Future plc – interim results for the half-year ended 31 March 2013

May 22, 2013 — Fusion DigiNet

Future plc, the  specialist media group and  digital publisher,has announced  unaudited interim results for the half-year ended 31 March 2013.

Financial Highlights

Future results 2013 v2

Click on the table for a larger image.

Summary

  • Group revenues down 1%, EBITDAE down 23%, impacted by cyclical decline in Games market
  • Group digital revenues up 33% year-on-year and now represent 25% of Group revenues
  • US operations on track to return to EBITDAE profitability in FY13
  • New credit facility for four years to February 2017
  • Sale of UK Rock titles in April for £10.2m strengthens the balance sheet to support continued investment in the transition to a predominantly digital business

Digital highlights

  • Unique users up 46% year-on-year to 51.4 million a month
  • Page views up 38% year-on-year to 299 million a month
  • Digital advertising now represents 57% of total advertising, up from 47% a year ago
  • Over five million digital editions sold across all platforms
  • Over 300,000 subscribers to digital editions, up over 75% since March 2012
  • FutureFolio signed up to power 80 digital magazines for third parties

Mark Wood, Chief Executive, said, “We experienced some difficult trading conditions in the first half, above all in the Games market, which has been in a trough ahead of new console releases from Microsoft and Sony. However, the first half figures mask tremendous progress towards a predominantly digital business, reflected in a 33% growth in digital revenues. “Our refocusing of the US business is on track to meet our commitment to return the US to EBITDAE profitability this year.

“Despite continued challenging conditions, and the impact of the Games cycle, we are seeing increased momentum on commercial revenues, contributions from new initiatives and bottom line improvements from cost efficiencies. These all point to a strong performance in the second half of the year, much as we saw in FY12, and we believe we are on track to achieve results broadly in line with our expectations.”

UK, London

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Bloomsbury Publishing – unaudited Preliminary Results for the year ended 28 February 2013

May 22, 2013 — Fusion DigiNet

Bloomsbury

Bloomsbury has reported unaudited Preliminary Results for the year ended 28 February 2013. Profit before tax has increased by 16% to £9.8m for the year, with e-book sales growing by 61% to £9.1m over the period.

Turnover is slightly up at 1% to £98.5m, compared to £97.4m for the previous year. Continuing profit before tax and highlighted items was up 3% year-on-year, to £12.5m.

Financial highlights

  • Continuing* profit before tax and highlighted** items up 3% to £12.5 million (2012: £12.1 million)
  • Continuing* profit before tax up 16% to £9.8 million (2012: £8.5 million)
  • Continuing* turnover up 1% to £98.5 million (2012: £97.4 million)
  • Total dividend increased by 5.8% to 5.50 pence per share (2012: 5.20 pence per share)
  • Net cash increased to £14.6 million (2012: £12.6 million)

Click here for full details of the announcement.

Nigel Newton, Chief Executive, said, “This is an excellent performance. Bloomsbury’s core attributes of entrepreneurship, innovation, publicity flair and tight control of costs have led to the delivery of One Global Bloomsbury, and the future performance we have now set the stage for as we enjoy the synergies and sales advantages of having delivered a unified worldwide publishing group. In our strategy for growth we are targeting 50% of profit to be digital within five years, with Bloomsbury being the number one applied visual arts and independent humanities and social science publisher in Europe. Over that time we aim to be the number one publisher of choice in cookery, sport and natural history, with an Information division which has a global base delivering increasing revenues from digital knowledge hubs.

We start the year with a very strong programme led by today’s publication of And the Mountains Echoed by bestselling author Khaled Hosseini”

UK, London

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ITE Group – results for the 6 months to March 2013

May 22, 2013 — Fusion DigiNet

ITETrade exhibitions and conferences company ITE Group has announced interim results for the 6 months to March 2013.

Highlights

ITE 6monthstoMar13

Click on the table for a larger image 

  • Like-for-like revenue growth of 10%+ in H1
  • Biennial and event timing impacts H1 profits by -£3.6m
  • Continued strong cash generation: net cash as at 31st March of £21.7m
  • Three recent acquisitions (ABEC in India, Trade-Link and ECMI in Malaysia – see related articles below) in Asia
  • Good forward visibility: £174m of revenue booked for the full year – (£156m this time last year)

Click here for full details of the announcement

Russell Taylor, CEO of ITE Group plc, commented:

“ITE has delivered a good performance over the first half of the year, delivering solid organic growth in a period which was negatively impacted by biennial and event timing differences. Our three recent acquisitions of ABEC in India, Trade-link and ECMI in Malaysia represents progress in achieving the Group’s strategic aims to expand the Group’s territorial operations in markets with further potential for growth.

The Group has a strong balance sheet and its main markets are trading well. As at 17 May 2013 the Group has booked revenues for the current financial year of £174 million (2012: £156 million), which includes sales from newly acquired businesses as well as organic growth. On a like-for-like basis revenues booked for the full year are 8% ahead of this time last year. The Group is in a strong financial position with continued good trading conditions in our markets the Board has confidence in the full year outcome”.

UK, London

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RKG Acquires ex-Googler Vanessa Fox’s Company, Nine By Blue

May 22, 2013 — Fusion DigiNet

rkgDigital and search marketing company RKG has acquired Nine By Blue, ex-Googler Vanessa Fox’s software and consulting company.

The acquisition includes Blueprint, Nine By Blue’s search analytics and diagnostics proprietary software, which will become part of the RKG technology suite.

Vanessa Fox is  known as the creator of Google’s Webmaster Central and helped launch sitemaps.org. She is also the author of Marketing in the Age of Google. Fox will take on the new role of Chief Product Officer. Fox and the Nine By Blue team will continue to be based in Seattle, operating as RKG Seattle.

USA, Seattle, WA

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GLM acquires the Pier Antiques Show & the Antiques at the Armory Show from Stella Show Management Company

May 20, 2013 — Fusion DigiNet

GLMGLM has acquired the Pier Antiques Show and the Antiques at the Armory Show from Stella Show Management Company. This transaction follows the Miami National Antiques Show acquisition earlier this year. Terms of the deal were not disclosed.

“Following the recent addition of the Miami National Antiques Show to our annual events, the acquisition of these established shows in New York further strengthens U.S. Antique Shows’ position as the world’s leading producer of indoor antique shows,” said Dan Darby, GLM vice president and U.S. Antique Shows group show director. “In our unique position, we will bring more than 50,000 consumers together with 2,400 dealers, from 22 countries, who exhibit rare merchandise and signature collections in the key U.S. antique and jewelry markets.”

The Pier Antiques Show, one of New York City’s largest, trendsetting shows featuring Fashion Alley and Book Alley, is held semi-annually in March and November, and features 500 exhibitors of quality antique furniture, decorative and fine arts, at Pier 94. The next Pier Antiques Show will be held on November 23-24, 2013.

Originally launched in 1995, the Antiques at the Armory Show has become a mainstay of Americana Week in New York each January. The Show features 100 select exhibits of fine and affordable American & European antiques, period furniture, Americana, folk art, garden and architectural artifacts, fine art and prints.

“The Pier Antiques Show and Armory Antique Show are a natural fit for U.S. Antique Shows,” said Andrea Canady, director of business development, U.S. Antique Shows. “Producing these incredibly unique shows will allow us to develop new, more distinct and comprehensive selling opportunities for dealers, including dealers who have exhibited with U.S. Antique Shows for more than 40 years, while broadening the reach for each of these well-established events.”

USA, Naples, FL & New York, NY

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Ziff Davis acquires NetShelter from inPowered

May 20, 2013 — Fusion DigiNet

ziffdavisZiff Davis, the  digital media company in the technology, gaming and men’s lifestyle categories, has acquired NetShelter. The terms of the deal were not disclosed. Ziff Davis is a division of j2 Global, Inc.

NetShelter is a network of over 150  consumer and business tech sites, including AndroidCentral.com, MacRumors.com, Neoseeker.com, SlashGear.com and TechSpot.com, which create over 40,000 articles every month, delivering nearly 16 billion ad impressions per year.

Vivek Shah, CEO of Ziff Davis, said: “The acquisition of NetShelter fully returns Ziff Davis to the dominant netsheltermarket position in the technology vertical. We will combine our best-in-class ad targeting capabilities and trading desk expertise with what our marketers need most today: High-quality, high-impact inventory that’s available at scale on trusted sites frequented by tech enthusiasts.”

Hemi Zucker, CEO of j2 Global, said: “This acquisition not only extends Ziff Davis’ leadership position in the tech vertical but makes Ziff Davis overall one of the largest digital media companies in the U.S. that can deliver advertisers targeted, highly desirable audiences of significant scale.

USA, New York, NY

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Intelligent Living Inc. acquires Israeli on-line brain games company, Mind360

May 17, 2013 — Fusion DigiNet

intelligent livingFEEL Golf Co., Inc. through its wholly owned subsidiary, Intelligent Living Inc., has acquired Mind360, a company which offers a series of scientifically developed online brain games targeted to improve cognitive skills and memory function. The games on Mind360 are aimed toward sharpening memory, increasing focus, building logical reasoning skills, increasing alertness and awareness, boosting productivity, and exercising the mind. Each player gets a virtual personal brain trainer that helps build up brain function.

Danny Aboody and co-founders Dr. Eran Chajut and Gil Steiner spent 2008 quietly building Mind360, a suite of brain-training games mind360that according to the company “help people boost overall well being and maximize their potential through online well-defined, entertaining cognitive training activities.”

Mind360 has over 10,000 users in every continent with more than 40 games. Sign-up is free and monthly or annual subscriptions are available.

USA, Fort Lauderdale, FL & Israel, Tel Aviv

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Inception Media Group acquires Strategic Film Partners

May 17, 2013 — Fusion DigiNet

inception mediaInception Media Group, LLC, a diversified media company specialising in the production, acquisition and distribution of entertainment content, announced it has acquired Strategic Film Partners through its newly formed subsidiary, Inception Film Partners, LLC.

Strategic Film Partners, co-founded in 2004 by Alex Barder, is a global film sales company involved in motion picture financing, production and distribution. Strategic Film Partners attends all major film markets and festivals, representing films for sale to a worldwide distribution marketplace including theatrical, home entertainment, digital, television and emerging media outlets.

Barder, a partner in Inception Film Partners, will assume the role of president of the new company and will spearhead and manage all aspects of its day-to-day operations including business development, strategic planning, acquisitions, film financing and sales.

“The acquisition of Strategic Film Partners further diversifies our company’s efforts and creates new revenue streams that will help drive growth,” said David Borshell, co-founder of Inception Media Group, LLC. “Alex brings with him years of diverse industry experience and the passion and leadership necessary to not only build a bigger and more robust film sales company but also to expand all aspects of our consolidated companies.”

USA, Los Angeles, CA & France, Cannes

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St Ives plc acquires Branded3 Search

May 17, 2013 — Fusion DigiNet

St Ives plcst ives has acquired Branded3 Search Ltd, a search engine optimisation and digital marketing agency.

Established in 2003, Branded3 employs approximately 50 staff, with offices in central London and Leeds. It has a strong B2C and B2B client base across a range of vertical sectors that includes entertainment, finance, travel and other sectors.

In the financial year ended 31 January 2013, Branded3 generated adjusted EBITDA of £1.7 million on revenue of £4.1million; gross branded3assets were £3.0million.

St Ives is paying £10.7million, £8.6 million in cash and approximately 1.4 million of newly issued St Ives shares. Further consideration of up to £14.3 million may be payable (to be
satisfied approximately 75% in cash and 25% in shares) dependent on incremental financial performance for the years ending 31 January 2014, 2015 and 2016.

Branded3 will operate as a subsidiary of St Ives and will continue to be managed from its current locations by its existing management team, which includes Vin Chinnaraja and Patrick Altoft, the vendors and co-founders of the business.

Patrick Martell, Chief Executive of St Ives, said, “With the acquisition of Branded3 we are adding significant depth to our digital offering and further enhancing the range of marketing services we can provide for our existing and prospective clients. Our combination of insight led innovation and trusted execution across digital and physical media creates
a unique integrated offering in the market, which this acquisition complements well. I am delighted to welcome the Branded3 team to the Group and look forward
to supporting their growth plans.”

UK, London

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Chime Communications acquires agencies in Shanghai and London

May 17, 2013 — Fusion DigiNet

chimeChime Communications, the  communications and sports marketing group, has acquired People Marketing UK Limited, a sports marketing and communications agency based in Shanghai and WARL Group Limited, a London based specialist ‘shopper marketing’ agency.

People Marketing

Chime has acquired 100% of the share capital of PMUK (which includes its wholly-owned subsidiary People Marketing Sport and Entertainment Hong Kong Limited) from its founder Ms Irene Cheung.

Prior to the acquisition by Chime, Ms Irene Cheung transferred to PMUK all those business activities related to sports management carried on directly by her in Mainland China, Hong Kong and the Far East region. PMHK is also in the process of forming a wholly foreign owned enterprise  which will carry on business in Mainland China and which is expected to benefit from certain new contracts.

Ms Irene Cheung will join the Executive Board of CSM Sport and Entertainment which is chaired by Lord Coe.

For the year to 31 December 2012 those business activities which have been transferred to PMUK generated revenue of HK$54 million (£4.5 million) and profit of HK$16.3 million (£ 1.4 million). PMUK has no gross assets.

Initial consideration for the acquisition is HK$128 million (£10.8 million).  Of this sum 20% has been paid in cash with the remaining 80% being paid once the WFOE is established and trading.  HK$89.6 million (£7.5 million) of this will be paid in cash and the remaining HK$12.8 million (£1.1 million) will be financed through the issue of new Chime ordinary shares to Ms Irene Cheung.

The acquisition is expected to be broadly earnings neutral but will significantly enhance the geographical spread of CSM Sport and Entertainment’s activities and provide access to the Chinese and South East Asia markets.

Further deferred consideration may become payable over the period to 2017 depending on the performance of PMUK.  Such deferred consideration is capped at HK$97 million (£8.2 million).

WARL

Chime has agreed to acquire WARL from its three shareholders, Marcus Wilcox, Kerry Bateman and Brian Lloyd.

WARL brings specialist retail and shopper skills to the VCCP Partnership.

WARL was founded in 1998.  It has developed a unique ‘shopper marketing’ model utilising shopper insight to drive greater sales conversion.  WARL has a significant blue-chip client base including Diageo, Tesco’s F&F brand, United Biscuits, McArthurGlen and, more recently, Coca Cola and Samsung.

Initial consideration is £4.5 million of which 30% will be funded by the issue of 521,062 new Chime ordinary shares.  Further deferred consideration may become payable over the period to 2018 depending on the performance of the business. This is capped at £8 million of which at Chime’s option, 40% may be satisfied through the issue of new Chime ordinary shares.

For the year to December 2012 WARL generated revenue of £4.3 million and an operating profit of £1.1 million.  As at 31st December 2012 WARL’s gross assets were £2.5 million.

The acquisition is expected to be immediately earnings enhancing and provides VCCP with a strong position in ‘shopper marketing’ which is of increasing importance to their existing and future clients.

Application will be made for the 521,062 new ordinary shares being issued as part of the initial consideration for WARL to be listed on the Official List of the Financial Services Authority and to be admitted to trading by the London Stock Exchange on its main market for listed securities. It is expected that dealings in the new ordinary shares will commence on 22nd May 2013. The new ordinary shares will rank pari passu with Chime’s existing issued shares.

The issued share capital of Chime is currently 85,148,297 ordinary shares, each with voting rights. Therefore following admission of the new ordinary shares the issued share capital of Chime on 22nd May 2013 will be 85,669,359 ordinary shares each with voting rights.

Christopher Satterthwaite, Chief Executive of Chime Communications, said, “We are delighted with these two acquisitions which are in line with our stated strategy.  We know Irene Cheung well and China is a key market opportunity for CSM Sports and Entertainment. WARL, with its focus on data analysis and return on investment gives VCCP a strong opportunity with its client base, be they FMCG or Retail”.

UK, London and Shanghai

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