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| P. Frohlich mentions Bat Out Of Hell musical in press release | |
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Daniel 04:00 pm UTC 04/25/08 |
| 31 MARCH 2008 GB00B08HB657/GBP/PLUS-EXN CREATIVE ENTERTAINMENT GROUP PLC ("CREATIVE" OR "THE COMPANY") INTERIM RESULTS For the six month period ended 31 December 2007 Highlights: * 17% increase in turnover of the Agency & Management Division from £3m to £3.5m. * Signature of Heads of terms with the Seattle Symphony Orchestra for the Seattle Festival to be held late summer 2008. * Concerts arranged included Beyonce Knowles, Jose Carreras and Bryan Adams. * Contribution of £124,000 profit from the sale of part of the investment in Hill Top Productions Ltd (re Bat out of Hell). * Investment of £218,000 by Creative Visual Media, acquiring a 34% stake in Bin Weevils Ltd and 20% of the IP rights in www.binweevils.com. CHAIRMAN'S STATEMENT I am pleased to report our unaudited interim results for the 6 months to 31 December 2007. Please note that, following the company's recent change of year-end, comparatives shown are for the 6 months to 30 June 2007 (audited). The second half of the calendar year is traditionally quieter for the Events management part of our business and therefore the growth in turnover of 6%, reflects an excellent performance by our Agency & Management division where sales were up 17% from £3m to £3.5m. Further growth is expected from this division as our pool of artists for whom we act as Agents is increased by X Factor Finalists each Spring. In addition, the success of Britain's Got Talent's winner, Paul Potts has contributed nearly £750k of revenues in the period under review with an additional £1 million expected in 2008. We expect continued growth from this division and this, coupled with the expected seasonal upturn in the Events division should result in a very strong second half performance. Highlights of the Events division were concerts arranged for Beyonce Knowles, Bryan Adams and Jose Carreras. In addition, our US subsidiary Creative Entertainment Events Inc signed a contract with the Seattle Symphony Orchestra to organise the first Seattle Festival to take place this summer. We have also been retained by the Regional Municipality of Halifax, Nova Scotia to organise two concerts this summer, featuring major International stars. In our fledgling divisions, Theatrical and Visual Media, good progress has been made in securing shareholder value. In particular, during the period under review, we sold 6 of the 20 shares that we own in Hill Top Productions Ltd, earning a profit of £124,000. Since this investment was only made in May 2007, we are pleased to have more than recovered our original investment and are much encouraged for the potential value in this company which owns the performing rights to Jim Steinman's "Bat out of Hell" and which we expect to develop into a musical production in 2009. In Visual Media, we purchased a 34% interest in Binweevils Ltd together with a 20% interest in the Intellectual Property rights in www.binweevils.com, a social networking site for 7-12 year olds. This site already records in excess of 400,000 unique users and shows great promise for the future. The Board is pleased with the organic growth of the Group to date but also intends to accelerate the development of the business as a multi-facetted media organisation through strategic acquisitions. In order to facilitate such acquisitions we are considering listing the Company's shares on the Alternative Investment Market of the London Stock Exchange and we have appointed WH Ireland as financial advisers to the Group. However, the current state of the financial markets means that the timing of any such listing is uncertain. In the meantime, we remain confident that our increasing profile and dedicated team will continue to deliver strong growth in our existing businesses. P Frohlich Chairman 31 March 2008 | |
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