TTNM.L Regulatory News (TTNM)

8 Dec 2006 07:01

Tottenham Hotspur PLC08 December 2006 8 December 2006 TOTTENHAM HOTSPUR PLC Preliminary results for the year ended 30 June 2006 Summary of Results Year ended Year ended 30 June 2006 30 June 2005 £m £m Turnover 74.1 70.6Operating profit before football trading and 4.6 14.6depreciationOperating profit before football trading 2.4 12.8Amortisation and impairment of registrations (12.5) (12.7)Profit on disposal of registrations 12.3 5.6Net interest payable (2.3) (0.8)Profit before tax 0.6 4.9Retained (loss)/profit for the financial year (1.6) 4.1(Loss)/profit per share - basic (1.7p) 4.2p Summary and Outlook • 2005/06 season Tottenham Hotspur achieved fifth place in FA Premier League• Club achieved key milestone of preliminary qualification for UEFA Cup competition• Strong operational performance from all sections of the Club• Strong cash generation• Underlying operating costs remain stable but include significant non-recurring items• New commercial agreements with PUMA as technical sponsors (five years) and MANSION as Club sponsors (four years)• Ongoing planning process for new fully financed Academy and First Team facilities• Continued investment in the playing squad, Club infrastructure and Tottenham Hotspur Foundation totalling £45.3m Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said: "The 2005/06 season resulted in the Club achieving the key milestone ofpreliminary qualification for the UEFA Cup competition and finishing fifth inthe FA Premier League. We have invested significantly in the team, the Club'sinfrastructure and into our community projects. We have continued to develop astrong squad of players with a mix of good young talent whilst ensuring that thefinancial resources at our disposal are managed prudently for the long-termbenefit of the Club. We continue to generate cash from a strong commercialplatform." Enquiries: Daniel Levy, ChairmanMatthew Collecott, Finance Director Tel: 020 8365 5322Tottenham Hotspur plc www.tottenhamhotspur.com John Bick Tel: 07802 211 374 Chairman's Statement 2006 This is my fifth announcement of annual results since becoming Chairman and onein which I can report that the 2005/06 season resulted in the Club achieving thekey milestone of preliminary qualification for the UEFA Cup competition andfinishing fifth in the FA Premier League. These achievements are a tribute to everyone at the Club and to the excellentsupport the team enjoyed throughout the season. It is even more of a remarkableachievement given the wholesale changes that have had to have been made to theClub over the past five years. It would not be too strong a description to saythat this Club has seen a comprehensive turnaround and restructuring in the wayit operates, during which time it has continued to deliver impressive financialresults. No business stands still and there is still so much more to do. Financial Results I am pleased to report that all areas of the business contributed to asuccessful year for the Club both on and off the pitch. The results for thefinancial year ended 30 June 2006 produced a record turnover of £74.1m, achieveddespite substantially lower cup income compared with the prior year, andoperating profit before football trading and depreciation of £4.6m, whichremains our key indicator for the business in terms of cash generation. Theseresults are discussed in more detail in the Financial Review. On the Pitch The Club's re-entry to European competition marks a milestone that we have allbeen working towards for the last five years. We have set about determinedlyinvesting in the playing squad and in developing a comprehensive scoutingnetwork. We have also substantially restructured our coaching resources. Thiscontinual process of improvement is designed to achieve our objective of findingand developing the best future talent for the Club. Whilst these many changeshave inevitably led to disruption across a number of areas of the footballingside of the business, I believe that we are now in a solid position toconsolidate and build for the future. During the year the following players left the Club - Sean Davis, Michael Brown,Noe Pamarot, Pedro Mendes, Andy Reid, Grzegorz Rasiak, Nourredine Naybet, GoranBunjevcevic, John Jackson, Dean Marney, Stephen Kelly and Mounir El Hamdaoui andwe wish them well. Mido left during this year, but we were able to welcome himback on revised terms. We were also pleased to welcome Danny Murphy, Hossam ElSayed Ghali, Benoit Assou-Ekotto, Didier Zokora, Pascal Chimbonda, SteedMalbranque, Dimitar Berbatov, Dorian Dervite and Tomas Pekhart during the yearand in the summer. We extended new contracts to Club Captain Ledley King, ViceCaptain Robbie Keane, England international Aaron Lennon and England under-21internationals Wayne Routledge and Michael Dawson, along with Radek Cerny. It was a year which saw no fewer than 21 of our professional players compete infull international matches for their respective squads. We were proud to host the England Under-21's at White Hart Lane for their matchagainst France. The evening match saw two of our young players in the squad, forwhom it must have been like playing a home match. These players, Michael Dawsonand Tom Huddlestone have now progressed to regular starts with our First Teamsquad. The match was played to a record crowd for an Under-21's match, anattendance of 34,494, many of whom were our home fans showing strong support forour youngsters. Our reserves had an outstanding season, winning the Reserve League South. Thisrepresents a clear demonstration of the strength and depth in the playing squadnow assembled at the Club. Our pre-season programme saw the squad winning the Peace Cup in South Korea,giving the team a positive start to the season and an opportunity for new squadmembers to settle quickly. Off the pitch Our sponsorship and corporate hospitality operations performed strongly duringthe period with income up 10% on the prior year. This year saw the end of asuccessful commercial relationship with both Kappa and Thomson and I would liketo thank both companies for their support and hard work with the Club over thetenure of our agreement with them. I was delighted that we were able to agree a record-breaking deal over fiveyears in February 2006 with PUMA as our technical sponsors. PUMA is undoubtedlyone of the world's leading sports brands and one which we believe has anaffinity with this Club and what it stands for. In May 2006 we agreed a Club record shirt sponsorship and partnership withMANSION, the international gaming and entertainment group. The Club's agreementwith MANSION is worth a minimum of £34 million over the four seasons from 2006/7to 2009/10 at the time making it one of the ten largest club shirt sponsorshipagreements in the world. MANSION will partner the Club across a wide range ofcommercial activities including the extension and expansion of the Club's brandinto key territories across Asia and other important international markets. We believe that both sponsorship partnerships have already provided a positivenew face to the Club both on a domestic and on an international basis and welook forward to the relationship with both PUMA and MANSION developing over thecoming seasons. The Merchandise Division has performed well against the same period last year,with turnover up 4% despite fewer home games. This area has benefited from theinvestment made in improving the diversity of products and the access toproducts, whether through new outlets, the web or mobile units. It is pleasingto see such positive results. As with all revenue streams we will continue toexplore ways to extend the quality, choice and differentiation of our productsin an effort to continually improve standards. We registered record numbers of Club Members during this period. Whilst this isa reflection of the huge demand for tickets for each and every match, it alsoincluded a growing number of Junior Members which represent the future growth ofthe fan base. I am delighted that we were able to offer six games in this seasonas Family games, with concessionary prices and retail discounts. Youth andfamilies are important audiences for our Club and our ongoing activities andticket pricing policies reflect this. The ticket office has experienced significant and unacceptable service issues inrecent months and we are currently looking at a number of ways to improve theresponsiveness and efficiency of this operation. In particular, we are exploringmarketing initiatives to encourage fans to purchase tickets online. Media and broadcasting revenues were buoyed by additional revenues as a resultof a higher merit payment and live appearances compared to the same period lastyear, contributing a 12% increase on the year ended 30 June 2005. The Club continues to retain all of its rights in this regard, including allinternet-based rights. We also launched a new website www.tottenhamhotspur.com,which encompasses up to date web technology and is in continual furtherdevelopment and continues to provide an excellent portal to the Club for fansnear and far. The site receives a remarkable average of some 750,000 uniquevisitors per month, making it the fifth most popular football club site in theUK. It remains one of the most important communication channels with fans, bothUK based and internationally, and we shall continue to develop it along with thebroadcasting of interviews and matches on the broadband-based THTV subscriptionservice. In January of this year the Club's new club badge was launched and wellreceived. This was a significant project which involved taking a historic pieceof the Club's identity and reworking it so that the Club retains absolutecontrol over its registered marks but at the same time remains true to itsheritage. The project included an extensive programme of consultation with fangroups. The Club has been and continues to be committed to maintaining an opendialogue with supporters, both through the officially recognised THST (TottenhamHotspur Supporters Trust), regional Supporters Clubs and in responding tocommunication received by the Club from fans. Charities The Club has an established policy of appointing a national and a local charity,rotated every two years, to better focus our support and fundraising efforts.This year's charities were Kidscape, the anti-bullying charity and Kith and Kidsthe local charity providing support for children and adults with learningdifficulties, both in the second year of their association with the Club. Thesecharities were supported by the Club through donations, player appearances,supported fundraising initiatives and publicity. The Club also supports asubstantial number of other charitable requests it receives. Community During the season our coaching programme provided almost 400,000 sportingopportunities to children and young people, a 28% increase on the previous year.The programme was also the first Barclays Spaces for Sports project. A £600,000grant was awarded to The London Borough of Harringey in partnership with theClub. The other key highlight was the Prime Minister's visit to the Club tolaunch the national Kickz programme. Tottenham Hotspur were one of threeprofessional clubs chosen to pilot the estates-based programme, offeringfootball coaching and alternative opportunities to youngsters living in some ofthe most disadvantaged communities. Recognition of our work was received when we won the 2005 Best Corporate SocialResponsibility business from London Borough of Haringey which recognises ourcontribution to sport, social and healthier life-style opportunities, education,training and employment and we have created many newly qualified coaches throughLevel 1 courses running at the Club since March 2006. Before the year end the Club transferred all community operations to a separatenon-profit making charitable foundation. The Tottenham Hotspur Foundation iscommitted to the promotion, for the benefit of the public, of urban or ruralregeneration in areas of social and economic deprivation. We were pleased thatthe Club was able to make a £4.5 million donation to the foundation and thesefunds will be utilised across a range of future projects which promote communityparticipation in healthy recreation, in particular by the provision offacilities for the playing of football; the advancement of the education of thepublic in the subject of physical education, literacy, numeracy and personalsocial and health education. Capital Projects Arguably the Club's two most demanding challenges off the field during the yearhave been its two longer term capital projects: the development of the TottenhamHotspur Academy and new First Team facilities and the stadium. The Club first submitted its planning application for the former at the end ofSeptember 2005 to Enfield Council. It proposed an innovative development whichincluded considerable provision for both local community programmes and 'greenbelt' considerations at and in the vicinity of the proposed 56 acre site.Gaining planning permission on a Metropolitan Green Belt site was always goingto be challenging and, despite the Planning Officer's Recommendation thatpermission be granted, the initial application was recently turned down byEnfield Councillors on grounds of the site's Green Belt designation. Asexpected, and as with many similar applications, this process has now gone toAppeal and I shall report on the outcome later next year. In the interim, wehave refurbished and reorganised key areas of our training ground at Chigwell. Turning to the stadium, there is no doubt that the current facilities at WhiteHart Lane provide a creditable venue for the Club, where our capacity supportfrom fans creates an exciting atmosphere for each game. Clearly we have alwayswanted to improve the current facilities at White Hart Lane and to create afacility and surrounding infrastructure that would ultimately bring a range oflong-term benefits to the local community in North London and to the Club. Ourobjective is to galvanise an approach that works for the local community and theClub alike. We are, however, aware that within our Borough, attention iscurrently diverted towards the development and regeneration of Tottenham Haleand to delivering a successful infrastructure for the 2012 Olympics.Nevertheless, we shall continue with our two-fold approach - the development ofoptions at White Hart Lane whilst continuing to search for an alternative venuewhich meets the needs of the Club and the supporters. Our capital projects need to make commercial sense and not undermine thefinancial health and stability of the entity we have spent years building. Aswe have always stated, our order of priorities has always been firstly,investment in the squad, second, the provision of excellent training and academyfacilities and finally, maximising the potential of our stadium. In short, weare well advanced with progressing with the academy facilities. In respect ofthe stadium we are considering our options in what is a hugely complex area. Weare determined that any resolution should meet with the future objectives of theClub and, most importantly, without undermining the Club's financial stabilityand the ability to continue to invest in the team. Outlook We have continued to develop a strong squad of players with a mix of good youngtalent whilst ensuring that the financial resources at our disposal are managedprudently for the long-term benefit of the Club. We continue to generate cashand when appropriate will continue to invest in the team. With respect to the proposed new academy we have the funds in place to executethe proposed development in full. Looking forward, I am encouraged by the newmedia agreement now in place between broadcasters and the FA Premier Leaguewhich will translate into increased income in future years commencing July 2007.In addition we now have in place our new agreements with technical and clubpartners which are also generating increased revenues for the current year andbeyond. In addition the Club remains in a net cash position. In the FA Premier League we currently stand in 10th position which we all hopewill improve as we progress through the season. I am delighted that the team hasalready qualified from the league stage of the UEFA Cup competition and we havequalified for the quarter-final stages of the League Cup. I would like to thank our shareholders for their continued support and all ofour employees for their unstinting efforts throughout the year. I would like tosay a special thanks to our supporters, who are the foundation of the Club, andfor whom our clear objective is to continue to build on the Club's achievementsto date. Daniel LevyChairman 8 December 2006 Financial Review Turnover Again it is pleasing to note that turnover has increased in the year, with anincrement of 5% on the prior year. It is also more pleasing that the incrementhas arisen from all of the key areas within the business, with the onlyexception being the loss of revenue from an early exit in both the domestic cupcompetitions. Clearly a top five finish enhanced TV revenues through the merit payment and themore positive display on the pitch ensured that the turnover from liveappearances increased by 59% on the prior year through the number of liveappearance fees during the season. The strength of the FA Premier League as abrand overseas also continues to enhance overseas broadcasting rights which is atrend we anticipate will continue next year. In addition as we look forward tothe 2007/08 season the new domestic TV deal has been further enhanced with thetotal deal increasing by over 60% for UK live appearances and highlights.Clearly performance on the pitch will drive the Club's share of that increaseand we all strive to ensure that the Club gains the highest possible share. Thisis important to achieve our target of maximising the closely monitored operatingprofit before football trading and depreciation and the cash generating capacityof the Club. FA Premier League gate receipts increased by 4%, which reflects increases inticket prices rather than capacity as we invariably play to a full house. Theongoing challenge remains maximising the number of ways we utilise the Stadiumas season tickets have remained at record levels and the waiting list is everincreasing and heads towards 20,000. It is important that we retain a free floatof tickets for Club Members and new fans when looking at the long term to ensurethat children can experience the unique atmosphere and become part of the futureof the Club. The ticket office has experienced significant and unacceptable service issues inrecent months and we are currently looking at a number of ways to improve theefficiency and effectiveness of this operation. In particular, we are exploringmarketing initiatives to encourage fans to purchase tickets online. Sponsorship and corporate hospitality income increased by 10% during the yearand was a key area for the Club in 2005/6 as we reached the end of two importantdeals with Kappa and Thomson, both of whom we thank for their support over thepast three years. The continued refining of our hospitality offerings and therenewal of our catering agreement with Crown Venue Catering ensure that thehospitality will remain some of the best in The Premiership but the target offinding two new key sponsors for the ensuing season presented a challenge.During the year we secured PUMA as our technical sponsors for the next fiveseasons who we see as a stylish brand that sits well with our re-brandinginitiative and MANSION who bring an international presence and a vastopportunity, not least in enhancing our brand in the global and ever increasingoverseas market. Both these deals will ensure that revenues from sponsorshipalone will increase by more than 50% next year. Merchandising continues to grow and we plan more retail space for the future.Turnover is highly dependent on matchday revenue and the number of matchesplayed. As a result of early exit from both domestic cup competitions and giventhe reduced number of home games it is pleasing that turnover improved. Other revenues include the Club Membership Scheme, which continues to hit recordnumbers and also the prize money from the South Korean Peace Cup victory. To goto South Korea as part of the long pre-season program and win the Cup was a goodplatform for the season. Operating expenses (excluding football trading) The underlying operating expenses of the club excluding player wages remainstable but there has been a significant increase in operating expenses duringthe year due to a number of factors. The first factor is that during the year the Club made a significant donation tothe Tottenham Hotspur Foundation, which is discussed in more detail in theChairman's Statement. In addition the costs relating to the training ground werehigher than the previous year and as noted in the Chairman's Statement continueto be an ongoing cost as we continue to pursue complex planning on a site webelieve will deliver a world class facility. Other significant operating expenses, which have grown over the year, include asignificant increase in business rates, against which we are appealing, and theincreased cost of utilities. Player salaries have also increased during the year but we continue to ensurethat the wage to turnover ratio remains sensibly balanced. The emphasis remainsfocused on ensuring that the salary of players meets the performance on thepitch both individually and as a Club. The policy throughout the Club is toreward performance based on the continued success of the Club. In terms of a keyrisk this remains one of the largest challenges, to maintain a balance betweenperformance and pay in such a competitive environment. Football trading As in the prior year the continued policy of buying young talent and extendingthe scouting network to put us in the best place to find young talent hasensured that where players and the Club agree to part company we have a pool ofpresent and future talented and committed players that can perform without adetrimental impact. The sale of a number of players during the transfer windows,as noted in the interim financial statements, ensured a 118% increase in profiton football trading. Clearly there is no desire to sell key assets which represent a significant partin the Club's future success but the Board has to ensure that there is a depthof talented players coming through the Academy and Development squad to ensurethat we can deal with the risks of the player market. Taxation The Group has incurred a tax charge for the year of £2.2m in the current year.This is primarily due to non-deductible professional fees and finance costs thatare expected to be non-deductible for the purposes of calculating the currenttax charge. Balance sheet As noted in the interim financial statements, the adoption of FRS 25 hasresulted in a reclassification of a large part of the convertible redeemablepreference shares from equity to debt. The impact on the opening balance sheetwas a £12.6m reduction in net assets and an accrued interest charge in respectof that debt during the year, otherwise the balance sheet remains comparablewith the prior year. Even with the reclassification above, the Club remains in a position of netfunds and retains the securitised facility to develop the Academy. It remainsthe Board's intention to ensure that long-term funds are put in place tofacilitate long-term projects and to ensure that the balance sheet and cashflows of the Club remain strong which will provide us with the best platform torespond to our competitors' advances in what is becoming an increasingly cashdriven business. Risks and opportunities The Board maintains a prudent approach to managing the cost base of the businessand recognises that key revenues are driven by a number of factors includingsuccess on the pitch and the ability of the Club to progress in European andEnglish Cup competitions. Key risks include wage cost inflation plusinfrastructure and non-football staff pressures on operating costs. All ofthese factors are proactively managed by the Board. Conversely, the major riskis declining fortunes on the pitch which would have adverse impacts on thefinancial performance and the stability of the squad. M.J. CollecottFinance Director 8 December 2006 Consolidated Profit and Loss Account Year ended 30 June 2006 Year ended Note Operations, 30 June excluding 2005 football Football Total trading * trading * Total (note 2) £'000 £'000 £'000 £'000 TURNOVER 3 74,141 - 74,141 70,550 Operating expenses (71,780) (11,781) (83,561) (70,479) OPERATING PROFIT / (LOSS) 2,361 (11,781) (9,420) 71 Profit on disposal of intangible fixed assets - 12,299 12,299 5,632 PROFIT ON ORDINARY ACTIVITIES BEFORE INTERESTAND TAXATION 2,361 518 2,879 5,703 Net interest payable (2,261) (793) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 618 4,910 Tax charge on profit on ordinary activities (2,193) (707) (LOSS) / PROFIT ON ORDINARY ACTIVITIES AFTERTAXATION (1,575) 4,203 Other finance costs in respect of non equity shares - (99) RETAINED (LOSS) / PROFIT FOR THE FINANCIALYEAR (1,575) 4,104 (Loss) / profit per share - basic 4 (1.7p) 4.2p (Loss) / profit per share - diluted 4 (1.7p) 2.2p *Football trading represents the amortisation, impairment, and the profit /(loss) on disposal of intangible fixed assets. The above results for the current and prior year all derive from continuingoperations. There were no gains or losses in either year other than the (loss)/profit forthe year, and accordingly no statement of total recognised gains and losses ispresented. Balance Sheet Group 30 June 30 June 2006 2005 £'000 £'000FIXED ASSETSIntangible assets 30,264 31,348Tangible assets 49,762 49,105 80,026 80,453 CURRENT ASSETSStocks 775 395Debtors 20,034 11,875Cash at bank and in hand 34,581 9,976 55,390 22,246CREDITORS: amounts falling due within one year (73,114) (37,648) NET CURRENT LIABILITIES (17,724) (15,402) TOTAL ASSETS LESS CURRENT LIABILITIES 62,302 65,051 CREDITORS: amounts falling due after more than one year (28,026) (15,315) 34,276 49,736 PROVISION FOR LIABILITIES (4,320) (3,923) NET ASSETS 29,956 45,813 CAPITAL AND RESERVESCalled up share capital 4,646 9,520Equity component of CPRS 3,838 -Share premium 11,556 21,439Revaluation reserve 2,384 2,432Capital redemption reserve 550 268Profit and loss account 6,982 12,154 SHAREHOLDERS' FUNDS 29,956 45,813 Consolidated Cash Flow Statement Year ended 30 June 2006 Year ended 30 June 2005 Note £'000 £'000 £'000 £'000 Net cash inflow from operating activities 5 33,650 21,146 Returns on investments and servicing of financeInterest received 498 143Interest paid (836) (919) (338) Net cash outflow from returns on investments (776)and servicing of finance TaxationUK corporation tax paid (100) (62)Overseas withholding tax paid (259) -UK corporation tax received 132 -Net cash outflow form taxation (227) (62) Capital expenditure and financial investmentPayments to acquire intangible fixed assets (18,761) (23,325)Receipts from sales of intangible fixed assets 15,615 6,029Payments to acquire tangible fixed assets (1,477) (3,593)Payments to acquire subsidiary undertaking (1,145) - Net cash outflow from capital expenditure andfinancial investment (5,768) (20,889) Cash inflow/(outflow) before use of liquid resources and financing 27,317 (581) FinancingRedemption of ordinary shares (1,702) (654)Redemption of CPRS (690) -Bank loan repayments (278) (26)Loan notes repayments (42) (260) Net cash outflow from financing (2,712) (940) Increase / (Decrease) in cash 24,605 (1,521) Notes to the AccountsFor the year ended 30 June 2006 1. The financial information set out on the attached pages does notconstitute statutory accounts for the years ended 30 June 2006 or 30 June 2005but is derived from those accounts. Statutory Accounts for the year ended 30June 2005 have been delivered to the Registrar of Companies and those for theyear ended 30 June 2006 will be delivered following the Company's annual generalmeeting. The auditors reported on those accounts; their reports were unqualifiedand did not contain a statement under s237 (2) or (3) Companies Act 1985. 2. Analysis of comparative profit and loss account Operations excluding player Football Total trading trading £'000 £'000 £'000 Turnover 70,550 - 70,550Operating Expenses (57,738) (12,741) (70,479) Operating profit/(loss) 12,812 (12,741) 71Profit on disposal of intangible fixed assets - 5,632 5,632 Profit/(loss) on ordinary activities before interest and taxation 12,812 (7,109) 5,703 3. Turnover Turnover, which is all derived from the Group's principal activity, is analysedas follows: 2006 2005 £'000 £'000Turnover comprises:Gate receipts - Premier League 17,428 16,861Gate receipts - cup competitions 146 4,225Sponsorship and corporate hospitality 15,730 14,249Media and broadcasting 28,687 25,488Merchandising 5,182 4,997Other 6,968 4,730 74,141 70,550 All turnover derives from the Group's principal activity in the United Kingdomand is exclusive of VAT. 4. (Loss) / earnings per share (Loss) / earnings per share has been calculated using the weighted averagenumber of shares in issue in each year. 2006 2005 £'000 £'000 Retained (loss) / profit (1,575) 4,104Finance costs in respect of non equity shares - 99 (Loss) / profit after taxation (1,575) 4,203 Number Number Weighted average number of shares in issue 94,262,771 98,574,822 Convertible redeemable preference shares - 93,720,000 94,262,771 192,294,822Basic EPS(Loss) / earnings per share (1.7p) 4.2pDiluted EPS(Loss) / earnings per share (1.7p) 2.2p 5. Reconciliation of operating (loss) / profit to net cash inflow fromoperating activities 2006 2005 £'000 £'000 Operating (loss) / profit (9,420) 71Depreciation of tangible fixed assets 2,226 1,807Amortisation of intangible fixed assets 12,499 12,741Currency translation differences 33 -D Increase in stocks (380) (40)Decrease / (increase) in debtors 204 (536)Increase in creditors 28,488 7,103 Net cash inflow from operating activities 33,650 21,146 6. Reconciliation of net cash flow to movement in net debt 2006 2005 £'000 £'000 Opening net debt (1,378) (110) Re-classification of liability element of CRPS at 1 July 2005 (12,580) - (13,958) (110)Increase / (decrease) in cash in the year 24,605 (1,521)Cash outflow from decrease in debt 320 286Cash related decrease / (increase) in net debt in the year 24,925 (1,235)Accretion of CRPS liability in the year (net of reduction of (1,220) -£259,000 due to redemption of 1,200 CRPS)Other non-cash related increase in net debt in the year (30) (33)Decrease / (increase) in net debt in the year 23,675 (1,268)Closing net funds / (debt) 9,717 (1,378) This information is provided by RNS The company news service from the London Stock Exchange