26 Oct 2009 10:21
Premier Management Holdings Plc (the "Company")
Interim results for the six months ended 31 July 2009
Chairman's report
During the six month period ending 31 July 2009 the Company had no revenues and, in fact, had to issue a credit note to a football club resulting in the negative sales reported in these results. However, both during the remainder of the Summer transfer window and subsequently, business has been brisk, with all work being for football clubs and all due for payment within the next year.
Progress is being made with regard to the exercise of the call option agreement, announcement on 30 June 2009, pursuant to which the Company has the option to acquire the entire issued share capital of Trading Sports Limited ("TSL"), although the due diligence process has taken longer than originally envisaged, primarily because the underlying businesses of TSL are small, Director-run organisations and the Directors have been busy with operational matters. As a result, as announced on 30 September 2009, the period in which the Company is able to exercise its option in respect of TSL has been extended. It is my hope and anticipation that the Company will complete the transaction (subject to the approval of shareholders in due course) before the current option expires.
Accordingly, I am confident that the future of the Company looks more assured than it has been for some considerable time, and the Directors and their advisers are working hard to ensure that you, as shareholders, have the opportunity to consider and hopefully approve the proposed deal.
I would, as I always do, like to thank our advisers and our Finance Director, Gerry Desler, who even more than in the past, have spared no effort to assist the Company during the reporting period and subsequently to date.
BARRY GOLD
Premier Management Holdings Plc
Interim results
For the six months ended 31 July 2009
Income statement
| Six months ended | Six months ended | Year ended | ||
| Notes | 31 July | 31 July | 31 January | |
| 2009 | 2008 | 2008 | ||
| (unaudited) | (unaudited) | (audited) | ||
| £ | £ | £ | ||
| Revenue | (17,500) | 59,367 | 100,179 | |
| Cost of sales | (20,000) | (36,000) | (46,582) | |
| Gross profit | (37,500) | 23,367 | 53,597 | |
| Administrative expenses | (23,899) | (23,238) | (60,089) | |
| Operating (loss)/profit | (61,399) | 129 | (6,492) | |
| Finance income | 1,126 | 97 | 210 | |
| (Loss)/profit before income taxation | (60,273) | 226 | (6,282) | |
| Income tax expense | - | - | (98) | |
| (Loss)/profit for the period | (60,273) | 226 | (6,380) | |
| (Loss)/earnings per share - basic and diluted | (0.06)p | 0.01p | (0.01)p |
Balance sheet
As at 31 July 2009
| 31 July | 31 July | 31 January | |
| 2009 | 2008 | 2009 | |
| (unaudited) | (unaudited) | (audited) | |
| £ | £ | £ | |
| ASSETS | |||
| Current assets | |||
| Trade and other receivables | 12,046 | 189,797 | 47,881 |
| Cash and cash equivalents | 18 | 3,990 | 25,272 |
| Total assets | 12,064 | 193,787 | 73,153 |
| LIABILITIES | |||
| Current liabilities | |||
| Trade and other payables | (67,227) | (161,469) | (58,222) |
| Borrowings | (140,000) | (150,000) | (140,000) |
| Net current liabilities | (207,227) | (311,469) | (198,222) |
| Non-current liabilities | |||
| Borrowings | (1,487,001) | (1,502,001) | (1,499,501) |
| Total liabilities | (1,694,228) | (1,813,470) | (1,697,723) |
| Net liabilities | (1,682,164) | (1,619,683) | (1,624,570) |
| SHAREHOLDERS' EQUITY | |||
| Called up share capital | 1,047,180 | 1,047,180 | 1,047,180 |
| Share premium account | 2,649,906 | 2,649,906 | 2,649,906 |
| Capital redemption reserve | 43,333 | 43,333 | 43,333 |
| Retained earnings | (5,422,583) | (5,360,102) | (5,364,989) |
| Total shareholders' equity | (1,682,164) | (1,619,683) | (1,624,570) |
Statement of changes in equity
For the six months ended 31 July 2009
| Share | Share | Retained | Capital | Total | |
| capital | premium | earnings | redemption | ||
| reserve | |||||
| £ | £ | £ | £ | £ | |
| Unaudited | |||||
| Balance at 1 February 2009 | 1,047,180 | 2,649,906 | (5,364,989) | 43,333 | (1,624,570) |
| Loss for the period | - | - | (60,273) | - | (60,273) |
| Issue of shares | - | - | - | - | - |
| Share based payment | - | - | 2,679 | - | 2,679 |
| Balance at 31 July 2009 | 1,047,180 | 2,649,906 | (5,422,583) | 43,333 | (1,682,164) |
| Unaudited | |||||
| Balance at 1 February 2008 | 1,027,180 | 2,659,906 | (5,362,046) | 43,333 | (1,631,627) |
| Retained for the period | - | - | 226 | - | 226 |
| Issue of shares | 20,000 | (10,000) | - | - | 10,000 |
| Equity settled share based payment | - | - | 1,718 | - | 1,718 |
| Balance at 31 July 2008 | 1,047,180 | 2,649,906 | (5,360,102) | 43,333 | (1,619,683) |
| Audited | |||||
| Balance at 1 February 2008 | 1,027,180 | 2,659,906 | (5,362,046) | 43,333 | (1,631,627) |
| Retained for the period | - | - | (6,380) | - | (6,380) |
| Issue of shares | 20,000 | (10,000) | - | - | 10,000 |
| Equity settled share based payment | - | - | 3,437 | - | 3,437 |
| Balance at 31 January 2009 | 1,047,180 | 2,649,906 | (5,364,989) | 43,333 | (1,624,570) |
Cash flow statement
For the six months ended 31 July 2009
| Six months ended | Six months ended | Year ended | |
| 31 July | 31 July | 31 January | |
| 2009 | 2008 | 2009 | |
| (unaudited) | (unaudited) | (audited) | |
| £ | £ | £ | |
| Operating activities | |||
| Operating (loss)/profit | (61,399) | 129 | (6,492) |
| Decrease/(increase) in trade and other receivables | 35,835 | (38,232) | 103,684 |
| Increase/(decrease) in creditors within one year | 9,005 | 8,478 | (94,769) |
| Equity-settled share based payment | 2,679 | 1,718 | 3,437 |
| Cash (outflows)/inflows from operating activities | (13,880) | (27,907) | 5,860 |
| Investing activities | |||
| Finance income | 1,126 | 97 | 210 |
| Net cash generated from investing activities | 1,126 | 97 | 210 |
| Taxation | - | - | (98) |
| Financing activities | |||
| Repayment of other borrowings | (12,500) | - | (12,500) |
| Net cash used in financing activities | (12,500) | - | (12,500) |
| Net decrease in cash and cash equivalents | (25,254) | (27,810) | (6,528) |
| Cash and cash equivalents at start of period | 25,272 | 31,800 | 31,800 |
| Cash and cash equivalents at end of period | 18 | 3,990 | 25,272 |
Notes to the interim financial statements
1. General information
Premier Management Holdings Plc is a company incorporated in the United Kingdom, which is listed on the Alternative Investment Market of the London Stock Exchange Plc. The address of its registered office is 24 Greville Street, London EC1N 8SS.
2. Financial information
The interim financial information for the six months ended 31 July 2009 has not been audited or reviewed and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Company's statutory accounts for the year ended 31 January 2009, prepared in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards - IFRS), have been delivered to the Registrar of Companies; the report of the auditors on these accounts was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.
The interim financial statements have been prepared in accordance with IFRS as adopted by the European Union, IFRIC interpretations and the Companies Act 1985 applicable to companies reporting under IFRS and under the historical cost convention. The accounting policies applied in preparing the interim financial information are consistent with those set out in the statutory accounts of the Company for the year ended 31 January 2009.
3. Taxation
On the basis of these accounts there is no tax charge for the period.
4. Earnings per share
The earnings and number of shares used in the calculation of earnings per share are as follows:
| Six months ended | Six months ended | Year ended | |
| 31 July | 31 July | 31 January | |
| 2009 | 2008 | 2009 | |
| (unaudited) | (unaudited) | (audited) | |
| Basic and diluted: | |||
| (Loss)/profit for the financial period | (60,273) | 226 | (6,380) |
| Weighted average number of shares | 104,718,000 | 104,718,000 | 104,718,000 |
| (Loss)/earnings per share | (0.06)p | 0.00p | (0.01)p |
There was no dilutive effect from the share options outstanding during the period.
5. Dividends
The directors do not propose to declare a dividend for the period.