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Interim Results for the six months ended 30th June 2012
Wednesday, 29 August 2012
Chime Communications PLC, the International Communications & Sports Marketing group, today announces its unaudited interim results for the six months ended 30th June 2012.
SUMMARY OF RESULTS
These results are the first results to reflect the Group in its continuing form following the sale of some Bell Pottinger businesses and the planned closure of other Bell Pottinger businesses, once two overseas contracts have been completed early in 2013.
HEADLINE FINANCIAL HIGHLIGHTS
Headline results exclude businesses that have been sold or are in the process of being closed.
|
|
2012 |
2011 |
2012 |
2012 |
|
Operating Income |
73.7 |
55.3 |
+33% |
+19% |
|
Operating Profit |
11.3 |
7.8 |
+45% |
+66% |
|
Profit Before Tax |
10.9 |
7.4 |
+47% |
|
|
Operating Profit Margin |
15.4% |
14.1% |
|
|
|
Earnings per Share |
9.3p |
7.1p |
+32% |
|
|
Interim Dividend |
2.10p |
2.08p |
+1% |
|
- Net cash as at 30th June 2012 of £21.8 million compared to £6.9 million at 30th June 2011 and £3.3 million as at 31st December 2011.
- New £47 million four year bank facility agreed with RBS.
REPORTED FINANCIAL HIGHLIGHTS
Reported results exclude businesses that have been sold but include businesses that are in the process of being closed.
|
|
2012 |
2011 |
2012 |
|
Operating Income |
75.2 |
63.1 |
+19% |
|
Operating Profit |
8.1 |
11.8 |
-31% |
|
Profit Before Tax |
6.7 |
11.4 |
-41% |
|
Operating Profit Margin |
10.8% |
18.6% |
|
|
Earnings per Share |
8.1p |
10.7p |
-24% |
OPERATIONAL HIGHLIGHTS
- Strong growth in all areas, especially Sports Marketing
- Successful execution of 2012 Olympic contracts, Paralympic contracts underway
- Substantial investment in new offices and new products in VCCP
- New offices opened in Sydney, Madrid, Moscow and Singapore
- Completed acquisitions of iLUKA, McKenzie Clark, Harvey Walsh (51%), Succinct and Rough Hill (60%)
- Disposal of most of the Bell Pottinger businesses completed for £19.6 million - Rebalancing of the Group - Significant central cost reduction - Cash from disposal to be invested in growth areas
- Exit from the remaining Bell Pottinger geopolitical business largely complete
- New Chairman being actively sought
Note:
- All numbers and comments shown in this report are headline unless otherwise stated. During the first half of 2012 all the Bell Pottinger branded businesses were either sold or are in the process of being exited. Chime has been exiting the geopolitical business within Bell Pottinger since late 2011, although there remain two contracts which Chime still has to complete legally. One ends in November 2012 and the other in January 2013. The work has been sub-contracted to third parties and Chime is not expected to make any profit or loss on these contracts in the period to completion. Under accounting standards this line of business does not meet the definition of discontinued at 30 June 2012 due to Chime’s legal obligation in the completion of the contracts. Given the substantial exit of this business we have shown the impact in this announcement as if this business was discontinued so as to provide helpful information about our on-going business. Headline figures are also before taking account of amortisation of intangible assets and impairment of goodwill and costs relating to acquisition and restructuring. The appendix to this announcement shows a reconciliation of these headline numbers to the reported numbers.
- Like for Like comparisons are calculated by taking current year actual results (which include acquisitions from the relevant date of completion) compared with prior year actual results, adjusted to include the results of acquisitions for the commensurate period in the prior year.
Christopher Satterthwaite, Chief Executive, said:
"We are reporting strong income and profit growth in our continuing businesses whilst evolving into an international communications and sports marketing group. We are now well positioned in these high growth sectors, especially sports marketing, which has become the leading way for global brands to engage their audiences as the 2012 Olympic and Paralympic Games have demonstrated. Despite difficult overall economic conditions we anticipate continued growth in our sectors and in our businesses and, as such, the long term outlook for the Group remains very good."
For further information please contact:
Christopher Satterthwaite, Chief Executive 020 7861 8515
Chime Communications
Mark Smith, Chief Operating Officer and Finance Director 020 7861 8515
Chime Communications
James Henderson/ Victoria Geoghegan 020 7861 3925
Pelham Bell Pottinger
Mark Smith
Finance Director
29 th August 2012
