Financial Highlights
Reported revenues +3% to £72.5m; underlying revenues +2%
o Digital premium content revenues +19% (reported and underlying)
o Underlying live events revenues +10%; reported live events revenues +13%
o Advertising revenues -10% (reported and underlying)
Adjusted operating profits £9.1m (2015: £10.5m); adjusted operating margin 12.6% (2015: 14.9%)
Reported operating loss narrowed to £3.9m (2015: £4.7m)
Strong cash flow performance:
o £12.4m positive working capital swing from a £6.4m outflow in 2015 to a £6.0m inflow in 2016
o Adjusted operating cash flow of £13.9m (2015: £3.3m) with cash conversion of 153% (2015: 31%). Operating cash flow of £15.3m (2015: £6.1m)
o Further reduction in net debt to £14.1m (2015: £17.9m)
A reported loss before tax of £4.4m (2015: £5.6m) was driven by a non-cash impairment of goodwill charge of £7.2m (2015: £11.9m), an additional, separately reported charge for impairment of trade receivables of £1.8m (2015: £nil) and £1.2m (2015: £0.7m) of exceptional operating costs relating to restructuring.
Adjusted diluted EPS of 4.5 pence down 15% (2015: 5.3 pence). Diluted EPS of (3.8) pence (2015: (4.8) pence)
Final dividend of 1.5p making total for the year of 3.0p, in line with last year
