RNS Number:5868W
Screen FX PLC
15 May 2007
Press Release 15 May 2007
ScreenFX plc
("ScreenFX" or "the Group")
Unaudited Preliminary Results
ScreenFX plc (AIM:SFX), the digital advertising and communications specialist,
announces its unaudited Preliminary Results for the year ended 31 December 2006.
Highlights
* Turnover up 244% to #1.85 million (2005: #0.54 million)
* Operating losses of #6.6 million (2005: #3.5 million)
* #9.1 million, before costs, of new capital successfully raised in the year
* Number of shopping malls up to 26 as at December 2006 (2005: 16)
Post Year End Highlights
* Indication of interest signed with major advertising player regarding
possible acquisition of the retail (Malls) business unit
* Significant contract secured with Land Securities for 13 super malls
* Current portfolio includes 40 'super malls' which yields a footfall of
approximately 750 million consumers per annum
Commenting on the results, Mike Cottman, Executive Chairman, said: "Whilst 2006
has been a challenging year financially, it has seen the Group consolidate and
strengthen its position as the leading provider of out-of-home digital media
advertising and information. The Group has invested significantly in additional
overhead in its core business, MallFX, building a high value network and an
infrastructure capable of delivering long term growth. At the same time the
Group has invested further in developing new channel activities in both the
transport and health sectors.
"Looking forward, 2007 sees ScreenFX uniquely positioned with our TrainFX
division to exploit the major and as yet unfulfilled commercial opportunities
within the transport sector that our TrainFX brand addresses. In the era of an
increasingly fragmented advertising industry, the emergence of a major new
advertising and communications channel with a high profile, captive audience
represents an extremely exciting opportunity for the Group to embrace."
- Ends -
For further information:
ScreenFX plc
Mike Cottman, Executive Chairman Tel: +44 (0) 161 428 5544
mikec@screenfx.com www.screenfx.com
Seymour Pierce Limited
Stuart Lane / Sarah Jacobs, Corporate Finance Tel: +44 (0) 20 7107 8000
sarahjacobs@seymourpierce.com www.seymourpierce.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Gareth Mead Tel: +44 (0) 20 7398 7700
henry.ht@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S STATEMENT
This is my first Chairman's statement since joining the Group in December 2006
in order to secure its position and progress its strategy of building on a
market leading share in the provision of digital advertising screens to shopping
malls, as well as pioneering the development of digital screen advertising in
other market sectors.
ScreenFX is a leader of such advertising advancements and has achieved a
critical mass market position in the retail sector. The Group is also
developing exciting new markets, particularly transport, which offers strong
potential for future growth. Such leading edge technologies, and the strong
management team in place, are essential components of the promise that I see in
this Group and which originally motivated me to assume the position of Executive
Chairman at ScreenFX.
My first task as Chairman has been to ensure that sufficient financial resources
were available to the Group. My own personal commitment to the Group, and the
confidence of both myself and others in its future, is evidenced by the personal
loans and the underwriting of a portion of new capital which raised #5.3
million, before costs, for the Group late in December 2006.
Financial Results
Since the last report to shareholders in September, covering the six months to
June 2006, operating losses have continued at a faster rate as national
advertising revenue remained elusive despite the success of gaining additional
shopping mall sites. Additional sales costs were incurred to look for
alternative revenue sources whilst at the same time additional resources were
devoted to continuing the expansion into the retail market and to progress our
entry into the transport and health sectors.
Strategy
In order to preserve capital and focus all of our resources on our target
markets, the Group has been re-shaped and re-focused and we have evaluated the
areas where shareholder value can be best achieved. Going forward in 2007 this
has principally involved a strong focus on the retail (Malls) and transport
sectors.
We have already implemented significant cost reduction plans across the Group
and streamlined our operations. In particular, we have made overhead savings
and reduced the Group's headcount. Furthermore, we have streamlined the
management of the business, creating clear objectives and reporting structures,
to ensure that the business is leaner and more capable of taking advantage of
opportunities in the market and responding quickly to our business needs.
Outlook
Although new capital has been introduced, the revenue base thus far in 2007 has
not grown to a satisfactory extent and we have therefore decided to partner the
retail advertising estate with a major industry player. It is our strategic
decision that the task of selling advertising onto our networks is best left
done by those with the necessary critical mass and industry muscle required to
achieve the most significant results. As such, I am delighted to be able to
advise shareholders that a great deal of interest has been expressed in this
opportunity and that, as announced separately today, we are pursuing strategic
alternatives with respect to our retail (Malls) business unit, and in connection
therewith, have signed a non-binding indication of interest with a major
advertising player, that grants them exclusive rights to finalise a purchase
agreement regarding that business unit. Such a transaction, which is subject to
shareholder approval, if successful, will provide the proceeds to develop other
digital screen based advertising sectors, notably our TrainFX franchise.
In order that the Group has short term finance at this stage of its development,
I have again organised temporary short term loans to be made available to the
Group in May 2007 to finance working capital and operating costs. These
personal loans will be supplemented with an additional share issue up to a
maximum total value of #750,000, at a minimum price of 0.5 pence per share, to
be allotted within the 10% authority for Directors to issue new shares.
In addition, we are proposing a further new share issue to the value of #750,000
at the same price and this will be confirmed at a forthcoming EGM to be
announced in due course. This, together with the proposed transaction secures
future development and allows the Group to develop its full potential. My
thanks go to all the staff and the shareholders for their continued support
during the last year.
Looking forward, 2007 sees ScreenFX uniquely well positioned with our TrainFX
division to exploit the major and as yet unfulfilled commercial opportunities
within the transport sector that our TrainFX brand addresses. In the era of an
increasingly fragmented advertising industry, the emergence of a major new
advertising and communications channel with a high profile, captive audience
represents an extremely exciting opportunity for the Group to embrace.
Mike Cottman
Executive Chairman
14 May 2007
CHIEF EXECUTIVE'S REVIEW
Operating Review
Introduction
Whilst 2006 has been a challenging year financially, it has seen the Group
consolidate and strengthen its position as the leading provider of out-of-home
digital media advertising and information. During the year we have further
developed our market leading position through increasing our footprint in the
core premium shopping mall business (MallFX) operated by our wholly owned
subsidiary, High Profile (UK) Limited. The acquisition of POPtv in August 2006
enabled us to increase revenues whilst strengthening our position in this sector
by removing a key competitor. At the same time, we have made significant
progress in developing our capabilities to provide digital marketing screens
into trains within our TrainFX company.
Operations
MallFX
In line with our stated strategy of achieving critical mass in the important
retail sector, we have continued to roll out our network of premium mall
locations during the year, through MallFX. Our focus has been to build the
leading screen advertising network in major shopping malls in the UK. A key
driver to success is the creation of a network platform, with critical mass,
that allows us to target and attract major consumer brands and their media
agencies and which presents them with a compelling proposition to drive revenue
growth.
Having successfully installed 16 centres by December 2005 (8 centres installed
by December 2004), and with the addition of new centres to the portfolio in the
year (see table below), the Group was able to reach an audience of some 450
million shoppers annually at the beginning of 2007, through a portfolio of 26
premium centres across the UK, with 22 already fully installed.
In August 2006, POPtv, an independent media sales company representing screen
media in shopping malls, health and other retail environments, was acquired by
the Group. This acquisition further strengthened our position in this sector
with the introduction of a number of additional premium locations including the
Bullring Birmingham and Manchester Arndale.
Shopping Centre (Installed) Annual footfall (millions)
The Bullring, Birmingham* 39.0
Manchester Arndale* 32.0
The Trafford Centre, Manchester 31.2
Lakeside, Thurrock 26.0
Eldon Square Shopping Centre, Newcastle 24.9
Victoria Centre, Nottingham 23.5
Metrocentre, Gateshead 22.9
Merry Hill, Birmingham 20.8
The Glades Shopping Centre, Bromley 19.0
Broadmarsh, Nottingham 18.4
CastleCourt, Belfast 18.2
Frenchgate, Doncaster* 18.0
The Harlequin Shopping Centre, Watford 17.0
Braehead, Glasgow 16.9
St James Shopping Centre, Edinburgh 16.1
The Oracle, Reading* 16.0
Drakes Circus, Plymouth** 15.0
The Potteries Shopping Centre, Stoke 13.0
The Chimes Shopping Centre, Uxbridge 10.4
Royal Victoria Place, Tunbridge Wells 9.8
The Friary Shopping Centre, Guildford 9.6
Fulham, Broadway* 9.0
* added in 2006
** installed in 2006
Shopping Centre (contracted, not installed)
Westfield, Derby 18.2
Millgate, Bury 15.6
St. Anns, Harrow 12.0
Fareham 11.0
Also during the year, in our core MallFX business, we have continued to develop
relationships and work closely with the leading property companies to extend,
not only our audience reach, but also our geographic coverage of premium mall
locations. As a direct consequence of these efforts, we announced in April 2007
that we have been awarded a major long term contract with Land Securities, the
UK's leading property company. Initially this contract is for 13 centres,
taking our portfolio of centres now under contract to 40, with an annual
footfall of nearly 750 million consumers. This is a further endorsement of our
leading position in the retail sector and further supports the move from
traditional media formats to dynamic digital screens. It also follows the
addition of the UK property portfolio of Westfield Shoppingtowns Limited in
2005. We continue to build upon our strong relationships with the UK's other
leading property managers and owners including Liberty International (CSC),
Jones Lang LaSalle and Hammerson Plc.
During the second half of 2006 our regional media sales initiative gained
traction, becoming a significant contributor to revenue in the period, albeit at
a somewhat lower level than had originally been anticipated. Our national media
revenue has been disappointing in the year reflecting the early stage
installation roll out of the Mall network. In 2006 we reached a critical mass
in the installed network, however sales traction remained slow. In the second
half of 2006 we have seen leading industry players establishing a significant
digital presence in alternative market sectors, reinforcing the strength and
more widespread acceptance of this rapidly developing media proposition. In the
latter part of 2006 new initiatives were considered to accelerate and capitalise
on the revenue opportunity and have culminated in our decision to partner our
retail advertising estate with a major industry player.
Acquisition
The acquisition of POPtv created synergies for the Group, in particular in the
retail sector. It also removed a key competitor and strengthened our core
offering of retail mall locations. In addition, POPtv provides access to new
advertising revenue channels including The Life Channel (currently screened in
almost 900 GP surgeries nationwide) and BabyTV (a specialist in antenatal
waiting rooms in hospitals).
TrainFX
The TrainFX division reached a major new agreement with one of the main Train
Operating Companies (TOC's) in the year, covering a number of important London
rail commuter routes, to pilot the installation of on-board information and
communication systems in this sector. This will greatly improve customer
service by providing rail passengers with up-to-date travel information. The
trials and gaining of the necessary regulatory approvals have been successful
and a roll out across the network of an on-board service will commence during
2007.
The Group continues to work closely with the other major TOCs to secure the
remaining London commuter rail routes, leveraging off its highly skilled team
and its success achieved with Central Trains (part of the National Express
Group).
Financial Results
Turnover in the year rose by 244% to #1.85 million (2005: #0.54 million) with an
operating loss before interest of #6.6 million (2005: #3.5 million).
The losses for the year, whilst materially worse than anticipated, are largely
due to investment in developing our networks further and infrastructure
investment in overheads being incurred ahead of revenue progression.
The Group has invested significantly in additional overhead in its core
business, MallFX, building a high value network and an infrastructure capable of
delivering long term growth. At the same time the Group has invested further in
developing new channel activities in both the transport and health sectors.
As a consequence of the investment made in the business to date significant
value exists in our recognised leading UK retail mall network and that further
upside potential exists through our strong mall pipeline and emerging revenue
streams. As the established leading provider of digital services in this sector
we are well positioned to exploit the widely reported anticipated growth in the
market.
Capital expenditure in the year was #0.9 million (2005: #1.5 million) of which
#0.53 million was spent in connection with new transport concession
infrastructure, #0.12 million was incurred in installing new screens and pods
across the estate and a further #0.15 million in developing the IT
infrastructure of the business.
During the year the Group raised, in aggregate, #8.8 million (net of expenses)
through the issue of new shares. The cash balance at the year end was #3.4
million.
Dave Clark
Chief Executive
14 May 2007
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2006
Notes 2006 2005
# #
TURNOVER 3 1,845,525 543,109
Cost of sales (2,685,062) (949,505)
Gross loss (839,537) (406,396)
Other operating expenses (net) (5,787,769) (3,074,593)
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (6,627,306) (3,480,989)
Investment income 9,603 42,166
(6,617,703) (3,438,823)
Interest payable (680,670) (151,802)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 4 (7,298,373) (3,590,625)
Taxation 5 (6,992) -
RETAINED LOSS FOR THE PERIOD 11 (7,305,365) (3,590,625)
Earnings per ordinary share - basic 13 (2.08)p (2.39)p
Earnings per ordinary share - diluted 13 (2.08)p (2.39)p
The operating loss for the period arises from the Group's continuing operations.
No separate Statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the Profit and Loss Account.
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2006
Notes 2006 2005
# #
FIXED ASSETS
Intangible assets 1,283,525 1,049,042
Tangible assets 6 2,794,606 2,810,759
4,078,131 3,859,801
CURRENT ASSETS
Debtors 7 1,499,729 656,272
Cash at bank and in hand 3,393,369 136,479
4,893,098 792,751
CREDITORS: Amounts falling due within one year 8 (4,462,650) (1,528,704)
NET CURRENT (LIABILITIES)/ASSETS 430,448 (735,953)
TOTAL ASSETS LESS CURRENT LIABILITIES 4,508,579 3,123,848
CREDITORS: Amounts falling due after more than one year 9 (701,592) (776,203)
3,806,987 2,347,645
CAPITAL AND RESERVES
Called up share capital 10 6,610,748 1,693,333
Share premium account 10,112,144 6,264,852
Profit and loss account (12,915,905) (5,610,540)
EQUITY SHAREHOLDERS' FUNDS 11 3,806,987 2,347,645
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006
Notes 2006 2005
# #
Net cash flow from operating activities 12a (4,053,366) (2,444,756)
Returns on investments and servicing of finance 12b (365,067) (109,636)
Taxation 12,033 -
Capital expenditure and servicing of finance 12b (413,830) (699,937)
CASH OUTFLOW BEFORE FINANCING (4,820,230) (3,254,329)
Financing 12b 8,393,048 2,724,633
(DECREASE)/INCREASE IN CASH IN THE PERIOD 3,572,818 (529,696)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT
2006 2005
# #
(Decrease)/increase in cash in the period 3,572,818 (529,696)
Funds from invoice discounting and financing (231,673) (119,824)
Capital element of finance lease and hire purchase payments 512,582 232,923
Bank loan repaid 15,000 15,000
CHANGE IN NET DEBT RESULTING FROM CASHFLOWS 3,562,727 (401,597)
New finance leases and hire purchase contracts (527,871) (795,802)
Premium on loan conversion (306,000) -
MOVEMENT IN NET DEBT IN PERIOD 3,034,856 (1,197,399)
NET DEBT BROUGHT FORWARD (1,214,157) (16,758)
NET DEBT ACQUIRED (9,928) -
NET DEBT CARRIED FORWARD 1,810,771 (1,214,157)
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006
1. PRESENTATION OF FINANCIAL INFORMATION
Information in this preliminary announcement does not constitute statutory
accounts of the Group within the meaning of Section 240 of the Companies Act
1985. The figures for the year ended 31 December 2006 are unaudited. The
preliminary announcement is prepared on the same basis as set out in the
previous year's statutory accounts except for the changes in accounting
standards as detailed below.
FRS 20 "Share based payment" is effective for accounting periods beginning on or
after 1 January 2006. An analysis of the impact of FRS 20 is as follows:
Profit and loss account
2006 2005
# #
(Loss) before adoption of new accounting standard (7,305,365) (3,590,625)
Impact of FRS 20 17,462 7,422
Restated (loss) after adoption of new accounting standard (7,322,827) (3,598,047)
The directors consider these amounts to be immaterial in the context of these
results and, therefore, have not adjusted for the FRS 20 charge in the financial
statements.
Statutory accounts for the year ended 31 December 2005, which were prepared
under accounting practices generally accepted in the UK, have been filed with
the Registrar of Companies. The auditor's report on those accounts was
unqualified and did not contain any statement under Section 237 (2) or (3) of
the Companies Act 1985. It did contain however an explanatory paragraph dealing
with a fundamental uncertainty relating to going concern.
The auditors are yet to sign their report on the statutory accounts for the year
ended 31 December 2006 but have indicated that their auditor's report may be
modified by the inclusion of an emphasis of matter paragraph which highlights
the existence of a material uncertainty that casts doubt on the company's and
group's ability to continue as a going concern. Their opinion is not qualified
in this respect. Further information is disclosed below.
2. GOING CONCERN
The preliminary announcement is prepared on a going concern basis, which assumes
the Group will continue in operational existence for the foreseeable future.
The Group's ability to meet its future working capital requirements and
therefore continue as a going concern is dependent upon being able to generate
significant free cash flow, from both trading and financing activities. The
Group has also announced additional short term financing by way of loans, a
further placing of new equity, and is in negotiations to dispose of part of its
business, which actions together would generate significant amounts of cash and
which would, based on projections prepared by the group, enable it to continue
to meet its debts as they fall due for at least the next 12 months. At the date
of release of this preliminary announcement, however, there remains some
uncertainty over the timing of the completion of these matters.
Whilst there is fundamental uncertainty in relation to the above matters, the
directors are continuing their negotiations with various parties and, based on
indications received so far, anticipate a positive outcome and consider that it
is appropriate that the preliminary announcement be prepared on a going concern
basis. The accounts therefore do not include any adjustments that would result
from the Group being unable to continue as a going concern.
3. TURNOVER AND PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
The Group's turnover and profit before taxation were all derived from its
principal activity, in the United Kingdom.
Sales originated from the following networks:
2006 2005
Turnover Loss Turnover Loss
# # # #
Banners 265,061 (43,989) 81,104 (111,588)
Digital network 747,585 (4,151,493) 305,501 (2,868,056)
Other 832,879 (1,866,142) 156,504 (305,088)
1,845,525 6,061,624 543,109 (3,284,732)
Common costs and central interest payable
(1,236,749) (305,893)
Loss on ordinary activities before taxation (7,298,373) (3,590,625)
4 LOSS ON ORDINARY ACTIVITIES 2006 2005
# #
Loss on ordinary activities before taxation is stated
after charging:
Amortisation of intangible fixed assets 226,367 129,778
Depreciation and amounts written off tangible fixed
assets:
Charge for the period
- owned assets 529,770 419,757
- hire purchase and leased assets 393,559 164,196
Operating lease costs
- operating leases 102,758 50,326
- leasehold property rentals 154,448 78,791
Auditors' remuneration - audit fees: 33,222 21,700
Auditors' remuneration - non-audit fees:
- further assurance services 7,541 7,500
- tax compliance 3,800 4,000
5 TAXATION
No charge to UK corporation tax arises for the year (2005: nil). The group has
tax losses of approximately #13 million to carry forward and relieve against
future profits.
6 TANGIBLE FIXED ASSETS
Ipods and Fixtures,
plasma screens fittings &
Computer equipment Leasehold Total
equipment
# # # # #
GROUP
Cost or valuation:
As at 1 January 2006 2,531,175 1,017,331 150,773 - 3,699,279
Additions 447,895 149,728 277,102 32,897 907,622
31 December 2006 2,979,070 1,167,059 427,875 32,897 4,606,901
Depreciation:
As at 1 January 2006 399,525 417,940 71,055 - 888,520
Charged in the period 539,754 349,393 32,435 2,193 923,775
31 December 2006 939,279 767,333 103,490 2,193 1,812,295
Net book value
31 December 2006 2,039,791 399,726 324,385 30,704 2,794,606
31 December 2005 2,131,650 599,391 68,423 11,295 2,810,759
Hire purchase and finance lease agreements
Included within the net book value of #324,385 (2005 - #68,423) in respect of
Fixtures and Fittings is #39,885 (2005 - #8,445) relating to assets held under
hire purchase. Included in the net book value of #2,039,791 (2005 - #2,131,650)
in respect of Ipods and plasma screens is #1,434,607 (2005 - #1,204,801)
relating to assets held under finance leases. The depreciation charged in the
period in relation to these assets is #6,423 (2005 - #3,269) and #387,136 (2005
- #160,927) respectively.
7 DEBTORS 2006 2005
# #
Due within one year:
Trade debtors 404,433 341,360
Other debtors 12,079 240
Other taxation and social security 191,009 39,428
Owed by group companies - -
Corporation tax repayable - 19,025
Prepayments and accrued income
892,208 256,219
1,499,729 656,272
8 CREDITORS: Amounts falling due within one year
2006 2005
# #
Hire purchase and leasing 657,169 439,609
Trade creditors 1,324,000 561,257
Other taxation and social security 232,798 78,599
Other creditors 8,482 7,463
Accruals and deferred income 1,798,704 306,952
Bank loan 15,000 15,000
Invoice discounting 126,497 119,824
Other loans 225,000 -
Deferred consideration 75,000 -
4,462,650 1,528,704
9 CREDITORS: Amounts falling due in more than one year
2005 2005
# #
Bank loan 78,750 93,750
Trade creditors 95,757 -
Hire purchase and finance leases 480,182 682,453
Other creditors 46,903 -
701,592 776,203
Repayable by instalments:
In more than one year but not more than two years 603,863 455,698
In more than two years but not more than five years 78,979 286,755
In five years or more 18,750 33,750
701,592 776,203
Hire purchase and finance lease arrangements are secured on the assets to which
the loans relate and bear interest at variable rates.
The bank loan is secured by a fixed and floating charge, bears interest at 2.5%
over base rate and is repayable over 120 months.
10 SHARE CAPITAL
2006 2005
# #
Authorised:
8,600,000,000 ordinary shares of 0.1p each 8,600,000 2,400,000
Deferred ordinary shares of 0.1p each 7,740,000 -
16,340,000 2,400,000
2006 2005 2006 2005
Issued and fully paid: No. No. # #
Ordinary shares of 0.1p each 2,103,596,066 169,333,340 2,103,596 1,693,333
Deferred ordinary shares of 0.1p each 4,507,151,760 - 4,507,152 -
6,610,747,826 169,333,340 6,610,748 1,693,333
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Group Group
2006 2005
11
# #
Loss for the financial period (7,305,365) (3,590,625)
Proceeds from issue of shares 8,764,707 2,852,732
Net addition to shareholders' funds 1,459,342 (737,893)
Opening shareholders' funds 2,347,645 3,085,538
3,806,987 2,347,645
12 CASH FLOWS 2006 2005
# #
A Reconciliation of operating loss to net cash outflow from operating
activities
Operating loss (6,627,306) (3,480,989)
Depreciation and amortisation 1,149,696 713,731
(Profit) on disposal of fixed assets - (3,739)
(Increase) in debtors (594,869) (237,413)
Deferred Revenue 572,046 -
Increase/(decrease) in creditors 1,447,067 563,654
Net cash outflow from operating activities (4,053,366 (2,444,756)
2006 2005
# #
B Analysis of cash flows for headings netted in the cash flow
Returns on investments and servicing of finance
Interest received 9,603 42,166
Interest paid (374,670) (151,802)
Net cash (outflow)/inflow from returns on investments and servicing of
finance (365,067) (109,636)
Capital expenditure and financial investment (377,966) (724,091)
Purchase of tangible fixed assets
Sales of tangible fixed assets - 24,154
Purchase of subsidiary (35,864) -
Net cash outflow from capital expenditure and financial investment (413,830) (699,937)
Financing
Issue of ordinary share capital 9,146,641 3,020,000
Issue costs (381,934) (167,268)
Loans received 1,915,000 -
Invoice discounting (69,077) 119,824
Repayment of bank loans (15,000) (15,000)
Other loans repaid (1,690,000) -
Capital element of hire purchase and finance lease contracts (512,582) (232,923)
Net cash inflow from financing 8,393,048 2,724,633
13. EARNINGS PER SHARE
The calculation of basic loss per ordinary share is based on losses of
#7,305,365 (2005 #3,590,625) and on 351,122,376 ordinary shares (2005:
150,151,600) being the weighted average number of shares in issue during the
year.
The loss for the period and the weighted average number of ordinary shares for
calculating the diluted loss per share for the year ended 31 December 2006 are
identical to those used for the basic loss per share. This is because the
outstanding share options and warrants would have the effect of reducing the
loss per ordinary share and would therefore not be dilutive under the terms of
Financial Reporting Standard ("FRS") No 22.
14. OTHER INFORMATION
The board of directors of ScreenFX plc approved the preliminary results on 14
May 2007.
A date relating to both the Annual General Meeting and the Extraordinary General
Meeting will be announced shortly.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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