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Kingsbridge Hldgs (PNC)

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Tuesday 07 May, 2002

Kingsbridge Hldgs

Interim Results

Kingsbridge Holdings PLC
7 May 2002



                            KINGSBRIDGE HOLDINGS PLC


        Interim Results Statement for the six months to 28 February 2002


Kingsbridge Holdings Plc, ('Kingsbridge') a provider of financial services and
advice, focusing on sports and entertainment clients, announces its Interim
Results for the period to 28 February 2002.


•    Turnover increased 204% to £6.91 million (2001: £2.27 million)
     
•    Profit before goodwill amortisation and taxation increased 200% to £1.5
     million (2001: £0.5 million)

•    Acquisitions since flotation integrated

•    Regulated services re-branded Kingsbridge Financial

•    Group restructured into two divisions: Sports and Non-sports

Charles Green, Chairman, commented:

' Despite the continuing background of uncertainty the Board continues to
believe that the future for the Group is exciting.   We are seeking suitable
acquisition opportunities which will expand our base amongst sporting and other
high net worth clients.  In addition, we will continue with our efforts to seek
out and recruit quality IFAs to assist us in servicing the new clients that we
attract.  Your Board is optimistic that the second half of the current year will
show continuing progress and expansion.'


                                                                      7 May 2002


ENQUIRIES:

Kingsbridge Holdings Plc                                    Tel:  0115 852 3620
Martin Greenwood, Chief Executive                           Tel:  07950 932914

College Hill                                                Tel:  020 7457 2020
Michael Padley
Simon Astley



Chairman's Statement

I am pleased to be able to report a very successful period for your Group.  The
excellent trading results reported below have been achieved against a background
of considerable uncertainty both economically, following the terrorist attacks
on 11 September 2001 and regulatory, as the industry strives to make sense of
the proposed changes to the current polarisation rules.  Further regulatory
change is expected following publication of the Government commissioned Sandler
Report which is anticipated in June 2002.


Results

Turnover for the period was £6.91 million (2001: £2.27 million), an increase of
204 per cent on the prior year period.  Profit before amortisation of goodwill
and taxation was £1.50 million, an increase of 200% (2001: £0.50 million).
Goodwill arising from acquisitions totalling £0.93 million (2001: £0.10 million)
has been written off reducing the reported profit before taxation to £0.57
million (2001: £0.40 million).  The basic earnings per share for the period was
0.12 pence (2001: 0.58 pence) whilst the earnings per share before goodwill
amortisation was 1.08 pence (2001: 0.85 pence).  At the 28 February 2002 the
Group had cash reserves of £0.19 million (2001: £1.14 million).


Operations

In the six months since my last report we have continued to grow our business
organically by attracting new clients and opening up markets in related areas of
activity.  In addition the acquisitions completed since the flotation on AIM
have been rationalised and successfully integrated into the Group structure.

All regulated business undertaken by the Group with the exception of that
relating to Benson McGarvey has been transferred to Kingsbridge Financial plc
and is now transacted under the Kingsbridge banner.  Regulated business
undertaken by Benson McGarvey will also be transferred on completion of their
earn-out period, which completes on 31August 2002.  Similarly, all non regulated
activities have been combined within Kingsbridge Management Services plc.  In
tandem with this reorganisation the opportunity was also taken to re-brand the
services offered by the Group and introduce a new corporate logo.  Focusing our
marketing activities will help establish the Kingsbridge brand in the wider
market that we now target.

To facilitate the continued growth of the business and establish robust control
systems for each operating location the Group's support systems have been
centralised in Harrogate.  In order to achieve our objective a consistent IT
platform has been established across the Group.   Our investment in new
technology will improve our compliance monitoring routines and deliver the key
performance indicators necessary to operate in the new regulatory regime post
N2.  Following the roll-out of the new technology systems the Group will be
managed on a sports and non sports divisional basis.


Sports Division

Approximately 38 per cent of turnover is generated from our sports related
client base and contributes in excess of 50 per cent of Group profits.  We have
significantly expanded our football client base by the addition of over 40 high
profile players including 11 from the Premier League.  Of the Group's top 350
football clients, approximately 54 per cent represent Premier League teams and
26 per cent First Division teams.

Our growing involvement with the football academies has resulted in our
attracting over 30 young players from whom we hope the future stars of the
Premier League will emerge.

During the last six months we have also successfully expanded the number of
football agents introducing clients to the Group with new introductions from two
French football agents, a Turkish football agent and four additional UK based
football agencies.

In addition to building on our leading position within the world of football we
continue to successfully attract clients from other sports.  From a standing
start we now number 24 cricketers, 9 jockeys and 17 rugby stars amongst our
clients.  Golf has also recently been added, as a result of our agreement with
International Sports Management in February and the Group currently acts for 6
leading European players.

Increasingly, income generated from football is seasonal in nature focused on
the end of the tax year and the start of the new football season.  Continued
penetration of other sports markets will help to smooth these income peaks and
troughs.


Non Sports

Accounting for approximately 62 per cent of Group turnover in the six months
under review the overall performance from this area of our operations has been
satisfactory given the current investment climate.  Activity levels are more
responsive to the general level of consumer confidence but the bias towards
income generation from high net worth clients mitigates to some degree the
negative impact of the economic climate.  The Group classifies high net worth
clients as those with £200,000 of assets available for investment and in excess
of 600 clients fall within this category.  Income from such clients is generated
by a mix of fees and commission, and consequently the proposed regulatory
changes that are currently anticipated should have little impact.

New clients are attracted through tax planning and investment seminars and
increasingly through developing contacts with accountants and solicitors.

Clients are also attracted through national advertising in the weekend press
offering retirement investment planning services.

We planned to broaden our non-sports client base through Maxdelta Limited which
we acquired from Key Sport Management Limited to provide introductions to high
net worth entertainers.  The company has made slow progress but we are confident
that the efforts made to date to break into this market will shortly enable the
Group to build on the number of existing clients from the world of media and
entertainment.


Kingweb

Following the successful launch of the League Managers' Association Website the
number of visits has risen to circa 1.76m hits per month with 0.343m page
impressions.  However, advertising and sponsorship revenues have been slower to
come on stream than anticipated.


Directors and Management

In line with our stated intention the structure of the Board has been addressed
to ensure that its composition and size is more inline with best practice.  To
facilitate this both Kevin McMenamin and John Murray have agreed to step down as
Directors but will continue to take a keen interest in the future development of
the Group as members of the Board of Kingsbridge Financial plc.  Eric Cater will
also be relinquishing his position as Finance Director and we are currently
actively seeking a suitably qualified replacement.  Following this change the
Group will continue to benefit from Eric's counsel as he has agreed to join John
Barnwell as Non Executive Director.

Michael Frank has also agreed to join the Board as a Non Executive Director.
Michael has an enviable reputation in the city having, amongst other
appointments, previously held the position of Director, Emerging Companies Team
at NatWest Markets Corporate Finance Limited and we look forward to benefiting
from his past experience.

I would like to take this opportunity to thank the retiring directors for their
contribution to the development of the Group through these important formative
stages and I look forward to their continuing involvement in the growth of the
business.  I would also like to thank all members of staff for their sterling
efforts during this period of considerable change.  Their responsiveness and
willingness to accept responsibility has considerably helped your Board and we
are grateful to them all.


Prospects

Immediately following the terrorist attacks there was a noticeable downturn in
confidence amongst our non-sports related clients, which with the continuing
flat stockmarket performance, has not fully recovered.

Uncertainty has also been caused by the collapse of ITV Digital resulting in
concerns over the funding of lower league football clubs.  The Group's football
related clients are significantly skewed towards the Premiership and First
Division and as a result we do not expect any significant short-term fallout
from the present disputes.  The Board believes that it is unlikely that business
generated from the Group's sports related clients will be materially affected,
as a result of these changes.

As regards the regulatory structural changes facing the industry it is widely
acknowledged that, larger organisations, of which we are one, will be better
placed to take advantage of any change, their size allowing them to reorganise
appropriately. Unfortunately, the impact of the current reviews has been to
restrict the movement of advisers within the marketplace making it difficult to
achieve our recruitment objectives.

Despite the continuing background of uncertainty within the sector the Board
continues to believe that the future for the Group is exciting.   We are seeking
suitable acquisition opportunities which will expand our base amongst sporting
and other high net worth clients.  In addition, we will continue with our
efforts to seek out and recruit quality IFAs to assist us in servicing the new
clients that we attract.  Your Board is optimistic that the second half of the
current year will show continuing progress and expansion.


Charles Green
Chairman

7 May 2002


Consolidated profit & loss account
For the six months ended 28 February 2002

                                                   Unaudited to Unaudited to 28    Audited to
                                                    28 February        February     31 August
                                                           2002            2001          2001                 
                                                           £000            £000          £000
Turnover
Continuing operations                                    6,914           2,267         7,347

Operating profit
 Operating profit before goodwill amortisation           1,498             451         1,467
 Amortisation of goodwill                                  938             108           684
Continuing operations                                      560             343           783

Net finance costs
Net interest receivable                                      5              56            41

Profit on ordinary activities before taxation and
goodwill amortisation                                    1,503             508         1,508
                                                         

Profit on ordinary activities before taxation              565             399           824
Tax on profit on ordinary activities (Note 1)             (452)           (169)         (457)
Profit on ordinary activities after taxation               113             230           367


Profit retained for the period                             113             230           367

Earnings per share (Note 3)
Basic                                                     0.12p           0.58p         0.63p
Basic EPS excluding goodwill amortisation                 1.08p           0.85p         1.81p
Diluted                                                   0.11p           0.54p         0.62p


There are no other recognised gains or losses other than the profit for the
period.


Consolidated balance sheet
28 February 2002
                                                        Unaudited       Unaudited        Audited
                                                      28 February     28 February      31 August      
                                                             2002            2001           2001
                                                             £000            £000           £000
Fixed assets
Licences                                                    1,438               -          1,438
Goodwill                                                   36,224           5,122         37,394
Intangible assets                                          37,662           5,122         38,832
Tangible assets                                             1,354             604            949
Investments                                                    11               -             11
                                                           39,027           5,726         39,792
Current assets
Debtors                                                     4,298             920          3,617
Loan note deposit                                          11,563           1,350         11,626
Cash at bank and in hand                                      193           1,144            682
                                                           16,054           3,414         15,925
Creditors: Amounts falling due within one year            (14,417)           (904)       (10,999)
Net current assets                                          1,637           2,510          4,926
Total assets less current liabilities                      40,664           8,236         44,718
Creditors: Amounts falling due after more than one
year                                                       (2,707)         (1,350)        (6,663)
                                                           
Provision for liabilities and charges                           -              (2)             -
Net assets                                                 37,957           6,884         38,055
Capital and reserves
Called-up share capital                                       981             604            970
Share premium account                                      20,113           4,629         20,113
Shares to be issued                                         4,350             809          5,159
Merger reserve                                             12,033             612         11,446
Profit and loss account                                       480             230            367
Equity shareholders' funds                                 37,957           6,884         38,055
Minority interests                                              -               -              -
Total capital employed                                     37,957           6,884         38,055


Consolidated cash flow statement
For the six months ended 28 February 2002

                                                 Unaudited to       Unaudited to      Audited to
                                                  28 February        28 February       31 August
                                                         2002               2001            2001
                                                         £000               £000            £000

Net cash inflow from operating activities                 763                267             588
Returns on investments and servicing of finance           (29)                56             151
Taxation paid                                            (230)                 -             (55)
Capital expenditure and financial investment             (522)               (78)           (250)
Acquisitions and disposals                               (136)            (1,902)         (9,329)
Cash outflow before management of liquid
resources and financing                                                   (1,657)         (8,895)
                                                         (154)
Management of liquid resources                             63                  -         (11,533)
Financing                                                   -              2,801          20,712
(Decrease) increase in cash in the period                 (91)             1,144             284




Reconciliation of movements in group equity shareholders' funds
For the six months ended 28 February 2002

                                                                         From From incorporation
                                           Six months ended  incorporation to                 to     
                                                28 February       28 February          31 August       
                                                       2002              2001               2001
                                                       £000              £000               £000

Profit for the period                                  113               230                367
New shares issued                                      598             5,845             32,529
Shares to be issued                                   (809)              809              5,159
Net (reduction) addition to equity
shareholders'                                          (98)            6,884             38,055
                                                       
funds
Opening equity shareholders' funds                  38,055                 -                  -
Closing equity shareholders' funds                  37,957             6,884             38,055



Notes to financial statements


1.      Taxation
        The tax charge is based on UK Corporation Tax payable at the current 
        rate.

2.      Dividends
        The directors do not recommend the payment of a dividend.

3.      Earnings per share
        The calculations of earnings per share are based on the following
        profits and numbers of shares:



                                               Six months              From               From
                                                    ended     incorporation      incorporation
                                              28 February    to 28 February       to 31 August          
                                                     2002              2001               2001
                                                        £                 £                  £

Profit on ordinary activities after               113,231           229,958            367,026
taxation
Goodwill amortisation                             938,224           108,382            683,619
Profit before goodwill amortisation             1,051,455           338,340          1,050,645



                                         Number of shares  Number of shares   Number of shares
Weighted average number of shares:
For basic earnings per share                   97,114,580        39,895,283         57,984,106
Contingently issuable shares                    1,849,315         1,139,655            748,662
Exercise of share options                       1,024,138         1,160,795            847,525
For diluted earnings per share                 99,988,033        42,195,733         59,580,293
Basic                                               0.12p             0.58p              0.63p
Basic EPS excluding goodwill amortisation           1.08p             0.85p              1.81p
Diluted                                             0.11p             0.54p              0.62p



The directors have presented an alternative earnings per share figure to give a
better indication of the long term results of the business.



4.      Reconciliation of operating profit to operating cash flows


                                                                            
                                                                            From            From
                                                Six months ended   incorporation   incorporation
                                                     28 February  to 28 February    to 31 August          
                                                            2002            2001            2001
                                                            £000            £000            £000

Operating profit                                            560             343             783
Depreciation charges                                        117              35             125
Amortisation of goodwill                                    938             108             684
Amortisation of licences                                      -               -              62
Profit on sale of tangible fixed assets                       -              (1)              -
Increase in debtors                                        (680)         (1,770)         (1,912)
(Decrease) increase in creditors                           (172)          1,550             846
Increase in provisions                                        -               2               -
Net cash inflow from operating activities                   763             267             588



All cash flows from operating activities derive from continuing operations.


5.      Analysis of cash flows


                                                                          From              From
                                            Six months ended  incorporation to  incorporation to
                                            28 February 2002  28 February 2001    31 August 2001
                                                        £000              £000              £000

Returns on investments and servicing of
finance
Interest received                                       249                79               285
Interest paid                                          (260)              (20)              (97)
Interest element of finance lease rentals               (18)               (3)              (37)
Net cash (outflow) inflow                               (29)               56               151

Taxation
UK corporation tax paid                                (230)                -               (55)

Capital expenditure and financial investment
Purchase of tangible fixed assets                      (543)              (79)             (280)
Sale of tangible fixed assets                            21                 1                30

Net cash outflow                                       (522)              (78)             (250)



5.      Analysis of cash flows (continued)
                                                                           
                                                                            From           From
                                                Six months ended   incorporation  incorporation
                                                     28 February  to 28 February   to 31 August          
                                                            2002            2001           2001
                                                            £000            £000           £000

Acquisitions and disposals
Purchase of subsidiary undertaking                         (136)         (1,870)        (9,623)
Net cash (overdrafts) acquired with subsidiary undertaking    -             (32)           294
Net cash outflow                                           (136)         (1,902)        (9,329)
Management of liquid resources
Receipts (payments) for loan note deposit account            63               -        (11,533)
Financing
Issue of ordinary share capital                               -           3,500         22,231
Floatation expenses                                           -            (690)        (1,309)
Capital element of finance lease rentals                      -              (9)          (210)
Net cash inflow                                               -           2,801         20,712


6.      Analysis and reconciliation of net debt


                                             31 August 2001             Cash flow  28 February 2002
                                                       £000                  £000              £000

Cash in hand, at bank                                  682                  (489)              193
Overdrafts                                            (398)                  398                 -
                                                       284                   (91)              193
Finance leases                                      (1,331)                    -            (1,331)
Net debt                                            (1,047)                  (91)           (1,138)




                                        Six months ended  From incorporation  From incorporation
                                        28 February 2002 to 28 February 2001   to 31 August 2001
                                                    £000                £000                £000
Increase in cash in the period and
change in net debt resulting from cash              (91)              1,144                 284
flows
New finance leases                                    -                   -              (1,502)
Finance leases acquired with subsidiary               -                 (38)                (38)
Cash outflow from finance leases                      -                   -                 209
Movement in net debt in period                      (91)              1,106              (1,047)
Net debt at 31 August 2001                       (1,047)                  -                   -
Net debt at 28 February 2002                     (1,138)              1,106              (1,047)



7.   Segment information 

     All turnover is derived from a single class of business, being the group's 
     principal activity of the provision of financial services and advice. All 
     turnover originates in the United Kingdom.

8.   Basis of accounts       

     The unaudited interim statements have been prepared under the historical 
     cost convention and in accordance with applicable accounting standards 
     using the accounting policies set out in the report and accounts for the 
     period ended 31 August 2001.

9.   General information        

     The financial information set out above does not constitute full accounts 
     within the meaning of Section 240 of the Companies Act 1985.  The amounts 
     shown in respect of the period ended 31 August 2001 have been extracted 
     from the full statutory accounts, on which the auditors have made an      
     unqualified report.  The statutory accounts have been filed with the 
     Registrar of Companies.

     Copies of this announcement will be posted to shareholders and are
     available to members of the general public from the company's registered
     office: Kingsbridge House, Castle Gate, Nottingham NG1 7AQ.

      
                      This information is provided by RNS
            The company news service from the London Stock Exchange