TIDMMSG
MILESTONE GROUP PLC
("Milestone" or the "Company")
Final Results
Milestone, the AIM quoted (AIM: MSG) provider of digital media and
technology solutions announces its final results for the year ended 30
September 2014.
Highlights
-- Engagement of 2,000 young people within the Passion Project
-- Fee paying corporate members and sponsors of the Passion Project post
year-end
-- Resilience and emotional intelligence training delivered to Poplar HARCA
vulnerable young adults
-- Acquisition of Disorder UK Magazine
-- Appointment to the management team of Frank Sweeney as Passion Project
Programme Director and Anthony Webb as Disorder Magazine Commercial
Director
Deborah White, CEO and Interim Chairman, commented:
"We are pleased with the developments during the period and particularly
since the period end. Each of the separate business offerings has shown
the beginnings of their revenue potential with growing interest being
shown from an ever-expanding customer base and further new revenues
visible in the near future.
"The coming together of the elements necessary for the continued
development and expansion of the Passion Project have clearly been
demonstrated. Much of the Project's preparatory groundwork is now
complete and early indications have helped to highlight not only the
number of new possible revenue lines, but also the scale of their
potential.
"The Passion Project platform offers the Group a unique opportunity to
set itself apart in the digital community as a provider of innovative
products and solutions. Through its continually developing eco-system,
it offers the Company an expanding marketplace through which to promote
its products and services whilst reinforcing its vision of creating a
media brand synonymous with the creation and delivery of market leading
products that deliver both financial and social value."
For further information:
Milestone Group PLC
Deborah White, Chief Executive Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Avi Robinson Tel: 020 7148 7900
Hybridan LLP, Broker
Claire Louise Noyce Tel: 020 3713 4581
CHAIRMAN'S STATEMENT
Foreword
It is a pleasure to deliver this report on behalf of the Board and
management team. During the year, and since the year end, Milestone has
continued to develop its product offerings to the point of delivering
revenue from across the Group. A lot of team effort and resources have
gone into the development of each of these revenue streams and it is
exciting to see the results starting to take shape in the form of
innovative market leading products and services that are set to deliver
real financial and social value.
Developments
Passion Project
The Passion Project is a large-scale aggregator that promotes
cross-sector collaboration between organisations responsible for the
engagement and transition of young people into the world of work.
Through its design, the Passion Project partnerships support and
encourage the development of the young person, whilst actively
cross-promoting and matching its network of partner organisations. This
process creates a self-sustaining "marketplace" that underpins the
delivery of commercial and socially motivated outcomes.
The Passion Project process utilises and actively promotes all of the
Group's products and services. It is expected that as the Passion
Project grows it will provide a constant stream of new business
relationships and revenue opportunities to all the Group's individual
business units.
Whilst each department within the Group is capable of operating on a
stand-alone basis, direct to external clients, they are also actively
involved in providing support in the delivery and expansion of the
Passion Project.
The Passion Project uses a combination of human interaction, supported
by a digital platform and mobile applications offering the audience
access to engaging social media content, educational materials and
training services. These are designed to provide a holistic and secure
approach to delivering both the needs of the participants and of any
relevant support organisation.
Through the network of existing partners, it is anticipated that the
Passion Project will have access to a social media audience reach of
over 40m by the end of Q2 2015. This offers an exciting opportunity for
anyone interested in audience activation, youth engagement, sponsorship,
advertising, product placement, training or distribution opportunities.
The first stage of the Passion Project involves the engagement of young
people and, during the period, Milestone successfully held the first
engagement event for the Passion Project. This was the 'Be United'
football competition, which was hosted in conjunction with ten of
London's Professional Football Clubs' community trust schemes and
culminated in the finals at the London Soccerdome in February 2014. This
competition resulted in the large-scale engagement of 2,000 young people
from across the London Boroughs.
All participants now have the opportunity to engage further with the
Passion Project and to be matched to employers, sector skills academies
and supply chain consortiums for interviews, work placements and
employment. All those young people participating in the employment
route-way will also be offered the opportunity to participate in the
Company's emotional intelligence training and other employment related
training programmes (see below).
The formal launch of the Passion Project happened post year-end on 10
December 2014. The event was held at the Cass Business School with over
200 guests, the Project's Ambassadors and over 50 Founding Partners,
including Big Invest, Ambition UK, NCVO, Be The Best 21(st) Century
Legacy and Each One Teach One ("EOTO"). In the run up to the event, and
since, the Passion Project has generated significant interest and
exposure and is continuing to gather momentum.
The Project has started to attract fee paying Corporate Members to its
network. As part of the programme, members have access to Milestone's
range of products and services to help support and deliver their
Corporate Social Responsibility ("CSR") activities. The activities
include staff engagement initiatives, recruitment targeted marketing
campaigns, PR, advertising, product distribution, digital consultancy
and business solutions. Corporate Members of the Passion Project can
participate in a range of networking events offered by the partnership
and will have the option to provide employment opportunities to the
young people engaged in the programme. For example, it is anticipated
that the Rank Group plc will be providing in the region of 1,500
employment opportunities during 2015.
Also, as announced on 7 January 2015, the Company signed an agreement
with CWM FX to sponsor the Passion Project 'Game' for 12 months. The
'Game' is the career profiling tool of the Passion Project - matching a
young person's skills and talents with career options. This is the first
of a series of sponsorship opportunities that will be coming available
during the coming months and attracted an initial upfront sponsorship
fee of GBP130,000.
The signing up of fee paying corporate members as well as the first
sponsor demonstrates the immediate commercial viability of the Project,
which complements the social benefit of the initiative and we are
looking forward to further developments expected in early 2015.
Milestone Foundation
The Milestone Foundation was established in July 2013 for the specific
purpose of underpinning the Passion Project. The Foundation's activities
and areas of focus target youth unemployment, assist with the provision
of safe spaces for young people and promote the use of emotional
intelligence.
The Foundation's role in the delivery of the Passion Project is at
present limited to the creation of engagement initiations, the
establishment of appropriate service level agreements for the Passion
Project partners, along with the capturing and monetisation of the
associated outcomes.
It was important to ensure that all proposed "for-profit" and
"not-for-profit" activities of the Passion Project were clearly defined
and allocated appropriately between Milestone Group and the Milestone
Foundation at the outset. Whilst the operational framework may seem
complex, it is, in reality, quite simple and is based on a common set of
objectives, key principles and rules of engagement.
The proposed operational framework for the Passion Project was reviewed
and incorporated into the Foundation's Articles by Stephen Lloyd, who,
at the time, was Senior Partner from Bates, Wells and Braithwaite.
Stephen was a recognised legal expert in Charity Law, specialising in
innovation in the charitable and voluntary sector.
This independent relationship between Milestone and the Foundation
enables both entities to focus on their area of expertise. The
Foundation uses the Passion Project under licence from Milestone to
generate and deliver positive outcomes for young people and
commercialise these outcomes. At the same time, Milestone commercialises
the digital platform, mobile applications and training opportunities
amongst other media related activities through the surrounding partner
relationships. Milestone does not look to monetise the young people the
Passion Project has been established to support.
In July 2014, the Foundation appointed Lord Patel of Bradford OBE, Lord
Kennedy of Southwark, Commodore Christopher Waite and Richard Evans as
Independent Trustees to the Foundation Board, Kevin Everett as Executive
Chairman and David Williams as Company Secretary. These independent
trustees join the existing board of Deborah White, Malcolm Pickles and
Paul Elliott CBE.
Education and Training
The education and training department of Milestone has also seen some
exciting developments in the last year.
Winning in the Game of Life ("WITGOL") is a programme which addresses
the aspects of Spiritual, Moral, Social and Cultural curriculum learning
needs of pupils as per the Department of Education's expectations and
Ofsted's requirements. The programme, which promotes the use of
emotional intelligence to teach values and build resilience, was
successfully piloted in over 30 Primary Schools across the UK in 2013.
In February 2014, Milestone obtained an extension to its existing
licence agreement expanding the age range of the audience and variety of
the materials that could be offered under the agreement.
The expanded licence allowed Milestone to develop materials for the
youth marketplace, and where appropriate, will see these integrated into
the bedrock of the Passion Project, as well as making them available to
the Passion Project partners as a commercial stand alone training
opportunity.
In response to delays experienced with our proposed distribution
partners, the Company has now started its own marketing campaign to
promote the WITGOL product's roll out to all 22,000 of the UK primary
schools. The Company is presenting at exhibitions and working with the
original pilot group, using applications for grant funding to accelerate
the take up process.
During the year we have delivered emotional intelligence focused
training to a sample of youth groups. Initially these were delivered to
vulnerable groups of young adults as part of the London-wide "Talent
Match" initiative in association with Poplar Housing and Regeneration
Community Association achieving very positive results.
The training was commissioned to help support these vulnerable young
adults to become navigators of their own lives and in doing so help
integrate them back into the community, society and employment.
Following the success of these initial courses, the Company has since
agreed to the delivery of a further five training events, one of which
is in collaboration with the Peer Outreach group at the Greater London
Authority. These training events include the training of youth workers,
which will help facilitate the expansion of the training.
Mobile Business Solutions
The Company's Mobile Business Solutions products offer businesses and
organisations a modular approach to the creation and provision of remote
working force, asset tracking or logistics workflow management tools.
This modular approach allows businesses to achieve the effectiveness
offered by bespoke solutions without the usual software development cost
overheads. The modules incorporate all aspects of the management,
business process and auditing requirements enabling the provision of
comprehensive, flexible and cost-effective solutions. Additional modules,
where requested, can be developed to meet requirements of specific use
cases.
In October 2013, Milestone signed an agreement with STM Security Ltd for
a paid trial of the OnGuard software, which is designed for the
management of mobile workforces, in this case in the security sector. In
April 2014, the pilot was expanded to include Viper Cleaning Services.
In September 2014, Intervictus, a specialist in the supply of Energy
Management Systems, agreed to licence an adapted version of the OnGuard
offering, which has been configured as a new audit and assessment
application. This is currently being run as a pilot with a London
Housing Association and it is anticipated that on completion there will
be up to 250 auditors using the application, which, if sustained, would
generate a GBP60,000 per annum revenue as the service carries a monthly
user cost of GBP20 per person.
This modular approach has also been used to create the mobile
applications required to monitor the training and delivery of the
engagement activities involved in the Passion Project and measure the
associated social impact. This mobile service is already included in 30+
construction industry bids via current Passion Project partners offering
significant user uptake and revenue potential to the Group.
Creative Solutions
In the last period, Milestone's wholly owned subsidiary, Oil Productions
Ltd, underwent a reorganisation and rebranding with Darren Groucutt
taking over as Creative Director leading a young and talented team. The
rebranded company, now trading as "Relative", has been recognised in a
number of notable ways during the year, including at the South by
Southwest Interactive Festival in Austin, Texas, USA as part of Hackney
Council's trade mission, Hackney House.
During the period, the team developed a strong relationship with Sudler
& Hennessey, part of the WPP Group, resulting in a number of exciting
projects. One of these was to produce a micro-site for the Peace by
Piece campaign for the Animals Asia Foundation, which went on to be
nominated for the Cannes Lion Award.
In April 2014, Relative was commissioned by Hotel Creative Ltd to work
on the Nike launch for the England Football team's new kit for the 2014
FIFA World Cup in Brazil. Relative developed an app that allowed fans of
England and Nike to join in and express their support of the team by
creating their own "Supporter Selfie" to be added to the video wall in
Nike stores.
Post year-end, Relative also contributed to an interesting project for
the Financial Services Income Protection task force ("IPTF"), who
commissioned the production of an innovative way of communicating the
financial consequences and the practical impact on daily life of not
being able to work due to long-term illness or disability. The team
delivered a winning pitch to support the "7 Families" initiative, which
has seen the IPTF winning the Health Insurance and Protection Industry
"Cover" magazine award for outstanding achievement and has been featured
in the Mail on Sunday, Sunday Express, Money Marketing and the
Independent. In December 2014, Relative continued their relationship
with Hackney Council by being invited to use their digital expertise in
the creation of an interactive piece for Hackney Town Hall's annual
light display.
As well as working for external clients, the Relative team has been
continuing to support internal projects within the Group including a new
website for Milestone Group, the development of the Passion Project,
WITGOL collateral and the development of Disorder Magazine's print and
digital presence.
Disorder UK Magazine
In April 2014, Milestone acquired all rights and title to the
publication, Disorder UK Magazine and its associated TV channel. The
magazine was re-launched with a 10,000-issue print-run to an ever
increasing and targeted circulation. The most recent edition (issue 2),
was produced post-period end and included the highly anticipated
Graduate Fashion Week content that will be delivered in digital format
to a number of newly engaged London and UK Fashion colleges. In keeping
with the magazines history of unveiling up and coming artists this
issue's front cover featured the new UK band "Catfish and the Bottlemen"
who then went on to be featured on the David Letterman Show, and win an
"Introducing Award" at the first BBC awards event in December 2014.
As well as promoting new fashion and music, the magazine has a strong
history of training young people across a range of creative industries,
including photography, design and journalism. In the coming months, the
team will start to leverage the in-house relationships across the group
and will work in collaboration with Job Centre Plus and various colleges,
to access grant funding, using Relative's digital services and its own
access to industry talent and unique content. This activity will help
drive its business development and marketing opportunities. Disorder UK
is already in the process of expanding the online Disorder UK offering
to increase its reach and relevance to young people.
The combination of industry connections and in-house capabilities will
allow the team to deliver quality industry-focused training as part of
producing the magazine, giving young people important experience and
skills to help them find employment in the industry whilst also
generating new revenues for the Group.
As well as working with young talent, Disorder UK will become a key
physical and digital promotional vehicle for the Passion Project and its
activities through the generation of original content, creation of
events and competitions supported by influential guest editors and
contributors.
Management Changes
In March 2014, Frank Sweeney was appointed to the management team as
Programme Director of the Passion Project. Frank brought with him a
number of youth initiatives, contacts and network, which he is
integrating into the Passion Project to assist with the Project's
expansion and engagement with young people. One of the relationships
Frank brought to the Passion Project this year is one with the Greater
London Authority ("GLA"), who included the Passion Project in the
development of a series of knowledge exchange workshops, branded
Creative Exchange. Going forward these workshops will enable pan-London,
cross sector, youth-arts partnerships with public, not-for-profit,
commercial and academic organisations to work together to deliver the
common goal of creating better and increased opportunities for young
people perfectly matching the ethos and vision of the Passion Project.
In April 2014, Anthony Webb also joined the team. Anthony came on board
to assist with the commercialisation of Disorder UK Magazine and its
brand. He is well versed in the marketing, brand development and digital
marketplace and is credited with being part of the team that helped
build Rio Ferdinand's No 5 magazine into one of the world's most
successful multi-platform publications as well as representing a number
of brands, talents and government organisations in this space.
Financial Summary
During the year, the Group's net loss was GBP1,071,383 (2013:
GBP980,570), which includes a realised gain on the sale of investments
of GBP409,453 (2013: GBP440,605). Revenues were GBP157,377 (2013:
GBP152,373) and net liabilities at the period end were GBP1,162,250
(2013: GBP1,017,950).
These results are presented under European Union Adopted International
Financial Reporting Standards ("EU Adopted IFRS").
Funding
During the year, the Company issued 136,782,779 new ordinary shares for
a total consideration of GBP1,351,828 of which GBP1,276,779 was received
in cash, GBP27,049 was in exchange for goods or services received and
the remainder was the final part of the purchase of Oil Productions Ltd.
Since the year-end, the Company has issued 16,175,000 new ordinary
shares, raising GBP130,000 in cash and exchanging GBP31,750 worth for
services. The Company continues to carefully manage its working capital
position and will need to raise further monies through subscriptions for
new shares in the short term to continue to support its business
activities until they are fully revenue generating.
The Company is firmly focused on generating revenue through all of its
activities, as well as developing further opportunities. Protecting the
interest of the Company's shareholders is a priority and the Board's
strategy is to seek to raise funds on a basis that is fair to all.
Outlook
The Board is pleased with the developments during the period and
particularly since the period end. Each of the separate business
offerings has shown the beginnings of their revenue potential with
growing interest being shown from an ever-expanding customer base and
further new revenues visible in the near future.
The coming together of the elements necessary for the continued
development and expansion of the Passion Project have clearly been
demonstrated. Much of the Project's preparatory groundwork is now
complete and early indications have helped to highlight not only the
number of new possible revenue lines, but also the scale of their
potential.
The Passion Project platform offers the Group a unique opportunity to
set itself apart in the digital community as a provider of innovative
products and solutions. Through its continually developing eco-system,
it offers the Company an expanding marketplace through which to promote
its products and services whilst reinforcing its vision of creating a
media brand synonymous with the creation and delivery of market leading
products that deliver both financial and social value.
Deborah White
Chief Executive Officer and Interim Chairman
25 February 2015
Consolidated statement of comprehensive income for the year ended 30
September 2014
2014 2013
GBP GBP
Revenue 157,377 152,373
Cost of sales (247,087) (119,924)
Gross (loss) / profit (89,710) 32,449
Other operating income 1,500 287,500
Realised gain on disposal 409,453 440,605
Administrative expenses (1,428,018) (1,632,909)
(1,017,065) (904,804)
Loss from operations (1,106,775) (872,355)
Net finance income / (expense) 35,392 (108,215)
Loss before taxation (1,071,383) (980,570)
Taxation charge - -
Net loss for the year (1,071,383) (980,570)
Items which may be reclassified subsequently to profit
or loss
Adjustment in carrying value of held for sale investments (14,080) (23,160)
Items reclassified to profit or loss
Recycling of realised gain on sale of held for sale
investments (335,304) (440,605)
Total comprehensive loss for the year (1,420,767) (1,444,334)
Attributable to owners of the parent (1,420,767) (1,444,334)
Basic and diluted loss per share (pence) (0.23) (0.24)
Consolidated statement of financial position at 30 September 2014
Company No: 04689130
2014 2013
GBP GBP
Non-current assets
Intangible assets 56,728 189,488
Held for sale investments - 454,763
56,728 644,251
Current assets
Trade and other receivables 114,983 50,728
Cash and cash equivalents 75,855 17,025
190,838 67,753
Current liabilities
Trade and other payables (1,336,289) (1,259,017)
Interest bearing loans (73,527) (470,937)
(1,409,816) (1,729,954)
Net liabilities (1,162,250) (1,017,950)
Capital and reserves attributable to
owners of the Company
Share capital 553,961 417,178
Share premium account 13,056,175 11,847,178
Shares to be issued 40,000 109,313
Merger reserve 11,119,585 11,119,585
Capital redemption reserve 2,732,904 2,732,904
Retained losses (28,664,875) (27,244,108)
Total Equity (1,162,250) (1,017,950)
Consolidated statement of cash flows for the year ended 30 September
2014
Cash flow from operating activities 2014 2013
GBP GBP
Loss for the year (1,071,383) (980,570)
Adjustments for:
Amortisation of intangible assets 37,814 37,814
Impairment of investments 61,713 -
Realised gain on disposal of held for sale
investments (409,453) (440,605)
Impairment of goodwill 94,947 313,040
Net bank and other interest charges (35,392) 108,215
Services settled by the issue of shares 27,049 16,768
Adjustment to deferred consideration payable - (280,000)
Net cash before changes in working capital (1,294,705) (1,225,338)
(Increase) / decrease in trade and other receivables (64,255) 36,468
Increase in trade and other payables 119,754 275,219
Cash outflow from operations (1,239,206) (913,651)
Interest received 56 17
Interest paid (5,866) (2,248)
Net cash flows from operating activities (1,245,016) (915,882)
Investing activities
Purchase of available for sale investments (232,937) -
Proceeds from sale of held for sale investments 350,057 447,135
Acquisition of intangible assets (1) -
Net cash flows used in investing activities 117,119 447,135
Financing activities
Issue of ordinary share capital 1,207,467 407,500
Repayment of loan (23,740) (93,137)
New loans raised 3,000 131,000
Net cash flows from financing activities 1,186,727 445,363
Net increase / (decrease) in cash 58,830 (23,384)
Cash and cash equivalents at beginning of year 17,025 40,409
Cash and cash equivalents at end of year 75,855 17,025
Consolidated statement of changes in equity for the year ended 30
September 2014
Share Share Shares to Other Retained Total
Capital Premium be issued Reserves Earnings Equity
GBP GBP GBP GBP GBP GBP
Balance at
30 Sept 2012 372,977 11,395,961 70,000 13,852,489 (25,799,773) (108,346)
Loss for the
year - - - - (980,570) (980,570)
Other
comprehensive
income - - - - (463,765) (463,765)
Cash received
in advance of
share issue - - 69,313 - - 69,313
Shares issued 44,201 451,217 (30,000) - - 465,418
Balance at
30 Sept 2013 417,178 11,847,178 109,313 13,852,489 (27,244,108) (1,017,950)
Loss for the
year - - - - (1,071,383) (1,071,383)
Other
comprehensive
income - - - - (349,384) (349,384)
Shares issued 136,783 1,208,997 (69,313) - - 1,276,467
Balance at
30 Sept 2014 553,961 13,056,175 40,000 13,852,489 (28,664,875) (1,162,250)
Notes to the financial statements
1. Basis of preparation
Milestone Group PLC is a company registered and resident in England and
Wales.
The financial information set out in this announcement does not
constitute the Group's statutory accounts, as defined in Section 435 of
the Companies Act 2006, for the years ended 30 September 2014 or 30
September 2013, but is derived from the 2014 Annual Report. Statutory
accounts for 2013 have been delivered to the Registrar of Companies and
those of 2014 will be delivered in due course.
The consolidated statement of comprehensive income, consolidated
statement of financial position, consolidated cash flow, consolidated
statement of changes in equity (above) and associated notes are extracts
from the financial statements and do not constitute the Group's
statutory accounts.
Statutory accounts for the year to 30 September 2013 and 30 September
2014 have been reported on by the Independent Auditors.
The Group financial statements have been prepared and approved by the
Directors in accordance with International Financial Reporting Standards
as adopted by the EU ("EU Adopted IFRSs").
The Independent Auditor's Report on the Annual Report and Financial
Statements for 2013 was unqualified, but did draw attention to matters
by way of emphasis relating to the basis of preparation. This emphasis
drew attention to the Company's requirement to manage the timing of
settlement of its liabilities and raise funds in the immediate to short
term and the profitability of key projects thereafter to satisfy
liabilities associated with its activities. It noted that a material
uncertainty remains which may cast significant doubt about the Company's
ability to continue as a going concern.
The Independent Auditor's Report on the Annual Report and Financial
Statements for 2014 was unqualified, but did draw attention to matters
by way of emphasis relating to the basis of preparation, which is
reproduced below. This emphasis drew attention to the Company's
requirement to manage the timing of settlement of its liabilities and
raise funds in the immediate to short term and the profitability of key
projects thereafter to satisfy liabilities associated with its
activities. It noted that a material uncertainty remains which may cast
significant doubt about the Company's ability to continue as a going
concern.
The basis of preparation is reproduced below.
Going Concern
The Group's business activities, together with the factors likely to
affect its future development, performance and position are set out in
the Chairman's statement. The financial position of the Group, its cash
flows, liquidity position and borrowing facilities are described in the
Strategic report and the Director's report. In addition note 17 to the
financial statements includes the Group's objectives, policies and
processes for managing its capital; its financial risk management
objectives; details of its financial instruments and exposures to credit
risk and liquidity risk.
The net liability balance sheet position as at 30 September 2014, being
the Group's financial year-end, was GBP1,162,250 (2013: GBP1,017,950).
Subsequent to the balance sheet date, the Board has been able to agree
funding in the form of further share issues raising GBP130,000 in cash
and exchanged GBP31,750 worth of shares for services received.
The Company is reliant upon its continuing ability to manage the timing
of settlement both of its current liabilities, many of which are overdue,
and future liabilities as they arise. Future fundraising will be
required in the immediate to short term thereafter. As such, the
Directors intend to strengthen the Company's financial position through
a combination of further fundraises in the immediate to short term and
from trading activities.
The future business model is based around generating revenue through its
subsidiary, Oil Productions, trading as Relative, as well as through its
projects. The Group is already producing revenues and new contracts post
year end have been positive. As a result, the Board has prepared
forecasts to reflect this and the agreements that have or are expected
to be entered into. These forecasts show the business being profitable
and cash generative in the future. However, achieving these forecasts
will be dependent upon achieving sales and obtaining sufficient funding
to settle existing and future obligations. Should any of these factors
not deliver the funding envisaged by the Directors, then alternative
sources of funds would be needed, any discussions for which have not
been initiated.
The Directors have concluded that the need to generate future funds from
further fundraising and from trading activities to satisfy the
settlement of its ongoing and future liabilities represents a material
uncertainty, which may cast significant doubt upon the Group's and the
Company's ability to continue as a going concern. Nevertheless after
making enquiries and considering this uncertainty and the measures that
can be taken to mitigate the uncertainty, the Directors have a
reasonable expectation that the Group and the Company will have adequate
resources to continue in existence for the foreseeable future. For these
reasons they continue to adopt the going concern basis in preparing the
annual report and accounts. The financial statements do not include any
adjustments that would result if the Group and Company was unable to
continue as a going concern.
2. Loss per share
The calculation of the basic loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the year. The calculation of diluted
loss per share is based on the basic loss per share, adjusted to allow
for the issue of shares and the post tax effect of dividends and
interest, on the assumed conversion of all other dilutive options and
other potential ordinary shares.
There were 19,085,000 share options outstanding at the year-end (2013:
29,179,650). However, the figures for 2014 and 2013 have not been
adjusted to reflect conversion of these share options as the effects
would be anti-dilutive.
2014 2013
Weighted Weighted
Per Per
average share average share
Loss number of Amount Loss number of amount
GBP shares Pence GBP shares Pence
Basic and diluted loss per share
attributable to shareholders (1,071,383) 471,318,047 (0.23) (980,570) 402,324,052 (0.24)
3. Posting of Accounts
The Report and Accounts of Milestone Group PLC, including the Notice of
Annual General Meeting will be posted to shareholders shortly. A further
announcement will be made by the Company at such time.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Milestone Group PLC via Globenewswire
HUG#1897386
http://www.milestonegroup.co.uk/
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