Premier Management Holdings PLC
30 October 2007
For release at 07:00 on 30 October 2007
PREMIER MANAGEMENT HOLDINGS PLC
Interim Results for the six months ended 31st July 2007
Premier Management Holdings plc ('the Company') the AIM listed football agency
presents interim results for the six months ended 31st July 2007.
Key Points
• Operating profit of £6,144 (2006 - £25,613) on turnover of £60,302
(2006 - £64,000.)
• Positive outlook for trading
• Opportunuties to increase the size and range of services of the
company still being pursued.
Barry Gold, Chairman said today:
'We continue to look at opportunities to increase the size and range of services
of the company and whilst we do that, we remain positive over the prospects for
the current business.'
For further enquiries contact:-
Barry Gold (Chairman)
Premier Management Holdings plc - Tel: 07768 948928
Richard Evans (Nominated Adviser)
Brewin Dolphin Ltd - Tel: 0845 270 8602
Chairman's Statement
I am pleased to be able to report, for the third time in a row, an operating and
pre-tax profit, in this case for the six month period to the 31st July 2007.
Turnover remained at a similar level to the corresponding period of 2006,
although operating profit was slightly down. We have completed further business
during August, which will be included in our annual figures, and we have managed
to sign more promising younger players as well as some additional managers.
We continue to seek to expand the Group by looking to add suitable new
businesses.
As in the past, I continue to be grateful to our Finance Director, Gerry Desler
whose long hours for the company are not reflected in remuneration, and to our
Advisers, who remain supportive and helpful.
Barry Gold, Chairman
30 October 2007
Income statement
For the six months ended 31 July 2007
Six months Six months
ended ended Year ended
Notes 31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
Revenue 60 64 224
Cost of sales (25) (23) (95)
35 41 129
Administrative expenses (31) (15) (32)
Operating profit 4 26 97
Exceptional abortive costs - - (36)
Profit before interest 4 26 61
Interest payable and similar charges - (11) (11)
Profit before taxation 4 15 50
Taxation 4 - - -
Profit for the period 4 15 50
Profit per share - basic and diluted 3 0.01p 0.03p 0.08p
Statement of changes in shareholders' equity
For the six months ended 31 July 2007
Six months Six months
ended ended Year ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£ £ £
Opening shareholders' equity (1,833) (1,891) (1,891)
Issue of shares 260 - -
Other movements (128) 1 8
Profit for the period 4 15 50
Closing shareholders' equity (1,697) (1,875) (1,833)
During the six months ended 31 July 2007, a total of £130,000 Convertible Loan
Notes were converted into 26 million ordinary shares.
Balance sheet
as at 31 July 2007
31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
ASSETS
Current assets
Trade and other receivables 206 285 385
Cash and cash equivalents 7 14 1
213 299 386
LIABILITIES
Current liabilities
Trade and other payables (323) (552) (602)
Net current liabilities (110) (253) (216)
Total assets less current liabilities (110) (253) (216)
Non-current liabilities
Borrowings (1,587) (1,622) (1,617)
(1,697) (1,875) (1,833)
SHAREHOLDERS'' EQUITY
Called up share capital 917 657 657
Share premium account 2,725 2,855 2,855
Own shares held (4) (4) (4)
Capital redemption reserve 43 43 43
Retained earnings (5,378) (5,426) (5,384)
Total shareholders' equity (1,697) (1,875) (1,833)
Cash flow statement
for the six months ended 30 June 2007
Six months Six months
ended ended Year ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
Operating activities
Operating loss 4 26 61
Decrease/(increase) in debtors 179 (36) (136)
(Decrease)/increase in creditors within (144) 20 24
one year
Equity-settled share based payment 2 - 8
Cash inflows/(outflows) from operating 41 10 (43)
activities
Investing activities
Interest paid - (11) (11)
Net cash used in investing activities - (11) (11)
Financing activities
Repayment of other borrowings (35) - (110)
Convertible Unsecured Loan Note - - 150
Net cash (used in)/generated from (35) - 40
financing activities
Net increase/(decrease) in cash and 6 (1) (14)
cash equivalents
Cash and cash equivalents at start of
period 1 15 15
Cash and cash equivalents at end of period 7 14 1
Notes to the accounts
1 Basis of preparation
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards as endorsed by the European Union ('
IFRS') for the first time. The transition to IFRS has had no effect on the
profit, net liabilities and cash flow previously reported under UK GAAP. The
only changes that have been made are presentational.
The comparative figures for the year ended 31 January 2007 and the six months
ended 31 July 2006 have been restated for the adoption of IFRS. The comparative
figures for the year ended 31 January 2007 are not the Company's statutory
accounts for that financial year. The Company's statutory accounts for the year
ended 31 January 2007, prepared under UK GAAP, have been delivered to the
Registrar of Companies; the report of the auditors on these accounts was
unqualified and did not contain a statement under Section 237 (2) or (3) of the
Companies Act 1985.
The interim financial information has not been audited and does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The financial information for the six months ended 31 July 2007 has been
prepared in accordance with the Company's accounting policies, based on IFRS
that are expected to apply for the year ending 31 January 2008. These interim
financial statements have been prepared in accordance with IAS 34 and in
accordance with the recognition and measurement principles of IFRS that the
Company expects to apply in the full year IFRS financial statements for 31
January 2008.
2 Accounting policies
The principal accounting policies adopted in the preparation of these interim
financial statements are set out below. These policies have been consistently
applied to all periods presented, unless otherwise stated.
Revenue
Revenue represents income receivable from professional footballers and
professional football clubs for services rendered.
Trade and other receivables
These are recognised and carried at original invoice amount less an allowance
for any uncollectible amount. An estimate for doubtful debts is made when
collection of the full amount is no longer probable. Bad debts are written off
when identified.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short-term
deposits with an original maturity of three months or less.
Financial liabilities
The Company's financial liabilities comprise trade payables and other short-term
monetary liabilities, which are initially recognised at fair value. After
initial recognition, such financial liabilities are recognised at amortised
cost.
Taxation and deferred tax
Taxation expense represents the sum of current tax and deferred tax.
The tax currently payable is based on the taxable profit for the period using
the tax rates that have been enacted or substantially enacted by the balance
sheet date. Taxable profit differs from the net profit as reported in the income
statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable
or deductible.
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax is determined
using tax rates that have been enacted or substantially enacted at the balance
sheet date and are expected to apply when the related deferred income tax asset
is realised of the deferred tax liability is settled.
Deferred tax assets are only recognised to the extent that it is probable that
future taxable profit will be available against which the asset can be utilised.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited to equity, in which case the deferred tax
is also dealt with in equity.
Share-based payments
The Company makes equity-settled share-based payments to its employees and
Directors. Equity-settled share-based payments are measured at fair value at the
date of grant and expensed on a straight-line basis over the vesting period of
the award. At each balance sheet date, the Company revises its estimate of the
number of options that are expected to become exercisable.
The value of any shares or options granted is charged to the profit and loss
account over the period the shares vest, with a corresponding credit to
reserves. When share options are exercised, the proceeds received, net of any
transaction costs, are credited to share capital (nominal value) and share
premium.
3 Loss per share
The earnings and number of shares used in the calculation of earnings per
ordinary share are set out below.
Six months ended Six months ended Year ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (unaudited)
Basic:
Profit for the financial period 4,000 15,000 50,000
Weighted average number of shares 69,905,845 65,718,000 65,718,000
Loss per share 0.01p 0.03p 0.08p
4 Taxation
There is no provision for UK Corporation Tax due to tax losses brought forward,
subject to agreement with HM Revenue and Customs. The deferred asset at 31 July
2007 arising from the accumulated tax losses of approximately £2.1 million (30
July 2006 - £2.1 million; 31 January 2007 - £2.1 million) carried forward has
not been recognised but would become recoverable against future trading profits.
5 Dividend
The directors are not able to declare a dividend in respect of the period due to
the Company having no distributable reserves (2006 - £nil).
6 Additional information
Copies of this report may be obtained from the Company's registered office,
Stonebridge House, Chelmsford Road, Hatfield Heath, Essex CM22 7BD.
Our website address is www.premiermgt.info. From this site you may access our
financial reports and presentations, recent press releases and details about the
company and its operations.
ENDS
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