TIDMR4E
RNS Number : 2867R
Reach4Entertainment Enterprises PLC
29 June 2020
29 June 2020
reach4entertainment enterprises plc
("r4e" or "the Company" or "the Group")
Final Results
reach4entertainment enterprises plc (AIM: R4E), the integrated
international marketing group serving the live performance and
entertainment industry, announces its results for the year ended 31
December 2019.
Financial Highlights
2019 2018 Change
Revenue GBP135.4m GBP76.7m +76.5%
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Net revenue* GBP41.8m GBP30.8m +35.7%
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Gross profit margin 20.6% 25.1% -450bps
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Gross profit margin on net revenues* 66.5% 62.5% +400bps
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Operating profit/(loss) GBP1.9m GBP0.6m +216.7%
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Adjusted EBITDA** GBP5.3m GBP1.9m +178.9%
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Adjusted EBITDA** (pre IFRS 16) GBP3.8m GBP1.9m +100%
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Profit after tax GBP0.9m GBP0.3m +200.0%
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Earnings per share for continuing 0.07 pence 0.04 pence +0.03 pence
operations
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Total earnings/(Loss) per share 0.04p (0.01)p +500%
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Net (debt)/cash GBP(9.5)m GBP1.6m -662.5%
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Adjusted net (debt)/cash pre IFRS
16 GBP2.5m GBP1.6m +56.3%
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* Net revenues being revenues net of media costs
** Adjusted EBITDA (Earnings before Interest, Tax, Depreciation
and Amortisation) is before exceptional items, investment
impairment and share based payment charges
Footnote: IFRS 16 was adopted with effect from 1 January 2019.
In 2019 this has increased Adjusted EBITDA, reduced operating
profit and added finance lease assets and liabilities to the
balance sheet. The 2018 comparatives have not been restated for the
impact of IFRS 16
Operational Highlights
-- A year of significant growth and operational efficiency with
full year adjusted EBITDA and revenue significantly ahead of market
expectations
-- All operating divisions profitable as focus on client service
and driving efficiencies bears fruit
-- New York theatre agency, SpotCo and London theatre agency
Dewynters remained the largest contributor to group revenues
o SpotCo won 20 new shows and worked on 43 shows in 2019
increasing its revenue by 56.1% to GBP68.7m (2018: GBP44.0m)
o Dewynters worked on 50 projects during the year increasing its
revenue by 14.4% to GBP32.4m (2018: GBP28.3m)
-- The Group strengthened its market leading position
o Notable new clients in 2019 include: Frozen, Moulin Rouge!,
Hairspray, Joseph and the Amazing Technicolor Dreamcoat, Jesus
Christ Superstar, Mamma Mia the Party, Tutankhamun exhibition, and
Audible Theater
o Other noteworthy contracts included many of the year's most
popular productions, such as: The Lion King, Wicked, Matilda, The
Book of Mormon, Les Misérables, Harry Potter, Hadestown (winner of
eight Tony Awards), and The Ferryman (winner of Tony Award for Best
Play)
-- Progressed strategy to build an integrated international
marketing group serving the live performance and entertainment
industry
o Acquired Sold Out in March 2019, which added to r4e's offering
across live music, festivals, sports and events, and performed
ahead of management's expectations
o In January 2019, acquired 50% stake in Buzz 16 Productions
o 34 direct cross-sells and 65 clients serviced by more than one
of the Group's agencies
o Media Trading Agreements signed and extended between Miroma
and r4e companies to drive additional value to respective agencies
and their client bases
Covid-19 Update and Outlook
-- Strong sales growth in line with expectations for the two
months ended 29 February 2020, however closures of live venues
resulted in material reductions in trading from March 2020
-- Several measures were implemented to reduce costs, mitigate
the impact of Covid-19 and manage liquidity
-- As at 31 May 2020, the Group had adjusted net cash (before
IFRS 16 right of use liabilities and deferred consideration) of
GBP12.0m.
Lord Michael Grade, Chairman of r4e, said: "2019 was a year of
great advancement, reflecting the continued success of the
turnaround strategy and the diversification of the Company into new
areas of live entertainment. With a string of new client wins and
cross-selling between agencies, the Group produced revenue and
profit growth significantly ahead of expectations. We also welcomed
Sold Out to the Group, further expanding our reach beyond theatre
into live events.
"The Group entered 2020 with commercial momentum and an exciting
pipeline for the year, which led to strong sales growth in the
first two months of 2020. However, with the shutdown of live venues
and events in March 2020, Covid-19 has had a significant impact on
the entire industry. In April 2020, g iven the uncertainty over the
length and severity of the outbreak at that time, we introduced
mitigation measures to bolster the liquidity of the business and
its financial position as we stopped all discretionary capital
expenditure. For consumers and businesses in the live performance
and entertainment industry, these are difficult times. r4e benefits
from its market leading position on both sides of the Atlantic and
is now more diversified. The Company is exercising the strictest
discipline on cost control and reduction. This gives the Board
confidence in the Group's ability to withstand the current
situation and to be ready to capitalise on the re-opening of the
live entertainment sector."
Annual Report and Accounts
The Company will shortly be posting its Annual Report and
Accounts for the year ended 31 December 2019 to shareholders. A
copy of the Annual Report and Accounts will be available from the
Company's website at www.r4e.com .
For information, please contact:
reach4entertainment enterprises Phone: +44 (0)20 3978 8590
plc
Marc Boyan, CEO
Paul Summers, COO
Luther Pendragon Phone: +44 (0)20 7618 9100
Harry Chathli Email: r4e@luther.co.uk
Alexis Gore
Joe Quinlan
Grant Thornton, NOMAD Phone: +44 (0)20 7383 5100
Philip Secrett
Jen Clarke
Seamus Fricker
Dowgate Capital, Broker Phone: +44 (0)20 3903 7715
James Serjeant
David Poutney
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
About r4e
reach4entertainment enterprises plc ("r4e") operates a
collection of theatrical, film and live entertainment marketing,
PR, advertising and display agencies, across the world. The Company
uses its extensive experience in the live entertainments space to
create value through investing in innovative and established
agencies that provide communications services to a range of clients
involved with theatre, film, concerts and more. For further
information on r4e, you are invited to visit the Company's website
at www.r4e.com .
Operational Review
2019 was a year of considerable progress for r4e with strong
revenue and profit growth. This reflected the successful turnaround
strategy with the diversification of the Company into new areas of
live entertainment. The Group's agencies expanded their respective
client bases, benefitting from 34 direct cross-sells, and were
responsible for marketing many of the year's standout productions
and live events.
The Group achieved a very strong end to 2019 and the positive
momentum continued post-period, with like-for-like sales up 31.6%
on the prior year for the two months ending 29 February 2020. This
commercial progress, and the strict focus on profitability and
diversification of the business over the last two years, has
significantly strengthened the Group's ability to withstand
unforeseen downturn/crises, such as Covid-19 and the temporary
closure of live venues on Broadway and London's West End.
London
Dewynters
Dewynters maintained its market leading position during the year
by working on 50 projects and winning a series of significant new
shows, including Joseph and the Amazing Technicolor Dreamcoat,
& Juliet, Dear Evan Hansen, and Jesus Christ Superstar. This
resulted in strong revenue growth, up 14% to GBP32.4m (2018:
GBP28.3m), and a very productive final quarter which continued into
2020. This more than offset a slightly slower first half when six
big-name London theatre shows closed at the end of 2018 and
beginning of 2019.
Dewynters also worked on high-profile immersive theatre
experiences and live entertainment shows. This included Mamma Mia
the Party - London's first mass market immersive theatre production
- which opened at the O2; the Tutankhamun blockbuster exhibition,
organised by IMG; and Winter Wonderland, where the agency continued
its partnership with London's biggest Christmas attraction.
Dewynters continues to lead the industry in the creation of content
for social media and building social communities. We are investing
to ensure it remains at the forefront of the digital marketing
world.
Dewynters entered 2020 with a very strong roster of upcoming
shows including Moulin Rouge!, Hairspray and Disney's smash hit,
Frozen, which are set to open in 2020/2021 as soon as theatres
re-open.
Newman Displays
Newman Displays continued to dominate the theatre installation
market, growing revenue by 20% to GBP4.4m (2018: GBP3.6m),
generating adjusted EBITDA of GBP0.49m (2018: GBP0.24m) and
operating profit of GBP0.31m (2018: GBP0.17m). The agency fitted
displays for most West End theatre productions - amounting to 113
in total - including Les Misérables, the Lion King and Hamilton, as
well as for live events such as the Olivier Awards.
The agency also worked on many of the year's most high-profile
TV and cinema releases, including Game of Thrones, Toy Story 4 and
Once Upon A Time in Hollywood. The emergence of streaming platforms
such as Netflix, Amazon Prime, Apple TV+ and Disney+ has led to
increased demand for press launches and premieres as well as
experiential, press and publicity campaigns. By focusing on
streamlining production, the installations team has been able to
capitalise on this demand by offering clients an even faster
turnaround of high-quality displays for their events. This momentum
has continued post period with one of the agency's biggest
streaming premiere events to date: Picard for Amazon Prime.
Sold Out
We acquired 100% of the issued share capital of Agency Press
Limited (trading as "Sold Out") in March 2019. Since joining r4e,
Sold Out has made a significant contribution and performed ahead of
management's expectations with revenue of GBP25.4m for the
nine-month period. The agency maintained its strong position in the
live music industry and further developed its digital advertising
segment, a key growth area. This enabled Sold Out to retain its
loyal client base and benefit from personal recommendations to win
new clients. In addition, Sold Out has benefited from utilising the
services of other agencies within the Group to enhance its
statistical reporting ability for clients. The company expects to
achieve further cost savings in 2020 as a result of Group-wide
efficiencies.
Other - London
Wake The Bear, Story House and Buzz 16 are all newer, fast
growing agencies which form part of r4e's strategy to diversify
into complementary businesses across marketing, communications and
live entertainment. Wake The Bear and Story House collectively
generated revenue of GBP4.0m, adjusted EBITDA of GBP112k and
operating profit of GBP110k in 2019.
Wake The Bear
In its first full year of operations, Wake The Bear increased
its client roster from four in 2018 to 12 in 2019, including
Harveys Furniture and Simba Sleep. This enabled the agency to
return a modest profit and afford key hires with the experience and
expertise to grow the business. Post period Wake The Bear has
already won two new clients in the fintech and publishing
sectors.
Story House
Story House is a public relations agency for the theatre and
live entertainment industries, operating in the UK and
internationally. The business returned a profit in its first full
year of operations in 2019 and has already repaid the investment
provided by r4e in the start-up phase.
Buzz 16 Productions (Joint Venture)
In January 2019, the Group acquired a 50% interest in Buzz 16
which creates both short and long form sports orientated content.
The acquisition performed in line with expectations in the
year.
New York
SpotCo
In 2019, it was pleasing to see SpotCo begin to bear the fruits
of management's turnaround strategy. By implementing a data-driven
approach to decision-making and marketing, the agency was able to
reduce costs, improve client service and enhance new business
development. This led to significant growth, winning 20 new shows
during the year, including The Music Man and A Christmas Carol.
SpotCo worked on a total of 43 shows in 2019, including Hadestown,
which won 8 Tony Awards, including Best Musical; The Ferryman,
which won the Tony Award for Best Play; and Mean Girls, which
recouped its initial investment and announced a West End production
in January. The agency's clients amassed 16 awards at the 2019 Tony
Awards and 74 nominations in total.
SpotCo also progressed its non-theatre activities by working on
the marketing for Audible Theater (an Amazon company), and on the
partnerships outreach and execution strategy for the Museum of
Broadway. It was a highly successful year for the agency with
revenue increasing by 56.2% to GBP68.7m (2018: GBP44.0m) and
profits accelerating materially to GBP1.3m (2018: GBP0.1m). SpotCo
entered 2020 strongly with the launch of several new shows
including MJ.
Hamburg and Amsterdam
Following management's strategic review to improve client
service and unlock efficiencies across the Group, the Board took
the decision to close Dewynters Germany in early June 2019. This
has enabled r4e to service the German market from Dewynters London
and drive greater profitability. Subsequent to year end, the
investment in Dewynters Amsterdam has been impaired. The impact of
Covid-19 has led to uncertainty around the long-term viability of
the business. This impairment will have no effect on the
Consolidated Income Statement of the Group, only on the parent
company.
Financial Review
2019 was a year of excellent progress with strong revenue and
profit growth for r4e, reflecting the continued success of the
turnaround strategy and the diversification of the Company into new
areas of live entertainment. The Company's agencies successfully
expanded their respective client bases, benefitting from 34 direct
cross-sells, and were responsible for marketing many of the year's
standout productions and live events.
Total revenues increased 76.5% to GBP135.4m (2018: GBP76.7m).
Sold Out acquired in March 2019 contributed GBP25.4m or 33.1% of
this growth with the remaining being generated across the rest of
r4e's operating companies and geographies. Stripping out gross
media revenue, a pass through of cost plus a small margin, net
revenue increased by 35.7% to GBP41.8m (2018: GBP30.9m) with Sold
Out accounting for 20.0% and GBP6.2m of the increase.
Fundraise and acquisitions
In March 2019, the Group successfully raised GBP3m in a placing
with new and existing investors to fund the acquisition of Agency
Press Limited (trading as "Sold Out") in a placing with new and
existing investors. This included the Group's CEO Marc Boyan,
through Miroma R4E Holdings Limited as well as Paul Summers and
James Charrington, who are both directors of subsidiary companies
of r4e. There was also support from a number of institutional
investors.
The acquisition was for an initial consideration of GBP3.94m
payable in cash and GBP250,000 payable in 20,833,333 Ordinary
Shares (the "Initial Consideration"), and a deferred cash
consideration based on the financial performance of Sold Out during
the period commencing on 1 June 2017 to 31 December 2021, excluding
working capital adjustments (the "Deferred Consideration"). The
aggregate of the Initial Consideration and the Deferred
Consideration is to be capped at GBP10m.
Segmental analysis
Year ended 31 December 2019
Sold Other London Head Group
Dewynters Newmans Out(1) London Total SpotCo Europe Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 32,423 4,363 25,386 3,984 66,156 68,660 581 - 135,397
Adjusted EBITDA* 1,987 488 1,247 114 3,836 2,528 73 (1,146) 5,291
Share based
charges (30) (11) - - (41) (50) - (419) (510)
--------- ------- -------- ------- ------- ------- ------- ------- -------
EBITDA
pre-exceptional 1,957 477 1,247 114 3,795 2,478 73 (1,565) 4,781
Exceptional
items (40) - - - (40) - - (240) (280)
Impairment (88) - - - (88) - - - (88)
Depreciation
& amortisation (679) (164) (487) (2) (1,332) (1,147) - - (2,479)
--------- ------- -------- ------- ------- ------- ------- ------- -------
Operating
profit/(loss) 1,150 313 760 112 2,335 1,331 73 (1,805) 1,934
(1) Acquired 21 March 2019
Year ended 31 December 2018
London Head Group
Dewynters Newmans Jampot Total SpotCo Europe Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 28,334 3,630 420 32,384 43,960 374 - 76,718
Adjusted EBITDA* 2,288 242 (155) 2,375 578 (259) (808) 1,886
Share based
charges (34) (11) - (45) (53) - (386) (484)
--------- -------- -------- -------- -------- -------- -------- --------
EBITDA pre-exceptional
and investment
impairment 2,254 231 (155) 2,330 525 (259) (1,194) 1,402
Exceptional
items (134) - - (134) (86) - (10) (230)
Depreciation
& amortisation (195) (60) - (255) (334) - (4) (593)
--------- -------- -------- -------- -------- -------- -------- --------
Operating
profit/(loss) 1,925 171 (155) 1,941 105 (259) (1,208) 579
--------- -------- -------- -------- -------- -------- -------- --------
*Adjusted EBITDA is before exceptional items, investment
impairment and share based payment charges. This is a measure used
by r4e's provider of finance, PNC, to monitor covenant compliance,
as well as by the Board as a proxy for cash profit.
Revenue & Performance
Under IFRS 15 (Revenue from contracts with customers) the
Company recognises revenue on the basis that we act as principal,
however, management also perform their internal analysis of
performance on revenues net of media costs as these revenues are
largely pass through with only a small margin retained. A
comparative of billings & revenue for the year as performed by
management is as follows:
For continuing operations: 2019 2018
GBP'000 GBP'000
Revenue 135,397 76,718
Third party costs (93,564) (45,882)
Net revenue 41,833 30,836
Cost of sales (14,000) (11,554)
-------- --------
Gross profit 27,833 19,282
Gross profit increased by 44.3% to GBP27.8m (2017: GBP19.28m) on
a 35.7% increase in net revenues. Gross profit margin on a net
revenue basis has increased by 4.0 percentage points from 62.5% to
66.5% reflecting the Group's focus on higher margin business.
Management also include the analysis of net margin in their KPIs as
discussed below.
For the year ended 31 December 2019, the Group has seen an
improving trend following the restructuring taken at the end of
2017 and subsequent cost savings and growth initiatives. The
improvement on 2018 is somewhat hidden due to the implementation of
IFRS 16 from 1 January 2019. A reconciliation between core business
performance; contribution from new acquisition Sold Out, and
additional IFRS 16 adjustments, is included in the notes to the
accounts on page 43 of the Group's Annual Report and Accounts to be
published shortly. This reconciliation shows core business
performance in 2019 (excluding IFRS 16 and Sold Out) compared to
prior year as follows:
-- Adjusted EBITDA up GBP0.65m and 34.4%
-- EBITDA before exceptional items and impairment up GBP0.62m and 44.4%
-- Operating profit up GBP0.16m and 27.6%
In addition to the growth from the underlying core businesses,
Sold Out contributed GBP25.4m to revenues and GBP0.76m to operating
profit, 39% of total group operating profit, for the 9-month period
since acquisition.
Debt Financing
The amount owing to debt provider PNC reduced compared to the
prior year, to GBP2.1m (2018: GBP3.5m), a result of timings of
drawdowns of the revolving facility. There has been no breach of
covenants during the year.
In March 2019, as part of the approval process for the
acquisition of Sold Out and the Buzz 16 joint venture, the Company
agreed to an amendment of the facility which included an increase
on the borrowing rates of 0.5% per annum.
The initial 3-year term of the facility expired on 3 December
2018, and the facility has automatically continued in place
indefinitely on a rolling basis. Either party can give at least six
months' notice to end the agreement. The Group believes that the
relationship with PNC is good, and they remain supportive of the
Company during the Covid-19 pandemic.
Market
The Group's market has predominantly been the provision of
marketing and media services to ticketed live events. Historically,
it has focused upon the entertainment sector, and specifically
theatre. The Group's subsidiaries, Dewynters in London and SpotCo
in New York are market leaders in their respective theatrelands. In
2018 and 2019 the Group has begun to diversify into new
territories, and beyond theatre. The acquisition of Sold Out
broadened the Group's live entertainment market with clients such
as SJM Concerts, AEG Presents, Live Nation and Cirque Du Soleil
amongst many others. Wake The Bear, incorporated in 2018, is a
marketing communications agency designed to partner with start-up
businesses from any industry, clients added to its roster in 2019
include Simba Sleep and Harvey Furniture. The group has already
benefited from cross-collaboration between companies.
London
Previously comprising of Dewynters and Newman, Wake The Bear and
Story House were added in 2018 and showed excellent progress in
2019. The addition of Sold Out in the year has also pushed growth
of the Group's market share of live entertainment marketing
agencies.
Dewynters had a number of large musicals close at the end of
2018/beginning of 2019 which were not replaced until later in the
year. However, the company maintained its market leading position
by working on 50 projects during the year and winning a series of
significant new shows, including Joseph and the Amazing
Technicolour Dreamcoat, & Juliet, Dear Evan Hansen, and Jesus
Christ Superstar. This was reflected in the revenue growth of
GBP4.1m (14.4%). Net revenues were slightly down by GBP0.58m or
4.7%, reflecting the increase in media activity during the period
with gross profit % also being down from 29.7% to 26.3%. However
gross profit as a % of net revenues was up from 68% to 73% showing
the strength in the margin from the work that was performed. EBITDA
dropped as a result of the gross margin reduction, down GBP0.30m or
13.2%, but with the company winning "BIG", "White Christmas", and
"Mama Mia! The Party" at the O2, Q4 2019 was picking up and along
with the successful wins "Moulin Rouge!" and Disney's "Frozen"
looking to open in 2020, the company was expected to grow
profitability in 2020. GBP0.09m of a small investment made in the
year was cautiously written off as returns look unlikely to be
collected. The venue closure from Covid-19 has obviously stalled
the company, but these shows are still planning to open once the
market environment stabilises and Dewynters is ready to immediately
support its clients' needs.
Newman Displays had a very strong year benefitting from the
large turnover of new shows in the West End which has led to new
front of house displays being needed. The agency fitted displays
for the vast majority of West End theatre productions - amounting
to 113 in total - such as Les Misérables, the Lion King and
Hamilton, as well as for live events such as the Olivier Awards. It
also continued to be involved with the majority of film premieres
and publicity campaigns in London as well as junket and premiere
work for Netflix, Amazon and Apple +. The volume of work resulted
in revenue increase of 20.2% or GBP0.73m with the mix of work
pushing EBITDA to an increase of 62.3% from GBP0.23m to GBP0.37m
(pre IFRS 16). This momentum continued post period with one of the
agency's biggest streaming premiere events to date: Picard for
Amazon Prime.
Sold Out - a new addition to the Group, r4e acquired 100% of the
issued share capital in March 2019. Since joining the Group, Sold
Out has made a significant contribution and performed ahead of
management's expectations with revenue of GBP25.4m for the
nine-month period and GBP1.25m EBITDA. The agency maintained its
strong position in the live music industry and further developed
its digital advertising segment, a key growth area. This enabled
Sold Out to retain its loyal client base while also benefiting from
personal recommendations to gain further clients. In addition, Sold
Out has benefited from being able to utilise the services of other
agencies within the Group to enhance its statistical reporting
ability to clients, and expects to achieve further cost savings as
a result of Group-wide efficiencies.
Wake The Bear and Story House still remain smaller contributors
to the Group as a whole but individually had a very successful year
in 2019. Wake The Bear in only its first full year of operations,
contributed GBP3.7m to the Group's revenues and made a profit after
tax. Story House likewise, was profitable and both agencies open up
other opportunities across the Group.
New York
SpotCo's management team continued to build on its successful
pitch wins in Q4 2018 with continued success through 2019 with 20
new shows being won in the year including K-Pop, The Music Man and
Tootise. SpotCo's clients also amassed 16 awards at the 2019 Tony
Awards, which also included 74 nominations in total. This success
pushed revenues to $87.73m (2018: $58.5m) an increase of 50.0%, and
net revenues increased to $24.3m from $19.0m. Gross profit as a %
of revenue dropped from 20.7% to 17.9% due to the high volume of
media work, evident in the fact that gross profit as a % of net
revenues increased from 63.9% to 64.6%. Due to the focus on
overhead reduction in 2018, pre IFRS 16 EBITDA of $1.95m (2018:
$0.65m) was 2.2% of gross revenue and 8% of net revenues (2018:
1.1% and 3.7% respectively). SpotCo has continued this momentum of
winning new work with recent success winning 2 new shows during the
Covid-19 closure which are due to open when the theatres
return.
Other Performance Highlights
Discontinued operations
On 7 June 2019, the Group announced its decision to close
Dewynters Germany as part of a restructuring process to improve
efficiencies and drive profitability. The Consolidated Income
Statement include the results of Dewynters Germany in 2019 and 2018
as discontinued operations.
IFRS 16 'Leases'
More detail on the effect of IFRS 16 'Leases' is given in the
notes to the accounts of the Group's Annual Report and Accounts to
be published shortly. The modified retrospective approach has been
taken meaning 2018 has not been adjusted. This means that in 2019
EBITDA has increased by GBP1.5m, depreciation has increased by
GBP1.5m and finance costs have increased by GBP0.4m.
Capital Reduction
In light of the significant improvement in the operational and
financial performance of the Group, the Board proposed in 2019 to
undertake a capital reduction and create distributable reserves
which would enable the payment of dividends in the future, subject
to the continuing satisfactory financial performance of the
Group.
A final hearing of the High Court of Justice in July 2019
approved r4e's order to confirm a reduction of the issued share
capital of the Company and cancellation of the Company's share
premium account and capital redemption reserve. This involved the
cancellation of the 74,894,792 deferred shares with a nominal value
of GBP0.02 each and a reduction in the nominal value of the
ordinary shares from GBP0.005 each to GBP0.001 each.
Finance Costs
Finance costs for the year amount to GBP0.8m (2018: GBP0.3m),
and primarily comprise of GBP 0.4m interest on right-of-use
liabilities (IFRS 16, 2018: Nil) plus interest and fees on PNC debt
of GBP0.39m (2018: GBP0.25m). The increase in interest and fees to
PNC being a result of fees on amendments to the facility plus a
higher interest rate being charged from the end of March 2019.
Tax
A tax charge in the year of GBP0.44 million was offset by a
GBP0.14 million deferred tax credit.
Cash Flow
Cash inflow from operating activities in the year was GBP4.0m
(2018: GBP2.3m outflow) as a result of the profitability of the
Group plus consistent levels of working capital. Trade receivables
and trade payables had significant movements (GBP8.8m outflow and
GBP8.5m inflow respectively) primarily due to the acquisition of
Sold Out during the year, which increased the base level of
receivables and payables. The increase to both trade receivables
and trade payables offsets. Investing activities resulted in cash
outflow of GBP4.42m, GBP3.7m of this being payments related to the
Sold Out acquisition, GBP0.32m related to acquisition of joint
venture Buzz 16 and GBP0.15m into an investment which saw income of
GBP0.5m in the year. As part of its investing activities, property
plant and equipment expenditure was GBP0.34m (2018: GBP0.07m).
Financing activity cash flow includes an outflow of GBP1.3m due
to the lower debt balance with PNC asset based lending facility at
year end, therefore shown as a 'repayment'. An outflow of GBP1.69m
is in relation to lease payments (2018: Nil), this inclusion being
due to the implementation of IFRS 16 in 2019, and represents
payments made against leases in the year. In prior year 2018 these
would have been included as cash outflows from operating
activities. Offsetting these outflows are proceeds from the issue
of share capital arising from the placing to fund the Sold Out
acquisition totalled GBP2.9m.
As explained in the prior year accounts, the cash position is
not expected to increase over the short term as drawdowns from the
PNC facility are charged a higher interest than unutilised
borrowings. Therefore, cash for working capital purposes is only
drawn down as required for payments rather than being retained on
hand for any length of time.
Covid-19 Update and Outlook
The significant number of new business wins in Q4 2019 enabled
the Group to enter 2020 with strong commercial momentum and a
healthy pipeline of new clients and productions.
Inevitably, the Covid-19 outbreak - and the consequent closure
of live venues on Broadway and London's West End - has resulted in
a significant reduction in advertising and marketing spend. No one
knows with certainty when venues will be able to reopen and the
impact of social distancing measures. However, the Group
anticipates that when live venues finally reopen - at whatever
capacity - the requirement to market shows should ensure that r4e
quickly returns to previous levels of trading. It is too early to
predict the resumption of normal trading and therefore too early to
forecast the extent to which Covid-19 will impact the Group's
financial performance. The impact of the pandemic will inevitably
result in a material reduction to market expectations for the full
year 2020.
As part of the Group's drive for operational efficiency, through
virtualised applications and storage on the cloud, r4e has enabled
secure remote working with no material reduction in the Company's
delivery capability for clients. In order to mitigate the impact of
Covid-19, management responded rapidly to manage the Group's
working capital position and to ensure liquidity. Several measures
were promptly implemented which have enabled r4e to reduce its
monthly running costs by 50% to generate annualised savings of
approximately GBP12m. As of 31 May 2020, the Group had adjusted net
cash (before IFRS 16 right of use liabilities and deferred
consideration) of GBP12.0m.
The Board is immensely proud of the response of the Company's
employees in the face of the current situation. As part of the
turnaround programme over the past two years, the Company has seen
a disciplined focus on profitability and diversification of the
business. Considered together with the action taken to ensure
liquidity, the Board is confident that r4e will be able to
withstand the impact of Covid-19. That being said, the Directors
have concluded that although the Company remains a Going Concern
for the foreseeable future, the unknown future impact of Covid-19
represents a material uncertainty that may cast significant doubt
on the Group's ability to continue as a Going Concern beyond the
current forecasts which cover the period to 31 August 2021.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2019
2019 2018
GBP'000 GBP'000
Continuing operations
Revenue 135,397 76,718
Cost of sales (107,564) (57,436)
--------- --------
GROSS PROFIT 27,833 19,282
Administrative expenses (25,899) (18,703)
------------------------------------------------------------ --------- --------
Adjusted EBITDA* 5,291 1,886
Share based payment charges (510) (484)
--------- --------
EBITDA before exceptional items and investment impairment 4,781 1,402
Exceptional administrative expenses (280) (230)
Impairment of investment (88) -
Depreciation (1,887) (419)
Amortisation of intangible assets (592) (174)
------------------------------------------------------------ --------- --------
OPERATING PROFIT 1,934 579
Share of net profit from joint ventures 106 -
PROFIT BEFORE INTEREST AND TAX 2,040 579
Finance income 13 14
Finance costs (813) (279)
--------- --------
PROFIT BEFORE TAXATION 1,240 314
Taxation (303) 1
--------- --------
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 937 315
Loss for the year from discontinued operations (328) (475)
========
PROFIT/(LOSS) FOR THE YEAR 609 (160)
The profit/(loss) is attributable to:
Non-controlling interests 108 (39)
Equity holders of the parent 501 (121)
--------- --------
609 (160)
========= ========
Basic and diluted earnings/(loss) per share (pence)
From continuing operations:
Basic earnings per share 0.07 0.04
Diluted earnings per share 0.06 0.03
From discontinued operations:
Basic loss per share (0.03) (0.05)
Diluted loss per share (0.03) (0.05)
Total earnings/(loss) per share
Basic earnings/(loss) per share 0.04 (0.01)
Diluted earnings/(loss) per share 0.04 (0.01)
CONSOLIDATED STATEMENT OF TOTAL COMPREHENSIVE INCOME
For the year ended 31 December 2019
2019 2018
GBP'000 GBP'000
PROFIT/(LOSS) FOR THE YEAR 609 (160)
-------- --------
Other comprehensive income:
Items that may be reclassified to profit or loss:
Currency translation differences (95) (174)
-------- --------
Other comprehensive income for the year, net of tax (95) (174)
-------- --------
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR 514 (334)
-------- --------
Total comprehensive income/(loss) for the year attributable to:
Non-controlling interests 108 (39)
Equity holders of the parent 406 (295)
-------- --------
514 (334)
======== ========
Total comprehensive income/(loss) for the year attributable to equity holders of the parent
from:
Continuing operation 734 180
Discontinued operations (328) (475)
406 (295)
======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2019
2019 2018
GBP'000 GBP'000
NON-CURRENT ASSETS
Goodwill and intangible assets 15,003 8,737
Property, plant and equipment 1,831 1,956
Right-of-use assets 8,198 -
Investments 747 -
Deferred tax asset 231 160
-------- --------
26,010 10,853
-------- --------
CURRENT ASSETS
Inventories 35 126
Trade and other receivables 29,983 16,057
Other current assets 375 582
Cash and cash equivalents 5,065 5,223
-------- --------
35,458 21,988
-------- --------
TOTAL ASSETS 61,468 32,841
======== ========
CURRENT LIABILITIES
Trade and other payables (30,459) (17,967)
Lease liabilities (1,796) -
Current taxation liabilities (306) (40)
Borrowings (2,143) (3,575)
Provisions (863) -
(35,567) (21,582)
-------- --------
NET CURRENT (LIABILITIES)/ASSETS (109) 406
-------- --------
NON-CURRENT LIABILITIES
Deferred taxation (1,458) (861)
Other payables - (977)
Lease liabilities (6,556) -
Borrowings (419) -
Provisions (2,792) -
-------- --------
(11,225) (1,838)
-------- --------
TOTAL LIABILITIES (46,792) (23,420)
-------- --------
NET ASSETS 14,676 9,421
======== ========
EQUITY
Called up share capital 1,276 5,028
Share premium - 20,275
Deferred shares - 1,498
Retained earnings 12,105 (18,248)
Own shares held (259) (259)
Other reserves 1,485 1,166
Attributable to equity holders of the parent 14,607 9,460
Non-controlling interests 69 (39)
-------- --------
TOTAL EQUITY 14,676 9,421
======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2019
Own Attributable
Share Share Deferred Shares Retained Other to equity Non-controlling Total
capital premium shares held earnings Reserves holders of interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 the parent GBP'000 GBP'000
ATTRIBUTABLE TO
EQUITY HOLDERS
OF THE PARENT
At 31 December
2017 5,005 20,252 1,498 (259) (18,154) 883 9,225 - 9,225
Loss for the year - - - - (121) - (121) (39) (160)
Other
comprehensive
income, net of
tax:
Currency
translation
differences - - - - - (174) (174) - (174)
------- -------- -------- ------- -------- -------- ------------ --------------- -------
Total
comprehensive
income for the
year - - - - (121) (174) (295) (39) (334)
Transactions with
owners in their
capacity as
owners:
Shares issued 23 23 - - - - 46 - 46
Share based
payment charges - - - - - 484 484 - 484
Share options
exercised - - - - 27 (27) - - -
------- -------- -------- ------- -------- -------- ------------ --------------- -------
Total transactions
with owners in
their capacity as
owners: 23 23 - - 27 457 530 - 530
------- -------- -------- -------- ------------ --------------- -------
At 31 December
2018 5,028 20,275 1,498 (259) (18,248) 1,166 9,460 (39) 9,421
======= ======== ======== ======= ======== ======== ============ =============== =======
Change in
accounting policy
(IFRS 16) 1,078 7 1,085 - 1,085
As a 1 January
2019 (restated) 5,028 20,275 1,498 (259) (17,170) 1,173 (10,545) (39) 10,506
======= ======== ======== ======= ======== ======== ============ =============== =======
Profit for the
year - - - - 501 - 501 108 609
Other
comprehensive
income, net of
tax:
Currency
translation
differences - - - - - (95) (95) - (95)
------- -------- -------- ------- -------- -------- ------------ --------------- -------
Total
comprehensive
income for the
year - - - - 501 (95) 406 108 514
Transactions with
owners in their
capacity as
owners:
Shares issued, net
of costs 1,354 1,792 - - - - 3,146 - 3,146
Share based
payment charges - 510 510 - 510
Share options
exercised/lapsed - - - - 88 (88) - - -
Share
re-organisation (5,106) (22,067) (1,498) - 28,686 (15) - - -
------- -------- -------- ------- -------- -------- ------------ --------------- -------
Total transactions
with owners in
their capacity as
owners: (3,752) (20,275) (1,498) - 28,774 407 3,656 - 3,656
======= ======== ======== ======= ======== ======== ============ =============== =======
At 31 December
2019 1,276 - - (259) 12,105 1,485 14,607 69 14,676
======= ======== ======== ======= ======== ======== ============ =============== =======
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2019
2019 2018
GBP'000 GBP'000
Cash generated from/(used in) continuing operating activities 5,076 (1,773)
Cash used in discontinued operating activities (467) (271)
Interest paid (332) (251)
Income taxes paid (327) (18)
-------- ---------
Net cash generated from/(used in) operating activities 3,950 (2,313)
-------- ---------
Investing activities
Payment for acquisition of subsidiary, net of cash acquired (3,700) -
Purchase of joint venture (324) -
Purchase of investments (150) -
Income from investments 45 -
Purchases of property, plant and equipment (continuing operations) (309) (69)
Purchases of property, plant and equipment (discontinued operations) (3) (2)
Proceeds on disposal of tangible assets (continuing operations) 25 -
Proceeds on disposal of tangible assets (discontinued operations) 9 -
Interest received 13 14
-------- ---------
Net cash used in investing activities (4,394) (57)
-------- ---------
Financing activities
Net proceeds from the issue of share capital 2,900 46
(Repayment)/proceeds of asset based lending (1,301) 1,008
Proceeds from borrowings 500 -
Repayment of borrowings (100) -
Repayment on finance leases (1,721) (19)
Net cash generated from financing activities 278 1,035
-------- ---------
Net decrease in cash and cash equivalents (166) (1,335)
Cash and cash equivalents at the beginning of the year continuing operations 5,059 6,637
Cash and cash equivalents at the beginning of the year discontinued operations 164 121
Effect of foreign exchange rate changes 8 (200)
======== =========
Cash and cash equivalents at the end of the year 5,065 5,223
======== =========
Continuing operations 5,044 5,059
Discontinued operations 21 164
======== =========
Total Cash and cash equivalents 5,065 5,223
======== =========
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2019
reconciliation of net debt 2019
Adjusted* net debt 2018 Cash flows Non-cash GBP'000 2019
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 5,223 (166) 8 5,065
Asset based lending (3,518) 1,301 74 (2,143)
Finance leases (57) 34 23 -
Borrowings - (400) (19) (419)
-------- ---------- ---------------- --------
Net cash 1,648 769 86 2,503
======== ========== ================ ========
*Adjusted net debt is before IFRS 16 finance leases and deferred
consideration
Statutory net debt 2018 Cash flows Non-cash GBP'000 2019
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 5,223 (166) 8 5,065
Asset based lending (3,518) 1,301 74 (2,143)
Finance leases (57) 1,721 (10,016) (8,352)
Borrowings - (400) (19) (419)
Deferred consideration - - (3,656) (3,656)
Net cash/(debt) 1,648 2,456 (13,609) (9,505)
======== ========== ================ ========
reconciliation of net debt 2018
2017 Cash flows Non-cash GBP'000 2018
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 6,758 (1,335) (200) 5,223
Asset based lending (2,372) (1,008) (138) (3,518)
Finance leases (130) 19 54 (57)
-------- ---------- ---------------- --------
Net cash/(debt) 4,256 (2,324) (284) 1,648
======== ========== ================ ========
BASIS OF PRESENTATION
Reach4entertainment enterprises plc is a public limited company
incorporated and domiciled in England and Wales under the Companies
Act 2006. The address of its principal place of business and
registered office is Wellington House, 125 Strand, London WC2R 0AP
and the Company's registered number is 2725009. The principal
activities of the Group are the provision of creative, advertising,
marketing and other services to the theatrical, film and live
entertainment industries including media strategy and buying,
marketing and sales promotions, signage and publishing.
The preliminary financial information does not constitute full
accounts within the meaning of section 434 of the Companies Act
2006 but is derived from accounts for the years ended 31 December
2019 and 31 December 2018, both of which are audited. While the
financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement
criteria of International Financial Reporting Standards (IFRS), as
adopted by the European Union (EU), this announcement does not in
itself contain sufficient information to comply with IFRSs.
The statutory accounts for the year ended 31 December 2019 will
be delivered to the Registrar of Companies. Statutory accounts for
the year ended 31 December 2018 have been filed with the Registrar
of Companies. The auditor's report for the year ended 31 December
2019 was unqualified, dd not contain a statement under section
498(2) or section 498(3) of the Companies Act 2006 and drew
attention to a material uncertainty related to going concern as
reproduced below:
We draw attention to the Going Concern note in the financial
statements, which indicates that the company may be adversely
affected by the growing impact of the Covid-19 (Coronavirus)
outbreak. Whilst the directors are taking action to mitigate the
impact, given the unpredictable nature and impact of the outbreak
and how extensive and prolonged the effects will be, the directors
are unable to predict the full extent of the impact with regards to
the going concern basis of accounting and its related disclosures.
As stated in the Going Concern note these events or conditions,
along with the other matters as set forth in the note, indicate
that a material uncertainty exists that may cast significant doubt
on the company's ability to continue as a going concern. Our
opinion is not modified in respect of this matter.
The auditor's report for the year ended 31 December 2018 was
unqualified, did not include a reference to any matter to which the
auditor drew attention by way of emphasis and did not contain any
statement under section 498(2) or (3) of the Companies Act
2006.
A copy of this preliminary statement will be available to
download on the Group's website www.r4e.com .
GOING CONCERN
As at 31 December 2019 the Group had net assets of
GBP14.7million, pre IFRS 16 GBP13.8 million, (2018: net assets
GBP9.4 million) and made an operating profit in the year then ended
of GBP1.9 million (2018: profit of GBP0.6million).
At 31 December 2019, the Group's debt balance with its
asset-based lending facility with PNC Business Credit Services Ltd
(PNC) was GBP2.14 million and the Group had cash at bank of GBP5.10
million. As at 31 May 2020 the debt balance was zero and cash at
bank was GBP12.0 million. The debt has reduced due to the natural
functionality of the facility as there have been fewer invoices to
draw against in 2020 than receipts in from client which repays the
debt. PNC remain supportive and have agreed to waive the covenant
measurements from April 2020 until further notice. The initial
3-year term of the facility expired in December 2018, and the
facility has automatically continued in place and will do so
indefinitely unless either party gives at least six months'
notice.
In these uncertain times it is it is difficult to predict the
overall outcome and impact of Covid-19 on the business but the
effect on revenues to date has been significant. The Group acted
quickly to implement a number of cost saving measures, and
deferrals have been taken up where permissible for Rent, VAT, PAYE
and NI. Personnel bonuses in relation to 2019 have also been
deferred where payment had not already been made prior to April
2020. The strength of 2019, in addition to the cost saving
initiatives put in place immediately after Covid-19 venue closure,
has put the Group in a strong position and the Directors have
prepared financial forecasts which shows the Group can continue to
trade for the foreseeable future, this is inclusive of the first
deferred consideration payment of GBP0.6 million being made to the
seller of Sold Out. The current projections assume theatres and
live events will begin to re-open in January 2021 with revenue
increasing from October 2020 onwards. The directors have also
assessed the impact if venue re-opening does not occur until later
in 2021 and further cost saving measures were not made. At the time
of approving these financial statements it is unclear when, and in
what form, theatres and live events will re-open and therefore how
long the groups revenues will be impacted by the current pandemic.
Under certain of these scenarios the Group could have insufficient
liquidity, however the Directors, at the date of this report, are
still reviewing additional options available to the group to
mitigate the impact of a longer closure on cash flows and
liquidity. These include i) additional reductions in overheads, ii)
the potential for the group to access additional forms of debt,
iii) further negotiations with landlords in deferral of rent, and
iv) other strategies available to the Group to protect it's Going
Concern position.
The Directors have concluded that although the Company remains a
Going Concern for the foreseeable future, the unknown future impact
of Covid-19 represents a material uncertainty that may cast
significant doubt on the Group's ability to continue as a Going
Concern beyond the current forecasts which cover the period to 31
August 2021.
DEVELOPMENTS IN ACCOUNTING STANDARDS / IFRS:
-- New and amended standards effective and adopted by the Group
during the year beginning 1 January 2019:
-- IAS 28 Investments in Associates and Joint Ventures -
Amendments resulting from May 2008 Annual Improvements to IFRSs.
Periods commencing on or after 1 January 2019.
-- The Company has adopted IFRS 16 "Leases" which is effective
for annual periods beginning on or after 1 January 2019. The
Company has chosen to apply the modified retrospective transition
method and so the prior year figures have not been adjusted. The
Company has elected to apply the practical expedient for short-term
leases to leases, for which the lease term ends within 12 months of
the date of initial application, and the practical expedient for
low value leases for which the underlying lease is GBP5,000 or
less.
The adoption of the standard has resulted in the Company
bringing many of its leases onto the balance sheet reflecting
'right-of-use' assets which are depreciated, and corresponding
liabilities on which interest accrues. The discount rate used to
calculate the lease liabilities is 4.5% on property and 3.0% on
plant and machinery. The impact of the standard in the period to 31
December 2019, compared to the results if the standard had not been
recognised, is that Adjusted EBITDA/EBITDA have increased by
GBP1.52 million due to the elimination of rent costs. Conversely,
operating profit in the period has increased by GBP0.01 million due
to increased depreciation charges. Profit before tax has been
impacted by a GBP0.39 million interest charges on the lease
liabilities however in later years it is expected that profit
before tax will increase when compared to if the standard had not
been adopted. As a result of deferred tax a credit of GBP0.2
million has been recognised. The overall impact on profit after tax
is an increase of GBP0.3 million.
At 31 December 2019 non-current assets have increased by GBP8.2
million as a result of the additional right-of-use assets. Total
liabilities have increased by GBP8.4 million due to the addition of
finance lease liabilities, but this is offset by GBP1.0 million as
liabilities previously recognised under SIC 15 as operating lease
incentives have been transferred to retained earnings. Total net
asset effect is an increase of GBP0.9 million.
IFRS 16 impact on reported Consolidated Balance Sheet
2019 2018 Group
Excluding (as reported)
IFRS 2019 Group GBP'000
16 P&L Impact IFRS 16 (as reported)
GBP'000 GBP'000 GBP'000
Lease
R-o-U SIC liability
asset(1) 15 (3) Tax(4)
Non-current
assets 17,818 8,160 - - 32 26,010 10,853
Current assets 35,458 - - - - 35,458 21,988
---------------- --------------- ------------ ---------------- ------------- -------------------- --------------------
Total assets 53,276 8,160 - - 32 61,468 32,841
Current liabilities (34,154) - 360 (1,773) - (35,567) (21,582)
---------------- --------------- ------------ ---------------- ------------- -------------------- --------------------
Net Current
assets/(liabilities) 1,304 - 360 (1,773) - (109) 406
Non-current
liabilities (5,313) - 644 (6,556) - (11,225) (1,838)
---------------- --------------- ------------ ---------------- ------------- -------------------- --------------------
Total Liabilities (39,467) - 1,004 (8,329) - (46,792) (23,420)
Net assets 13,809 8,160 1,004 (8,329) 32 14,676 9,421
(1) Addition of right-of use assets
(2) Elimination of liabilities related to lease incentives
recognised previously under SIC 15
(3) Addition of lease liabilities
(4) Deferred tax effect
IFRS 16 impact on reported Consolidated Income Statement
New 2019 2018
Existing operations operations GBP'000 GBP'000
-------------------------------------------------------------------------------- ----------------- ---------------- ----------------
Sold Out* Group
Excluding Post IFRS (pre IFRS as Group as
IFRS 16 P&L Impact IFRS 16 16 16) reported reported
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Continuing Operations: Rent(1) Dep'n(2) Interest Tax(4)
(3)
Adjusted EBITDA 2,534 1,516 - - - 4,050 1,241 5,291 1,886
EBITDA before exceptional items and
impairment 2,024 1,516 - - - 3,540 1,241 4,781 1,402
Operating profit 739 1,516 (1,504) - - 751 1,183 1,934 579
Profit before tax 440 1,516 (1,504) (398) - 54 1,186 1,240 314
Profit/(loss) after tax 176 1,516 (1,504) (398) 167 (43) 980 937 315
Pence Pence Pence Pence Pence
EPS on continuing operations: 0.1 (0.1) 0.8 0.7 0.04
Basic 0.1 (0.1) 0.7 0.6 0.03
Diluted:
---------------- ----------------
(*) Sold Out results shown before effect of intergroup
recharges
(1) Elimination of rent costs previously recognised as operating
leases
(2) Depreciation charged on right-of-use assets
(3) Interest unwinding on lease liabilities
(4) Deferred tax effect
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.
END
FR KKABKKBKBKAB
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