PXOG.L Regulatory News (PXOG)

25 Oct 2005 07:02

Premier Management Holdings PLC25 October 2005 PREMIER MANAGEMENT HOLDINGS PLC Interim results for the six months ended 31 July 2005 Premier Management Holdings plc (the "Company"), the AIM-listed football agencypresents interim results for the six months ended 31 July 2005 for itself andits subsidiaries (together, the "Group"). Key points • Operating loss of £103,000 (2004: £26,000 profit) on turnover of £8,000 (2004: £610,000) during a period of restructuring • Financial difficulties resolved with significantly reduced level of operations • New business opportunities now being sought Barry Gold, Chairman, said today: "During the period the Company was primarily concerned with cutting overheads toa minimum and trying to negotiate a suitable settlement with the secureddebenture holder. Trading conditions remain difficult in the football business,which has been significantly downsized. Accordingly, we are looking forsuitable opportunities to expand the Group's activities by seeking businessesthat may benefit from becoming part of a public group. I would like to takethis opportunity to extend my thanks to our Finance Director and the Company'sadvisers for their support and patience during a very difficult period of theCompany's history." For further enquiries contact: Barry Gold (Chairman - Premier Management Holdings plc) - Tel: 07768 948928 Chairman's Statement During the six month period to 31 July 2005 income from the Company's normalactivities was minimal as the Company was primarily concerned with cuttingoverheads to a minimum and trying to negotiate a suitable settlement with thesecured debenture holder. This negotiation ran into difficulties and towardsthe end of April the debenture holder served a notice of default and repaymentdemand on the Company. Due to the uncertainty this created in the Company'sfinancial position, your Board immediately requested the London Stock Exchangeto suspend the Company's shares from trading on AIM. In July I was able toreach an agreement to acquire the debenture and so stabilize the Company'sfinancial position by removing the repayment demand. Trading conditions remain difficult in the football business, which has beensignificantly downsized with the departure of Bill Jennings and all employees.I will continue to carry out some football activities with the assistance ofBill Jennings and certain ex-employees on consultancy arrangements but the levelof activity is unlikely to be sufficient to sustain a public company.Accordingly, we are looking for suitable opportunities to expand the Group'sactivities by seeking businesses that may benefit from becoming part of a publicgroup. With the return of financial stability and the publication of our delayed annualreport and accounts our trading facility on AIM has been restored. I would liketo take this opportunity to extend my thanks to our Finance Director and theCompany's advisers for their support and patience during a very difficult periodof the Company's history. Barry GoldChairman 25 October 2005 Unaudited Consolidated Profit and Loss AccountFor the six months ended 31 July 2005 Six months to Six months to Year ended 31 July 31 July 31 January 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 £'000 Turnover 8 610 732Cost of sales (5) (101) (285)Exceptional impairment of investment in footballers - - (221) Gross profit 3 509 226Exceptional administration expenses - - (561)Amortisation of intangible assets - (8) (10)Other administration expenses (106) (475) (870)Operating loss (103) 26 (1,215) Exceptional amount written off investment in own shares - - (206)Interest receivable and similar income 1 1 1Interest payable and similar charges (1)- (2) (40) Loss on ordinary activities before taxation (103) 25 (1,460)Taxation - - (212) Retained loss for the period (103) 25 (1,672) (Loss)/earnings per share Pence Pence Pence Basic (loss)/earnings per ordinary share (0.16) 0.04 (2.82) All amounts are derived from continuing operations and the total recognisedgains or losses for the period is the same as the retained profit/(loss) for theperiod Unaudited Consolidated Balance SheetAs at 31 July 2005 As at As at As at 31 July 31 July 31 January 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 £'000Fixed assetsIntangible assets - 212 -Tangible assets 1 86 1 1 298 1 Current assetsDebtors 182 1,091 322Current asset investments - 221 -Cash at bank 132 134 161 314 1,446 483Creditors: amounts falling due within one year (780) (545) (808) Net current (liabilities)/assets (466) 901 (325) Total assets less current liabilities (465) 1,199 (324) Creditors: amounts falling due after more than one year (1,797) (1,867) (1,835) Total assets less liabilities (2,262) (668) (2,159) Capital and reservesShare capital 657 708 657Share premium 2,855 2,847 2,855Retained losses (5,813) (4,013) (5,710)Own shares held (4) (210) (4)Capital redemption reserve 43 - 43 Equity shareholders' deficit (2,262) (668) (2,159) Unaudited Consolidated Cash Flow statementFor the six months ended 31 July 2005 Six months to Six months to Year ended 31 July 31 July 31 January 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 £'000 Net cash movement on operating activities (9) (239) (120) Return on investmentsInterest received 1 1 1Interest paid (1) (2) (4) - (1) (3) Capital expenditureReceipts on disposal of tangibles - 2 -Payments to acquire tangible assets - (6) - - (4) -Acquisitions and disposalsPayment to acquire subsidiary undertaking - - (42) Net cash movement before management of liquid resources andfinancing (9) (244) (165) FinancingIssue of ordinary shares - 789 789Capital element of hire purchase contracts - (8) (6)Payment of deferred consideration/debenture - (549) (620) Decrease in cash in the period (9) (12) (2) The results for the six months ended 31 July 2005 are unaudited and have notbeen reviewed by the auditors. They have been prepared on accounting bases andpolicies that are consistent with those used in the preparation of the auditedfinancial statements of the company for the year ended 31 January 2005. The financial statements contained in this report do not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. Theresults for the year ended 31 January 2005 were reported on by the Auditors andreceived an unqualified audit report. Full accounts for the year ended 31January 2005 will be been delivered to the Registrar of Companies. The interim statement will not be posted to shareholders. Copies of the interimstatement can be obtained from the company by writing to the Company Secretaryat 11 Central House, Ongar, Essex, CM5 9AA. ENDS This information is provided by RNS The company news service from the London Stock Exchange