Interactive Publishing Plc

March 19, 2008 09:35 ET

Interactive Publishing plc: Interim Results for the Period Ended 31 December 2007

LONDON, UNITED KINGDOM--(Marketwire - March 19, 2008) - Interactive Publishing plc ('Interactive' or the 'Company') today announces its interim results for the period from incorporation on 3 October 2007 to 31 December 2007, during which period the Company did not trade.

Business highlights

- Interim results for Trojan Publishing Limited ('Trojan Publishing'), for the six months to 31 December 2007.

Post balance Sheet events

- Admission to PLUS Markets on 20 February 2008.

- Acquisition of the entire issued share capital of Trojan Publishing Limited on admission.

CHAIRMAN'S STATEMENT

I am pleased to make this statement to you as Chairman of the Company.

Review of activities

The Company was incorporated on 3 October 2007 and admitted to PLUS Markets on 20 February 2008 with the objective of making investments in the publishing and marketing services sectors.

The Company did not trade during the period.

Post Balance Sheet Events

On admission, the Company acquired the entire issued share capital of Trojan Publishing, for a consideration of Pounds Sterling 2.5 million, satisfied by the issue of 83,333,333 new ordinary shares at a price of 3 pence per ordinary share. In addition, the consideration included deferred consideration shares, with a gross value of up to Pounds Sterling 1,000,000 (based on a price of 3 pence per share), to be calculated by reference to the pre-tax and pre-amortisation profits of Trojan Publishing for the accounting year ending 30 June 2008 and based upon the Vendors receiving an aggregate of 71 new ordinary shares for every Pounds Sterling 1 of such profit, up to a maximum of 33,333,333 new ordinary shares.

Trojan Publishing is a London-based magazine publishing company. Trojan Publishing's key focus is on building its portfolio of titles in the consumer lifestyle sector and the company has a clear strategy of growth by way of acquisition of magazine titles, in particular those that will benefit from re-branding and re-generation and which have not exploited digital media to provide a platform to increase advertising and circulation levels.

Financial Overview

The Company did not trade during the period. However, the business of Trojan Publishing Limited has a trading history going back in excess of 18 months. The financial results of Trojan Publishing reflect the period from incorporation of the business on 8 June 2006 and its growth in the period to 30 June 2007.

Outlook

The Directors are satisfied with the performance of Trojan Publishing to date and look forward to a progressive increase in revenues.

Peter Jay, Chairman

FINANCIAL EXTRACTS

The following information has been extracted from the unaudited management accounts of Trojan Publishing Limited:



TROJAN PUBLISHING LIMITED
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS TO 31 DECEMBER 2007

6 months 6 months
to to
31.12.07 31.12.06
Unaudited Unaudited
Pounds Pounds
Sterling Sterling

Turnover 2,791,954 1,384,218

Administrative expenses (1,648,663) (988,387)
----------- ----------

Gross Profit 1,143,291 395,831

Overheads (1,055,051) (533,612)
----------- ----------

PROFIT / (LOSS) ON ORDINARY ACTIVITIES BEFORE
TAXATION 88,240 (137,781)

Taxation - 39,166
----------- ----------

RETAINED PROFIT / (LOSS) FOR THE PERIOD 88,240 (98,615)
----------- ----------

TROJAN PUBLISHING LIMITED

Notes to the financial information

1. While the financial information included in this interim 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 figures have not been audited or
reviewed by the Company's auditors. The financial statement does not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985 (the 'Act').

2. The half-yearly results announcement was approved by the Board of
Directors on 18 March 2008. Copies of this report will be available
free of charge from the Company's registered office at Ground Floor,
211 Old Street, London, EC1V 9NR.

3. The financial information to be presented for the period ended 30 June
2008 will be in the form of consolidated accounts, prepared under the
reverse acquisition method, in accordance with IFRS 3 and as such the
results of the Company and Trojan Publishing will be presented as if
they had always been a group.

INTERACTIVE PUBLISHING PLC
Registered No. 6388765

Contact Information

  • Interactive Publishing plc
    Melissa Gilmour
    0797 076 7869
    or
    Fisher Corporate Plc
    Gary Miller
    0207 388 7000