PXOG.L Regulatory News (PXOG)

16 Jul 2007 08:54

Premier Management Holdings PLC16 July 2007 For immediate release on 16 July 2007 PREMIER MANAGEMENT HOLDINGS PLC (the "Company")Statement of audited results for the year ended 31 January 2007 Key points • Turnover up 143% for the year to £224,000 (2006: £92,000). • Pre-tax profit for the year of £50,000 (2006: £28,000 loss). • Good business flow at end of 2006 and in January 2007 transfer window. • Current year has started well with some fees earned before the Summer transfer window. • Opportunities to increase and expand the range of services offered being pursued. Chairman Barry Gold said today, "Our portfolio of managers and players continues to increase, and we are hopefulthat we should have reasonable opportunities during the Summer and goingforward. With strict control of overheads, we hope to maintain if not improvethe current recovery in the Company's fortunes, and if we can add to the sizeand range of services provided, our future prospects will be enhanced." 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 substantial increase in turnover and a return toprofitability for the year to 31st January 2007. Turnover increased 143% to£224,000 (2006: £92,000) and the company reported its first annual pre-taxprofit since 2002 of £50,000 (2006: £28,000 loss). As I anticipated in myreport on the interim results for the six months ended 31st July 2006, we wereable to execute some business at the end of 2006 and follow this up with a goodtransfer window in January 2007. The current year has started well, with some fees already achieved before thestart of the Summer transfer window. Our portfolio of managers and playerscontinues to increase, and we are hopeful that we should have reasonableopportunities during the Summer and going forward. Regretfully we were not able to secure sufficient funding on a timely basis topursue the proposed acquisition that we were looking at earlier in the year, butwe are continuing to pursue opportunities to increase the scale and range of theservices that the company can provide. Whilst we are increasingly positiveabout the prospects for the existing business, the long term future of thecompany will only be assured if we can complete an acquisition thatsubstantially increases the turnover of the company and expands its potentialincome streams. As a Company we are fortunate to have advisers who are supportive, helpful andhardworking and a Finance Director, who puts in long and productive hours forthe benefit of the Company without remuneration. With strict control of overheads, we hope to maintain if not improve the currentrecovery in the Company's fortunes, and if we can add to the size and range ofservices provided, our future prospects will be enhanced. Barry Gold16 July 2007 Profit and loss accountfor the year ended 31 January 2007 2007 2006 £000 £000 Turnover 224 92Cost of sales (95) (27)Gross profit 129 65Administrative expenses (32) (92)Operating profit/(loss) before exceptional items 97 (27)Exceptional abortive costs (36) -Operating profit/(loss) after exceptional items and before interest 61 (27)Interest payable and similar charges (11) (1)Profit/(loss) on ordinary activities before taxation 50 (28)Tax on profit/(loss) on ordinary activities - -Profit/(loss) for the year 50 (28) Earnings/(loss) per share Pence PenceBasic and diluted earnings/(loss) per share 0.08 (0.04) The profit and loss has been prepared on the basis that all operations arecontinuing operations. There are no recognised gains and losses other than those passing through theprofit and loss account. Balance sheetas at 31 January 2007 2007 2006 £000 £000Current assets Debtors 385 249Cash at bank and in hand 1 15 386 264Creditors: amounts falling due within one year (602) (423) Total assets less current liabilities (216) (159) Creditors: amounts falling due after more than one year (1,617) (1,732) (1,833) (1,891)Capital and reserves Called up share capital 657 657Share premium account 2,855 2,855Other reserves 39 39Profit and loss account (5,384) (5,442)Shareholders' funds (1,833) (1,891) Consolidated cash flow statementfor the year ended 31 January 2007 Year Year ended ended 31 January 31 January 2007 2006 £'000 £'000 Net cash outflow from operating activities (43) (18) Returns on investments and servicing of financeInterest paid (11) (1) Net cash outflow for returns on investments and servicing of finance (1) (1) Net cash outflow before management of liquid resources and financing (54) (19) FinancingNew convertible unsecured loan note 150 -Repayment of debenture loans (110) (106)Net cash inflow/(outflow) from financing 40 (106) Decrease in cash in the year (14) (125) Notes: 1. The financial statements are prepared under the historical cost conventionand on a going concern basis as explained below. The company has a deficit on its profit and loss account amounting to £5,384,000and it has net current liabilities of £216,000. The nature of the company's business is such that there can be considerableunpredictable variation in the timing of cash inflows. The directors haveprepared projected cash flow information for the period ending 12 months fromthe date of their approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financialstatements on the going concern basis. The financial statements do not includeany adjustments that would result should the company no longer be a goingconcern. 2. The financial statements present information about the company as anindividual undertaking and not about its group. All of the company's subsidiaryundertakings were dormant throughout the year, and in the case of Sports PlayerManagement Limited (in liquidation) the company no longer has control over itsoperations. The company has therefore taken advantage of the exemptionsprovided by Section 229 of the Companies Act 1985 not to prepare group financialstatements on the basis that either subsidiary undertakings are not material forthe purposes of the company's financial statements giving a true and fair view,or the company's control over a subsidiary undertaking is subject to severelong-term restrictions. 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 2006 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 2007 will be published and posted to shareholders by 31July 2007. 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