Reported revenues up 0.3% to £40.0m; underlying increase in revenues 1%
o Premium content revenues up 1%, with digital premium content revenues up by 4%
o Underlying live events revenues up 16.3%; reported live events revenues up 14%
o Premium content and live events revenues now 78% of total revenues (2016: 71%)
o Advertising revenues down 22% in line with expectations
Adjusted operating profit2 of £4.2m (2016: £5.0m) with adjusted operating margin of 10.5% (2016: 12.5%) reflecting the impact of the decline in advertising revenues, partly mitigated by Oystercatchers which has delivered a strong revenue performance.
Reported operating loss of £0.1m (2016: profit £3.1m) with £2.8m of exceptional costs relating to transaction costs (£2.1m) and Oystercatchers earn-out consideration (£0.6m).
Cash flow performance continuing to improve:
o £4.3m positive adjusted working capital
o Net debt reduced by £4m (28%) to £10.1m from £14.1m at December 2016
o Adjusted operating cash flow3 of £9.0m (2016: £8.8m) with cash conversion4 of 214% (2016: 176%) and strong growth in working capital inflows.
Interim dividend maintained at 1.5p (2016: 1.5p)
