Aquarius Media plc

August 21, 2009 02:30 ET

Final Results

                                          AQUARIUS MEDIA PLC
                                     ('Aquarius' or 'the Company')

                           FINAL RESULTS FOR THE PERIOD ENDED 31 MARCH 2009
Business highlights in the period:

    -       Continued progress in signing new clients onto monthly retainers.
    -       Revenue increased to £599,281 (2008 - £463,207), an increase of 29.3%

    -       Loss before tax and impairment provision of £104,617 (2008 - £513,372)


I am pleased to be able to make this report to you as Chairman of the Company and of the Group.

Review of Activities
The  Company's  business activities are conducted through its trading subsidiary, Full  Portion  Media
Limited ("Full Portion").
Full  Portion  is  a  public relations business which aims to create, launch and  sustain  clients  in
prominent  positions  within  the  media.  Full Portion takes  a  very  hands-on  approach  to  public
relations,  organising day events, promotion sales and launches, press conferences,  media  interviews
and  reviews.  It also provides guidance to clients on managing media interest.  These services depend
on Full Portion employing and continuing to employ high quality staff who are committed to maintaining
good working  relationships with both clients and media contacts.

Full  Portion's strategy is to expand its client base and exploit the rapidly escalating interest from
the public in the cult of celebrity.

On  19  August  2008, Aroon Maharajh, the former Chief Executive of Full Portion, unexpectedly  passed
away.   Teresa Maharajh immediately expressed her commitment to driving the business forward and  took
over as Chief Executive with immediate effect.

The  year  under review has seen the Company continue the progress made towards the end of  the  prior
financial period to 31 March 2008.  Full Portion has continued to attract new public relations clients
across  a variety of sectors and is securing new proposals for prospective clients on a regular basis.
Enquiries come from a number of sources and are generated through both internal and external sources.

At  the  same time, Full Portion has experienced a negative effect from the current financial  climate
that  has  resulted  in a number of clients determining that they are unable to  continue  with  their
retainers as agreed.  To date, Full Portion is not aware of any service or quality-related issues that
have contributed towards these decisions.

The Celebrity Management division continues to represent a number of high profile people and secured a
US TV contract for one of the UK's celebrity chefs, with an option for ongoing series.

The  Board is fully responsive to the current economic climate and is focused on maximising the number
of clients on the Company's books in order to minimise the effect of any clients choosing to end their
relationship  with  Full  Portion.  Full Portion continues to review its operational  costs  and  make
significant reductions where these do not impact upon the quality of its service to clients.

Financial overview
As  at  31  March 2009 and after impairment provisions totalling £1,450,000, shareholders' funds  were
£142,739.   The  loss before tax and basic loss per share for the period amounted  to  £1,554,617  and
2.39p respectively.  The Directors do not propose to declare a dividend (2008 - £Nil).

Key Performance Indicators
The  directors consider that the results of the Group are dependent upon the trading activity  of  its
subsidiary company in the period under review.

The  results of Full Portion are dependent upon the number of monthly retainers under contract and the
level  of  one-off fees for celebrity and event work undertaken.  The performance of Full  Portion  is
measured by reference to its level of sales compared to previous periods.

The  Directors wish to thank the staff of Full Portion for their extraordinary efforts during what has
been  a difficult period and are confident that the Company's progress can be continued over the  next
reporting period.  The Directors will continue to seek further opportunities to enhance the  value  of
the business through strategic acquisitions and/or mergers.

Teresa Maharajh

For The Period Ended 31 March 2009

                                                                       Year to        01.02.07 to
                                                                      31.03.09          31.03.08
                                                                      Unaudited         Audited
                                                                         GBP              GBP
REVENUE                                                               599,281           463,207
Cost of sales                                                        (106,087)          (86,145)
                                                                     _________         _________
GROSS PROFIT                                                          493,194           377,062
Administrative expenses                                              (597,871)         (766,298)
Impairment provision                                               (1,450,000)                -
Share-based payments                                                        -          (120,500)
                                                                     _________         _________
LOSS FROM OPERATIONS                                               (1,554,677)         (509,736)
Finance revenue                                                            60               686
Finance charges                                                             -            (4,322)
                                                                     _________         _________
LOSS BEFORE TAX                                                    (1,554,617)         (513,372)
Taxation                                                                    -                 -
                                                                     _________         _________
LOSS FOR THE PERIOD                                                (1,554,617)         (513,372)
                                                                     _________         _________
Basic and diluted loss per share (note 1)                               (2.39)p          (0.89)p

As at 31 March 2008

                                                                       31.03.09        31.03.08
                                                                       Unaudited        Audited
                                                                          GBP             GBP
NON-CURRENT ASSETS                                                                      
Goodwill                                                                298,690         748,690
Property, plant and equipment                                            11,320          14,484
                                                                        _______         _______
TOTAL NON-CURRENT ASSETS                                                310,010         763,174
CURRENT ASSETS                                                                          
Trade and other receivables                                              44,414          49,349
Cash and cash equivalents                                                 5,015          10,322
                                                                        _______         _______
                                                                         49,429          59,671
CURRENT LIABILITIES                                                                     
Trade and other payables                                               (216,700)       (125,489)
                                                                        ________        ________
NET CURRENT LIABILITIES                                                (167,271)        (65,818)
                                                                        ________        ________
TOTAL ASSETS LESS CURRENT LIABILITIES                                   142,739         697,356
                                                                        ________        ________
NET ASSETS                                                              142,739         697,356
                                                                        ________        ________
Issued share capital                                                    212,917         212,917
Share premium account                                                   289,360         289,360
Merger reserve                                                        1,219,167       1,219,167
Reverse acquisition reserve                                             438,790        (561,210)
Profit & loss account                                                (2,017,495)       (462,878)
                                                                       _________       _________
SHAREHOLDERS' FUNDS                                                     142,739         697,356
                                                                        _________       _________

For The Period Ended 31 March 2008
                                                                        Year to       01.02.07 to
                                                                       31.03.09        31.03.08
                                                                      Unaudited        Audited
                                                                          GBP             GBP
Cash flow from operating activities                                                     
Loss before taxation                                                 (1,554,617)      (513,372)
Adjusted for:                                                                           
Interest income                                                             (60)          (686)
Interest expense                                                             -           4,322
Depreciation                                                              6,240          7,152
Provisions against investments                                        1,450,000              -
Decrease/(increase) in trade and other receivables                                      
                                                                          4,935        (51,890)
Increase in trade and other payables                                     91,211        198,124
Share-based payments                                                        -          120,500
                                                                        ________       ________
Net cash outflow from operating activities                              (2,291)       (235,850)
Cash flows from investing activities                                                    
Purchase of property, plant & equipment                                 (3,076)         (21,636)
Purchase of investments                                                      -          (30,000)
Interest received                                                           60              686
Interest payable                                                             -           (4,322)
                                                                        ________        ________
Net cash outflow from investing activities                              (3,016)         (55,272)
                                                                        ________        ________
Cash flows from financing activities                                                    
Issue of shares                                                              -           650,000
Expenses of share issues                                                     -          (258,556)
Loans received                                                               -            30,000
Loans repaid                                                                 -          (120,000)
                                                                        ________        ________
Net cash used in financing activities                                        -           301,444
                                                                        ________        ________
Net (decrease)/increase in cash and cash equivalents                                    
                                                                          (5,307)         10,322
Cash and cash equivalents at 01.04.08                                      10,322              -
                                                                        ________        ________
Cash and cash equivalents at 31.03.09                                      5,015          10,322
                                                                        _________       _________


Going Concern
The  group  made  a net loss of £104,617 before impairment provisions during the period ended  31  March
2009,  and  at  that  date  had net current liabilities of £167,271 and cash in  hand  of  £5,015.   The
directors  are confident that the results of the business since the year end provide a strong indication
that  forecasts  are  achievable and on this basis consider that the group has sufficient  resources  to
continue in operational existence for the foreseeable future and that it is appropriate to prepare these
financial  statements on a going concern basis.  The financial statements do not include the adjustments
that would result if the group was unable to continue as a going concern.

Notes to the financial information

1.      The  calculation of loss per share is based on the loss on ordinary activities after  taxation
        of £1,554,617 and the weighted average number of shares of 65,166,666 in issue during the period.  Due
        to the loss incurred in the period under review, the dilutive securities have no effect as at 31 March

2.      While  the financial information included in this announcement has been computed in accordance
        with International Financial Reporting Standards (IFRS), this announcement does not itself contain
        sufficient information to comply with IFRS.  The full financial statements of the company will be
        prepared in accordance with IFRS, International Accounting Standards and their interpretations issued
        or adopted by the International Accounting Standards Board as adopted for use in the European Union.

3.      The  financial information has not been audited or reviewed by the auditors, or extracted from
        audited information.  This financial statement does not constitute statutory accounts within the
        meaning of Section 240 of the Companies Act 1985 (the "Act").

4.      The Directors have not declared a dividend for the period.

5.      This  statement  was  approved by the Board of Directors on 21 August 2009.   Copies  of  this
        statement will be available free of charge from the Company's Registered Office at Hilden Park House,
        79 Tonbridge Road, Hildenborough, Kent  TN11 9BH.

Registered No. 06138814

The Directors of Aquarius Media plc accept responsibility for this announcement.


Teresa Maharajh                                    07132 836180
PLUS Corporate Adviser                                         
Gary Miller                                                    
Fisher Corporate plc                              020 7388 7000

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