Interim Results

RNS Number : 6766G

Premier Management Holdings PLC

27 October 2008

 



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: [phone]

Richard Evans (Nominated Adviser)

Brewin Dolphin Ltd                                  - Tel: [phone]

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

 

END

 

 

IR FEUFILSASESS