Profile Media
(MEDIA & ENTERTAINMENT)
Trades over 300,000 shares are delayed in reporting by 1 hour.
http://www.profilemediagroup.co.uk
http://www.profile-pursuit.com/
http://https://www.programmemaster.com/index.asp?
http://www.hazletonpublishing.com/
http://www.profilesportsmedia.com/
http://www.pbintel.com/
Recommended by myself as a Strong Buy at 1.20-1.35 pence on 12.11.04


Top Director Buys
Profile Media (PMD)
Director name: Mr John Webber
Amount purchased: 4,402,958 @ 1.00p
Value: 44,030

Profile Media (PMD)
Director name: Mr David Ellingham
Amount purchased: 3,571,348 @ 1.00p
Value: 35,713

Major Shareholders
POWER CONSULTANCY LIMITED 91,647,500 23.85
WRAY N W 33,155,100 8.63
GENERALI PORTFOLIO MANAGEMENT UK LIMITED 13,500,000 3.51
INDIVIDUALS & PRIVATE CLIENTS 9,887,127 2.57
SEYMOUR PIERCE 9,455,100 2.46

Profile Media Group is a broadly based media and communications group focused mainly on custom publishing and related activities in both the UK and the US. Our main business areas are custom publishing and sports media and distribution.
Profile Media Group is made up of a number of different companies specialising in a range of products and services from custom publishing and distribution to multi-channel customer contact and integrated fulfilment.
Profile Pursuit's expertise in custom publishing covers a broad range of disciplines from banking to retail, from the consultancy sector to sports and leisure, and from show business to the grey market. As a result they have established an unrivalled portfolio of consumer and business titles with proven effectiveness as marketing tools for sponsors, advertisers and audiences alike.
ProgrammeMaster is an organisation that provides a unique and unrivalled service to the avid football supporter, by offering Official Matchday Programmes delivered directly to their door.
Hazleton has,for more than two decades striven to produce published products of the highest quality, and the AUTOCOURSE name, itself running for 50 years, which adorns its motor sport publications has become the standard by which others measure themselve
Profile Sports Media specialises in prestigious sporting titles including the Good Ski Guide, Carling Cup Final and Nationwide Playoff Final programmes.
Profile Business Intelligence produces bespoke reports for member governments of the Commonwealth and sector specific reports for the Commonwealth Secretariat, the Commonwealth Local Government Forum and the Royal Agricultural Society of the Commonwealth, all of which are organisations with whom we have strategic publishing partnerships.
Profile Business Intelligence Ltd (PBI) is a young and vibrant, holistic publishing company formed as the only B2B division of Profile Media Group Plc. Alongside publishing the Commonwealth's flagship publications, such as the Commonwealth Foreign Direct Investment Report and Agriculture in the Commonwealth it also publishes bespoke reports for individual member governments and selected private sector partners.

Recent Results (Interims):
RNS Number:4669D
Profile Media Group PLC
29 September 2004

For Immediate Release 29 September 2004
Profile Media Group PLC

Second Interim Results

For the year ended 30 June 2004

HIGHLIGHTS

6 months to 6 months to Year to
30 June 04 31 Dec 03 30 June 04

Turnover #5.3m #7.2m #12.5m

Turnover from continuing operations #5.0m #2.9m #7.9m

Operating loss before depreciation, amortization, (#0.6m) (#2.0m) (#2.5m)
interest and tax

Operating loss from continuing operations before (#0.3m) (#1.4m) (#1.7m)
depreciation, amortization, interest and tax

Loss before tax (#1.1m) (#2.4m) (#3.5m)

- Profile Pursuit UK won a contract to publish the quarterly magazine
for the National Bingo Game Association

- Hazelton and ProgrammeMaster merged successfully and now trade as
Profile Sports Media Ltd

John Webber, Chairman said that:

"With the effect of the introduction of the new contracts and the continuing
improvement of revenues I look forward to reporting further improvement at the
year end which will be for the 18 month period ending 31 December 2004".

For further information:

David Ellingham, Deputy Chairman & Chief Executive tel:(020) 7332 2000
Profile Media Group plc

Jonathan Naess tel: (020) 7710 7400
Nabarro Wells

Russell Cook tel: (020) 7739 8200
Charles Stanley

Mark Edwards tel: (020) 7466 5000
Buchanan Communications

CHAIRMAN'S STATEMENT

I am pleased to present the interim results for the six months ended 30 June
2004.

As previously announced, the Group has changed its financial year end from 30
June to 31 December and therefore the following results incorporate a second set
of interim results for the six month period ended 30 June which, together with
the interims to 31 December 2003 previously announced, make up the results for
the 12 months ended 30 June 2004.

The results reflect the positive impact from the restructuring following the
bank debt to equity swap and the cancellation of the deferred shares and share
premium account which was concluded at the start of the year.

The results for the six months ended 30 June 2004 demonstrate the progress we
are making in returning the group to profitability. The results are in line
with my expectation as outlined in the previous interim statement on 4 March
2004. Compared with the same period last year the loss on ordinary activities
before exceptional items and amortisation has been reduced from #3,887,385 to
#640,554.

Financial Results - Overview

Turnover for the continuing businesses for the twelve months ended 30 June 2004
was #7,935,486 (2003: #8,704,133). The decline is due to withdrawal from loss
making contracts and the deferment of a major title, which will now fall into
the current period, at Profile Pursuit Inc (PPI).

It is pleasing to report that gross margins from continuing activities for the
six months to 30 June have continued to improve to 16.7%. This compares with a
gross margin of 13.1% for the previous six-month period and 15.4% for the 12
months to 30 June 2004.

We have continued to strive to bring the Group's operating base to an
appropriate and sustainable level. Consequently ongoing administrative expenses
have fallen to #1,130,463, a reduction of some 37% over the previous six-month
period. .

Losses from continuing operations before interest, depreciation and amortisation
of goodwill were #287,902 a reduction of 79% from the previous six-month period.

During the period additional charges relating to the disposal of Marketlink and
Woodgate, the Group's fulfilment businesses, were identified and have reduced
the previously reported gain by #484,506 to #1,242,598. This adjustment has led
to the restatement of the results to 31 December 2003 by the equivalent amount,
increasing the loss for that period to #2,409,767.

The loss attributable to shareholders for the six months ended 30 June 2004
including discontinued items was #1,083,952, compared to #2,409,767 in the
previous period.

During the period Commonwealth Business Publications ceased to trade and is
shown as a discontinued operation together with the fulfilment division.

Financial Results - By Division

Publishing - Custom and Contract

This division consists of the Profile Pursuit companies, which operate in the UK
and US. Revenue is generated mainly from the sale of advertising space in
controlled circulation publications.

During the six months under review the UK turnover improved by #732,000 as a
result of introducing new and more regular titles. Revenue, however, decreased
in the US by #2.04 million due primarily to a deferment of one title into the
following accounting period in comparison to the equivalent period last year.
Despite the reduction in revenue the US division produced a profit on ordinary
activities for the period.

Our UK division has recently been appointed to publish a quarterly magazine on
behalf of the National Bingo Game Association (NBGA) as from November. The
magazine will be distributed to one million players via the NBGA member clubs
and is expected to make a significant contribution to earnings next year.

Publishing - Other

The remainder of the Group's publishing activities comprises Hazleton and
ProgrammeMaster.

The operations of Hazelton and ProgrammeMaster have been merged successfully and
now trade under our subsidiary Profile Sports Media Limited (PSM). Since this
restructuring, which was completed at the start of the year, both operations
have achieved a significant improvement in their trading performance despite
difficult advertising markets. The Football League remains an important
customer and we retain contracts to publish the official Matchday Programmes for
their showcase finals. In addition PSM has recently won the contract to produce
the official Matchday Programme for the Welsh Rugby Union. The company is also
pleased to announce that it also recently won an important publishing contract
to produce the Matchday Programme, monthly magazine, yearbook and junior
members' magazine for Chelsea Football Club. The benefit of these contracts
will be reflected in the current period.

Current Trading

As outlined in my previous interim statement it appears the media sector is
showing gradual signs of recovery. Advertising budgets are cautiously improving
which is demonstrated by #4.03 million of forward contracted advertising orders
for publications due to be published after 1 July 2004 being some 34% higher
than at the equivalent date last year. The Group remains committed to
maintaining tight cost controls and seeks to introduce new titles and
initiatives when appropriate. With the effect of the introduction of the new
contracts and the continuing improvement of revenues I look forward to reporting
further improvement at the year end which will be for the 18 month period ending
31 December 2004.

I would like to thank shareholders for their continued support. Our employees
have continued to demonstrate their commitment throughout a difficult period.

John Webber
Chairman
29 September 2004
Group's head office:
Profile Media Group
5th Floor
Mermaid House
2 Puddle Dock
London
EC4V 3DS

Results seem positive, as regards future profitability.

I'm tempted to buy some more, because this stock is likely to be reviewed in next weeks Shares Mag, following its results publication. But then that is a gamble on a positive review?!

My only concern is that turnover from continuing operations is much lower than I had anticipated, around 3million. Whilst losses narrowed and profitability will be achieved in due course, the level of those profits on such a meagre turnover, may not sustain a market cap in excess of 10million, as is presently the case.

It is perhaps, that a bid premium is already in the price.

IMHO, this stock is probably going to level out for a period of consolidation until either merged or bought out by a larger company. It does not have funds to make acquisitions and would therefore be relying on purely organic growth. Does it have the means to increase turnover to say 10million in the next 3 years? I'm not sure.

I bought into this stock at 1,2,3 and 4pence, believing there to be serious bid potential. I have trimmed my holding to account for the fact that perhaps better penny share value is available elsewhere.

RNS Number:4669D
Profile Media Group PLC
29 September 2004


For Immediate Release 29 September 2004


Profile Media Group PLC

Second Interim Results

For the year ended 30 June 2004



HIGHLIGHTS

6 months to 6 months to Year to
30 June 04 31 Dec 03 30 June 04


Turnover #5.3m #7.2m #12.5m

Turnover from continuing operations #5.0m #2.9m #7.9m

Operating loss before depreciation, amortization, (#0.6m) (#2.0m) (#2.5m)
interest and tax

Operating loss from continuing operations before (#0.3m) (#1.4m) (#1.7m)
depreciation, amortization, interest and tax

Loss before tax (#1.1m) (#2.4m) (#3.5m)



- Profile Pursuit UK won a contract to publish the quarterly magazine
for the National Bingo Game Association



- Hazelton and ProgrammeMaster merged successfully and now trade as
Profile Sports Media Ltd


John Webber, Chairman said that:



"With the effect of the introduction of the new contracts and the continuing
improvement of revenues I look forward to reporting further improvement at the
year end which will be for the 18 month period ending 31 December 2004".


For further information:


David Ellingham, Deputy Chairman & Chief Executive tel:(020) 7332 2000
Profile Media Group plc

Jonathan Naess tel: (020) 7710 7400
Nabarro Wells

Russell Cook tel: (020) 7739 8200
Charles Stanley

Mark Edwards tel: (020) 7466 5000
Buchanan Communications


CHAIRMAN'S STATEMENT



I am pleased to present the interim results for the six months ended 30 June
2004.


As previously announced, the Group has changed its financial year end from 30
June to 31 December and therefore the following results incorporate a second set
of interim results for the six month period ended 30 June which, together with
the interims to 31 December 2003 previously announced, make up the results for
the 12 months ended 30 June 2004.


The results reflect the positive impact from the restructuring following the
bank debt to equity swap and the cancellation of the deferred shares and share
premium account which was concluded at the start of the year.


The results for the six months ended 30 June 2004 demonstrate the progress we
are making in returning the group to profitability. The results are in line
with my expectation as outlined in the previous interim statement on 4 March
2004. Compared with the same period last year the loss on ordinary activities
before exceptional items and amortisation has been reduced from #3,887,385 to
#640,554.


Financial Results - Overview


Turnover for the continuing businesses for the twelve months ended 30 June 2004
was #7,935,486 (2003: #8,704,133). The decline is due to withdrawal from loss
making contracts and the deferment of a major title, which will now fall into
the current period, at Profile Pursuit Inc (PPI).



It is pleasing to report that gross margins from continuing activities for the
six months to 30 June have continued to improve to 16.7%. This compares with a
gross margin of 13.1% for the previous six-month period and 15.4% for the 12
months to 30 June 2004.



We have continued to strive to bring the Group's operating base to an
appropriate and sustainable level. Consequently ongoing administrative expenses
have fallen to #1,130,463, a reduction of some 37% over the previous six-month
period. .



Losses from continuing operations before interest, depreciation and amortisation
of goodwill were #287,902 a reduction of 79% from the previous six-month period.




During the period additional charges relating to the disposal of Marketlink and
Woodgate, the Group's fulfilment businesses, were identified and have reduced
the previously reported gain by #484,506 to #1,242,598. This adjustment has led
to the restatement of the results to 31 December 2003 by the equivalent amount,
increasing the loss for that period to #2,409,767.



The loss attributable to shareholders for the six months ended 30 June 2004
including discontinued items was #1,083,952, compared to #2,409,767 in the
previous period.



During the period Commonwealth Business Publications ceased to trade and is
shown as a discontinued operation together with the fulfilment division.



Financial Results - By Division

Publishing - Custom and Contract



This division consists of the Profile Pursuit companies, which operate in the UK
and US. Revenue is generated mainly from the sale of advertising space in
controlled circulation publications.



During the six months under review the UK turnover improved by #732,000 as a
result of introducing new and more regular titles. Revenue, however, decreased
in the US by #2.04 million due primarily to a deferment of one title into the
following accounting period in comparison to the equivalent period last year.
Despite the reduction in revenue the US division produced a profit on ordinary
activities for the period.



Our UK division has recently been appointed to publish a quarterly magazine on
behalf of the National Bingo Game Association (NBGA) as from November. The
magazine will be distributed to one million players via the NBGA member clubs
and is expected to make a significant contribution to earnings next year.


Publishing - Other


The remainder of the Group's publishing activities comprises Hazleton and
ProgrammeMaster.



The operations of Hazelton and ProgrammeMaster have been merged successfully and
now trade under our subsidiary Profile Sports Media Limited (PSM). Since this
restructuring, which was completed at the start of the year, both operations
have achieved a significant improvement in their trading performance despite
difficult advertising markets. The Football League remains an important
customer and we retain contracts to publish the official Matchday Programmes for
their showcase finals. In addition PSM has recently won the contract to produce
the official Matchday Programme for the Welsh Rugby Union. The company is also
pleased to announce that it also recently won an important publishing contract
to produce the Matchday Programme, monthly magazine, yearbook and junior
members' magazine for Chelsea Football Club. The benefit of these contracts
will be reflected in the current period.


Current Trading


As outlined in my previous interim statement it appears the media sector is
showing gradual signs of recovery. Advertising budgets are cautiously improving
which is demonstrated by #4.03 million of forward contracted advertising orders
for publications due to be published after 1 July 2004 being some 34% higher
than at the equivalent date last year. The Group remains committed to
maintaining tight cost controls and seeks to introduce new titles and
initiatives when appropriate. With the effect of the introduction of the new
contracts and the continuing improvement of revenues I look forward to reporting
further improvement at the year end which will be for the 18 month period ending
31 December 2004.



I would like to thank shareholders for their continued support. Our employees
have continued to demonstrate their commitment throughout a difficult period.



John Webber
Chairman
29 September 2004

GROUP PROFIT AND LOSS ACCOUNT

For the six months ended 30 June 2004


Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
(restated)
# # # #
Note

Turnover 2
Continuing Operations 5,053,464 2,882,022 7,935,486 8,704,133
Discontinued Operations 269,400 4,279,411 4,548,811 15,327,210
5,322,864 7,161,433 12,484,297 24,031,343
Cost of Sales
Continuing Operations (4,210,903) (2,505,229) (6,716,132) (9,018,850)
Discontinued Operations (180,127) (2,832,100) (3,012,227) (9,684,440)
(4,391,030) (5,337,329) (9,728,359) (18,703,290)
Gross Profit
Continuing Operations 842,561 376,793 1,219,354 (314,717)
Discontinued Operations 89,273 1,447,311 1,536,584 5,642,770
931,834 1,824,104 2,755,938 5,328,053

Administrative expenses - overheads (1,503,028) (3,792,154) (5,295,182) (10,832,679)
Administrative expenses - exceptional item - - - (1,022,116)

Operating loss before depreciation,
amortisation, interest and tax
Continuing Operations (287,902) (1,418,369) (1,706,271) (6,320,386)
Discontinued Operations (283,292) (549,681) (832,973) (206,356)
(571,194) (1,968,050) (2,539,244) (6,526,742)

Administrative Expenses
- Depreciation (69,360) (204,447) (273,807) (642,437)
- Amortisation of Goodwill (306,072) (562,911) (868,983) (1,678,539)
- Goodwill impairment provision - - - (5,000,000)

Operating Loss 3 (946,626) (2,735,408) (3,682,034) (13,847,718)


Exceptional Items
- Profit/(Loss) on sale of operation - 1,242,598 1,242,598 (193,748)
- Profit on disposal of freehold property - - - 1,417,080
- Restructuring Costs - (234,895) (234,895) -

Interest receivable 2,611 - 2,611 39,368
Interest payable (139,937) (677,957) (817,894) (2,120,403)
Amortisation of loan issue costs - (4,105) (4,105) (19,465)

Loss on ordinary activities before tax (1,083,952) (2,409,767) (3,493,719) (14,724,886)
Tax credit on ordinary activities 6 - - - 514,715

Loss after tax attributable to members of the
parent company
(1,083,952) (2,409,767) (3,493,719) (14,210,171)

Loss per share: 4
Basic (0.26)p (2.43)p (1.35)p (14.35)p
Basic before exceptional items and amortisation (0.19)p (2.88)p (1.40)p (7.79)p
Fully diluted (0.26)p (2.43)p (1.35)p (14.35)p
Fully diluted before exceptional items and
amortisation
(0.19)p (2.88)p (1.40)p (7.79)p


GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND
LOSSES:

For the six months ended 30 June 2004



Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
(restated)
# # # #
Note

Loss for the period (1,083,952) (2,409,767) (3,493,719) (14,210,171)

Currency translation differences on net foreign
currency investments 772 (51,906) (51,134) (173,850)


Total recognised losses relating to the year (1,083,180) (2,461,673) (3,544,853) (14,384,021)



GROUP BALANCE SHEET
As at 30 June 2004
Unaudited Unaudited Audited
30 June 04 31 Dec 03 30 Jun 03
(restated)
# # #
Note


FIXED ASSETS
Intangible assets 9,510,273 9,783,575 23,091,250
Tangible assets 156,543 336,698 1,534,574
Investments 100,000 100,000 105,000
9,766,816 10,220,273 24,730,824

CURRENT ASSETS
Stocks & WIP 1,028,377 596,080 784,476
Debtors & prepayments 2,839,804 5,314,116 7,585,222
Cash and bank balances 28,845 2,175,756 373,352
3,897,026 8,085,952 8,743,050

CURRENT LIABILITIES
Amounts falling due within one year (8,833,062) (20,690,672) (36,716,773)

NET CURRENT ASSETS/( LIABILITIES) (4,936,036) (12,604,720) (27,973,723)

TOTAL ASSETS LESS CURRENT LIABILITIES 4,830,780 (2,384,447) (3,242,899)

CREDITORS DUE AFTER MORE THAN 1 YEAR

7% Convertible Unsecured Loan Stock 2006 (541,960) (542,400) -
Finance lease obligations - - (84,032)
(541,960) (542,400) (84,032)


PROVISIONS FOR LIABILITIES AND CHARGES (161,934) (185,000) (185,000)

NET ASSETS/(LIABILITIES) 4,126,886 (3,111,847) (3,511,931)



SHARE CAPITAL & RESERVES 9


Called up share capital 42,128 5,229,869 4,954,753
Share premium account 17,962 25,656,816 23,074,280
Special Reserve 16,153,506 -
Merger reserve (814,999) (814,999) (814,999)
Profit & loss account (11,271,711) (33,183,533) (30,725,965)


CAPITAL EMPLOYED 4,126,886 (3,111,847) (3,511,931)


GROUP CASH FLOW STATEMENT

For the six months ended 30 June 2004


Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
(restated)
# # # #
Note

Net cash outflow from operating activities 7 (970,144) (1,262,099) (2,232,243) (4,713,259)

Returns on investments and servicing of
finance
Interest received 2,611 - 2,611 39,368
Interest paid (243,302) (637,083) (880,385) (2,113,873)
Interest element of finance lease rental (850) - (850) (6,530)
payments

(241,541) (637,083) (878,624) (2,081,035)

Taxation
UK Corporation tax (paid)/received - 31,169 31,169 80,290
US Corporation tax (paid)/received 224,496 - 224,496 -
224,496 31,169 255,665 80,290

Capital expenditure and financial investment
Payments to acquire intangible fixed assets (40,484) - (40,484) -
Payments to acquire tangible fixed assets (50,318) (118,668) (168,986) (498,382)
Proceeds from sale of intangible fixed assets - 1,667 1,667 -
Proceeds from sale of tangible fixed assets 11,000 - 11,000 5,676,699

(79,802) (117,001) (196,803) 5,178,317

Acquisitions and disposals
Net proceeds on disposal of subsidiary
undertaking - 15,274,576 15,274,576 -

Proceeds on disposal of associated - - - 1
undertaking
- 15,274,576 15,274,576 1

Net cash inflow / (outflow) before management
of liquid resources and financing (1,066,991) 13,289,562 12,222,571 (1,535,686)

Financing
Proceeds from Issue of Shares 8,321,472 2,369,892 10,691,364 -
Redemption of loan notes - (6,944,579) (6,944,579) (8,482,804)
New Loans - - - 5,323,808
Medium term loan repayments (2,197,352) (6,945,494) (9,142,846) (1,900,000)
Capital element of finance lease rental (6,642) (5,347) (11,989) (22,180)
payments

6,117,478 (11,525,528) (5,408,050) (5,081,176)


Increase / (decrease) in cash 5,050,487 1,764,034 6,814,521 (6,616,862)


NOTES TO THE INTERIM REPORT

For the six months ended 30 June 2004


1. Accounting policies

The financial information contained in this interim statement has been prepared
on the basis of the accounting policies set out in the Group's audited financial
statements for the year ended 30 June 2003, which have been applied consistently
throughout the period.



Figures for the period to 31 December 2003 have been restated to reflect
additional charges relating to the disposal of Marketlink and Woodgate, the
Group's fulfillment business, that were identified during the six month period
to 30 June 2004.


2. Turnover and Segmental Analysis
Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 June 04 30 Jun 03

# # # #
Turnover
Publishing - Custom & Contract:
- Continuing Operations 3,955,987 2,031,164 5,987,151 6,284,125
- Other:
- Continuing Operations 1,097,477 850,858 1,948,335 2,420,008
- Discontinued Operations 269,400 158,051 427,451 1,498,066

Fulfilment
- Discontinued Operations - 4,121,360 4,121,360 13,829,144

5,322,864 7,161,433 12,484,297 24,031,343

Segmental Profit

Publishing - Custom & Contract:
- Continuing Operations (8,456) (999,210) (1,007,666) (4,099,449)
- Other:
- Continuing Operations (85,876) (47,689) (133,565) (84,058)
- Discontinued Operations (288,219) (418,479) (706,698) (2,196,177)
Fulfilment
- Discontinued Operations - (257,612) (257,612) 1,535,958
(382,551) (1,722,990) (2,105,541) (4,843,726)

Common Costs (258,003) (449,507) (707,510) (1,303,337)
Exceptional costs - - - (1,022,116)
Operating loss before amortisation (640,554) (2,172,497) (2,813,051) (7,169,179)

Amortisation of goodwill (306,072) (562,911) (868,983) (1,678,539)
Goodwill impairment provision - - - (5,000,000)
Operating loss (946,626) (2,735,408) (3,682,034) (13,847,718)


Sales by origin were made in the following geographical markets:

# # # #
United Kingdom 2,789,199 6,924,075 9,713,274 18,478,081
North America 2,290,634 115,307 2,405,941 4,654,035
Rest of the world 223,675 78,048 301,723 652,899
Europe 19,356 44,003 63,359 246,328
5,322,864 7,161,433 12,484,297 24,031,343



3. Operating Loss

The operating loss for the period is made up as follows:

Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
# # # #

Turnover
Continuing Operations 5,053,464 2,882,022 7,935,486 8,704,133
Discontinued Operations 269,400 4,279,411 4,548,811 15,327,210

5,322,864 7,161,433 12,484,297 24,031,343
Cost of Sales
Continuing Operations (4,210,903) (2,505,229) (6,716,132) (9,018,850)
Discontinued Operations (180,127) (2,832,100) (3,012,227) (9,684,440)

(4,391,030) (5,337,329) (9,728,359) (18,703,290)


Gross Profit 931,834 1,824,104 2,755,938 5,328,053

Administration expenses - Overheads
Continuing Operations (1,130,463) (1,795,162) (2,925,625) (4,983,553)
Discontinued Operations (372,565) (1,996,992) (2,369,557) (5,849,126)
Administrative expenses - exceptional
item
Continuing Operations - - - (1,022,116)

Loss before amortisation of goodwill (571,194) (1,968,050) (2,539,244) (6,526,742)

Administration expenses - Depreciation
Continuing Operations (64,433) (78,037) (142,470) (188,574)
Discontinued Operations (4,927) (126,410) (131,337) (453,863)

Administration expenses - Amortisation
of Goodwill
Continuing Operations (306,072) (562,911) (868,983) (1,678,539)

Administration expenses - impairment of
goodwill provision
Continuing Operations - - - (5,000,000)

Operating Loss (946,626) (2,735,408) (3,682,034) (13,847,718)


4. Earnings / (Loss) Per Share


(Loss)/earnings per share has been calculated based on the following figures:


Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
(restated)
# # # #


Basic:
Loss on ordinary activities after taxation 1,083,952 2,409,767 3,493,719 14,210,171

Weighted average number of ordinary shares in
issue during the period. 418,067,072 99,095,063 259,018,015 99,004,455


In addition, the directors have included earnings per share calculations based
on earnings before the amortisation of goodwill and loan issue costs and before
exceptional costs as follows:

Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
(restated)
# # # #

Basic:
Loss on ordinary activities before goodwill
amortisation and exceptional costs 777,880 2,850,454 3,628,334 7,713,383


Fully diluted loss per share has been calculated on the same basis as basic loss
per share. This is in accordance with Financial Reporting Standard 14, which
requires fully diluted loss per share to be recognized only in the event that
the dilution increases the loss per share.


5. Dividends

The Directors are not proposing the payment of a dividend.


6. Taxation

No taxation charge has been made in the six months as the directors are of the
opinion that there will be sufficient tax losses available to offset any taxable
profits for the year.


7. Reconciliation of Operating Loss to Net Cash Flow from Operating


Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
(restated)
# # # #


Operating Loss (946,626) (2,735,408) (3,682,034) (13,847,718)
Write down in value of trade investments - - - 320,000
Provision for future rent shortfall (23,066) - (23,066) 175,000
Depreciation and trademark amortisation 69,360 204,447 273,807 642,437
Amortisation 306,072 562,911 868,983 1,678,539
Goodwill impairment - - - 5,000,000
Exceptional restructuring - (234,895) (234,895) -
Provision for diminuation of current - - - 10,000
investment
(Profit)/Loss on sale of Fixed Assets 149,895 - 149,895 17,984
(Increase)/decrease in Stock (433,609) (199,682) (633,291) 557,610
(Increase)/decrease in Debtors 2,210,380 259,541 2,469,921 584,380
Increase/(decrease) in Creditors (2,298,241) 912,521 (1,385,720) 299,668
Foreign Exchange (4,309) (31,534) (35,843) (151,159)

Net Cash Outflow from Operating (970,144) (1,262,099) (2,232,243) (4,713,259)
Activities



8. Analysis of Changes in Net Debt


Unaudited Unaudited Unaudited Audited
6 months to 6 months to Year to Year to
30 June 04 31 Dec 03 30 Jun 04 30 Jun 03
(restated)
# # # #


Increase/(Decrease in Cash) 5,050,487 1,764,034 6,814,521 (6,616,862)
Cash used to decrease debt financing 2,197,352 13,890,080 16,087,432 5,081,176
Changes in net debt resulting from cash 7,247,839 15,654,114 22,901,953 (1,535,686)
flow

Capital element of finance leases 6,642 5,347 11,989 -
New finance leases - - - (93,375)
Conversion of loan stock 440 533,465 533,905 13,000
Amortisation of loan stock and loan issue - (4,105) (4,105) (19,465)
costs
Other - resulting from disposal of - 135,196 135,196 -
subsidiary
7,254,921 16,324,017 23,578,938 (1,635,526)

Net Debt at 1 January 2004 (10,898,968) (27,222,985) (27,222,985) (25,587,459)

Net Debt at 30 June 2004 (3,644,047) (10,898,968) (3,644,047) (27,222,985)


9. Share capital and reserves


Share Share Merger Profit and Special Total
Capital Premium Reserve Loss Reserve Shareholders
Account Account Funds
(restated)
# # # # # #

At 30 June 2003 4,954,753 23,074,280 (814,999) (30,725,965) - (3,511,931)

Shares issued on conversion of
loan stock 7,427 777,995 - - - 785,422

Shares issued on open offer 2,725 269,776 - - - 272,501
Shares issued by Placing 17,616 1,743,976 - - - 1,761,592
Other Shares Issued 247,348 - - - - 247,348
Transfer of amortisation of
loan issue costs - (4,105) - 4,105 - -

Fees incurred in share issues - (205,106) - - - (205,106)
Foreign currency translation - - - (51,906) - (51,906)
reserve
Adjusted loss for the period - - - (2,409,767) - (2,409,767)

At 31 December 2003 (restated) 5,229,869 25,656,816 (814,999) (33,183,533) - (3,111,847)


Shares issued on conversion of
loan stock 2 439 - - - 441

Other shares issued 250 24,750 - - - 25,000
Issue of B shares 3,704 8,868,929 - - - 8,872,633
Fees incurred in share issues
and capital restructuring - (576,161) - - - (576,161)

Capital restructuring and (5,191,697) (33,956,811) - 22,995,002 16,153,506 -
reduction (*)
Foreign currency translation
reserve - - - 772 - 772

Loss for the period - - - (1,083,952) - (1,083,952)

At 30 June 2004 42,128 17,962 (814,999) (11,271,711) 16,153,506 4,126,886


*The reduction of capital and cancellation of Share Premium was approved by the
High Court of Justice on 22 April 2004 and leaves a deficit on the Profile Media
Group plc company profit and loss account and it is intended that this will be
dealt with by a reduction in the Special reserve during the 6 months ended
December 2004.


10 Non-Statutory Accounts

The financial information contained in this report does not constitute full
statutory accounts as defined by section 240 of the Companies Act 1985.

Copies of this report are being sent to all shareholders and are available from
the Group's head office at:

Profile Media Group

5th Floor

Mermaid House

2 Puddle Dock

London

EC4V 3DS

This information is provided by RNS
The company news service from the London Stock Exchange
END

Current Prices 1.50-1.60 pence....good buy at these prices.

whatkind of price expectation are you looking at here in the short term

Hi thesaurus, between 2.00-2.50 pence in the very short term.

Are you going on volume or news that might be coming out

I did buy and sell these back in January when the price went up to 4.00 pence from 1.40 pence. Results released couple of weeks ago, and these look very good value again at these prices with hardly any downside.

Just on buying volume and the chart thesaurus, the results have already been released.

The volume does not seem that impressive to be honest sue helen

The volume has always been like this thesaurus.

Look at the volume indicator in the main chart in the header post, that should give you a reflection and correlate that with the price movements.

Top Director Buys

Profile Media (PMD)
Director name: Mr John Webber
Amount purchased: 4,402,958 @ 1.00p
Value: 44,030

Profile Media (PMD)
Director name: Mr David Ellingham
Amount purchased: 3,571,348 @ 1.00p
Value: 35,713


Major Shareholders
POWER CONSULTANCY LIMITED 91,647,500 23.85
WRAY N W 33,155,100 8.63
GENERALI PORTFOLIO MANAGEMENT UK LIMITED 13,500,000 3.51
INDIVIDUALS & PRIVATE CLIENTS 9,887,127 2.57
SEYMOUR PIERCE 9,455,100 2.46

LATEST RELEASES :

The Good Ski Guide is Britains biggest ski magazine.
We are the only ski media to embrace consumers, travel trade and the internet to give advertisers a total one-stop solution and make that advertising budget go further than ever before.

Our job is to deliver unbiased, objective information and to promote the sport as widely as possible. So we see it as vital that we put our magazines in the hands of as many skiers as possible, which is why our clients enjoy more response and more high--quality response than from any other ski media.

http://www.goodskiguide.com

Chelsea Football Club have confirmed that they are transferring the responsibility for publishing all their magazines and programmes to Profile Media Group. The contract includes the monthly fanzine (Chelsea Magazine), a monthly juniors club magazine (Bridge Kids), the matchday football programmes and the Chelsea Yearbook. Chelsea Magazine is expected to deliver over 50,000 members every month and will have an additional 25,000 distribution at retail on the first issue. This will also have a limited overseas circulation.

Expectations are high at Chelsea Football Club for the 2005 Centenary season. Success is the new watchword throughout the club; be it the performance of the 1st team or the publishers of the club's programmes. Eddie Taylor, the Head of Sports Publishing at Profile Media Group, said "We are delighted to be working with Chelsea on their entire publishing portfolio. Jose's team are committed to playing exciting football, and we in turn are committed to delivering a quality, collectible series of publications designed to entertain and inform the fans."

Julian Scriven, Marketing Director for Profile said "This is a real top end audience - Chelsea delivers the highest demographic of any team in the Premiership - 75% of Season ticket holders are ABC1 and a third earn over 50k per annum. The real opportunity for any advertiser however, is brand association. Chelsea Football Club is synonymous with excitement, glamour and success. These are messages premium brands will want to connect with. Whilst individual opportunities are available, some advertisers are buying across the portfolio for the season to maximise the association.

Profile Pursuit Ltd have just released the Buy to Let Guide, now in its third successful year and once again produced in conjunction with leading professional organizations in this field, the Association of Residential Letting Agents and the Council of Mortgage Lenders.

The aim is simple; to inform, educate and encourage prospective Buy to Let investors, and in these pages you'll find everything you need to know about the market, allowing you to make a sound business decision based on current market trends.

Whether you are a seasoned Buy to Let investor with multiple properties, or new to the whole concept, we hope that you find this publication useful, stimulating and enjoyable.

Created in partnership with the American College of Nurse-Midwives, Every Baby magazine, now in its fifth year, is a patient-education resource written by accredited healthcare professionals for families who are expecting or who have newborns. This award-winning publication is a complete guide to the joys and challenges of pregnancy and parenthood, designed to speak to every mother in the language she understands. Informative and thought-provoking features on serious health issuessuch as the vaccination debate and the benefits of breastfeedingare balanced by lifestyle articles on maternity fashion, prenatal yoga, and how to create a fabulous nursery on the cheap

Launched in 2002, Deuce is the official magazine of the Association of Tennis Professionals (ATP), the governing body of mens pro tennis worldwide. This glossy publication is packed with extensive player profilesas well as court-level and insider newswritten by the world's leading tennis journalists. Exceptional photography and bold design bring the lifestyle of these international sportsmen to life. Deuce also features world-class tennis vacations, exclusive fashion shoots, the latest in tennis gear, and off-beat humor and interviews.

Profile Sports Media, in association with the Mail on Sunday have produced MATCHDAY this fantastic 32 page colour supplement previewing the 2004/2005 football season. It will be distributed free with every copy of the newspaper on Sunday August 8th.

http://www.profilesportsmedia.com

Zee TV, the Hindi and English-language Asian network broadcasting in the UK, is delighted to announce the launch of its subscriber magazine on June 20, 2004.

Zee magazine is a cross-generational publication that appeals to both the traditional Asian and the younger Anglo-Asian members of the UK Asian community. It features interviews with Asian luminaries from the fields of fashion, design, art, music, architecture, sport, cookery, travel and comedy, as well as articles on health, finance and property and listings of forthcoming Zee TV highlights.

Zee magazine reflects the mores and values of the Asian population in the UK and includes interviews with, among others, Bollywood superstar Hrithik Roshan (who features on the cover), former Miss Universe Lara Dutta, super chef Sanjeev Kapoor and celebrity beauty therapist Bharti Vyas.

Coming soon!...see what the marketing press have to say about Profile Media Group.

http://www.profilemediagroup.co.uk/media.html

Good buying reported from the open.....with the price up 6.45% at 1.55-1.75 pence.

Cant see a reason why pmd should'nt start going up.any comments? goal.

These have fallen back too much on market disinterest. These are very cheap now and hence I increased my holding at 1.20 pence today. Volume was flat in October but retail buying has started picking up this week again.

Personal Opinion.

The results announced in September were positive if you exclude discontinued operations. Based on Chairman's forecasts, easily worth 4p a share if not more!!
I think that they have shown a huge improvement in performance and with about 4m forward contracted business not in this set of accounts imho this company will be back in the black when the full year is reported.
I like this bit :

Current Trading

As outlined in my previous interim statement it appears the media sector is showing gradual signs of recovery. Advertising budgets are cautiously improving
which is demonstrated by #4.03 million of forward contracted advertising orders
For publications due to be published after 1 July 2004 being some 34% higher than at the equivalent date last year. The Group remains committed to maintaining tight cost controls and seeks to introduce new titles and
initiatives when appropriate. With the effect of the introduction of the new contracts and the continuing improvement of revenues I look forward to reporting
further improvement at the year end which will be for the 18 month period ending 31 December 2004.
I wonder if it is anything to do with the advertising for a number of well known football clubs via the club programmes which there were rumours of.Apparantly signed up with Chelsea.
Fits there profile or mission statement of specilising in advertising to captive audiences.
Or perhaps the Zee tv programme.The list goes on and there name seems to keep popping up.In time this could turn out to be a very good play indeed.
I also believe that the management have now shown that they are committed to reducing costs and earnings will benefit more in this period from the new contracts .. i.e Chelsea, Bingo Magazine(circulated to 1 million players)
Rugby etc.
PMD must be a very good take over target especially now with confirmation of recovery in the last results and the low share price , I wouldn't be surprised to see Power making a bid with there 25% of shares it wouldn't cost them very much to buy the next 4% to take control.
You dont put that sort of cash on the table with out expecting a big pay back . At the least they will have done a look more research than any of us
When i work out the valuation here and the improvement this company has made i can't understand why it has not moved much higher.
Trouble is there is nothing really sexy about it but sooner or later people will wake up to the fact that this is gonna be in profit by year end. How many other small caps can say the same.

Was that your 1M at 1.2 SH

Serious mate , what difference does it make whose it was ????