Interim Results

RNS Number : 9699U

Premier Management Holdings PLC

25 October 2010

Premier Management Holdings Plc (the "Company")

Interim results for the six months ended 31 July 2010

Chairman's Report

During the six month period ending 31 July 2010 profits were up to £28,583 against a loss during the corresponding period last year of (£60,273). Whilst trading slowed down in the period after 31 July there were a couple of small deals during the last month - August - of the transfer window.

I continue to work on finding a suitable transaction for the Company helped as always by Gerry Desler, and our equally supportive advisors. I am extemely grateful to them all.

Barry Gold

25 October 2010

For further information please contact:

Premier Management Holdings plc
Barry Gold	07768 948 928

Brewin Dolphin
Mark Brady	0845 213 4729
Neil McDonald	0845 213 4277

M: Communications
Ben Simons	020 7920 2340

Interim results for the six months ended 31 July 2010

Income statement

For the six months ended 31 July 2010

		Six months ended	Six months ended	Year ended
	Notes	31 July	31 July	31 January
		2010	2009	2010
		(unaudited)	(unaudited)	(audited)
		£	£	£

Revenue		55,932	(17,500)	49,632

Cost of sales		(5,453)	(20,000)	(13,500)

Gross profit/(loss)		50,479	(37,500)	36,132

Administrative expenses		(21,932)	(23,899)	8,812

Operating profit/(loss)		28,547	(61,399)	44,944

Net finance income		36	1,126	1

Profit/(loss) before income tax expense		28,583	(60,273)	44,945

Income tax expense		-	-	-

Profit/(loss) for the period		28,583	(60,273)	44,945

Earnings/(loss) per share - basic and diluted		0.03p	(0.06)p	0.04p

Balance sheet

As at 31 July 2010

	31 July	31 July	31 January
	2010	2009	2010
	(unaudited)	(unaudited)	(audited)
	£	£	£
ASSETS

Current assets
Trade and other receivables	88,848	12,046	126,216
Cash and cash equivalents	6,288	18	2,037
Total assets	95,136	12,064	128,253

LIABILITIES
Current liabilities
Trade and other payables	(50,685)	(67,227)	(75,407)
Borrowings	(140,000)	(140,000)	(140,000)

Net current liabilities	(190,685)	(207,227)	(215,407)

Non-current liabilities
Borrowings	(1,452,001)	(1,487,001)	(1,487,001)

Total liabilities	(1,642,686)	(1,694,228)	(1,702,408)

Net liabilities	(1,547,550)	(1,682,164)	(1,574,155)

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	(5,287,969)	(5,422,583)	(5,314,574)

Total shareholders' equity	(1,547,550)	(1,682,164)	(1,574,155)

Statement of changes in equity

For the six months ended 31 July 2010

	Share	Share	Retained	Capital	Total
	capital	premium	earnings	redemption
				reserve
	£	£	£	£	£
Unaudited
Balance at 1 February 2010	1,047,180	2,649,906	(5,314,574)	43,333	(1,574,155)
Loss for the period	-	-	28,583	-	28,583
Issue of shares	-	-	-	-	-
Share based payment	-	-	(1,978)	-	(1,978)
Balance at 31 July 2010	1,047,180	2,649,906	(5,287,969)	43,333	(1,547,550)

Unaudited
Balance at 1 February 2009	1,047,180	2,649,906	(5,364,989)	43,333	(1,624,570)
Retained for the period	-	-	(60,273)	-	(60,273)
Issue of shares	-	-	-	-	-
Equity settled 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)


Audited
Balance at 1 February 2009	1,047,180	2,649,906	(5,364,989)	43,333	(1,624,570)
Retained for the period	-	-	44,945	-	44,945
Issue of shares	-	-	-	-	-
Equity settled share based payment	-	-	5,470	-	5,470
Balance at 31 January 2010	1,047,180	2,649,906	(5,314,574)	43,333	(1,574,155)

Cash flow statement

For the six months ended 31 July 2010

	Six months ended	Six months ended	Year ended
	31 July	31 July	31 January
	2010	2009	2010
	(unaudited)	(unaudited)	(audited)
	£	£	£
Operating activities
Operating profit/(loss)	28,547	(61,399)	44,944
Decrease/(increase) in trade and other receivables	37,368	35,835	(78,335)
(Decrease)/increase in creditors within one year	(24,722)	9,005	17,185
Equity-settled share based payment	(1,978)	2,679	5,470

Cash inflows/(outflows) from operating activities	39,215	(13,880)	(10,736)

Investing activities
Finance income	36	1,126	1

Net cash generated from investing activities	36	1,126	1

Taxation	-	-	-

Financing activities
Repayment of other borrowings	(35,000)	(12,500)	(12,500)

Net cash used in financing activities	(35,000)	(12,500)	(12,500)

Net increase/(decrease) in cash and cash equivalents	4,251	(25,254)	(23,235)

Cash and cash equivalents at start of period	2,037	25,272	25,272

Cash and cash equivalents at end of period	6,288	18	2,037

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 Stonebridge House, Chelmsford Road, Hatfield Heath, Essex CM22 7BD

2 Financial information

The interim financial information for the six months ended 31 July 2010 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 2010 have been delivered to the Registrar of Companies. The report of the independent auditors on those financial statements was unqualified and did not contain a statement under Sections 498 (2) or (3) of the Companies Act 2006.

The interim financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union, IFRIC interpretations and the Companies Act 2006 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 2010.

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
	2010	2009	2010
	(unaudited)	(unaudited)	(audited)
Basic and diluted:
(Loss)/profit for the financial period	28,583	(60,273)	44,945
Weighted average number of shares	104,718,000	104,718,000	104,718,000
(Loss)/earnings per share	0.03p	(0.06)p	0.04p