Aeorema Communications : 23/01/2017 - Interim Results

Aeorema Communications plc / Index: AIM / Epic: AEO / Sector: Media

Aeorema communications plc ('Aeorema' or 'the Company') Interim Report

Aeorema Communications plc, the AIM-traded live events agency, announces its results for the six months ended 31 December 2016.

Overview

• Pre-tax profits of £77,180 on a turnover of £1,575,470

• Awards wins in film and events

• Robust cash position of £1,151,766

Chairman's Statement

During the period, we maintained our position as a leading London based live events agency with award wins and home and abroad.

Despite this, the trading environment in the events sector has been uncertain, in part due to the post-Brexit market uncertainty, causing clients to be more hesitant in their event planning budgets and resulting in some contracts to be either postponed or cancelled. Against this background, Aeorema traded in line with management expectations for the first half of the year and maintained its strong cash position, but the second half remains challenging as previously reported.

However, we believe that these are short-term challenges and in the longer term we remain confident that our strategy and strong market reputation in the delivery of creative and diverse live events will see Aeorema prosper. As such, we continue to differentiate ourselves in the market with our distinct skill-set, working with several blue-chip corporations and attracting a pipeline of potential quality business.

Our robust balance sheet with £1,151,766 cash in the bank and revenue generation of £1,575,470 is something we are proud of. During the six months, we achieved a pre-tax profit of £77,180 and operational costs were £699,836.

Aeorema is powered by the hard work and commitment of all our employees; I would like to thank them for their efforts and dedication, as well as our shareholders for their continued support.

M Hale Chairman

20 January 2017

For further information visit www.aeorema.com or contact:

Gary Fitzpatrick	Aeorema Communications plc	Tel: [phone]
Marc Milmo/Catherine Leftley	Cantor Fitzgerald Europe	Tel: [phone]
Isabel de Salis/Elisabeth Cowell	St Brides Partners	Tel: [phone]

AEOREMA COMMUNICATIONS PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

For the period ended 31 December 2016

Unaudited 6 Months to 31 December	Unaudited 6 Months to 31 December	Audited Year to 30 June
2016	2015	2016
Notes	£	£	£
Continuing Operations
Revenue	1,575,470	1,591,114	4,583,050
Cost of sales	(798,814)	(795,832)	(2,779,903)
Gross profit	776,656	795,282	1,803,147
Administrative expenses	(699,836)	(715,202)	(1,463,899)
Operating profit	76,820	80,080	339,248
Finance income	360	396	917
Profit before taxation	77,180	80,476	340,165
Taxation	5	(24,847)	(16,565)	(66,663)
Profit for the period from continuing operations	52,333	63,911	273,502
Basic and diluted earnings per share from
continuing operations
Basic (pence)	6	0.57823	0.70616	3.02195
Diluted (pence)	6		0.55968	0.68350	2.92500
There are no other comprehensive income items

AEOREMA COMMUNICATIONS PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

For the period ended 31 December 2016

Unaudited 6 Months to 31 December 2016	Unaudited 6 Months to 31 December 2015	Audited Year to 30 June 2016
£	£	£
Non-current assets
Intangible assets	365,154	365,154	365,154
Property, plant and equipment	50,958	99,560	60,259
Deferred taxation		-	-	6,075
416,112	464,714	431,488
Current assets
Trade and other receivables	651,502	747,770	1,174,337
Cash and cash equivalents		1,151,766	1,372,589	1,427,723
	1,803,268	2,120,359	2,602,060
Total assets	2,219,380	2,585,073	3,033,548
Current liabilities
Trade and other payables	636,320	839,868	1,340,583
Current tax payable		83,205	57,000	66,043
719,525	896,868	1,406,626
Non-current liabilities Deferred taxation		1,610	4,322	-
1,610	4,322	-
Net assets	1,498,245	1,683,883	1,626,922
Equity attributable to equity holder:
Share capital	1,131,313	1,131,313	1,131,313
Share premium	7,063	7,063	7,063
Merger reserve	16,650	16,650	16,650
Capital contribution reserve	257,812	257,812	257,812
Retained earnings	85,407	271,045	214,084
Total equity	1,498,245	1,683,883	1,626,922