preliminary results presentation march 2007. 1.2006 preliminary results review 2.business review...
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Preliminary Results PresentationMarch 2007
1. 2006 Preliminary Results Review
2. Business Review
3. Prospects
Agenda
2006 Overview
Solid operating performance building on last year’s restructuring
Maintained focus on improving the quality of recurring revenues
2006 acquisitions performing well
Financial restructuring completed
Financial Highlights
Full Year Turnover of £8.2m (£7.9m)
up 4%
Recurring revenue of £5.1m (£4.6m) up
11%
Adjusted EBITDA of £1.6m (2005: £1.0m)
up 60%
Adjusted PBT of £0.6m (2005: £nil)Adjusted PBT excludes: profit on sale of head office, non-recurring costs and the amortisation of intangible assets
Dec 2006 Dec 2005
£000 £000
Sales 8,184 7,922
2006 Recurring revenues 5,100
2006 Service & system sales
3,100
Adjusted EBITDA 1,630 1,043
Depreciation of tangible assets (561) (672)
Amortisation of intangible assets (1,903) (1,980)
One-off corporate restructuring (109) (216)
Charge for share scheme awards (145) (111)
Operating loss (1,088) (1,936)
Profit on sale of asset 609 -
Interest (293) (259)
Loss before taxation (772) (2,195)
Taxation 361 -
Loss after taxation (411) (2,195)
2006 Preliminary Results
2006 2005
£000 £000
Intangible fixed assets 9,438 10,124
Tangible fixed assets 891 2,006
Deferred tax asset 361 -
Total fixed assets 10,690 12,130
Stock 440 482
Debtors 2,510 2,051
Total assets 13,640 14,663
Bank overdraft (1,085) (558)
Interest-bearing loans and borrowings (112) (2,747)
Trade and other payables (3,709) (4,215)
Current Liabilities (4,906) (7,520)
Non current interest-bearing loans and borrowings (1,437) -
Total Liabilities (6,343) (7,520)
Net assets 7,297 7,143
Consolidated Balance Sheet
Improved financial position
£’000s 2006 2005
Current portion of secured bank loans 102 2,716
Current portion of Finance lease liabilities
10 31
Unsecured bank overdraft 1,085 558
1,197 3,305
Oct 2006: Issued £1.45m of 5% convertible loan notes (2012) to Quester Plc
Business Review
New clients and renewals increase subscriber sites to 13,383 (12,937)
Major wins include:
New sites and renewals at:
MusicStyling.com performing well:
Impact Automedia (“Brand radio”) adds:
– Cost benefit from “Waterfront” studios
Trading Highlights
New offering in “Young persons” bar sector
Distributor appointed for Iberian Peninsular
Growing take up of broadband delivery systems
Still awaiting decision on PPL from Copyright Tribunal
(Portugal)
Trading Highlights
Sale and leaseback of Chesterfield head office– £1.6m (pre expenses)– £1.2m used to reduce debt– £0.4m (less expenses) to working capital – Book value of asset £980k – exceptional profit c.
£0.6m– 10 year lease at initial rent of £114,500 p.a.
Net bank debt reduced to £1.3m at year end £1.5m convertible loan note from Quester plc New banking facilities in place
– £7m of acquisition financing
Financial restructuring
Retail and leisure markets remain challenging– Increasing the importance of brand differentiation– Pipeline of opportunities & renewals
Strengthened management– Oliver Wilson - Sales Director (ex Avanti Screen Media)– Stephen Yapp - Non-Executive Director
Full year impact of acquisitions to come
Confident of further progress in 2007
Near term Outlook
Market opportunity remains attractive (UK and Europe) Continue to improve operational gearing & profitability
– Focus on higher quality clients– Adding new subscribers to existing systems
Large number of outlets still not using a third party provider
Fragmented sector offers opportunities for further consolidation
Longer term outlook
Appendix
Name Outlet Key customers
DMX UK 16,000 Boots, Arcadia Group, H&M
Imagesound plc 13,383 45 major retail & leisure clients
TSG 4,500 Lloyds No1, Pizza hut
Immedia plc 4,500 Lloyds Chemist, Londis
TSC 2,000 Burger King, Café Nero
GMS 1,000 MFI, Clarks
Avanti 1,500 Toni & Guy, Translusis
Kalidovision 1200 Venue Bars
Creative Retail Entertainment 1,200 M&B Birthdays
Team Talk 1,200 Asda, Allsports
C-Burn 1,000 Conran Restaurants, S&N
Radio Ga Ga 500 All Bar One
Competitor analysis – UK suppliers
Derek Mapp Executive ChairmanFounder of Tom Cobleigh plc & LeapfrogChairman of Staffline plc and senior NED at Informa plc
Michael Clark Managing Director Imagesound founder
Ken Pratt Finance DirectorFormer FD and co-Director of Tom Cobleigh plc and Eton Group Limited
Richard Gregory Non-exec DirectorFormer Managing Director Yorkshire TelevisionNon-exec Director of Yorkshire & Clydesdale Banks and National Australia Group Europe Limited
Stephen Yapp Non-exec Director (Chairs Audit Committee)
Previously DCS Group
David Clayton-Smith Non-exec DirectorManagement Consultant12 yrs retail experience with Halfords, Boots, Do It AllGroup Marketing Director of Courage
Directors
Imagesound plc.Venture Way
Dunston Technology ParkChesterfield
S41 8NET: 01246 572 990
www.imagesound.co.uk
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