27 Oct 2008 07:00
For release at 07:00 on 27 October 2008
PREMIER MANAGEMENT HOLDINGS PLC
Interim Results for the six months ended 31st July 2008
Premier Management Holdings plc ("the Company") the AIM listed football agency presents interim results for the six months ended 31st July 2008.
Key Points
• Pre-tax profit of £226 (2007 - £4,425) on turnover of £60,302 (2006 - £64,000.)
• Opportunuties to increase the size and range of services of the company still being pursued.
Barry Gold, Chairman said today:
"I am pleased to report an operating and pre-tax profit for the fifth consecutive reporting period. We have acted more for Clubs and Managers during this period rather than players and we see this type of business forming the core of our operation going forward."
For further enquiries contact:-
Barry Gold (Chairman)
Premier Management Holdings plc - Tel: 07768 948928
Richard Evans (Nominated Adviser)
Brewin Dolphin Ltd - Tel: 0845 213 4853
Chairman's Statement
For the fifth consecutive reporting period, I am pleased to report an operating and pre-tax profit, in this case for the six month period ended 31 July 2008.
Turnover has remained stable and we completed some further business during the last month of the transfer window, which will be included in second half of our financial year. We have acted more for Clubs and Managers during this period rather than players and we see this type of business forming the core of our operation going forward.
We continue to seek to opportunities to expand the Group by acquiring suitable complementary businesses, although given the current small size of the Group any such transaction would probably represent a reverse takeover under the AIM Rules.
I would like to thank again our advisers, who remain supportive and helpful, and especially our Finance Director, Gerry Desler who continues to provide critical operational support.
Barry Gold, Chairman
27 October 2008
Income statement
For the six months ended 31 July 2008
| Six months ended | Six months ended | Year ended | |||||||
| Notes | 31 July | 31 July | 31 January | ||||||
| 2008 | 2007 | 2008 | |||||||
| (unaudited) | (unaudited) | (audited) | |||||||
| £ | £ | £ | |||||||
| Revenue | 59,367 | 60,302 | 139,701 | ||||||
| Cost of sales | (36,000) | (25,679) | (60,913) | ||||||
| 23,367 | 34,623 | 78,788 | |||||||
| Administrative expenses | (23,238) | (30,472) | (61,479) | ||||||
| Operating profit | 129 | 4,151 | 17,309 | ||||||
| Finance income | 97 | 274 | 480 | ||||||
| Profit before taxation | 226 | 4,425 | 17,789 | ||||||
| Income tax expense | 4 | - | - | - | |||||
| Profit for the period attributable to shareholders | 226 | 4,425 | 17,789 | ||||||
| Profit per share - basic and diluted | 3 | 0.00p | 0.01p | 0.02p | |||||
| Balance sheet | ||||||||
| as at 31 July 2008 | ||||||||
| 31 July | 31 January | |||||||
| 2008 | 2007 | 2008 | ||||||
| (unaudited) | (unaudited) | (audited) | ||||||
| £ | £ | £ | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Trade and other receivables | 189,797 | 205,505 | 151,565 | |||||
| Cash and cash equivalents | 3,990 | 6,919 | 31,800 | |||||
| Total assets | 193,787 | 212,424 | 183,365 | |||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Trade and other payables | (161,469) | (166,132) | (152,991) | |||||
| Borrowings | (150,000) | (155,000) | (150,000) | |||||
| (311,469) | (321,132) | (302,991) | ||||||
| Non-current liabilities | ||||||||
| Borrowings | (1,502,001) | (1,587,001) | (1,512,001) | |||||
|
|
|
| ||||||
| Total liabilities | (1,813,470) | (1,908,133) | (1,814,992) | |||||
| Net liabilities | (1,619,683) | (1,695,709) | (1,631,627) | |||||
| SHAREHOLDERS'' EQUITY | ||||||||
| Called up share capital | 1,047,180 | 917,180 | 1,027,180 | |||||
| Share premium account | 2,649,906 | 2,724,906 | 2,659,906 | |||||
| Own shares held | - | (4,000) | - | |||||
| Capital redemption reserve | 43,333 | 43,333 | 43,333 | |||||
| Retained earnings | (5,360,102) | (5,377,128) | (5,362,046) | |||||
| Total shareholders' equity | (1,619,683) | (1,695,709) | (1,631,627) | |||||
Statement of changes in equity
For the six months ended 31 July 2007
| Share | Share | Retained | ESOP | Capital | Total | |||||||
| capital | premium | earnings | reserve | redemption | ||||||||
| reserve | ||||||||||||
| £ | £ | £ | £ | £ | £ | |||||||
| Unaudited | ||||||||||||
| Balance at 1 February 2008 | 1,027,180 | 2,659,906 | (5,362,046) | - | 43,333 | (1,631,627) | ||||||
| Loss for the period | - | - | 226 | - | - | 226 | ||||||
| Issue of shares | 20,000 | (10,000) | - | - | - | 10,000 | ||||||
| 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) | ||||||
| Unaudited | ||||||||||||
| Balance at 1 February 2007 | 657,180 | 2,854,906 | (5,383,272) | (4,000) | 43,333 | (1,831,853) | ||||||
| Retained for the period | - | - | 4,425 | - | - | 4,425 | ||||||
| Issue of shares | 260,000 | (130,000) | - | - | - | 130,000 | ||||||
| Equity settled share based payment | - | - | 1,719 | - | - | 1,719 | ||||||
| Balance at 31 July 2007 | 917,180 | 2,724,906 | (5,377,128) | (4,000) | 43,333 | (1,695,709) | ||||||
| Audited | ||||||||||||
| Balance at 1 February 2007 | 657,180 | 2,854,906 | (5,383,272) | (4,000) | 43,333 | (1,831,853) | ||||||
| Retained for the period | - | - | 17,789 | - | - | 17,789 | ||||||
| Issue of shares | 370,000 | (195,000) | - | - | - | 175,000 | ||||||
| Equity settled share based payment | - | - | 3,437 | - | - | 3,437 | ||||||
| Equity settled employee benefit | - | - | - | 4,000 | - | 4,000 | ||||||
| Balance at 31 January 2008 | 1,027,180 | 2,659,906 | (5,362,046) | - | 43,333 | (1,631,627) | ||||||
During the six months ended 31 July 2007, a total of £130,000 Convertible Loan Notes were converted into 26 million ordinary shares.
| Cash flow statement | |||||||||
| for the six months ended 30 June 2008 | |||||||||
| Six months ended | Six months ended | Year ended | |||||||
| 31 July | 31 July | 31 January | |||||||
| 2008 | 2007 | 2008 | |||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||
| £ | £ | £ | |||||||
| Operating activities | |||||||||
| Operating profit | 129 | 4,151 | 17,309 | ||||||
| (Increase)/decrease in trade and other receivables | (38,232) | 180,027 | 233,967 | ||||||
| Increase/(decrease) in creditors within one year | 8,478 | (145,607) | (158,748) | ||||||
| Equity-settled share based payment | 1,718 | 1,719 | 7,437 | ||||||
| Cash (outflows)/inflows from operating activities | (27,907) | 40,290 | 99,965 | ||||||
| Investing activities | |||||||||
| Finance income | 97 | 274 | 480 | ||||||
| Net cash generated from investing activities | 97 | 274 | 480 | ||||||
| Financing activities | |||||||||
| Repayment of other borrowings | - | (35,000) | (70,000) | ||||||
| Net cash used in financing activities | - | (35,000) | (70,000) | ||||||
| Net (decrease)/increase in cash and cash equivalents | (27,810) | 5,564 | 30,445 | ||||||
| Cash and cash equivalents at start of period | 31,800 | 1,355 | 1,355 | ||||||
| Cash and cash equivalents at end of period | 3,990 | 6,919 | 31,800 | ||||||
Notes to the accounts
1 General information
Premier Management Holdings Plc is a company incorporated in the United Kingdom, which is listed on the AIM 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 set out above does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. It has been prepared under applicable International Financial Reporting Standards adopted by the European Union. ('IFRS').
The accounting policies applied in preparing the interim financial information are consistent with those set out in the statutory accounts of the Group for the year ended 31 January 2008. The comparative figures for the year ended 31 January 2008 are extracted from the statutory accounts for that period which have been filed with the Registrar of Companies. The report of the auditors on those accounts was unqualified.
The financial information for the six months ended 31 July 2008 and the six months ended 31 July 2007 has not been audited. As permitted, the Group has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing this interim financial information.
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 | ||||
| 2008 | 2007 | 2008 | ||||
| (unaudited) | (unaudited) | (audited) | ||||
| Basic and diluted: | ||||||
| Profit for the financial period | 226 | 4,425 | 17,789 | |||
| Weighted average number of shares | 104,718,000 | 69,905,845 | 82,156,356 | |||
| Earnings per share | 0.00p | 0.01p | 0.02p |
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.
6 Share capital
| Share capital | 31 July 2008 | 31 July 2007 | ||||||
| Number | £ | Number | £ | |||||
| Authorised | ||||||||
| Ordinary shares of 1p each | 1,000,000,000 | 10,000,000 | 1,000,000,000 | 10,000,000 | ||||
| Allotted, called up and fully paid | ||||||||
| Ordinary shares of 1p each | 104,718,000 | 1,047,180 | 91,718,000 | 917,180 | ||||
| 31 January 2008 | ||||||||
| Number | £ | |||||||
| Authorised | ||||||||
| Ordinary shares of 1p each | 1,000,000,000 | 10,000,000 | ||||||
| Allotted, called up and fully paid | ||||||||
| Ordinary shares of 1p each | 102,718,000 | 1,027,180 | ||||||
During the period 2,000,000 new ordinary shares of 1 p each were allotted following the conversion of Convertible Loan Notes with a value of £10,000.
ENDS