TIDMDBOX
RNS Number : 5880N
Digitalbox PLC
26 September 2023
26 September 2023
Digitalbox plc
("Digitalbox", the "Group" or the "Company")
Unaudited interim results for the six months ended 30 June
2023
Digitalbox plc, the mobile-first digital media business, which
owns leading websites Entertainment Daily, The Daily Mash, The Tab
and The Poke, today publishes its unaudited interim results for six
months to 30 June 2023 (the "First Half", the "Period", or "H1
2023").
Financial Highlights
H1 2023 H1 2022 Var
GBPm GBPm
Group revenues 1.2 1.9 -34.0%
Gross profit 1.0 1.6 -41.8%
Adjusted EBITDA* -0.1 0.7 -121.0%
Cash generated from
operations -0.1 0.7 -111.4%
Gross cash balance 2.6 2.8 -8.1%
Net cash balance 2.3 2.4 -4.7%
Gross margin % 77% 87% -10 ppts
Adjusted EBITDA* margin
% -11% 35% -46 ppts
"Adjusted EBITDA" being operating profit/loss before exceptional
charges, share based payment charge, amortisation and
depreciation
Operational Highlights
-- H1 2023 performance ahead of the Board's expectations
-- Graphene Ad Stack driving Digitalbox session values ahead of the market
-- The Tab session values up 5% year on year
-- The Daily Mash Premium content continues to grow direct consumer revenue
-- The Poke delivered operating profit during the period, repaying 25% of its acquisition cost
-- Traffic sourcing challenges experienced across the market impacted total sessions by 36m
-- Entertainment Daily session values returned to year-on-year growth at the end of H1
-- Tests of AI assisted content creation for on-platform distribution showed strong potential
-- Net cash at 30 June 2023 of GBP2.3m
Post-period Highlights:
-- Daily Mash metered paywall grows subscriber base by 100%
-- Acquisition of assets from Social Chain, doubling
Digitalbox's social media audience to over 20m
Outlook:
-- Global advertising revenues expected to improve as confidence
in macro-economic conditions returns towards 2024.
-- The Board is confident that despite the headwinds many
digital media businesses have faced in the first half of the year,
particularly around traffic sourcing, Digitalbox expects to trade
positively in the all-important Q4 2023.
-- The Company expects to achieve full year 2023 revenue of
approximately GBP2.8m and remain EBITDA (adjusted) positive.
James Carter, CEO, Digitalbox plc, said: "We continue to see
gains being delivered by Digitalbox's highly-optimised Graphene Ad
Stack. The technology has enabled us to outperform the digital
programmatic ad market. Despite the first half seeing an
advertising downturn across the UK, our brands delivered session
value trends ahead of these conditions. Pleasingly, we have seen
The Poke evolve to a position where it is making a strong financial
contribution each month. While we have been impacted by a Google
algorithm change blocking Entertainment Daily from the Discover
feed we have performed increasingly well in our social channels.
This powerful engagement is what stimulated the Social Chain
transaction which we expect will bring wider distribution benefits
to both Entertainment Daily and The Tab as industry-wide traffic
sourcing remains a challenge. Looking ahead, while we remain
vigilant of the disruptive forces that AI-assisted content might
create, we are confident our agile approach positions us well to
capitalise on the opportunities it also presents."
Commenting on the Group's performance and prospects for the
year, Chairman Marcus Rich said: "It is well known that there are
significant audience challenges across the industry with other
companies in the sector reporting traffic reductions from Facebook,
and Digitalbox has not been immune to this. We envisage that
publisher operating models will change significantly as we move to
a future where AI technology increasingly impacts the media space.
The team have already started harnessing the power of these tools
to deliver greater efficiency in production and greater reach
through on-platform distribution. Through our existing social
follower bases and those made available through other deals like
our acquisition of assets from Social Chain, we remain confident we
have a route to a significant on-platform existence."
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. The person
responsible for arranging for the release of this announcement on
behalf of the Company is James Carter, CEO.
Enquiries:
Digitalbox c/o SEC Newgate
James Carter, CEO
Panmure Gordon Tel: 020 7886 2500
(Nominated Adviser, Financial Adviser
& Joint Broker )
James Sinclair-Ford / Ivo Macdonald (Corporate
Advisory)
Rupert Dearden (Corporate Broking)
Leander Capital Partners (Joint Broker) Tel: 020 7195 1400
Alex Davies / Hugh Kingsmill Moore
SEC Newgate (Financial Communications) Tel: 07970 664807
Robin Tozer / Moly Gretton digitalbox@secnewgate.co.uk
About Digitalbox plc
Based in the UK, Digitalbox is a 'pure-play' digital media
business with the aim of profitable publishing at scale on mobile
platforms.
Digitalbox operates the trading brands of "Entertainment Daily",
"The Daily Mash", "The Tab", and "The Poke".
Entertainment Daily produces and publishes online UK
entertainment news covering TV, showbiz and celebrity news. The
Daily Mash produces and publishes satirical news content. The Tab
is the UK's biggest youth culture site fuelled by students. The
Poke expertly curates and editorialises the funniest content from
around the web and social media.
Digitalbox primarily generates revenue from the sale of
advertising in and around the content it publishes. The Company's
optimisation for mobile enables it to achieve revenues per session
significantly ahead of market norms for publishers on mobile.
InteriM Statement
Overview
The performance of the Group in the first six months has been
marginally ahead of the Board's expectations with revenue of
GBP1.2m which is down 34% on H1 2022. This was largely the result
of better than anticipated advertising performance within a tough
market.
Importantly, Digitalbox had net cash of GBP2.3 million at 30
June 2023 which is enabling the business to secure future growth
opportunities through deals like that announced in August to
acquire the digital assets of 99 Problems, Student Problems and The
Life Network Shopping from Media Chain Group Limited.
Operating Review
The delivery of the Group's strategy has progressed well as we
continued to be acquisitive and focused on successfully integrating
The Poke.
Traffic
The well-documented issues relating to publishers sourcing
traffic from the major platforms continued during the period. As
global economic pressures impacted the big players - notably Meta
and Alphabet - the audience volumes sent to publisher websites have
been reduced.
The number of visits to the Group's websites were down year on
year, mainly due to having Digitalbox's leading brand's presence
blocked by Google's Discover feed. Fortunately, we had identified
this issue at the back end of 2022, and were able to adjust our
operating model to suit. While we anticipated advertiser demand
softening because of the cost-of-living crisis, competition for
high-quality mobile inventory in H1 2023 continued to deliver
Digitalbox session values across the period that were ahead of the
market and a testimony to the power of the Graphene Ad Stack.
We are well positioned to complete more cash acquisitions that
can help de-risk the business. For example, to reduce reliance on
the Google Discover feed, the acquisition of the digital assets of
99 Problems, 90's Life and The Life Network Shopping provides
Digitalbox with the opportunity to extend its audience reach. 99
Problems has 10m Facebook followers and 1.4m Instagram followers,
90's Life has 200k Facebook followers and The Life Shopping Network
has 1m Facebook followers. The combined follower bases will more
than double the number currently owned by Digitalbox at
approximately 8m Facebook followers.
Furthermore, the economic conditions have pushed potential
acquisition targets into the zone of being considered 'distressed',
creating more opportunities. The Digitalbox executive team has
remained considered in their approach to M&A. Acquisitions will
only be done if there is plausible turnaround opportunity to put an
asset on the path to profitability. This remains a key acquisition
criterion.
With the challenge of publishers, like Digitalbox, sourcing
traffic from the major platforms to become long-term, we are
looking to a future where our brands will increasingly exist within
the platform walled gardens alongside our websites. We have begun
planning for this pivot with the assistance of AI tools to help
generate content.
Entertainment Daily
Entertainment Daily - which is focused on TV and showbiz news -
had a challenging six months as Google blocked its presence within
their Discover feed cutting around 28m sessions from the same
period in 2022, however, it showed resilience through its social
media engagement. We have invested considerable resources following
Google's guidelines and ensuring our Core Web Vitals performance
across the portfolio is as strong as it can be to increase the
prospects of being featured within their results.
The Daily Mash
The Daily Mash strengthened its content offering through the
'Mash Premium' channel. It has diversified its revenue composition
with a new metered paywall that has doubled its subscriber base
year-on-year. As the platforms have tightened up on the amount of
traffic they are prepared to send to satire sites like The Daily
Mash, the site has been trialling a pivot to an on-platform
existence through an AI-generated video article format that is now
delivering over 20k 1-minute video views per day that we believe
will provide a platform for further video content expansion.
The Tab
The Tab has contributed a profit every month since it was
acquired in October 2020 and is beginning to see its session values
mature. The site benefited from the fact it has a strong youth
following in the US where advertising markets have been much more
buoyant than the UK, resulting in year-on-year growth of 5%. In
addition, The Tab strengthened its position within Google's
Discover feed as it grew to 5m sessions for the period while
Facebook assigned a red flag to its Holy Church of Netflix page.
This flag was imposed for reporting on Netflix's Jeffrey Dahmer
series and resulted in page reach being reduced by 95% with the
same knock-on effect on traffic being generated from this source.
This flag was raised in September 2022 and is expected to be
removed after 12 months. The Tab has continued to benefit from the
Graphene Ad Stack boosting monetisation and has provided a strong
model for the Company's approach to acquisition identification and
integration. This approach as was deployed on The Poke.
The Poke
The Poke.co.uk was acquired out of cash in December 2022. The
site has established itself as a strong companion to The Daily Mash
in the humour space and repaid 25% of its acquisition costs in H1.
Digitalbox acquired the dotcom domain on acquisition and has now
switched it to this domain. This helps provide a clearer
opportunity to explore expansion into territories beyond the
UK.
TV Guide.co.uk
Completing the acquisition of the web and mobile platform assets
of TVGuide.co.uk remains a desired objective with the tech
re-platforming having taken longer than anticipated. To ensure the
site's stability and performance, Digitalbox assumed responsibility
to rebuild the site that is currently live and in the final testing
phase.
Social Chain
In August, the Company completed the acquisition of three of
Social Chain AG assets, 99Problems, 90's Life and The Life Network
Shopping on better terms than originally announced. Digitalbox's
management is convinced that having a greater audience scale
opportunity to operate within the walled gardens of the major
platforms will bring future dividends. These assets provide access
to an additional 12 million followers on social media, which more
than doubles Digitalbox's follower base.
The future
Digitalbox has historically pursued a strategy of maximising
profitability by driving audiences off the major platforms to its
websites. As the platforms adjust their approach, Digitalbox will
invest in a pivot to a much greater presence through video within
the walled gardens that are offering preferential treatment to this
type of content. As with The Daily Mash, assisted by AI tools we
expect to make this transition in our business over the next six to
twelve months.
Financial review
The Directors are pleased to report revenues ahead of the
Board's expectations for the period of GBP1.2m in H1. The team had
a clear understanding of the pressures that the tough economic
conditions would place on the platforms - most notably Google and
Meta - and budgeted accordingly whilst they explore a pivot to a
greater on platform presence fuelled by AI.
The anticipated period on period significant traffic reduction
impacted on the gross profit %, taking it from 87% last year to 77%
this year. Whilst this gross profit % is still exceptionally high,
this presents as a significant reduction leading to a gross profit
of GBP1.0m in H1 2023, down from GBP1.6m in H1 2022.
Despite these challenges, cash performance has been solid with
net cash (gross cash at the bank less government back loans) being
GBP2.3m at 30 June 2023, down from GBP2.5m as at 31 December 2022,
after corporation tax payments of GBP96k and loan repayments of
GBP60k in H1.
The business continues to be highly liquid with total net
current assets of GBP3.1m at 30 June 2023 (GBP3.4m at 30 June 2022)
driven by gross cash of GBP2.6m at the bank.
DIGITALBOX PLC
INTERIM CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Notes Six months Six months 12 months
to to to
30 June 23 30 June 22 31 December
22
GBP'000 GBP'000 GBP'000
Continuing Operations 3
Revenue 1,238 1,877 3,578
Cost of sales (282) (235) (534)
__________ __________ __________
Gross profit 956 1,642 3,044
Administrative expenses (1,245) (1,858) (2,999)
Other operating income - - -
__________ __________ __________
Operating (loss)/profit (289) (216) 45
"Adjusted EBITDA" being operating
profit/loss before exceptional charges,
share based payment charge, amortisation
and depreciation (139) 663 1,081
Depreciation (7) (3) (7)
Amortisation (105) (121) (191)
Impairment on goodwill and
intangible assets - (716) (716)
Share based payment charge (38) (39) (62)
Direct cost of business combinations
and capital restructure - - (60)
__________ __________ __________
Operating (loss)/profit (289) (216) 45
-------------------------------------- ------ -------------- -------------- --------------
Finance income 14 1 8
Finance costs (4) (5) (8)
_________ __________ __________
(Loss)/profit before taxation (279) (220) 45
Tax charge 100 6 759
__________ __________ __________
(Loss)/profit for the period
from continuing operations (179) (214) 804
TOTAL INCOME FOR THE PERIOD (179) (214) 804
============= ============= =============
OTHER COMPREHENSIVE INCOME - - -
FOR THE PERIOD
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (179) (214) 804
============= ============= =============
Earnings p er share 4
Pence Pence Pence
Basic EPS from continuing operations (0.15) (0.18) 0.68
__________ __________ __________
Diluted EPS from continuing
operations (0.15) (0.18) 0.67
__________ __________ __________
DIGITALBOX PLC
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2023
Share Share Premium Share based Retained Total
Capital reserve payment earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2022 1,163 11,149 464 297 13,073
Total comprehensive income
for the period - - - (214) (214)
Issue of new shares 16 20 - - 36
Share based payment charge - - 39 - 39
_____ _____ _____ _____ _____
Balance at 30 June 2022 1,179 11,169 503 83 12,934
Total comprehensive expense
for the period - - - 1,018 1,018
Share based payment charge - - 23 - 23
Reserve transfer for
lapsed options - - (330) 330 -
_____ _____ _____ _____ _____
Balance at 31 December
2022 1,179 11,169 196 1,431 13,975
Total comprehensive income
for the period - - - (179) (179)
Reserve transfer for
lapsed options - - (135) 135 -
Share based payment charge - - 38 - 38
_____ _____ _____ _____ _____
Balance at 30 June 2023 1,179 11,169 99 1,387 13,834
_____ _____ _____ _____ _____
DIGITALBOX PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2023
Unaudited Unaudited Audited
Notes 30 June 23 30 June 22 31 December
22
GBP'000 GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 5 51 18 52
Intangible assets 6 10,105 9,960 10,194
Deferred tax asset 19 712 - 617
______ ______ _______
TOTAL NON-CURRENT ASSETS 10,868 9,978 10,863
______ ______ _______
CURRENT ASSETS
Trade and other receivables 15 713 1,046 952
Corporation tax recoverable 40 - -
Cash and cash equivalents 16 2,579 2,805 2,827
______ ______ _______
TOTAL CURRENT ASSETS 3,332 3,851 3,779
______ ______ _______
TOTAL ASSETS 14,200 13,829 14,642
______ ______ _______
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 104 95 288
Bank loans 112 94 112
Corporation tax payable - 288 61
_______ _______ ________
TOTAL CURRENT LIABILITIES 216 477 461
_______ _______ ________
NON-CURRENT LIABILITIES
Bank loans 150 281 206
Deferred tax - 138 -
_______ _______ ________
TOTAL NON-CURRENT LIABILITIES 150 419 206
_______ _______ ________
TOTAL LIABILITIES 366 896 667
TOTAL NET CURRENT ASSETS 3,116 3,374 3,318
_______ _______ ________
TOTAL NET ASSETS 13,834 12,933 13,975
_______ _______ ________
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY SHAREHOLDERS
Issued share capital 7 1,179 1,179 1,179
Share premium account 11,169 11,168 11,169
Share based payment reserve 99 503 196
Retained earnings 1,387 83 1,431
_______ _______ ________
13,834 12,933 13,975
_______ _______ ________
DIGITALBOX PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Period to
to to
30 June 23 30 June 22 31 December
22
GBP'000 GBP'000 GBP'000
OPERATING ACTIVITIES
(Loss)/profit from ordinary activities (179) (214) 804
Adjustments for:
Income tax expense (100) (6) (759)
Share based payment charge 38 39 62
Amortisation of intangibles 105 121 191
Impairment on goodwill and intangible
assets - 716 716
Depreciation on property plant and
equipment 7 3 7
Loss on disposal of property, plant
and equipment - - 30
Finance costs 4 5 8
Finance income (14) (1) (8)
_____ _____ _____
Cash flows from operating activities
before changes in working capital (139) 663 1,051
Decrease in trade and other receivables 239 718 818
Decrease in trade and other payables (184) (644) (451)
_____ _____ _____
Cash generated by operations (84) 737 1418
Income tax paid (96) - (235)
_____ _____ _____
Cash generated by operating activities (180) 737 1,183
_____ _____ _____
INVESTING ACTIVITIES
Purchase of property, plant and equipment (6) (6) (43)
Purchase of intangible assets (16) (87) (391)
Proceeds on the sale of property, plant - 31 -
and equipment
Finance income 14 1 -
Interested Received - - 8
_____ _____ _____
Cash used in investing activities (8) (61) (426)
_____ _____ _____
FINANCING ACTIVITIES
Issue of new share capital - 35 36
Finance costs - - (8)
Loan and lease repayments (60) (92) (144)
_____ _____ _____
Cash used in financing activities (60) (57) (116)
--------------- --------------- ---------------
INCREASE IN CASH AND CASH EQUIVALENTS (248) 619 641
Cash and cash equivalents brought forward 2,827 2,186 2,186
_____ _____ _____
CASH AND CASH EQUIVALENTS CARRIED FORWARD 2,579 2,805 2,827
_____ _____ _____
Represented by:
Cash at bank and in hand 2,579 2,805 2,827
======== ======== ========
DIGITALBOX PLC
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2023
1. Corporate information
The interim consolidated financial statements of the group for
the period ended 30 June 2023 were authorised for issue in
accordance with a resolution of the directors on 25 September 2023.
Digitalbox plc ("the company") is a Public Limited Company listed
on AIM, incorporated in England and Wales. The interim consolidated
financial statements do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006.
2. Statement of Accounting policies
2.1 Basis of Preparation
The entities consolidated in the half year financial statements
of the company for the six months to 30 June 2023 comprise the
company and its subsidiaries (together referred to as "the
group").
The interim consolidated financial statements do not include all
the information and disclosures required in the annual financial
statements.
The directors are satisfied that, at the time of approving the
consolidated interim financial statements, it is appropriate to
adopt a going concern basis of accounting and in accordance with
the recognition and measurement principles of International
Financial Reporting Standards adopted for use in the United Kingdom
("IFRS"). In reaching this conclusion the directors have considered
the financial position of the Group, its cash, liquidity position
and borrowing facilities together with its forecasts and
projections for a period in excess of 12 months from the date of
approval. At the reporting date the Group had GBP2,579k of cash at
bank and in hand providing a strong position to support the
continued and future success of the Group.
2.2 Accounting Policies
The principal accounting policies adopted in the preparation of
the financial statements are set out in the consolidated financial
statements of the Group for the year ended 31 December 2022. The
policies have been consistently applied to all the years presented,
unless otherwise stated. The Group's accounting policies have been
consistently applied in accordance with IFRS continued into the six
months ended 30 June 2023.
This Interim Statement is prepared in accordance with IAS 34
"Interim Financial Reporting". Accordingly, whilst
the Interim Statement has been prepared in accordance with IFRS,
and the primary statements follow the format of the annual
financial statements, only selected notes are included - those that
provide an explanation of events and transactions that are
significant to an understanding of the changes in financial
position and performance of the Group since the last annual
reporting date. IAS 34 states a presumption that anyone who reads
the Group's Interim Statement will also have access to its most
recent annual report. Accordingly, annual disclosures are not
repeated in this Interim Statement.
The preparation of these consolidated half year financial
statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates in preparing these
consolidated half year financial statements.
3. Segment Information
The Group's primary reporting format for segment information is
business segments which reflect the management reporting structure
in the Group and of its four media assets.
Unaudited six months to 30 June 2023
Entertainment The The The Poke Head Total
Daily Daily Tab Office Six months
Mash to 30 June
2023
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 656 58 422 102 - 1,238
Cost of sales (137) (87) (43) (15) - (282)
Admin
expenses* (286) (48) (243) (41) (477) (1,095)
Other
operating
income
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Adjusted
EBITDA 233 (77) 136 46 (477) (139)
Amortisation
and
depreciation - - (44) - (68) (112)
Share based
payment
charge - - - - (38) (38)
Finance income - - - - 14 14
Finance costs - - - - (4) (4)
Tax - - - - 100 100
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss)
for
the period 233 (77) 92 46 (473) (179)
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Unaudited six months to 30 June 2022
Entertainment The The The Poke Head Total
Daily Daily Tab Office Six months
Mash to 30 June
2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 1,282 82 513 - - 1,877
Cost of sales (106) (88) (41) - - (235)
Admin
expenses* (261) (43) (187) - (488) (979)
Other - - - - - -
operating
income
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Adjusted
EBITDA 915 (49) 285 - (488) 663
Amortisation,
depreciation
and
impairment - (777) (44) - (19) (840)
Share based
payment
charge - - - - (39) (39)
Finance income - - - - 1 1
Finance costs - - - - (5) (5)
Tax - - - - 6 6
---------------- ---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss)
for
the period 915 (826) 241 - (544) 214
---------------- ---------------- ---------------- ---------------- --------------------
3. Segment Information (continued)
12 months to 31 December 2022
Entertainment The The The Poke Head Total
Daily Daily Tab Office Year to
Mash 31 December
2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 2,261 243 1,059 15 - 3,578
Cost of sales (224) (190) (118) (2) - (534)
Admin
expenses* (529) (111) (398) (6) (919) (1,963)
Other - - - - - -
operating
income
---------------- ---------------- ---------------- ----------------- ---------------- --------------------
Adjusted
EBITDA 1,508 (58) 543 7 (919) 1,081
Amortisation,
depreciation
and
impairment - - -- - (914) (914)
Acquisition
and listing
costs - - - - (57) (57)
Capital
restructure
costs - - - - (3) (3)
Share based
payment
charge - - - - (62) (62)
Finance income 8 8
Finance costs - - - - (8) (8)
Tax - - - - 759 759
---------------- ---------------- ---------------- ----------------- ---------------- --------------------
Profit/(loss)
for
the period 1,508 (58) 543 7 (1,196) 804
---------------- ---------------- ---------------- -------------- ---------------- --------------------
* Admin expenses exclude share based payment charges,
amortisation, depreciation, impairment charges and acquisition and
listing costs.
External revenue by location of customer
Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
GBP'000 GBP'000 GBP'000
United Kingdom 607 310 759
Europe 506 810 1,381
Rest of World 125 757 1,438
________ ________ ________
Total 1,238 1,877 3,578
________ ________ ________
4. Earnings per share
The calculation of the group basic and diluted loss per ordinary
share is based on the following data:
Unaudited Unaudited Audited
Six months Six months 12 months
to to to
30 June 23 30 June 31 December
22 22
GBP'000 GBP'000 GBP'000
The earnings per share is based
on the following:
Continuing earnings post tax
(loss)/profit attributable to
shareholders (179) (214) 804
========== ========== ==========
Basic Weighted average number
of shares 117,718,533 117,516,820 117,718,533
Diluted Weighted average number
of shares 119,103,181 120,525,628 120,002,622
========== ========== ==========
pence pence pence
Basic earnings per share (0.15) (0.18) 0.68
Diluted earnings per share (0.15) (0.18) 0.67
========== ========== ==========
Earnings per ordinary share has been calculated using the
weighted average number of shares in issue during the relevant
financial periods. IAS 33 requires presentation of diluted EPS when
a company could be called upon to issue shares that would decrease
earnings per share or increase the loss per share.
5. Tangible Assets
5.
Office equipment
GBP'000
Cost
At 1 January 2023 58
Additions 6
Disposals -
_____
At 30 June 2023 64
Depreciation
At 1 January 2023 6
Charge for the period 7
Depreciation on disposal -
_____
At 30 June 2023 13
_____
Net book value
30 June 2023 51
_____
31 December 2022 52
_____
6. Intangible Assets
7.
Goodwill Other Intangible Development
arising on Assets costs
consolidation Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2023 9,610 1,696 292 11,598
Additions - - 16 16
_____ _____ _____ _____
At 30 June 2023 9,610 1,696 308 11,614
Amortisation & impairment
At 1 January 2023 321 1,012 71 1,404
Charge for the period - 67 38 105
_____ _____ _____ _____
At 30 June 2023 321 1,079 109 1,509
_____ _____ _____ _____
Net book value
30 June 2023 9,289 617 199 10,105
_____ _____ _____ _____
31 December 2022 9,289 684 221 10,194
_____ _____ _____ _____
The other intangible assets are being amortised over a period of
7 years and development costs are being amortised over 3 years on
completion of the project.
Amortisation is charged to administrative costs in the Statement
of Comprehensive Income.
7. Share capital
Allotted, issued and No. Value
fully paid GBP'000
Ordinary shares of
0.01p each 117,923,393 1,179
--------------------------- -------------------------
Total 117,923,393 1,179
============= ============
There were no shares issued in the 6 months to 30 June 2023 (6
months to 30 June 2022: 1,590,936).
8. Related party transactions
During the period, Integral 2 Limited charged GBP36k (6 months
to 30 June 2022: GBP37k, 12 months to 31 December 2022: GBP65k) to
the Group, a company related by virtue of David Joseph, a member of
key management personnel, having control over the entity. As at 30
June 2023, GBP6k (30 June 2022: GBP5k, 31 December 2022: GBP6k) was
owed to Integral 2 Limited. On 13 January 2023 David Joseph
acquired 550,000 shares in Digitalbox plc at 8 pence per share
through Integral 2 Limited taking his total holding to 1,150,000
shares.
During the period, M Capital Investment Partners (Holdings)
Limited billed GBP6k (6 months to 30 June 2022: GBP12.5k, 12 months
to 31 December 2022: GBP25k) to the Group, a company related by
virtue of Martin Higginson, a member of key management personnel
during the period, and having control over the entity. As at 30
June 2023, GBPnil (30 June 2022: GBPnil, 31 December 2022: GBP2.5k)
was owed to M Capital Investment Partners (Holdings) Limited.
Martin Higginson resigned as a director of Digitalbox plc on 30
April 2023.
The key management personnel are considered to be the Board of
Directors. Key management were remunerated GBP211k in the six
months to 30 June 2023 (6 months to 30 June 2022: GBP192k, 12
months to 31 December 2022: GBP406k).
The key management personnel have been provided with a total of
3,008,882 effective share options resulting in a charge of GBP14k
in the period (6 months to June 2022: GBP17k, 12 months to 31
December 2022: GBP17k).
9. Events after the interim period
On 31 August 2023, Digitalbox plc acquired the digital assets of
99 Problems, Student Problems and The Life Network Shopping from
Media Chain Group Limited (part of "Social Chain AG") for a total
cash consideration of $600,000.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR LAMFTMTATBPJ
(END) Dow Jones Newswires
September 26, 2023 02:00 ET (06:00 GMT)
Digitalbox (LSE:DBOX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Digitalbox (LSE:DBOX)
Historical Stock Chart
From Apr 2023 to Apr 2024
