Final Results
Tottenham Hotspur PLC
27 October 2003
Monday 27 October 2003
Enquiries:
Daniel Levy, Chairman tel: 020 8365 5000
Tottenham Hotspur plc www.spurs.co.uk
John Bick/Trevor Phillips, Holborn tel: 020 7929 5599
TOTTENHAM HOTSPUR PLC
Preliminary results for the year ended 30th June 2003
Summary of Results
Year ended Year ended
30th June 2003 30th June 2002
(Unaudited) £m
£m
Turnover 66.5 65.0
Operating profit before amortisation, impairment and
profit on sale of player registrations 11.0 9.2
Net interest payable (0.8) (0.7)
Profit on sale of player registrations 1.3 6.3
Amortisation and impairment of player registrations (18.7) (13.9)
(Loss)/profit before tax (7.1) 0.9
(Loss)/earnings per share (6.3)p 0.5p
Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said:
'We have invested heavily in the team once again this year and continue to
pursue our long-term capital projects, albeit progress has been at a slower pace
than we had originally planned.
'Last season the team's performances were well below the level we hoped for and
this has also resulted in a challenging close season for our business managers
and indeed all our employees. In overall terms, current trading across all
operations for the first three months of the new financial year is lower on a
like-for-like basis against the same period last year. Inevitably, trading will
be influenced by the performance and success of the team over the remainder of
the current season.
'Our ambitions for Tottenham Hotspur remain steadfastly on achieving playing
success and we know this can only be achieved by continuing to invest prudently
in both the playing and non-playing side of Tottenham Hotspur.'
Chairman's Statement
Results
Turnover for the year was £66.5m, an increase of £1.5m over the prior year.
Operating profit before player trading was £11.0m, £1.8m above last year. After
amortisation and impairment of player registrations, profit on player sales and
interest payable, the year resulted in a loss before tax of £7.1m (2002 - profit
before tax £0.9m). The Balance Sheet showed net assets as at 30 June 2003 of
£31.2m (2002: £37.7m). Net debt at the year end was £3.6m higher at £10.6m
(2001: £7.0m).
Overview
We are very aware of the positive start to the season made last year only to
face the disappointment of early exits from domestic cup competitions and
finishing the Premier League season in tenth place. Despite our difficulties,
particularly in the second half of the season, the Club continued to receive
magnificent support from the fans and I would like to pay particular tribute to
our loyal supporters.
We entered the summer break with even greater determination to revitalise the
squad particularly with younger players. Consequently, during the close season,
a number of changes were made to the playing staff, albeit against a backdrop of
one of the most difficult player-trading environments in domestic and European
football for some years. I am pleased to say that we were able to attract a
number of new young players to the Club, substantially bolstering the First
Team's resources for the new season. At the same time we released or sold a
number of players, however, as a result of the prevailing market conditions the
income from player sales was negligible compared to our overall spend on player
purchases. However, these additions to the squad were essential to sustain a
competitive team in the Premiership. Notwithstanding our ambitions to succeed,
the spending pattern this summer is not one that is sustainable over the longer
term.
We have continued to invest and take difficult decisions that will benefit
Tottenham Hotspur in the long run, even against the uncertainty surrounding
television and media revenues, our single largest source of income. We were
pleased to see the new FAPL agreement with broadcasters, albeit at a lower level
of income than the existing agreement that finishes at the end of the 2003/04
season. However, the new arrangement provides little degree of comfort to
Premiership clubs until it becomes clearer whether the European Competition
Commission will permit the new agreement to become effective. Until this issue
is resolved we remain very cautious with regard to the visibility of earnings
from television for the Club beyond the current financial year. Furthermore
this uncertainty is likely to have negative implications for the liquidity of
the transfer market.
Football
I would like to say a few words on the recent changes that have taken place at
the Club with the departure of Glenn Hoddle, First Team Manager, and his
assistant John Gorman. This was one of the most difficult decisions we have been
faced with in recent times and one not taken in haste by your Board. Whilst it
is not ideal having to change manager during the season, we are extremely
fortunate to have someone of David Pleat's ability to step in and seamlessly
take over as Caretaker Manager, supported by Chris Hughton as First Team Coach.
We now have the task of determining the long-term football managerial direction
for the Club, clearly a key issue and one which commands our fullest
consideration. We have already determined that we will not be rushed into a
decision and must look at every possible scenario to find the best management
arrangement for the successful development of the Club.
To reinforce our ambitions on the pitch we have been one of the biggest spenders
in this summer's transfer market and as a result we welcome our three new
strikers Frederick Kanoute, Bobbie Zamora and Helder Postiga. We welcome also
Mbulelo Mabizela, a defender, Stephane Dalmat, a midfielder on loan from Inter
Milan, and left back Paul Konchesky on loan from Charlton Athletic. These
additions to the playing squad have been achieved within a player transfer
market that has clearly undergone radical change, making it more difficult to
both sell and buy players. With few obvious exceptions amongst our Premier
League peers, there has been very little activity compared to last summer,
although in overall terms we have seen a return to more reasonable levels of
player remuneration. We believe this trend will continue as evidenced by the
number of transfer fees structured as non cash deals in the form of player
exchanges.
During the season, several younger players enjoyed successful loan spells and
will have advanced through this experience. These include, Dean Marney, Lars
Hirschfeld, Stephen Kelly, John Jackson and Robert Burch. I am delighted to see
a number of these players progressing into the first team squad this season in
addition to Rohan Ricketts.
At the same time we have also released or sold players and we thank Teddy
Sheringham, Steffen Freund, Ben Thatcher, Les Ferdinand, Tim Sherwood, Sergei
Rebrov, Stephen Clemence, Alton Thelwell, Matthew Etherington, Steffen Iversen,
and Neil Sullivan for their services and wish them well in the future. In
addition, Chris Perry is currently on short term loan to Charlton Athletic.
Our emphasis on family entertainment worked well during the year with four
fixtures designated as family games, providing specific seating areas to
encourage increased family participation. Additionally, we have used our
Football in the Community scheme to bring young people from local areas to our
competitive games in addition to our pre-season friendly games.
Commercial Achievements
When I wrote to shareholders last year, we had just commenced our deals with
Kappa and Thomson, our two key sponsorship partners. Internal resources in both
marketing and communication have been enhanced to ensure that we are giving a
service which strengthens the relationships with our key business partners. We
have also expanded our partnership base to include telecoms (Incite/Orange),
beer pouring rights (Carling) and betting (Ladbrokes). We are continuing to look
at other selected affinity services that will benefit our supporter base and
these are at various stages of development.
Our efforts continue to be focussed on customer satisfaction, customer knowledge
and customer retention. Whilst we accept that on pitch success is the driver for
business performance we are also determined that our supporters receive the
quality of service they deserve. Our customer relationship management software
is now integrated with all the operating divisions enabling us to better serve
both our supporters and our commercial partners and we will continue to develop
and enhance this system.
Externally, there have been a number of initiatives this summer, in particular
the end of season visit to Washington DC and our highly successful tour of South
Africa this close season. These tours have promoted the Tottenham name in
important new markets where we have been able to promote the Club to a new base
of potential supporters whilst giving the team a broader base of playing
experience. In addition, I am delighted that we were able to sign a new young
player, the South African captain and defender Mbulelo Mabizela, as a result of
our summer tours, although it was frustrating to be thwarted in our attempts to
sign another, the US international midfield player Bobby Convey, due to a failed
work permit application.
We have made great efforts to make sure that our fans, shareholders, employees
and commercial partners are kept as up to date with events as is possible, that
is with both good and bad news. Certainly our web site is amongst the top most
visited sites among Premiership Clubs and we will continue to provide as many
avenues of communication to all our stakeholders as possible.
Financing
As shareholders will be aware, in July of this year we made an announcement in
response to media speculation regarding a possible fund raising. Whilst we will
continue to fund our working capital requirements via short-term funding, it
would be prudent management to take some restorative action to the Company's
available capital base given the decrease in net assets and increase in net debt
as referred to above. Even without the market turmoil of recent years, it is
not surprising that new equity issues in our sector would be unlikely to find
favour amongst financial institutions. Therefore, at this stage we cannot be
certain that a fund raising will proceed although we will continue to explore
appropriate options. We will report to shareholders again when it is
appropriate to do so.
Your Board continues to hold the view that currently dividends should not be
paid on ordinary shares. We will therefore continue to reinvest any profits in
the business.
Capital Projects
In my last Chairman's statement, I reported to you that we failed to secure
planning permission for our Academy and first team training facility at our
chosen site in Abridge, Essex. We have now taken a decision not to appeal the
local authority decision and have focussed our attention on securing a new site.
It is likely that any parcel of land available will be located within the
greenbelt with all the associated problems relating to planning permission,
similar to those we experienced with Abridge. It goes without saying that this
will be a lengthy task but we remain committed to realising the project, which
will provide the Club with a facility of the size and quality that will support
our development for the future. As a result of the considerable time and effort
that went into the Abridge project we now have an impressive development
blueprint on which to base a new Academy once a suitable site can be identified.
In the interim, I am pleased to say that we have recently received planning
permission for the erection of a temporary new all weather facility at our
existing training ground at Spurs Lodge which is scheduled for completion during
the early part of next year.
The Board continues to explore options for the development of the stadium and
its immediate environment at White Hart Lane. The local Council and other
Regional Government agencies are encouraging us to pursue this course and we
have a desire to stay and play our part in the regeneration of the wider
Tottenham High Road area. However, there are immense difficulties to overcome
in an area that has been deprived of inward investment for so long, and
developments of this nature lack certainty, require considerable patience and
take time to realise. The public transport and road networks around the ground
are inadequate and an increase in the stadium capacity would place further
strain on this infrastructure unless significant improvements are made.
Whilst we are keen to stay at White Hart Lane we also need to be mindful of the
future of the Club over the longer term. We therefore remain open minded to any
feasible alternatives to our current stadium site. Whilst I can point to nothing
imminently, we will keep shareholders and fans informed of developments on both
the Academy and the Stadium as events will allow.
Board Changes
I am pleased to announce the appointment of Matthew Collecott as Finance
Director and Company Secretary who joins the Board with immediate effect.
Matthew Collecott was previously Finance Director of ENIC having joined the
group in 1998. He has a wide range of expertise in both finance and the
operational management of football clubs having overseen ENIC's investments in
Slavia Prague, AEK Athens and Vicenza Calcio. He is a non-executive director of
ENIC Group Limited.
Last week we announced that Paul Viner had resigned as Finance Director and
Company Secretary of the Company and we wish him well and thank him for his
contribution to Tottenham Hotspur.
In September we announced that Paul Kemsley had joined the Board as Executive
Director. Paul joined our subsidiary Club Board two years ago and has been a
very able ambassador for the Club. He has provided the Board with very sound
counsel, most recently representing the Club and advising the Board on all its
property-based development projects and I am sure he will continue to make a
valuable contribution to the Board and the Club.
Outlook
We have invested heavily in the team once again this year and continue to pursue
our long-term capital projects, albeit progress has been at a slower pace than
we had originally planned.
Last season the team's performances were well below the level your Board hoped
for and this has also resulted in a challenging close season for our business
managers and indeed all our employees. In overall terms, current trading across
all operations for the first three months of the new financial year is lower on
a like-for-like basis against the same period last year. Inevitably, trading
will be influenced by the performance and success of the team over the remainder
of the current season.
Our ambitions for Tottenham Hotspur remain steadfastly on achieving playing
success and we know this can only be achieved by continuing to invest prudently
in both the playing and non-playing side of Tottenham Hotspur.
Daniel Levy
Chairman
27th October 2003
Operating and Financial Review
Analysis of Results
These results cover the year to June 2003 and are compared with the year ended
June 2002.
Turnover
Turnover for the year was £66.5m, an increase of £1.5m over the prior year.
League gate receipts were £23.7m for the year, an increase of 18% over the prior
period. These figures reflect record season ticket numbers, near capacity
attendances at most home league games which resulted in average attendances
being above the prior year. Increases in our executive box and executive clubs
income ensures that increases in revenue also translate to improved operating
profits. Finally, we increased our membership numbers over last year and at the
end of the season we had 36,500 members, over 2,000 more than the prior year.
Cup gate receipts were £1.8m (2002 - £7.6m). The decrease of £5.8m reflects lack
of success in both domestic competitions. In total, last year we played three
cup games, only one of which was at White Hart Lane. In the year to June 2002 we
played eleven cup games, six of which were at home.
Television and Media income was £24.8m, an increase of £2.2m on the prior year.
This is the highest income stream for the Group. The FA Premier League domestic
television deal accounts for the majority of media revenue. We have also
continued our radio deals with Talk Radio and BBC London.
Sponsorship revenue has increased by £0.1m to £6.9m. This year's income includes
the first receipts from our two new sponsors, Kappa and Thomson. These deals
commenced on 1st July 2002 and are more lucrative to the Group than the previous
adidas and Holsten deals. However, our five fewer home cup games meant that
matchday hospitality and sponsorship income fell from the prior year.
The Merchandising division turnover increased by £0.7m to £5.3m. Turnover passed
the £5.0m barrier for the first time and whilst this is in part due to the two
new sponsorship deals there are other reasons for this increase in turnover such
as an improved product range and a new store layout in our megastore. Margins
have been improving over the last few years and this division has benefited from
a diligent and motivated management team. This 14% increase in turnover was
achieved despite the five fewer cup games at home and represents a very pleasing
performance for this division.
Other income increased by £0.6m to £4.0m. This increase mainly reflects the
income earned from the two pre-season friendly games staged at White Hart Lane
in August 2002.
Cost of Sales and Administrative Expenses
Cost of sales excluding amortisation of player registrations fell £2.1m to
£45.7m from £47.8m. Last year's cost of sales included expenses for the
additional five home cup games. The ratio of salary costs to turnover remained
in line with the prior year.
Administrative expenses for the year were £9.8m, an increase of £1.8m over the
comparative period. This year's figures include a significant expense of £2.0m
in respect of development costs relating to the Academy and Stadium. This
expense represents a Board decision to adopt a more prudent approach to the
treatment of development costs. Such costs are now expensed directly to
administrative expenses in the Profit and Loss Account, and this year's cost of
£2.0m includes the write off of £1.0m development costs which were previously
carried forward in the Balance Sheet. Other administration costs for the group
were broadly maintained in line with current inflation.
Operating profit before player trading and amortisation
Operating profit before amortisation, impairment and profit on sale of player
registrations is £11.0m, £1.8m above the prior year due to the factors noted
above.
Net interest payable increased marginally to £0.8m from £0.7m reflecting the
increase in average debt for the group and the long-term interest rates on the
private placement.
Player Trading and Amortisation
Profit on disposal of players of £1.3m relates to mainly the crystallisation of
contingent clauses in the transfer agreements relating to the sales of Stephen
Clemence, Luke Young, Tim Sherwood and Ian Walker. In the prior period, the
profit of £6.3m related to the sales of Ian Walker to Leicester City for £2.5m
and Luke Young to Charlton Athletic for £3.0m. The remaining £0.8m comprised
mainly sell-on-fees received.
The major acquisition in the year was the registration of Robbie Keane, bought
from Leeds United. The potential cost of this purchase could be £7.4m, depending
on various contingent factors. £6.9m of this balance was capitalised during the
year. The other notable player purchase during the year was Jonathan Blondel for
£1.0m.
The amortisation charge for the year of £18.7m reflects the Board's decision to
account for the impairment of the registrations of Sergei Rebrov and Ben
Thatcher. These two write-downs gave rise to an impairment charge of £7.2m in
the year. The valuation of Sergei Rebrov's registration was written down by
£5.1m, prior to his disposal as detailed in our interim report of 25th February
2003. In respect of the disposal of Ben Thatcher, which was completed after the
year end, the Board have taken the view that the post year end sales value
provided evidence of impairment of the value of Ben Thatcher's registration at
the year end and have written down the net book value in these accounts by £2.1m
accordingly. Without these two adjustments, amortisation would have been £11.5m
in the year, £0.7m lower than the comparable charge of £12.2m (total charge of
£13.9m less impairment of £1.7m) in the prior year.
Tax
There is no current tax charge for this year. There is a deferred tax credit of
£0.7m in relation to a group loss before tax of £7.1m, equating to an effective
rate of 9.7%. This is less than the expected rate of 30% primarily because some
losses have not been recognised as a deferred tax asset at the year end. These
losses are available to carry forward, in the relevant subsidiary, against
profits arising from the same trade in future periods, but such profits cannot
be quantified at the balance sheet date. Last year a profit of £0.9m generated
a tax charge of £0.5m.
Dividends
No dividend is proposed for the reasons outlined by the Chairman in his
Statement.
Balance Sheet
Net assets now stand at £31.2m, a decrease of £6.5m from the position at 30th
June 2002.
Tangible assets remain largely unchanged at £46.8m. Additions in the year were
£3.2m. Depreciation amounted to £2.7m, and includes the write off of £980,000 of
Academy development costs.
Intangible assets decreased by £10.7m from £27.7m to £17.0m. Player additions of
£8.6m were exceeded by an amortisation charge of £18.7m for the year.
The stock balance at the year end was £0.7m (2002 - £0.3m). This increase over
the prior year is due to the exceptionally low level of stock in 2002 as we
transitioned from adidas to Kappa.
At the year end the bank balance stood at £2.4m (2002 - overdraft - £4.1m).
This increase in the cash balance reflects the £10.0m received from the private
placement bond, combined with the fact that monies received during the year from
operating activities were outweighed by the amount paid during the year in
respect of the purchases of players and other fixed assets. Net debt at the year
end had increased by £3.6m to £10.6m (2002 - £7.0m).
Debtors at the year end stood at £8.0m, a decrease of £1.6m from last year. This
decrease is largely as a result of a lower balance for monies due from buying
clubs in respect of player sales.
Creditors due within one year amounted to £26.0m at the Balance Sheet date (2002
- £40.6m). The decrease of £14.6m primarily reflects the decrease of £4.6m for
monies owed to selling clubs in respect of player purchases, the decrease in the
overdraft of £4.1m, and a decrease in deferred income of £4.0m.
The private placement bond currently shows long-term borrowings of £9.6m, being
the £10.0m loan net of associated debt issue costs of £0.4m.
Capital Investment
Ongoing consideration of our options for capital investment at White Hart Lane
and at our Training Ground at Chigwell, has meant that a relatively prudent
approach has been taken towards capital expenditure in the year as described
above. The Company refurbished a number of corporate areas across the stadium in
the summer of 2002 and the group has more recently acquired land adjacent to the
stadium, to be used for car parking purposes and the new improved members'
offices which brings it adjacent to the family stand.
Summary
The Net Asset position continues to reflect only registrations of players
purchased by the Group and the net book value of these registrations. We
continue to maintain our confidence in our youth policy, and the Balance Sheet
does not reflect the market values of those home grown players who are on
long-term contracts.
Consolidated Profit and Loss Account
For the year ended 30th June 2003
Year ended 30th June 2003
Operations Player Total Year ended
excluding trading* 30th June 2002
player
trading*
(Unaudited) (Unaudited) (Unaudited) (Note 2)
Note £'000 £'000 £'000 £'000
Turnover: 3 66,506 - 66,506 65,033
Cost of sales (45,661) (18,692) (64,353) (61,755)
Gross profit/(loss) 20,845 (18,692) 2,153 3,278
Administrative expenses (9,817) - (9,817) (7,956)
Operating profit/(loss) 11,028 (18,692) (7,664) (4,678)
Profit on disposal of players' - 1,329 1,329 6,308
registrations
Profit/(loss) before interest 11,028 (17,363) (6,335) 1,630
and taxation
Net interest payable (783) (684)
(Loss)/profit on ordinary (7,118) 946
activities before taxation
Tax credit/(charge) on (loss)/ 693 (479)
profit on ordinary activities
(Loss)/profit on ordinary (6,425) 467
activities after taxation
Retained (loss)/profit for the (6,425) 467
year
(Loss)/earnings per share - 4 (6.3)p 0.5p
basic
(Loss)/earnings per share - 4 (6.3)p 0.5p
diluted
*Player trading represents the amortisation, impairment and the profit or loss
on disposal of players' registrations.
The above results all derive from continuing operations.
There were no gains or losses in either period other than the (loss)/profit for
the period, and accordingly no statement of total recognised gains and losses is
presented.
Consolidated Balance Sheet
as at 30th June 2003
Group
30th June 30th June
2003 2002
(Unaudited) (Unaudited)
£'000 £'000
Fixed assets:
Intangible assets 17,019 27,741
Tangible assets 46,845 46,306
Investments - -
63,864 74,047
Current assets:
Stocks 652 260
Debtors 7,957 9,582
Cash at bank 2,401 -
11,010 9,842
Creditors - Amounts falling due within one year (26,044) (40,564)
Net current liabilities (15,034) (30,722)
Total assets less current liabilities 48,830 43,325
Creditors - Amounts falling due after more than one
year (16,541) (3,918)
32,289 39,407
Provisions for liabilities and charges (1,051) (1,744)
Net assets 31,238 37,663
Capital and reserves:
Called-up share capital 5,102 5,102
Share premium account 11,358 11,358
Revaluation reserve 2,528 2,576
Profit and loss account 12,250 18,627
Equity shareholders' funds 31,238 37,663
Consolidated Cash Flow Statement
For the year ended 30th June 2003
Year ended Year ended
30th June 2003 30th June 2002
(Unaudited) (Unaudited)
Note £'000 £'000 £'000 £'000
Net cash inflow from operating activities 5 7,514 17,621
Returns on investments and servicing of finance:
Interest received 43 2
Interest paid (389) (663)
Interest element of finance lease payments (2) (15)
Loan issue costs (434) -
Net cash outflow from returns on investments and
servicing of finance (782) (676)
UK corporation tax paid (734) (120)
Capital expenditure and financial investment:
Payments to acquire player registrations (10,912) (11,047)
Receipts from sales of player registrations 4,085 4,153
Payments to acquire tangible fixed assets (3,197) (1,888)
Receipts from sale of tangible fixed assets 18 -
Net cash outflow from capital expenditure and
financial investment (10,006) (8,782)
Cash (outflow)/inflow before use of liquid
resources and financing (4,008) 8,043
Financing:
Issue of ordinary share capital - 88
Bank loan repayments (1,177) (1,177)
Bank loan drawn down 1,994 -
Loan notes issued 10,000 -
Capital element of finance lease payments (306) (323)
Net cash inflow/(outflow) from financing 10,511 (1,412)
Increase in cash 6,503 6,631
Notes to the Accounts
For the year ended 30th June 2003
1. The financial information set out on the attached pages does not
constitute statutory accounts for the years ended 30th June 2003 or 30th June
2002 but is derived from those accounts and has been prepared on the basis of
the accounting policies as stated in the statutory accounts for the year ended
30th June 2002. Statutory Accounts for the period ended 30th June 2002 have been
delivered to the Registrar of Companies. The auditors reported on those
accounts; their report was unqualified and did not contain a statement under
s237 (2) or (3) Companies Act 1985. The statutory accounts for the year ended
30th June 2003 will be finalised on the basis of the financial information
presented by the directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting.
2. Analysis of comparative Profit and Loss Account
Operations
excluding player
trading Player
trading Total
£'000 £'000 £'000
Turnover 65,033 - 65,033
Cost of sales (47,837) (13,918) (61,755)
Gross profit 17,196 (13,918) 3,278
Administrative expenses (7,956) - (7,956)
Operating profit/(loss) 9,240 (13,918) (4,678)
Profit on disposal of registrations - 6,308 6,308
Profit/(loss) before interest and taxation 9,240 (7,610) 1,630
3. Turnover
Turnover, which is all derived from the Group's principal activity, is analysed
as follows:
Year Year ended
ended June 2002
June 2003 (Unaudited)
(Unaudited)
£'000 £'000
Gate receipts - Premier League 23,686 20,094
Gate receipts - Cup Competitions 1,834 7,582
Media and Broadcasting 24,796 22,594
Sponsorship 6,895 6,763
Merchandising 5,262 4,626
Other 4,033 3,374
66,506 65,033
All turnover derives from activities in the United Kingdom and is exclusive of
VAT
4. (Loss)/earnings per share
Earnings per share have been calculated using the weighted average number of
shares in issue in each period.
Year Year
ended ended
June 2003 June 2002
(Unaudited) (Unaudited)
£'000 £'000
(Loss)/profit after taxation (6,425) 467
Number Number
Weighted average number of shares in issue 102,041,520 101,880,912
Effect of dilutive potential
ordinary shares
Options 8,481 17,866
102,050,001 101,898,778
Basic EPS
(Loss)/earnings per share (6.3)p 0.5p
Diluted EPS
(Loss)/earnings per share (6.3)p 0.5p
5. Reconciliation of operating loss to net cash inflow from operating
activities
Year Year
ended ended
June 2003 June 2002
(Unaudited) (Unaudited)
£'000 £'000
Operating loss (7,664) (4,678)
Depreciation charge 2,658 2,175
Amortisation and impairment of registrations 18,692 13,918
(Profit)/loss on disposal of fixed assets (18) 18
(Increase)/decrease in stocks (392) 652
(Increase)/decrease in debtors (525) 171
(Decrease)/increase in creditors (5,237) 5,365
Net cash inflow from operating activities 7,514 17,621
6. Reconciliation of net cash flow to movement in net debt
Year Year
ended ended
June 2003 June 2002
(Unaudited) (Unaudited)
£'000 £'000
Increase in cash in the year 6,503 6,631
Cash (inflow)/outflow from (increase)/
decrease in debt and lease financing (10,511) 1,500
Loan issue costs 434 -
Cash (increase)/decrease in net debt in the period (3,574) 8,131
Non cash increase in net debt in the period (12) -
(Increase)/decrease in net debt in the period (3,586) 8,131
Opening net debt (7,055) (15,186)
Closing net debt (10,641) (7,055)
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 14 hours ago Taylor Maritime Investments Limited NPV
- 15 hours ago NCC Group
- 15 hours ago Hammerson
- 15 hours ago Oxford Nanopore Technologies
- 15 hours ago Rotork