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

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.

 

END

 

 

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