrease of 0.8%.

The group's interactive broadcasting activities in the UK generated GBP11.3 million of revenue (2016: GBP11.5 million) which reflects a decrease of 1.7%.

The group's income from the provision of management services and consultancy to overseas gaming and lottery operators, which launched during the prior year, generated GBP660,000 of revenue (2016: GBP620,000), an increase of 6.5%.

Cost of sales amounted to GBP11.2 million, compared to GBP11.0 million in 2016. This increase of 1.8% primarily comes from the growth in online revenues that carry more direct costs.

The group's gross profit amounted to GBP0.8 million in 2017 compared to GBP1.1 million in 2016. As was the case in 2016, the group benefitted from the additional revenue from its overseas consultancy activities, which compensated for the profit reduction in its core UK broadcast services.

Following the introduction of the new bandwidth supplier agreement during 2017 the group has been trading profitably at the operating profit level.

General and administrative costs decreased by 5%, from GBP593,000 in 2016 to GBP565,000 in 2017. These costs exclude the foreign exchange loss of GBP30,000 in 2017 (2016: gain of GBP61,000). Approximately 58% of these costs were personnel costs (2016: 61%).

Amortisation and depreciation expenses for 2017 were GBP93,000, a GBP30,000 decrease on those of 2016 (GBP123,000).

On 5 January 2018 the group announced its decision that the Board considered it was appropriate to make a provision for 100% of its interest in the Lexinta fund in its full year accounts for the year ended 31 December 2017. The total amount recognised and the circumstances surrounding the provision are detailed in note 6 to the consolidated financial statements.

The group's trade receivables were significantly higher at the reporting date due to early raising of invoices in 2017 as compared to 2016. This has also resulted in a fall in accrued income. In addition, as at the reporting date a significant amount of trade receivables was due from a few large customers. This was a one-off event and all amounts have been received since the reporting date. The fall in other receivables is due to the provision made in respect of amounts due from Global Gaming (as disclosed in note 6).

After taking into account the net interest, share of associate results, impairment losses and the taxation impact and fair value movements, the total loss for 2017 was GBP647,000 (2016: profit of GBP645,000). 2017 earnings per share was negative 0.8p (2016: positive earnings per share of 0.8p).

The Strategic report gives a more extensive description of the group's operations during the year and technological developments.

Funding

At 31 December 2017, the group had a net cash balance of GBP1.1 million (2016: GBP1.1 million).

The total assets at 31 December 2017 amounted to GBP3.3 million, a decrease of GBP1.1m on the previous year. The decrease was mainly due to the 100% provision on the Lexinta investment (inclusive of gains on the investment generated in the previous two years).

Outlook

As previously announced, following the renegotiation of our supplier bandwidth agreements in August, the second half of 2017 performed better than the first half. However, the first few months of 2018 have proved challenging following a similar seasonal pattern as the previous year. In addition, the group's core revenues have been negatively impacted by the increasing penetration of next generation satellite boxes that make it harder for viewers to access the group's content. This has resulted in declining revenues from the Sky platform which we are addressing through the reorganisation of our bandwidth requirements.

As announced on 5 January 2018, the Company has made a 100% provision for the funds invested in Lexinta. The company continues to work with its Lawyers and other parties affected by the same problems, but the failure to recover these monies has had no impact on the day to day business of the group which has sufficient funds for its normal and continuing operations.

During 2017 the group began to see the impact of the diversification of its revenues and realise meaningful contribution from its consultancy activity. The technical consultancy business in East Africa has been performing well and newly developed services are increasing its scope.

Within interactive broadcasting the continuing decline in revenue in participatory television formats was significantly offset by the increase in web derived income over the course of 2017. The first quarter of this year has seen continued focus on developing and marketing our portfolio of online services to maintain growth levels through 2018.

Craig Gardiner

Chief Executive Officer

1 May 2018

Strategic report

Review of business

The group's main core activity from which it derives the majority of its revenue continues in the production and distribution of participatory television formats across multiple digital platforms in the United Kingdom. However, revenues from online and mobile interaction have increased and now provide a significant income stream. These income streams combined are referred to as 'interactive broadcasting'. Additionally, the group has continued to derive significant income from its overseas consultancy services.

Further details on the financial performance of the group during the year is given in the Chief Executive's statement.

Update on technology

The Technology Division focused on three key areas in 2017, Business intelligence, Capacity and bandwidth efficiency and Technical services provision. On Business intelligence (BI), the group has worked with partners to deploy a Broadcast BI system based on Microsoft Azure Cloud with a front end based built internally. These systems provide the group with fine grained analysis of user behaviour leading to an increase in average revenue per user ("ARPU") across the business units. Utilizing the BI systems, the group has been able to do capacity and bandwidth analysis across all channels in the business. By reviewing the performance of each hour of capacity, it targeted the hours of broadcast that were non- performing which led to a review with suppliers to reduce the overall hours of capacity required. This led to a reduction in Freeview capacity in 2017 and a further reduction in Satellite bandwidth in 2018. The group has also continued to build the Technical services department, it is now able to provide the services developed by the Technology team to third parties. The goal of 2018 is to grow out the Services team and include the other development such as the BI as part of the product offering.

Key performance indicators

The directors continue to monitor the performance of the business through various key performance indicators ("KPIs"), of which the principal ones are broadcast revenue, broadcast gross profit margins, and overall group profitability. These KPIs continue to be monitored along with the compliance record with broadcasting regulations, where there have been no material breaches in the year.

 
                               H1 2017             H2 2017                2017                2016 
                                                                     Full year           Full year 
                             ---------  ------------------  ------------------  ------------------ 
Broadcast revenue            5,469,311           5,840,315          11,309,626          11,452,101 
---------------------------  ---------  ------------------  ------------------  ------------------ 
Consultancy services           300,000             360,000             660,000             620,000 
---------------------------  ---------  ------------------  ------------------  ------------------ 
Operating (loss) / profit*   (252,622)             383,179             130,557             467,247 
---------------------------  ---------  ------------------  ------------------  ------------------ 
 

* Excludes Lexinta provision (see note 6 of the consolidated financial statements)

The KPIs show a 1.2% decline in broadcast revenue and a 68% drop in operating profit, both of which are consistent with previous comments relating to the difficulties experienced within this sector. The shift in the broadcasting revenue to products generating less profit margin also explains the drop in the group profitability.

The comparative between the first half of 2017 and the second shows the recovery experienced by the group following the renegotiation of its supplier agreement.

Consolidated statement of comprehensive income

For the year ended 31 December 2017

 
                                                                 As restated 
                                         Note           2017            2016 
                                                         GBP             GBP 
 Revenue: 
 Interactive broadcasting                         11,309,626        11,452,101 
 Management and consultancy 
  services                                           660,000           620,000 
                                               -------------   --------------- 
 Total revenue                           1        11,969,626        12,072,101 
                                               -------------   --------------- 
 
 Cost of sales                                  (11,151,615)      (10,949,499) 
                                               -------------   --------------- 
 Gross profit                                        818,011         1,122,602 
                                               -------------   --------------- 
 Operating costs and expenses: 
 General and administrative                        (594,636)         (531,885) 
 Amortisation and depreciation                      (92,818)         (123,470) 
 Total operating costs and expenses                (687,454)         (655,355) 
                                               -------------   --------------- 
 Operating profit                                    130,557           467,247 
 
 Fair value gains and losses             5            12,719            58,196 
 Foreign exchange (loss)/gain 
  on current asset investments           4          (45,315)            79,038 
 Impairment losses                       6         (754,358)                 - 
 Finance costs                           7           (7,953)           (8,388) 
 Share of results in associate          14            11,913            55,906 
 (Loss)/profit before tax                4         (652,437)           651,999 
 
 Taxation                                8             5,794           (7,195) 
                                               -------------   --------------- 
 
 (Loss)/profit for the year 
  and total comprehensive income 
  attributable to owners of the 
  parent from continuing operations                (646,643)           644,804 
                                               =============   =============== 
 
   Earnings per share attributable 
   to owners of the parent from 
   continuing operations 
 Basic & diluted (pence)                 9            (0.8p)              0.8p 
                                               =============   =============== 
 
 
 

Consolidated statement of financial position

As at 31 December 2017

 
                                Note         2017             2016 
  Assets                                      GBP              GBP 
Non-current assets 
Intangible assets                10        94,149          119,221 
Property, plant and equipment    11       122,741          140,603 
Investments                      12        88,813           88,813 
Interest in associate            14             -           63,045 
                                          305,703          411,682 
                                      -----------      ----------- 
Current assets 
Investments- financial 
 assets                          15        -               510,920 
 Trade and other receivables     16    1,954,053         2,343,977 
Cash and cash equivalents               1,057,301        1,101,235 
                                      -----------      ----------- 
                                        3,011,354        3,956,132 
                                      -----------      ----------- 
Total assets                            3,317,057        4,367,814 
                                      ===========      =========== 
 
Capital and reserves 
Called up share capital          20     2,285,398        2,285,398 
Share premium account            20     5,533,626        5,533,626 
Merger reserve                   20     1,300,395        1,300,395 
Warrant reserve                  20     13,702              13,702 
Retained earnings                20   (7,423,494)      (6,776,851) 
                                      -----------      ----------- 
Equity attributable to 
 owners of the parent                   1,709,627        2,356,270 
                                      -----------      ----------- 
 
Liabilities 
Non-current liabilities          17        37,113          385,000 
Current liabilities 
Trade and other payables         18     1,570,317        1,626,544 
Total liabilities                       1,607,430        2,011,544 
                                      -----------      ----------- 
Total equity and liabilities            3,317,057        4,367,814 
                                      ===========      =========== 
 
 

Company statement of financial position

As at 31 December 2017

 
                                              2017          2016 
                                Note           GBP           GBP 
 Non-current assets 
  Investments in subsidiary       13     1,211,281     1,211,281 
 Trade and other receivables    16       2,949,078     2,949,078 
 Total assets                            4,160,359     4,160,359 
                                      ============  ============ 
 
   Capital and reserves 
 Called up share capital        20       2,285,398     2,285,398 
 Share premium account          20       5,533,626     5,533,626 
 Warrant reserve                20          13,702        13,702 
 Retained earnings              20     (3,672,367)   (3,672,367) 
                                      ------------  ------------ 
 Equity attributable to the 
  owners                                 4,160,359     4,160,359 
                                      ============  ============ 
 

The company's profit and total comprehensive income for the year was GBPNil (2016: GBPNil).

Consolidated statement of changes in equity

For the year ended 31 December 2017

 
                                                   Attributable to owners of the parent 
 
                                      Share       Share      Merger     Warrant      Retained       Total 
                           Note     Capital     Premium     Reserve     Reserve      Earnings 
                                        GBP         GBP         GBP         GBP           GBP         GBP 
----------------------  -------  ----------  ----------  ----------  ----------  ------------  ---------- 
 Balance at 
  1 January 2016             20   2,285,398   5,533,626   1,300,395      13,702   (7,421,655)   1,711,466 
----------------------  -------  ----------  ----------  ----------  ----------  ------------  ---------- 
 Profit and 
  total comprehensive 
  income for 
  the year                                -           -           -           -       644,804     644,804 
----------------------  -------  ----------  ----------  ----------  ----------  ------------  ---------- 
 Balance at 
  31 
  December 2016              20   2,285,398   5,533,626   1,300,395      13,702   (6,776,851)   2,356,270 
----------------------  -------  ----------  ----------  ----------  ----------  ------------  ---------- 
 Loss and total 
  comprehensive 
  income for 
  the year                                -           -           -           -     (646,643)   (646,643) 
 Balance at 
  31 
  December 2017              20   2,285,398   5,533,626   1,300,395      13,702   (7,423,494)   1,709,627 
======================  =======  ==========  ==========  ==========  ==========  ============  ========== 
 

Company statement of changes in equity

For the year ended 31 December 2017

 
 
                                        Share       Share     Warrant      Retained       Total 
                             Note     Capital     Premium     Reserve      Earnings 
                                          GBP         GBP         GBP           GBP         GBP 
------------------------  -------  ----------  ----------  ----------  ------------  ---------- 
 Balance at 1 January 
  2016                         20   2,285,398   5,533,626      13,702   (3,672,367)   4,160,359 
------------------------  -------  ----------  ----------  ----------  ------------  ---------- 
 Profit and total                           -           -           -             -           - 
  comprehensive income 
  for the year 
 Balance at 31 December 
  2016                         20   2,285,398   5,533,626      13,702   (3,672,367)   4,160,359 
------------------------  -------  ----------  ----------  ----------  ------------  ---------- 
 Profit and total                           -           -           -             -           - 
  comprehensive income 
  for the year 
 Balance at 31 
  December 2017                20   2,285,398   5,533,626      13,702   (3,672,367)   4,160,359 
========================  =======  ==========  ==========  ==========  ============  ========== 
 

Cellcast plc has not presented its own income statement as permitted by Section 408 of the Companies Act 2006.

Consolidated statement of cash flows

For the year ended 31 December 2017

 
                                                      2017        2016 
                                                       GBP         GBP 
 
 Net cash (outflow) / inflow from 
  operations                               23a   (154,448)     457,707 
 
 
 Net cash inflow / (outflow) from 
  investing activities                     23b     118,467   (187,360) 
 
 Net cash used in financing activities     23c     (7,953)     (8,388) 
 
 Net (decrease) / increase in cash 
  and cash equivalents                            (43,934)     261,959 
                                                ----------  ---------- 
 
 Cash and cash equivalents at beginning 
  of year                                        1,101,235     839,276 
 
 Cash and cash equivalents at end 
  of year                                  23d   1,057,301   1,101,235 
                                                ==========  ========== 
 

No separate company statement of cash flows is presented as the company holds no cash at 31 December 2017 (2016: GBPNil).

Notes to the consolidated financial statements

The figures for the years ended 31 December 2017 and 2016 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The figures for the year ended 31 December 2017 have been extracted from the statutory accounts for that year, on which the auditor has issued an unqualified audit report, which have yet to be delivered to the Registrar of Companies. The figures for the year ended 31 December 2016 have been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies and on which the auditor has issued an unqualified audit report. No statement has been made by the auditor under Section 498(2) or (3) of the Companies Act 2006 in respect of either of these sets of accounts. This announcement was approved by the board of directors on 1 May 2018 and authorised for issue on 1 May 2018.

The consolidated and company financial statements for the years ended 31 December 2017 and 2016 have been prepared in accordance with International Financial Reporting Standards adopted by the International Accounting Standards Board ('IASB') and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (together 'IFRS') as endorsed by the European Union. The information in this preliminary statement has been extracted from the audited financial statements for the year ended 31 December 2017 and as such, does not contain all the information required to be disclosed in the financial statements prepared in accordance with the International Financial Reporting Standards ('IFRS').

Going concern

During the year ended 31 December 2017, the group recorded a loss of GBP646,643. The group had net cash of GBP1,057,301 as at 31 December 2017 and it had net current assets of GBP1,441,037.

The directors have carefully considered whether or not it is appropriate to adopt the going concern basis in preparing the 2017 financial statements. The directors have reviewed the group's detailed cash forecast to ensure that the group's current working capital and credit facilities in place are sufficient for the foreseeable future. This assessment is based upon forecasts following the reduction in the revenue of the UK television business together with the continued reduction in operational costs implemented over the year; it also assumes the maintenance of existing relationships with key suppliers. During the year the group made a 100% provision for the funds invested in Lexinta. The failure to recover these has no impact on the day to day business of the group and company which has sufficient funds for its normal operations.

After making enquiries, the directors have concluded that the group and company has adequate resources to continue trading for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the group and company financial statements.

Revenue recognition

Revenue represents the amounts receivable in relation to broadcast related income and the provision of management and consultancy services.

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.

Revenue from customers interacting with the group's television shows is recognised immediately as the service is rendered at the time of the call or SMS/ online interaction.

Revenue generated from the provision of management and consultancy services is recognised in line with the provision of such services. Revenue from performance incentives is recognised when the performance criterion has been met.

Accounting judgements

The directors consider the critical accounting judgments used in the financial statements and concluded that the main areas of judgments are:

-- Realisable amounts of investments. Management have considered the recoverable amount of all investments based on expected future cash flows and consider the assets to be held at realisable amounts (refer to note 6 for further detail).

-- Classification of investments. Management have considered whether the group has significant influence or control in classifying its investments. Details of these judgements are provided in notes 12 and 14.

These judgements are based on historical experience and various other assumptions that management and the board of directors believe are reasonable under the circumstances and are discussed in more detail in the relevant notes. The group also makes estimates and judgments concerning the future and the resulting estimate may, by definition, vary from the related actual results.

   1.         Segmental reporting 

The group's interactive broadcasting revenues are almost entirely from broadcasting related activities on Sky, Freeview and Freesat channels as well as on webcams and mobile.

The financial information is presented to the executive management team who are responsible for making financial decisions, as one operating unit which operates in one geographical unit. The executive management team make their decisions based upon this information. The executive management team comprises the chief executive officer and the chief financial officer.

The group has three significant telecom aggregators, generating 66% of the group's broadcasting related revenue. The three telecom aggregators contribute GBP4,239,574, GBP1,655,082, and GBP1,577,385 of the group's total revenue (2016: 67% representing GBP5,404,286, GBP1,331,522, and GBP979,335).

Revenue is further split below between revenue generated by:

 
                                         2017         2016 
                                          GBP          GBP 
 Interactive broadcasting          11,309,626   11,452,101 
 Management and consultancy 
  services                            660,000      620,000 
                                   11,969,626   12,072,101 
                              ===============  =========== 
 

An analysis of the geographical location of the group's revenue is as follows:

 
                                2017         2016 
                                 GBP          GBP 
 UK                       11,309,626   11,452,101 
 Rest of the world           660,000      620,000 
                          11,969,626   12,072,101 
                     ===============  =========== 
 
   2.         Staff costs 
 
                                       2017        2016 
                                        GBP         GBP 
 Wages and salaries (including 
  directors)                        868,757     964,504 
 Social security costs              164,411     192,455 
 Other pension costs                 74,620      85,990 
                                  1,107,788   1,242,949 
                                 ==========  ========== 
 

Staff costs of GBP328,996 (2016: GBP360,007) are included in general and administrative expenses and GBP778,792 (2016: GBP882,942) are included in cost of sales. The parent company staff costs were nil (2016: Nil).

Average monthly number of employees by activity (including directors):

 
                     2017   2016 
   Production          10     12 
   Technical            8      8 
   Management           4      4 
   Administration       2      2 
                       24     26 
                    =====  ===== 
 

All employees are employed by the subsidiary.

 
                                           2017      2016 
 Key management compensation:               GBP       GBP 
 Salaries, other short-term employee 
  benefits and employer's NI costs      393,336   328,848 
 Post-employment benefits                93,630    85,000 
                                        486,966   413,848 
                                       ========  ======== 
 

Key management personnel comprise the statutory directors.

   3.      Directors' emoluments 
 
                         Salary &        Pension 
                             Fees   Contribution  Sub total 
         2017                 GBP            GBP        GBP 
-----------------------  --------  -------------  --------- 
Andrew Wilson              70,000         30,000    100,000 
Craig Gardiner             72,000         38,630    110,630 
Emmanuelle Guicharnaud     90,000         25,000    115,000 
Bertrand Folliet           60,000              -     60,000 
Michael Neville            42,000              -     42,000 
Samuel Malin               10,000              -     10,000 
-----------------------  --------  -------------  --------- 
Total                     344,000         93,630    437,630 
=======================  ========  =============  ========= 
 
 
                         Salary &        Pension 
                             Fees   Contribution  Sub total 
         2016                 GBP            GBP        GBP 
-----------------------  --------  -------------  --------- 
Andrew Wilson              92,000         60,000    152,000 
Emmanuelle Guicharnaud     90,000         25,000    115,000 
Bertrand Folliet           60,000              -     60,000 
Michael Neville            36,000              -     36,000 
-----------------------  --------  -------------  --------- 
Total                     278,000         85,000    363,000 
=======================  ========  =============  ========= 
 

See Note 21 for details of share options granted to the directors.

   4.    (Loss)/profit before tax 
 
 (Loss)/profit before tax is stated          2017        2016 
  after charging/(crediting): 
                                              GBP         GBP 
 Depreciation - owned assets               67,746      87,779 
 Amortisation of intangible assets         25,072      35,961 
 Auditor's remuneration - statutory 
  audit of parent and consolidated 
  accounts                                 33,000      30,000 
 Auditor's remuneration- accounting 
  services- statutory accounts              7,000      10,000 
  Auditor's remuneration- accounting 
   services- interim accounts               7,300           - 
  Foreign exchange losses/(gains) 
   on current asset investments            45,315    (79,038) 
 Other foreign exchange losses/(gains)     29,672    (61,005) 
                                         ========  ========== 
 

In the comparative year foreign exchange gains and losses on current asset investments were included within administrative expenses. The directors have concluded that it is more appropriate to include such amounts below operating profit because they relate to the group's investment activities. The comparative figures have been restated to re-classify the equivalent amount. The effect of this reclassification in the prior year is to increase general and administrative expenses by GBP79,038 and to show a foreign currency gain of the same amount below operating profit. The reported Statement of Financial Position in the prior year is not affected.

   5.      Fair value gains and losses 
 
                                       2017     2016 
                                        GBP      GBP 
 Fair value gains on financial 
  assets net of fees and expenses    12,719   58,196 
                                    =======  ======= 
 
   6.       Impairment losses 

The impairment loss shown separately on the face of the statement of comprehensive arises from a 100% provision against the following assets:

 
                                                     GBP 
 
 Other receivables - being cash due 
  from redemption of Lexinta fund investment 
  (see note 15 and below)                        309,973 
 Amounts due from associate - other 
  receivables (Global Gaming)                    369,427 
 Interest in associate (Global Gaming- 
  see note 14)                                    74,958 
                                                 754,358 
                                                ======== 
 

In its interim results, announced on 25 September 2017, the group stated it had elected to redeem its investments in the Lexinta Fund. This followed the decision of the fund manager of the Lexinta Fund to liquidate the fund's entire portfolio.

Since the interim results have been published the group has not received the balances due and, in light of the ongoing investigation by the Swiss authorities into Lexinta AG (the manager of the Lexinta fund) and Mr Bismark Badilla (the individual fund manager), the Board of Cellcast has now concluded that it is appropriate to make a provision for 100% of the Company's interest in the Lexinta fund in these accounts.

These investments comprised a current asset investment held directly and the group's interest in Global Gaming Limited, a company whose sole activity was to invest in the Lexinta fund. Therefore, an impairment charge has been recognised of GBP309,973 in respect of Other Receivables, being the cash due from the redemption of the investment held directly, GBP369,427 in respect of amounts due from Global Gaming Limited and GBP74,958 in respect of the carrying value of the group's investment interest in Global Gaming Limited.

   7.      Finance costs 
 
                               2017    2016 
                                GBP     GBP 
 Bank charges and interest 
  paid                        7,953   8,388 
                             ======  ====== 
 
   8.      Taxation 
 
                                       2017        2016 
                                        GBP         GBP 
 Current tax charge/(credit) 
 In respect of the current          (5,794)           - 
  year 
 In respect of prior years                -       7,195 
                                 ----------  ---------- 
                                    (5,794)       7,195 
                                 ==========  ========== 
 
 Factors affecting the 
  tax (credit)/charge for 
  the year 
                                       2017        2016 
                                        GBP         GBP 
 
 (Loss)/profit before taxation    (652,437)     651,999 
                                 ----------  ---------- 
 
 Group (loss)/profit on 
  ordinary activities before 
  taxation multiplied by 
  the effective standard 
  rate of UK corporation 
  tax of 19.25% (2016: 20%)       (125,594)     130,400 
 Effects of: 
 Non-deductible expenses            118,098      30,052 
 Brought forward losses 
  utilised                                -   (148,813) 
 Tax charge in respect 
  of prior years                          -       7,195 
 Capital losses/(gains) 
  not taxable                             -    (11,639) 
 Tax credit                         (5,794)           - 
 Current year unutilised              7,496           - 
  tax losses 
                                 ==========  ========== 
                                    (5,794)       7,195 
                                 ==========  ========== 
 
 
   8.      Taxation (continued) 

At 31 December 2017, the group had estimated tax trading losses of GBP1.6 million which subject to the agreement of the HM Revenue & Customs and overseas tax authorities, are available to carry forward against future profits of the same trade. No deferred tax asset has been recognised on these losses as timings of future profits are uncertain.

9. Earnings per share

The calculations of basic and diluted earnings per ordinary share are based on the following results:

 
                                          2017         2016 
                                           GBP          GBP 
 (Loss)/profit for the financial 
  year                               (646,643)      644,804 
 Weighted average number of 
  ordinary shares                   77,513,224   77,513,224 
 Basic and diluted earnings 
  per share (pence)                     (0.8p)         0.8p 
                                   ===========  =========== 
 

There was no dilutive effect from the issued share options because the exercise prices are above market price. The number of share options outstanding at the year-end was 2,650,000 (2016: 3,684,510).

 
 10. Intangible assets               Development 
                          Licences         costs       Total 
 
                               GBP           GBP         GBP 
 Cost 
 At 1 January 2016         781,761     2,692,716   3,474,477 
 At 31 December 2016       781,761     2,692,716   3,474,477 
 At 31 December 2017       781,761     2,692,716   3,474,477 
                         =========  ============  ========== 
 
 Amortisation 
 At 1 January 2016         655,088     2,664,477   3,319,565 
 Charge for the year        20,372        15,319      35,691 
                         ---------  ------------  ---------- 
 At 31 December 2016       675,460     2,679,796   3,355,256 
 Charge for the year        13,767        11,305      25,072 
 At 31 December 2017       689,227     2,691,101   3,380,328 
                         =========  ============  ========== 
 
 Net book value at 31 
  December 2017             92,534         1,615      94,149 
                         =========  ============  ========== 
 
 Net book value at 31 
  December 2016            106,301        12,920     119,221 
                         =========  ============  ========== 
 
 Net book value at 1 
  January 2016             126,673        28,239     154,912 
                         =========  ============  ========== 
 

Included within Licences is an individual channel licence with a carrying value of GBP91,000 (2016: GBP104,000). The asset will be fully amortised in 7 years (2016: 8 years).

   11.     Property, plant and equipment 
 
                             Broadcasting 
                                equipment 
                                      GBP 
 
 Cost 
 At 1 January 2016              1,995,547 
 Additions                         19,010 
                            ------------- 
 At 31 December 2016            2,014,557 
 Additions                         49,884 
 At 31 December 2017            2,064,441 
                            ============= 
 
 Depreciation 
 At 1 January 2016              1,786,174 
 Charge for the year               87,779 
                            ------------- 
 At 31 December 2016            1,873,954 
 Charge for the year               67,746 
                            ------------- 
 At 31 December 2017            1,941,700 
                            ============= 
 
 Net book value at 
  31 December 2017                122,741 
                            ============= 
 
 Net book value at 
  31 December 2016                140,603 
                            ============= 
 
 Net book value at 
  1 January 2016                  209,373 
                            ============= 
 
 
 
   12.        Non-current investments - Group 

At 31 December 2017, the group had a 35% holding in 2Giraffes LLP. 2Giraffes LLP is a global provider of mobile internet content. This holding is treated as an investment as the group does not have any significant influence on the operations of 2Giraffes LLP.

The market value of this investment is not readily available because the investment is not in publicly traded equities with a quoted market price and the directors do not consider that a reliable estimate of fair value can be made using the level 2 or 3 hierarchy within IFRS 13. Therefore, the investment is accounted for at cost less impairment.

The directors do not consider that 'significant influence' is exercised by the company over the LLP and therefore, despite the holding of 35%, the investment is not accounted for as an associate undertaking. This is on the basis that a sole shareholder has the remaining 65% holding and the company does not have voting rights.

 
                                            2017     2016 
                                             GBP        GBP 
Cost 
                                      ----------  ---------- 
At 1 January 2016, 31 December 2016 
 and 31 December 2017                    177,627     177,627 
                                      ==========  ========== 
Impairment 
                                      ----------  ---------- 
At 1 January 2016, 31 December 2016 
 and 31 December 2017                     88,814      88,814 
                                      ==========  ========== 
 
Carrying amount at 1 January 2016, 
 31 December 2016 and 31 December 
 2017                                     88,813      88,813 
                                      ==========  ========== 
 
   13.    Non-current investments - Company 
 
                                          Subsidiary 
                                        undertakings 
 Cost                                            GBP 
 At 1 January and 31 December 2017         1,211,281 
                                      ============== 
 

At 31 December 2017 Cellcast plc directly owned 100% of the issued ordinary share capital in Cellcast UK Limited, a company incorporated in the UK whose principal business was television and broadcasting. The registered office of Cellcast UK Limited is 184 The Terrace, The Dell, Southampton, England, SO15 2BU and the principal place of business is Unit 22, Cochran Close, Crownhill Industrial Estate, Milton Keynes, MK8 0AJ.

   14.   Associate 

On 26 November 2015 the group acquired 49% of the issued share capital of Global Gaming Limited for a total cost of GBP4. The directors have assessed that the group has significant influence, but not control over Global Gaming Limited and have accounted for the investment as an associate. Details of the associate undertaking and the movements in the investment in the year are as follows:

 
Company                 Country of         Class     Shares and voting    Type of holding   Principal business 
                       incorporation                   rights held % 
Global Gaming             China          Ordinary           49%                 Associate       Investment 
Limited                                                                                         management 
 
  The registered office of Global Gaming Limited is 13/F, Times Tower, 391-407 Jaffe Road, Wanchai, 
  Hong Kong. 
                                                                                     2017               2016 
                                                                                      GBP                GBP 
 At 1 January                                                                      63,045              7,139 
 Share of associate result                                                         11,913             55,906 
 Impairment                                                                      (74,958)                  - 
                                                                         ----------------  ----------------- 
 At 31 December                                                                         -             63,045 
                                                                         ================  ================= 
 
 

At the reporting date the directors considered the group's interest in the associate to be irrecoverable. Therefore, an impairment of GBP74,958 was recognised (see note 6).

As at 31 December 2017, the amount due from the associate stood at GBPnil (2016: GBP549,428), this is shown in note 16.

   15.        Current asset investments 

In May 2015, the group invested US$ 260,000 (GBP165,000) in a treasury product managed by the Lexinta Fund. This investment was classified in current assets as the capital and interest generated can only be withdrawn on a yearly basis at the anniversary date of the investment. The group redeemed the investment in the year and re-classified the disposal proceeds due from the Lexinta fund to other receivables, subsequent to this the amount due has been provided for in full (refer to note 6 for further details).

In September 2016, the group invested US$ 250,000 (GBP168,350) in the 'Ventury Fund Inc'. This investment was classified in current assets as the capital and interest generated can only be withdrawn on a yearly basis at the anniversary date of the investment. The group redeemed the investment in the year for GBP197,103.

 
                                         2017        2016 
                                          GBP         GBP 
At 1 January                          510,920     205,335 
Investment in fund                          -     168,350 
Fees and costs                              -     (5,559) 
Fair value gain                        12,719      63,756 
Foreign exchange (loss)/gain         (45,315)      79,038 
Redemption                          (168,351)           - 
Reclassified to other receivables 
 on redemption                      (309,973)           - 
At 31 December                              -     510,920 
                                    =========  ========== 
 
   16.   Trade and other receivables 
 
Group                                 2017       2016 
                                       GBP        GBP 
Trade receivables                1,349,103    376,919 
Other receivables                  150,639    438,884 
Prepayments and accrued income     454,311    978,746 
Amount due from associate                -    549,428 
                                 1,954,053  2,343,977 
                                 =========  ========= 
 
 
 Company                                         2017               2016 
                                                  GBP                GBP 
 Amounts owed by group undertaking 
  (loans and receivables)                   2,949,078          2,949,078 
                                     ================  ================= 
 
 

Following a review of the amounts due by the group undertaking, the directors have considered the projected performance of Cellcast UK Limited and are confident that the amounts will be recovered. The directors deemed that it is appropriate to classify the amounts due after more than one year as this reflects the timescale on which recovery is expected to occur. No interest is charged on this balance.

   17.   Non-current liabilities 
 
                   2017     2016 
                    GBP      GBP 
Trade payables   37,113  385,000 
                 37,113  385,000 
                 ======  ======= 
 
   18.    Trade and other payables 
 
                                      2017       2016 
                                       GBP        GBP 
Trade payables                     498,425    308,008 
Other taxes & social security      170,260    237,491 
Corporation tax                          -      5,776 
Other payables                     361,911    418,444 
Accruals                           539,721    656,825 
                                 ---------  --------- 
                                 1,570,317  1,626,544 
                                 =========  ========= 
Credit payment profile in days     49 days    51 days 
                                 =========  ========= 
 

The credit payment profile in days calculation excludes the long-term trade payables days which is contractually due over one year as including this long term element would skew the trade payable days.

   19.    Financial risk management 

The group's financial instruments as at 31 December 2017 and 2016 mainly comprise cash and various items arising directly from its operations, such as trade and other receivables, trade and other payables and as at 31 December 2016 also included current asset investments and amounts due from associate. The main purpose of these financial instruments is to provide working capital for the group. The group's policy is to obtain the highest rate of return on its cash balances and current asset investments, subject to having sufficient resources to manage the business on a day to day basis and not exposing the group to unnecessary risk of default.

(a) Risk management policies

The group's finance function is responsible for procuring the group's capital resources and maintaining an efficient capital structure, together with managing the group's market, liquidity, foreign exchange, interest and credit risk exposures.

All treasury operations are conducted within strict policies and guidelines that have been approved by the directors.

   19.    Financial risk management (continued) 

(b) Financial assets and liabilities

Financial assets and liabilities analysed by the categories were as follows:

 
 As at 31 December            Currency                 Loans           Other       Total 
  2017                                                   and       financial    carrying 
                                                 receivables     instruments       value 
                                                                at amortised 
                                                                        cost 
                                                     GBP'000         GBP'000     GBP'000 
 Financial assets 
 Trade receivables 
  and accrued income          Sterling                 1,653               -       1,653 
 Other receivables            Sterling                   151               -         151 
 Cash and cash equivalents    Sterling                 1,057               -       1,057 
 Non-current investments 
  held at cost                Sterling                     -              89          89 
 
   Financial liabilities 
 Trade payables               Sterling                     -           (498)       (498) 
 Other payables               Sterling                     -           (362)       (362) 
 Accruals                     Sterling                     -           (540)       (540) 
  Trade payables 
   > 1 year                    Sterling                    -            (37)        (37) 
 
                                                       2,861         (1,348)       1,513 
                                               =============  ==============  ========== 
 
 
 As at 31 December             Currency              Loans   Financial           Other       Total 
  2016                                                 and      assets       financial    carrying 
                                               receivables     at fair     instruments       value 
                                                                 value    at amortised 
                                                               through            cost 
                                                                profit 
                                                              and loss 
                                                   GBP'000     GBP'000         GBP'000     GBP'000 
 Financial assets 
 
 Trade receivables 
  and accrued income           Sterling              1,179           -               -       1,179 
 Other receivables             Sterling                439           -               -         439 
 Amounts due from 
  associate                    Sterling                549           -               -         549 
  Cash and cash equivalents     Sterling             1,101           -               -       1,101 
  Current asset investments 
   at fair value through 
   profit and loss 
  Non-current investments 
   held at cost                 US Dollars               -         511               -         511 
   Sterling                                              -           -              89          89 
 Financial liabilities 
 Trade payables                Sterling                  -           -           (308)       (308) 
 Other payables                Sterling                  -           -           (418)       (418) 
 Accruals                      Sterling                  -           -           (657)       (657) 
  Other payables 
   > 1 year                     Sterling                 -           -           (385)       (385) 
 
                                                     3,268         511         (1,679)       2,100 
                                             =============  ==========  ==============  ========== 
 

The carrying value of all financial instruments is not materially different from their fair value. It is, and has been throughout the year, the group's policy that no trading in financial instruments shall be undertaken. Cash and cash equivalents attract floating interest rates. Accordingly, their carrying amounts are considered to approximate to fair value.

   19.    Financial risk management (continued) 

(c) Credit risk

Credit risk is the risk that the counterparty will default on its contractual obligations resulting in financial loss to the group. Maximum credit risk at 31 December was as follows:

 
                                             2017      2016 
                                          GBP'000   GBP'000 
 Trade receivables and accrued income       1,653     1,179 
 Other receivables                            151       439 
 Amounts due 
  from associate                                -       549 
 Current asset 
  investments                                   -       511 
 Non-current 
  investments                                  89        89 
 Cash and cash 
  equivalents                               1,057     1,101 
                                            2,950     3,868 
                                         ========  ======== 
 

Before accepting a new customer, the group assesses both the potential customer's credit quality and risk. Customer contracts are drafted to reduce any potential credit risk to the group. Where appropriate the customer's recent financial statements are reviewed.

Trade receivables are regularly reviewed for impairment loss. The group did not write off any accrued income during 2017 (2016: GBP37,000 written off). There are no provisions for trade receivables at 31 December 2017 or 2016.

During the year an impairment of GBP309,973 was recognised in respect of other receivables and an impairment of GBP369,427 was recognised in respect of amounts due from associate. For more details see note 6.

Ageing of the trade receivables and accrued income is as follows:

 
                    2017     2016 
                 GBP'000  GBP'000 
Current              954    1,047 
Up to 3 months       571      132 
Up to 6 months       128        - 
                   1,653    1,179 
                 =======  ======= 
 

The total of the trade receivables which were past due at 31 December 2017 but not impaired was GBPnil (2016: GBPnil). The total trade receivables and accrued income balance of GBP1,541,000 was collected by 11 April 2018. The directors are confident as to the recoverability of the remaining balance and thus no impairment of the amount has been recognised in the financial statements at 31 December 2017.

All cash balances are held in established UK financial institutions.

(d) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.

Contractual cash flows relating to the group's financial liabilities are as follows:

 
                                           2017      2016 
 
                                        GBP'000   GBP'000 
 Trade payables (<6months)                (498)     (308) 
 Other payables (<6months)                (362)     (418) 
 Accruals (<6months)                      (540)     (657) 
  Greater than 12 months                   (37)     (385) 
                                       --------  -------- 
 Cash flows on financial liabilities    (1,437)   (1,768) 
                                       ========  ======== 
 

(e) Interest rate risk

Interest rate risk is the risk that the future cash flows associated with a financial instrument will fluctuate because of changes in market interest rates. The interest rates on cash and cash equivalents are low, such that interest rate risk is minimal.

   19.    Financial risk management (continued) 

The only interest-bearing loan is in other payables and amounts to GBP300,000 (2016: GBP300,000). The interest rate is 2% per annum. The impact of a 1% interest rate increase would represent an annual sum of GBP3,000 (2016: GBP3,000).

(f) Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Currency risk arises on financial assets and liabilities and investments in associates that are denominated in a currency other than the functional currency of the entity by which they are held. In 2016, the currency risk of the group related to the cash balances it held in USD in the Lexinta treasury and Ventury funds. The table below illustrates the impact of a change in exchange rates on results and reserves:

In 2017 the risk relates to amounts held as cash balances in USD.

 
                              31 December   31 December 
                                     2017          2016 
                                  GBP'000       GBP'000 
  10% increase USD foreign 
   exchange rate against 
   pound sterling                      32            35 
  10% decrease USD foreign 
   exchange rate against 
   pound sterling                    (32)          (35) 
                             ============  ============ 
 

At the reporting date the group has no financial assets or liabilities (except bank balances) denominated in a currency other than the functional currency.

(g) Capital management

The group's main objective when managing capital is to protect returns to shareholders by ensuring the group will continue to trade for the foreseeable future.

The group considers its capital to include cash, share capital, share premium, retained earnings, and other equity reserves.

 
                 31 December   31 December 
                        2017          2016 
                     GBP'000       GBP'000 
 Net cash              1,057         1,101 
 Total equity          1,710         2,356 
--------------  ------------  ------------ 
 

The group has an undrawn overdraft facility with Barclays of up to GBP150,000 (2016: GBP150,000).

   20.    Share capital and reserves 
 
                                    Group and Company 
                              2017                      2016 
 Authorised               GBP   No of shares         GBP         No of 
                                                                shares 
 
 Ordinary shares 
  of 1p each        1,489,736    148,973,552   1,489,736   148,973,552 
 Deferred shares 
  of 2p each        1,510,264     75,513,224   1,510,264    75,513,224 
                    3,000,000    224,486,776   3,000,000   224,486,776 
                   ==========  =============  ==========  ============ 
 
   Issued 
 
 Ordinary shares 
  of 1p each          775,134     77,513,224     775,134    77,513,224 
 Deferred shares 
  of 2p each        1,510,264     75,513,224   1,510,264    75,513,224 
                    2,285,398    153,026,448   2,285,398   153,026,448 
                   ==========  =============  ==========  ============ 
 
 

Ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

The deferred shares of 2p have no voting rights, no rights to dividends and negligible rights on return of capital. They are not listed on any stock exchange.

The share options granted over the shares of the company are set out in note 21.

   20.     Share capital and reserves (continued) 

The nature and the purpose of each reserve in equity is described as follows:

Retained earnings

Cumulative profit and loss net of distribution to owners.

Share premium account

The share premium account represents the premium paid on issue of ordinary shares in excess of their nominal value.

Merger reserve

The merger reserve arises as a result of a group reorganisation where the company acquired Cellcast UK Limited which was accounted for in accordance with merger accounting principles.

Warrant reserve

Warrants represent subscription rights for ordinary shares in Cellcast plc and the warrant reserve represents the fair value of the warrants at the date of issue. All warrants are expired.

   21.     Share options 

The group operates two different share option schemes, an Enterprise Management Incentive (EMI) share option plan and a General share option plan. Options are available to be granted to directors, staff, consultants and independent contractors as part of their remuneration package and they act as an incentive to assist with the future performance of the group.

During the year ended 31 December 2017 the company had share-based payment arrangements, all of which have vested, and expire 10 years after grant as follows:

EMI share option plan

   Date of grant                  08/11/07           25/07/08           27/10/10 
   Number granted              584,510             1,200,000          900,000 

General share option plan

   Date of grant                  25/07/08           27/10/10 
   Number granted              400,000             600,000 

Options are forfeited if the employee leaves the group before the options are exercised.

Further details of share options in issue during the year are as follows:

 
Share options                2017                       2016 
                     Number       Weighted      Number       Weighted 
                    of options     average     of options     average 
                                  exercise                   exercise 
                                 price (GBP)                price (GBP) 
-----------------  -----------  ------------  -----------  ------------ 
Outstanding 
 at 1 January        3,684,510          0.04    4,099,510          0.05 
Expired during 
 the year            (584,510)        (0.05)    (415,000)          0.14 
Forfeited during 
 the year            (450,000)        (0.04)            -             - 
Outstanding 
 at 31 December      2,650,000          0.03    3,684,510          0.04 
=================  ===========  ============  ===========  ============ 
 

The share options outstanding at the end of the year have an exercise price of between GBP0.03 and GBP0.04, with a weighted average remaining contractual life of 1.40 years (2016: 2.25 years).

   21.     Share options (continued) 

The following EMI options, save those granted to Mike Neville and Bertrand Folliet which are Unapproved Options, over the ordinary shares of 1 pence each have been granted to the directors and were in place at the reporting date:

 
                     Option price   Number granted     Date of 
                      GBP                               grant 
------------------  -------------  -----------------  --------- 
 Craig Gardiner          0.03           400,000        25/07/08 
 Bertrand Folliet        0.04           450,000        27/10/10 
 Emmanuelle 
  Guicharnaud            0.03                400,000   25/07/08 
                         0.04            50,000        27/10/10 
 Mike Neville            0.03                400,000   25/07/08 
                         0.04            50,000        27/10/10 
------------------  -------------  -----------------  --------- 
 
   22.     Related party transactions 

Group

SMS Media Limited

In 2017 management charges totalled GBP114,000 (2016: GBP168,000). At the year-end GBPnil (2016: GBP14,000) was owed to SMS Media Limited, which has common directors and beneficial shareholders in Bertrand Folliet and Andrew Wilson. The management charges levied by SMS Media relate to the running cost of the company's office in Hong Kong. It is made up of rent and the employment of local staff. Its purpose is undertaking business development in the Greater China, South East Asia and African regions. This resource has constituted a part of the company since November 2001.

Global Gaming Limited

During 2017 the company advanced GBPnil (2016: GBPnil) to Global Gaming Limited, an associate of the company. At 31 December 2017 GBPnil (2016: GBP549,428) remained outstanding. During the year the company recognised an impairment on this amount of GBP369,427 (see note 6).

Company

Cellcast UK Limited

At the reporting date GBP2,949,078 (2016: GBP2,949,078) was due from Cellcast UK Limited, a subsidiary of the company, this amount is net of accumulated impairment charges recognised prior to 31 December 2015 of GBP3,800,001.

   23.     Cash flows 
 
                                                    Note        2017       2016 
                                                                 GBP        GBP 
 a      Reconciliation of (loss)/profit 
        after tax to net cash (outflow)/inflow 
        from operating activities 
  (Loss)/profit for the year                               (646,643)    644,804 
  Income tax recognised in profit 
   or loss                                                   (5,794)      7,195 
  Fair value gains                                          (12,719)   (58,196) 
  Finance costs                                                7,953      8,388 
  Amortisation and depreciation                               92,818    123,470 
  Impairment losses (See note 
   6)                                                        754,358          - 
  Share of results in associate                             (11,913)   (55,906) 
  Foreign currency loss/(gain) 
   on current asset investment                        15      45,315   (79,038) 
  Decrease/(increase) in trade 
   and other receivables                                      20,497  (126,959) 
  Decrease in trade and other 
   payables                                                (398,338)   (83,017) 
  Income taxes received                                           18     76,966 
                                                          ----------  --------- 
  Net cash (outflow) / inflow 
   from operating activities                               (154,448)    457,707 
 
 
   b    Cash flow from investing activities 
                                                                2017       2016 
                                                                 GBP        GBP 
  Purchase of property, plant 
   and equipment                                            (49,884)   (19,010) 
  Investment in treasury fund                                      -  (168,350) 
  Proceeds received from current 
   investment                                                168,351          - 
  Net cash inflow / (outflow) 
   from investing activities                                 118,467  (187,360) 
                                                          ==========  ========= 
 
 c      Cash flow from financing activities 
                                                                2017       2016 
                                                                 GBP        GBP 
  Interest paid                                              (7,953)    (8,388) 
  Net cash used in financing 
   activities                                                (7,953)    (8,388) 
                                                          ----------  --------- 
 
 d      Cash and cash equivalents                               2017       2016 
                                                                 GBP        GBP 
 
  Cash at bank                                             1,057,301  1,101,235 
  Cash and cash equivalents at 
   end of year                                             1,057,301  1,101,235 
                                                          ==========  ========= 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 01, 2018 05:15 ET (09:15 GMT)

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