PXOG.L Regulatory News (PXOG)

31 Jul 2006 07:00

Premier Management Holdings PLC31 July 2006 For release at 07:00 on 31 July 2006 PREMIER MANAGEMENT HOLDINGS PLC (the "Company")Statement of audited results for the year ended 31 January 2006 Key points • Turnover £92,000 for year (2005: £553,000). • Significantly reduced pre-tax loss of £28,000 (2005: £1,656,000). • Positive start to the current financial year • Company has resolved to issue new convertible loan-note of up to £1million, £150k already received. • Withdrawal from discussions with Yacht Fuel Services but Company expects other opportunities to arise to restore shareholder value in the medium term Chairman Barry Gold said today, "Our overhead base is now very low and we expect to do some good business in thecurrent transfer window. The Company's financial future has been considerablyimproved and we remain positive over the prospects for the remaining business.Although we have now withdrawn from discussions with Yacht Fuel Services Ltd Iam confident other opportunities will arise and will provide an update byannouncement or when we report our interim results later this year." Further enquiries: Barry Gold (Premier Management) - 07768 948 928 Richard Evans (Brewin Dolphin Securities) - 0845 270 8602 Chairman's statement I am pleased to report a significantly reduced loss before tax for the year of£28,000 (2005: £1,656,000) on turnover of £92,000 (2005: £,553,000). Thesenumbers reflect the slimmed down but financially stable business that we haveachieved after two years of hard and testing work. With the winding up ofSports Player Management Ltd ("SPM") in April, the Company no longer owns anyoperating subsidiaries and has taken advantage of the exemptions available underthe Companies Act 1985 not to present consolidated accounts this year. It isnot anticipated that the Company will suffer any further loss or liability inrespect of the winding up of SPM. The current year has started well and through effective cash management we havebeen able to reduce our trading debts further. Our overhead base is now verylow and we expect to do some good business in the current transfer window Weremain positive over the prospects for the remaining business. The Company has resolved to issue a new convertible loan-note of up to£1million, of which we have to date drawn-down £150,000. We propose to drawdown the balance when a suitable transaction is identified. As I have previously stated we have been seeking opportunities to restoreshareholder value in the medium term by examining acquisitions that wouldupscale the size of our business. To this end we entered discussions about thepossible reverse of Yacht Fuel Services Ltd into the Company last May. Despiteprotracted discussions we have been unable to progress the negotiations to anoutcome that we considered represented a satisfactory outcome for the Company'sshareholders. Accordingly, we have now withdrawn from these discussions andrequested that the London Stock Exchange restore the Company's trading facility;which had been subject to a precautionary suspension on 3 May 2006. The market for opportunities for a company of our size has been rendered verycompetitive recently due to the large number of AIM-quoted investment companiesthat have been under threat since March of having the trading facility cancelledunless they made a suitable acquisition by the end of September 2006. Thosethat have not secured such a transaction will be removed shortly both from AIMand effectively the acquisition market which will improve the Company's abilityto attract a suitable deal. I am confident therefore that other opportunitieswill arise and will provide an update by announcement or when we report ourinterim results later this year.. Finally, I am once again very grateful to Gerry Desler our Finance Director whohas worked long hours for this Company, many of them unpaid and to our Company'sadvisors, who have always been supportive helpful and often very patient. Barry Gold31 July 2006 Profit and loss accountfor the year ended 31 January 2006 2006 2005 £000 £000 Turnover 92 553Cost of sales (27) (285)Gross profit before exceptional impairment 65 268Exceptional impairment of investment in footballers - (221)Gross profit 65 47Exceptional administrative expenses - (664)Other administrative expenses (92) (629)Operating loss (27) (1,246)Exceptional amount written off investment in own shares and investment insubsidiary undertaking - (408)Other interest receivable and similar income - 1Interest payable (1) (3)Loss on ordinary activities before taxation (28) (1,656)Taxation - -Loss on ordinary activities after taxation (28) (1,656)Dividends - -Retained loss carried forward for the financial year (28) (1,656) Loss per share Pence PenceBasic and diluted loss per ordinary share 0.04 2.80 The profit and loss has been prepared on the basis that all operations arecontinuing operations. Balance sheetas at 31 January 2006 2006 2005 £000 £000Fixed AssetsTangible assets - 1 - 1Current assets Debtors 249 322Cash at bank and in hand 15 160 264 482Creditors: amounts falling due within one year (423) (511) Net current liabilities (159) (29) Total assets less current liabilities (159) (28) Creditors: amounts falling due over more than one year (1,732) (1,835) Total assets less liabilities (1,891) (1,863) Capital and reserves Called up share capital 657 657Share premium account 2,855 2,855Profit and loss account (5442) (5,414)Own shares held (4) (4)Capital redemption reserve 43 43Equity shareholders' deficit (1,891) (1,863) Consolidated cash flow statementfor the year ended 31 January 2006 Year Year ended ended 31 January 31 January 2006 2005 £'000 £'000 Net cash movement from operating activities (18) (78) Returns on investments and servicing of financeInterest received - 1Interest paid (1) (3)Net cash outflow for returns on investments and servicing of finance (1) (2) Taxation - - Acquisitions and disposalsPayments to acquire subsidiary undertakings - (42) Net cash outflow before management of liquid resources and financing (19) (122) FinancingIssue of share capital - 789Capital element of hire purchase contracts - (2)Payment for deferred consideration/debenture (106) (620)Net cash inflow/(outflow) from financing (106) 167 Decrease in cash in the year (125) (45) Notes: 1. The accounts have been prepared on the assumption that the Company is agoing concern. The accounts of the Company for the year ended 31 January 2006show a loss after taxation of £28,000 and net current liabilities of £159,000.The company's debenture loan was taken over in August 2005 by Barry Gold, thecompany's non executive chairman. The directors believe that measures have beentaken following the year end to address the excess of current liabilities and intheir opinion the accounts have been properly prepared on the assumption thatthe company is a going concern. 2. The financial statements present information about the company as anindividual undertaking and not about its group. Prior years' accounts werepresented as consolidated accounts as the subsidiary undertakings were activeand under the control of the company. However, during the year all thesubsidiaries became dormant and in the case of a certain subsidiary undertaking,the company no longer has control over its operations. Hence the company hastaken advantage of the exemptions provided by Section 229 Companies Act 1985 notto prepare group accounts on the basis that either subsidiary undertakings arenot material for the purposes of the company's financial statements giving atrue and fair view, or the company's control over a subsidiary undertaking issubject to severe long-term restrictions. Comparative figures for 2005 whichformerly showed consolidated amounts in respect of the group have been adjustedin order to present them for the company as an individual undertaking only. 3. The preliminary financial statement has been prepared on the basis of theGroup's normal accounting policies but does not constitute statutory accounts.The statutory accounts for the year ended 31 January 2005 have been deliveredto the Registrar of Companies, the auditors report on which was unqualified anddid not contain a statement under section 237(2) or (3) of the Companies Act1985. It is anticipated that the Group's Annual Report and Accounts for theyear ended 31 January 2006 will be published and posted to shareholders on 31July 2006. Copies will be made available at the Company's office at 140B HighStreet, Ongar, Essex CM5 9JH. ENDS This information is provided by RNS The company news service from the London Stock Exchange