Interim Results

RNS Number : 3617B

Premier Management Holdings PLC

26 October 2009

 



Premier Management Holdings Plc (the "Company")

Interim results for the six months ended 31 July 2009

Chairman's report

During the six month period ending 31 July 2009 the Company had no revenues and, in fact, had to issue a credit note to a football club resulting in the negative sales reported in these results. However, both during the remainder of the Summer transfer window and subsequently, business has been brisk, with all work being for football clubs and all due for payment within the next year.

Progress is being made with regard to the exercise of the call option agreement, announcement on 30 June 2009, pursuant to which the Company has the option to acquire the entire issued share capital of Trading Sports Limited ("TSL"), although the due diligence process has taken longer than originally envisaged, primarily because the underlying businesses of TSL are small, Director-run organisations and the Directors have been busy with operational matters. As a result, as announced on 30 September 2009,  the period in which the Company is able to exercise its option in respect of TSL has been extended. It is my hope and anticipation that the Company will complete the transaction (subject to the approval of shareholders in due course) before the current option expires.

Accordingly, I am confident that the future of the Company looks more assured than it has been for some considerable time, and the Directors and their advisers are working hard to ensure that you, as shareholders, have the opportunity to consider and hopefully approve the proposed deal.

I would, as I always do, like to thank our advisers and our Finance Director, Gerry Desler, who even more than in the past, have spared no effort to assist the Company during the reporting period and subsequently to date.

BARRY GOLD

Premier Management Holdings Plc

Interim results

For the six months ended 31 July 2009

Income statement

		Six months ended	Six months ended	Year ended
	Notes	31 July	31 July	31 January
		2009	2008	2008
		(unaudited)	(unaudited)	(audited)
		£	£	£
Revenue		(17,500)	59,367	100,179
Cost of sales		(20,000)	(36,000)	(46,582)
Gross profit		(37,500)	23,367	53,597
Administrative expenses		(23,899)	(23,238)	(60,089)
Operating (loss)/profit		(61,399)	129	(6,492)
Finance income		1,126	97	210
(Loss)/profit before income taxation		(60,273)	226	(6,282)
Income tax expense		-	-	(98)
(Loss)/profit for the period		(60,273)	226	(6,380)
(Loss)/earnings per share -  basic and diluted		(0.06)p	0.01p	(0.01)p

Balance sheet

As at 31 July 2009

	31 July	31 July	31 January
	2009	2008	2009
	(unaudited)	(unaudited)	(audited)
	£	£	£
ASSETS
Current assets
Trade and other receivables	12,046	189,797	47,881
Cash and cash equivalents	18	3,990	25,272
Total assets	12,064	193,787	73,153
LIABILITIES
Current liabilities
Trade and other payables	(67,227)	(161,469)	(58,222)
Borrowings	(140,000)	(150,000)	(140,000)
Net current liabilities	(207,227)	(311,469)	(198,222)
Non-current liabilities
Borrowings	(1,487,001)	(1,502,001)	(1,499,501)
Total liabilities	(1,694,228)	(1,813,470)	(1,697,723)
Net liabilities	(1,682,164)	(1,619,683)	(1,624,570)
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	(5,422,583)	(5,360,102)	(5,364,989)
Total shareholders' equity	(1,682,164)	(1,619,683)	(1,624,570)

Statement of changes in equity

For the six months ended 31 July 2009

	Share	Share	Retained	Capital	Total
	capital	premium	earnings	redemption
				reserve
	£	£	£	£	£
Unaudited
Balance at 1 February 2009	1,047,180	2,649,906	(5,364,989)	43,333	(1,624,570)
Loss for the period	-	-	(60,273)	-	(60,273)
Issue of shares	-	-	-	-	-
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)
Unaudited
Balance at 1 February 2008	1,027,180	2,659,906	(5,362,046)	43,333	(1,631,627)
Retained for the period	-	-	226	-	226
Issue of shares	20,000	(10,000)	-	-	10,000
Equity settled 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)
Audited
Balance at 1 February 2008	1,027,180	2,659,906	(5,362,046)	43,333	(1,631,627)
Retained for the period	-	-	(6,380)	-	(6,380)
Issue of shares	20,000	(10,000)	-	-	10,000
Equity settled share based payment	-	-	3,437	-	3,437
Balance at 31 January 2009	1,047,180	2,649,906	(5,364,989)	43,333	(1,624,570)

Cash flow statement

For the six months ended 31 July 2009

	Six months ended	Six months ended	Year ended
	31 July	31 July	31 January
	2009	2008	2009
	(unaudited)	(unaudited)	(audited)
	£	£	£
Operating activities
Operating (loss)/profit	(61,399)	129	(6,492)
Decrease/(increase) in trade and other receivables	35,835	(38,232)	103,684
Increase/(decrease) in creditors within one year	9,005	8,478	(94,769)
Equity-settled share based payment	2,679	1,718	3,437
Cash (outflows)/inflows from operating activities	(13,880)	(27,907)	5,860
Investing activities
Finance income	1,126	97	210
Net cash generated from investing activities	1,126	97	210
Taxation	-	-	(98)
Financing activities
Repayment of other borrowings	(12,500)	-	(12,500)
Net cash used in financing activities	(12,500)	-	(12,500)
Net decrease in cash and cash equivalents	(25,254)	(27,810)	(6,528)
Cash and cash equivalents at start of period	25,272	31,800	31,800
Cash and cash equivalents at end of period	18	3,990	25,272

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 24 Greville Street, London EC1N 8SS.

2. Financial information

The interim financial information for the six months ended 31 July 2009 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 2009, prepared in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards - IFRS), 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 statements have been prepared in accordance with IFRS as adopted by the European Union, IFRIC interpretations and the Companies Act 1985 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 2009.

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
	2009	2008	2009
	(unaudited)	(unaudited)	(audited)
Basic and diluted:
(Loss)/profit for the financial period	(60,273)	226	(6,380)
Weighted average number of shares	104,718,000	104,718,000	104,718,000
(Loss)/earnings per share	(0.06)p	0.00p	(0.01)p

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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