PXOG.L Regulatory News (PXOG)

30 Oct 2007 07:00

Premier Management Holdings PLC30 October 2007 For release at 07:00 on 30 October 2007 PREMIER MANAGEMENT HOLDINGS PLCInterim Results for the six months ended 31st July 2007 Premier Management Holdings plc ("the Company") the AIM listed football agencypresents interim results for the six months ended 31st July 2007. Key Points • Operating profit of £6,144 (2006 - £25,613) on turnover of £60,302 (2006 - £64,000.) • Positive outlook for trading • Opportunuties to increase the size and range of services of the company still being pursued. Barry Gold, Chairman said today: "We continue to look at opportunities to increase the size and range of servicesof the company and whilst we do that, we remain positive over the prospects forthe current business." For further enquiries contact:- Barry Gold (Chairman)Premier Management Holdings plc - Tel: 07768 948928 Richard Evans (Nominated Adviser)Brewin Dolphin Ltd - Tel: 0845 270 8602 Chairman's Statement I am pleased to be able to report, for the third time in a row, an operating andpre-tax profit, in this case for the six month period to the 31st July 2007. Turnover remained at a similar level to the corresponding period of 2006,although operating profit was slightly down. We have completed further businessduring August, which will be included in our annual figures, and we have managedto sign more promising younger players as well as some additional managers. We continue to seek to expand the Group by looking to add suitable newbusinesses. As in the past, I continue to be grateful to our Finance Director, Gerry Deslerwhose long hours for the company are not reflected in remuneration, and to ourAdvisers, who remain supportive and helpful. Barry Gold, Chairman30 October 2007 Income statementFor the six months ended 31 July 2007 Six months Six months ended ended Year ended Notes 31 July 31 July 31 January 2007 2006 2007 (unaudited) (unaudited) (unaudited) £'000 £'000 £'000 Revenue 60 64 224 Cost of sales (25) (23) (95) 35 41 129 Administrative expenses (31) (15) (32) Operating profit 4 26 97 Exceptional abortive costs - - (36) Profit before interest 4 26 61 Interest payable and similar charges - (11) (11) Profit before taxation 4 15 50 Taxation 4 - - - Profit for the period 4 15 50 Profit per share - basic and diluted 3 0.01p 0.03p 0.08p Statement of changes in shareholders' equityFor the six months ended 31 July 2007 Six months Six months ended ended Year ended 31 July 31 July 31 January 2007 2006 2007 (unaudited) (unaudited) (unaudited) £ £ £ Opening shareholders' equity (1,833) (1,891) (1,891) Issue of shares 260 - -Other movements (128) 1 8Profit for the period 4 15 50Closing shareholders' equity (1,697) (1,875) (1,833) During the six months ended 31 July 2007, a total of £130,000 Convertible LoanNotes were converted into 26 million ordinary shares. Balance sheetas at 31 July 2007 31 July 31 January 2007 2006 2007 (unaudited) (unaudited) (unaudited) £'000 £'000 £'000ASSETS Current assetsTrade and other receivables 206 285 385Cash and cash equivalents 7 14 1 213 299 386 LIABILITIESCurrent liabilitiesTrade and other payables (323) (552) (602) Net current liabilities (110) (253) (216) Total assets less current liabilities (110) (253) (216) Non-current liabilitiesBorrowings (1,587) (1,622) (1,617) (1,697) (1,875) (1,833) SHAREHOLDERS'' EQUITYCalled up share capital 917 657 657Share premium account 2,725 2,855 2,855Own shares held (4) (4) (4)Capital redemption reserve 43 43 43Retained earnings (5,378) (5,426) (5,384) Total shareholders' equity (1,697) (1,875) (1,833) Cash flow statementfor the six months ended 30 June 2007 Six months Six months ended ended Year ended 31 July 31 July 31 January 2007 2006 2007 (unaudited) (unaudited) (unaudited) £'000 £'000 £'000Operating activitiesOperating loss 4 26 61Decrease/(increase) in debtors 179 (36) (136)(Decrease)/increase in creditors within (144) 20 24one year Equity-settled share based payment 2 - 8 Cash inflows/(outflows) from operating 41 10 (43)activities Investing activitiesInterest paid - (11) (11) Net cash used in investing activities - (11) (11) Financing activitiesRepayment of other borrowings (35) - (110)Convertible Unsecured Loan Note - - 150 Net cash (used in)/generated from (35) - 40 financing activities Net increase/(decrease) in cash and 6 (1) (14) cash equivalents Cash and cash equivalents at start ofperiod 1 15 15 Cash and cash equivalents at end of period 7 14 1 Notes to the accounts 1 Basis of preparation The interim financial statements have been prepared in accordance withInternational Financial Reporting Standards as endorsed by the European Union ('IFRS') for the first time. The transition to IFRS has had no effect on theprofit, net liabilities and cash flow previously reported under UK GAAP. Theonly changes that have been made are presentational. The comparative figures for the year ended 31 January 2007 and the six monthsended 31 July 2006 have been restated for the adoption of IFRS. The comparativefigures for the year ended 31 January 2007 are not the Company's statutoryaccounts for that financial year. The Company's statutory accounts for the yearended 31 January 2007, prepared under UK GAAP, have been delivered to theRegistrar of Companies; the report of the auditors on these accounts wasunqualified and did not contain a statement under Section 237 (2) or (3) of theCompanies Act 1985. The interim financial information has not been audited and does not constitutestatutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the six months ended 31 July 2007 has beenprepared in accordance with the Company's accounting policies, based on IFRSthat are expected to apply for the year ending 31 January 2008. These interimfinancial statements have been prepared in accordance with IAS 34 and inaccordance with the recognition and measurement principles of IFRS that theCompany expects to apply in the full year IFRS financial statements for 31January 2008. 2 Accounting policies The principal accounting policies adopted in the preparation of these interimfinancial statements are set out below. These policies have been consistentlyapplied to all periods presented, unless otherwise stated. Revenue Revenue represents income receivable from professional footballers andprofessional football clubs for services rendered. Trade and other receivables These are recognised and carried at original invoice amount less an allowancefor any uncollectible amount. An estimate for doubtful debts is made whencollection of the full amount is no longer probable. Bad debts are written offwhen identified. Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand and short-termdeposits with an original maturity of three months or less. Financial liabilities The Company's financial liabilities comprise trade payables and other short-termmonetary liabilities, which are initially recognised at fair value. Afterinitial recognition, such financial liabilities are recognised at amortisedcost. Taxation and deferred tax Taxation expense represents the sum of current tax and deferred tax. The tax currently payable is based on the taxable profit for the period usingthe tax rates that have been enacted or substantially enacted by the balancesheet date. Taxable profit differs from the net profit as reported in the incomestatement because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxableor deductible. Deferred tax is provided in full, using the liability method, on temporarydifferences arising between the tax bases of assets and liabilities and theircarrying amounts for financial reporting purposes. Deferred tax is determinedusing tax rates that have been enacted or substantially enacted at the balancesheet date and are expected to apply when the related deferred income tax assetis realised of the deferred tax liability is settled. Deferred tax assets are only recognised to the extent that it is probable thatfuture taxable profit will be available against which the asset can be utilised. Deferred tax is charged or credited in the income statement, except when itrelates to items charged or credited to equity, in which case the deferred taxis also dealt with in equity. Share-based payments The Company makes equity-settled share-based payments to its employees andDirectors. Equity-settled share-based payments are measured at fair value at thedate of grant and expensed on a straight-line basis over the vesting period ofthe award. At each balance sheet date, the Company revises its estimate of thenumber of options that are expected to become exercisable. The value of any shares or options granted is charged to the profit and lossaccount over the period the shares vest, with a corresponding credit toreserves. When share options are exercised, the proceeds received, net of anytransaction costs, are credited to share capital (nominal value) and sharepremium. 3 Loss per share The earnings and number of shares used in the calculation of earnings perordinary share are set out below. Six months ended Six months ended Year ended 31 July 31 July 31 January 2007 2006 2007 (unaudited) (unaudited) (unaudited)Basic:Profit for the financial period 4,000 15,000 50,000Weighted average number of shares 69,905,845 65,718,000 65,718,000Loss per share 0.01p 0.03p 0.08p 4 Taxation There is no provision for UK Corporation Tax due to tax losses brought forward,subject to agreement with HM Revenue and Customs. The deferred asset at 31 July2007 arising from the accumulated tax losses of approximately £2.1 million (30July 2006 - £2.1 million; 31 January 2007 - £2.1 million) carried forward hasnot been recognised but would become recoverable against future trading profits. 5 Dividend The directors are not able to declare a dividend in respect of the period due tothe Company having no distributable reserves (2006 - £nil). 6 Additional information Copies of this report may be obtained from the Company's registered office,Stonebridge House, Chelmsford Road, Hatfield Heath, Essex CM22 7BD. Our website address is www.premiermgt.info. From this site you may access ourfinancial reports and presentations, recent press releases and details about thecompany and its operations. ENDS This information is provided by RNS The company news service from the London Stock Exchange