Storyboard Assets Plc
LSE : STYP

June 28, 2011 02:00 ET

Unaudited Financial Results for the period ended 31st January 2011

                                                                                                 28/06/2011
                                                                                  GB00B3DBY868/GBP/PLUS-exn

                                           Storyboard Assets Plc
                                      ("Storyboard" or the "Company")

                    Unaudited Financial Results for the period ended 31st January 2011

Chairman Statement

Storyboard  Assets  Plc  today  announces a loss of ?54,118. The result is  a  reflection  of  Storyboard's
decision not to release its artworks for sale at auction during the period coupled with poor lease  revenue
as a result of council budget cuts. However, the view of the directors is that the market for original book
illustration,  particularly  at  the top-end, remains buoyant. This view is  supported  by  recent  auction
results  of  pieces by artists and books represented in Storyboard's illustration portfolio. On  23rd  June
2011, a price exceeding $190,000 was achieved for an iconic EH Shepard illustration of Pooh and Piglet at a
Bonhams  sale  in New York. This is an encouraging indication that the underlying buyers operating  in  the
illustration market are still well funded and book illustration itself is still in strong demand.

The Company's portfolio is complete and so Storyboard is no longer acquiring artworks and thus the carrying
cost  of  buying illustration, repatriating them and receiving them into the portfolio will cease to  be  a
factor.  Storyboard will continue to seek leasing opportunities, however in the immediate term the  company
believes  that  releasing  some of its portfolio for sale at auction would be the  strongest  step  towards
realizing  shareholder value, at least in part. As a first step in this process, Storyboard has  instructed
Sothebys  to  provide  a valuation of the portfolio. The company expects to report the  results  from  this
valuation towards the end of July.

Storyboard  remains  committed to achieving shareholder value through a combination  of  lease  income  and
portfolio  churn. The management are committed to increasing activity on the latter given the slow  take-up
on leasing. Storyboard will report on this progress in short order.

Marcus Yeoman
Chairman


Dividends

No dividends will be distributed for the period ended 31st January 2011.

                            Storyboard Assets Plc (Registered number: 06436259)
                                                     
                                          Profit and Loss Account
                                   For the year ended 31st January 2011


                                                                 Period Ended       Year Ended
                                                                     31.01.11         30.11.09

                                                                            ?                ?

TURNOVER                                                               14,000            3,500

Administrative expenses                                                68,870           82,184
                                                                     ________         ________

OPERATING LOSS                                                       (54,870)         (78,684)

Profit/loss on sale of tangible fixed assets                              750            8,356
                                                                     ________         ________

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                      (54,120)         (70,328)

Tax on loss on ordinary activities                                          -                -
                                                                    ________________


LOSS FOR THE FINANCIAL YEAR
AFTER TAXATION                                                       (54,120)         (70,328)
                                                                     ________         ________


Earnings per share expressed
In pence per share

Basic                                                                   -5.31           -11.16
Diluted                                                                 -5.31           -11.16
                                                                     ________         ________


CONTINUING OPERATIONS
None of the company's activities were acquired or discontinued during the current year or previous period.

TOTAL RECOGNISED GAINS AND LOSSES
The company has no recognised gains or losses other than the losses for the current year or previous
period.

                            Storyboard Assets Plc (Registered number: 06436259)
                                                     
                                                     
                                               Balance Sheet
                                             31st January 2011

                                                                     31.01.11         30.11.09

                                                                            ?                ?

FIXED ASSETS
Tangible assets                                                           437              916
Investments                                                           382,604          291,363
                                                                     ________         ________

                                                                      383,041          292,279
                                                                     ________         ________
CURRENT ASSETS
Debtors                                                                21,120            2,659
Cash at bank and in hand                                               11,595               96
                                                                     ________         ________

                                                                       32,715            2,755

CREDITORS
Amounts falling due within one year                                   (5,700)         (11,350)
                                                                     ________         ________

NET CURRENT (LIABILITIES/ASSETS)                                       27,015          (8,595)
                                                                     ________         ________


TOTAL ASSETS LESS CURRENT LIABILITIES                                 410,056          283,684
                                                                     ________         ________

CAPITAL AND RESERVES
Called up share capital                                               247,230          126,902
Share premium                                                         404,014          343,850
Profit and Loss account                                             (241,189)        (187,068)
                                                                     ________         ________

SHAREHOLDERS FUNDS                                                    410,056          283.684
                                                                     ________         ________

The Directors of Storyboard are responsible for the contents of this announcement.

Contact Information:

Company:
Storyboard Assets Plc
Luke Heron
Tel: 07912 044 941

Corporate Adviser:
St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Tel: 020 7368 6959

Contact Information

  • Storyboard Assets Plc