Information  X 
Enter a valid email address

Celtic PLC (CCP)

  Print          Annual reports

Friday 11 February, 2022

Celtic PLC

Replacement: Half-year Report

RNS Number : 5022B
Celtic PLC
11 February 2022
 

 

 

 

 

 

 

 

Celtic plc (the "Company")

 

 

INTERIM REPORT FOR THE SIX MONTHS TO 31 DECEMBER 2021

 

 

Key Operational Items

 

· Currently first in the SPFL Premiership.

 

· Winners of the Premier Sports League Cup 21/22.

 

· 19 home fixtures (2020: 17).

 

· Participation in the UEFA Europa League group stages and qualification to the knock-out playoff round of the UEFA Europa Conference League.

 

Key Financial Items

 

· Revenue increased by 29.9% to £52.9m (2020: £40.7m).

 

· Profit from trading was £7.0m (2020: loss of £0.3m).

 

· Profit from transfer of player registrations (shown as profit on disposal of intangible assets)   25.8m (2020: £1.0m).

 

· Profit before taxation of £27.6m (2020: loss of £5.9m).

 

· Acquisition of player registrations of £16.8m (2020: £12.7m).

 

· Period end net cash at bank of £25.6m (2020: £19.7m).

 

 

For further information contact:

Celtic plc

Ian Bankier

Michael Nicholson

 

Tel: 0141 551 4235

Canaccord Genuity Limited, Nominated Adviser and Broker

Simon Bridges

Thomas Diehl

 

Tel: 020 7523 8350

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.  Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

CHAIRMAN'S STATEMENT

 

The results for the six months ended 31 December 2021 show revenues of £52.9m (2020: £40.7m) and a profit before taxation of £27.6m (2020: loss before tax of £5.9m). The profit from trading, representing the profit excluding player related gains and charges, amounted to £7.0m (2020: loss of £0.3m). Period end net cash at bank was £25.6m (2020: £19.7m). The introductory page to these interim results summarises the key events in the period.

 

The major factors driving the much improved financial performance for the period under review were: - first, the return of fans to the stadium driving crucial match day income; second, our qualification for another season in the Europa League with the accompanying ticket sales that were absent last year; and third, the revenues received from successful player trading, notably the sales of Odsonne Edouard and Kristoffer Ajer. In the same period we made substantial investments back into the player squad in order to target the football success that drives our financial success.

 

Whereas the Covid-19 environment has improved markedly, the sudden emergence of the Omicron variant and resultant reintroduction of temporary societal restrictions in Scotland adversely affected the football sector.  This demonstrates our continued sensitivity to the threat of the pandemic. Mindful of the risks posed to the Club's finances from further restrictions, we continue to manage the business on a prudent basis, balanced against the benefits of investing in the football department. The forecast outturn for the second half of this financial year is expected to be more modest owing to the trading seasonality inherent in the business. As we know, most of our earnings are typically derived in the first six months of the financial year. In line with prior years, we expect to incur losses in the second six months of the financial year owing to the expectation of having less player trading gains, lower UEFA media right distributions and associated UEFA match ticket income, higher amortisation emanating from player acquisitions in January and seasonally lower retail income. In addition, our outturn earnings may be materially impacted by success in footballing competition. On the basis that the impact of Covid-19 appears to be receding at present, we anticipate to finish the financial year with revenues ahead of our previous expectations.

 

It has been a period of transition for both the executive and the football department.  Michael Nicholson's appointment as Chief Executive was confirmed on 23rd December along with Chris McKay's promotion to Chief Financial Officer.  And our Football Manager, Ange Postecoglou, joined us at the start of the season.  Ange has been able to assemble a first team player squad to fit his proven methodology of attacking football.  We have achieved the permanent transfers of Osaze Urhoghide, Liam Shaw, Liel Abada, Kyogo Furuhashi, Carl Starfelt, Joe Hart, Liam Scales, Josip Juranovic, James McCarthy and Georgios Giakoumakis. In addition, we welcomed to the Club two quality loan signings in Cameron Carter-Vickers and Joao Pedro Neves Filipe (Jota). Further to this we added Daizen Maeda, Yosuke Ideguchi, Johnny Kenny, Reo Hatate and Matt O'Riley over December 2021 and January 2022.

 

As we progress through the season we are delighted to return to winning ways, securing the first silverware of the season, the Premier Sports Cup in December.  This is the 20th time Celtic has won this trophy. December also saw us finish 3rd in the Europa League Group with a creditable 9 points in what was a difficult group.  We now enter the newly constituted Europa Conference League where we will play FK Bodo/Glimt. At the time of writing we sit at the top of the Premiership with 12 games remaining and we have reached the fifth round of the Scottish Cup. We also note the progress which continues to be made by our women's first team and in particular the magnificent achievement of winning the SWPL Cup in December 2021, the women's team's first trophy in over 10 years. We congratulate the players, Fran Alonso and his management team on this success and hopefully can look forward to further success in the near future.

 

On behalf of the Board I express my assured confidence in the football management team and the executive management team who collectively share many years' experience in Celtic Football Club and who have worked tirelessly to restore our current position at the top of Scottish Football. We are optimistic about the future.

 

Finally, I wish to express my sincere gratitude to our supporters, our shareholders and our commercial partners. The support they offered over the last six months and beyond as we emerge from Covid-19 has been immeasurable as we have navigated the Club through this transitional period.

 

 

Ian P Bankier 

11 February 2022

Chairman

 

 

 

 

INDEPENDENT REVIEW REPORT TO CELTIC PLC

Conclusion

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2021 which comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and related explanatory notes.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2021 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the London Stock Exchange AIM Rules for Companies.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with the London Stock Exchange AIM Rules for Companies .

 

In preparing the half-yearly financial report, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

 

Use of our report

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Transparency (Directive 2004/109/EC) Regulations 2007 and for no other purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

 

 

BDO LLP

Chartered Accountants

Glasgow, UK

Date

 

 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTHS TO 31 DECEMBER 2021

 

 

 

 

 

 

 

 

 

2021

Unaudited

 

 

 

 

2020

Unaudited

 

 

Note

£000

 

£000

 

 

 

 

 

 

Revenue

 

2

  52,858

 

40,688

Operating expenses (before intangible asset transactions)

 

 

 (45,810)

 

(40,966)

 

Profit/(loss) from trading before intangible asset transactions

 

 

 

7,048

 

 

(278)

 

 

 

 

 

 

Exceptional operating credit

 

3

1,063

 

-

 

Amortisation of intangible assets

 

 

(6,251)

 

(6,583)

 

Profit on disposal of intangible assets

 

 

25,752

 

993

 

 

 

 

 

 

 

Operating profit/(loss)

 

 

 

27,612

 

 

(5,868)

 

 

 

-

 

 

 

 

 

 

 

 

Finance income

 

4

456

 

515

Finance expense

 

4

(512)

 

(516)

 

Profit/(loss) before tax

 

 

 

27,556

 

 

(5,869)

Income tax (expense)/credit

 

5

(3,210)

 

730

 

 

 

-

 

 

 

Profit/(loss) and total comprehensive income/(expense) for the period

 

 

 

 

 

 

24,346

 

 

(5,139)

 

Basic earnings/(loss) per Ordinary Share

 

 

6

 

25.78p

 

 

(5.45p)

 

Diluted earnings/(loss) per Share

 

 

6

 

18.01p

 

 

(5.45p)

 

 

 

 

 

 

             

 

The notes on pages 10 to 13 form part of these financial statements.

 

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2021

 

 

 

 

2021

Unaudited

 

 

 

2020

Unaudited

 

 

Notes

£000

 

 

£000

 

NON-CURRENT ASSETS

 

 

 

 

 

 

Property plant and equipment

 

57,087

 

 

57,781

 

Intangible assets

7

27,522

 

 

25,912

 

Trade and other receivables

8

14,664

 

 

9,082

 

 

 

99,273

 

 

92,775

 

CURRENT ASSETS

 

 

 

 

 

 

Inventories

 

2,940

 

 

3,000

 

Trade and other receivables

8

32,180

 

 

21,064

 

Cash and cash equivalents

10

27,798

 

 

23,183

 

 

 

62,918

 

 

47,247

 

TOTAL  ASSETS

 

162,191

 

 

140,022

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

Issued share capital

9

27,168

 

 

27,168

 

Share premium

 

14,951

 

 

14,912

 

Other reserve

 

21,222

 

 

21,222

 

Accumulated profits

 

29,975

 

 

13,091

 

TOTAL EQUITY

 

93,316

 

 

76,393

 

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

Interest bearing liabilities/ bank loans

 

  932

 

 

2,212

 

Debt element of Convertible Cumulative Preference Shares

 

4,174

 

 

4,174

 

Trade and other payables

 

7,883

 

 

4,068

 

Lease Liabilities

 

  352

 

 

431

 

Deferred tax

5

  2,904

 

 

906

 

Provisions

 

   99

 

 

128

 

Deferred income

 

   -

 

 

14

 

 

 

16,344

 

 

11,933

 

CURRENT LIABILITIES

 

 

 

 

 

 

Trade and other payables

 

26,124

 

 

24,997

 

Current borrowings

  1,336

 

 

1,364

 

Lease Liabilities

 

  562

 

 

  568

 

Provisions

 

 6,686

 

 

6,402

 

Deferred income

 

17,823

 

 

18,365

 

 

 

52,531

 

 

51,696

 

TOTAL LIABILITIES

 

68,875

 

 

63,629

 

TOTAL EQUITY AND LIABILITIES

 

162,191

 

 

140,022

 

Approved by the Board on 11 February 2022.

The notes on pages 10 to 13 form part of these financial statements.

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 6 MONTHS ENDED 31 DECEMBER 2021

 

 

 

  Share

  capital

 

Share premium

 

Other reserve

 

Accumulated

Profits

 

Total

 

 

£000

£000

£000

£000

£000

EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2020 (Audited)

27,167

14,849

21,222

18,230

81,468

 

Share capital issued

 

1

 

63

 

-

 

-

 

64

 

Reduction in debt element of

convertible cumulative

preference shares

-

-

-

-

-

 

Loss and total comprehensive expense for the period

-

-

-

(5,139)

(5,139)

 

 

 

 

 

 

EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2020 (Unaudited)

 

27,168

 

14,912

 

21,222

 

13,091

 

76,393

 

 

 

 

 

 

EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2021 (Audited)

27,168

14,912

21,222

5,629

68,931

 

Share capital issued

 

-

 

39

 

-

 

-

 

39

Reduction in debt element of convertible cumulative preference shares

-

-

-

-

-

 

 

 

 

 

 

Profit and total comprehensive income for the period

-

-

-

24,346

 

 

 

 

 

 

EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2021 (Unaudited)

27,168

14,951

21,222

29,975

93,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

The notes on pages 10 to 13 form part of these financial statements.

 

CONSOLIDATED CASH FLOW STATEMENT

FOR THE 6 MONTHS ENDED 31 DECEMBER 2021

 

 

Note 

2021

Unaudited

 

2020

Unaudited 

 

 

£000

 

£000

Cash flows from operating activities

 

 

 

Profit/(loss) for the period after tax

 

  24,346

 

(5,139)

Income tax expense/ (credit)

 

3,210

 

(730)

Depreciation

 

1,320

 

1,241

Amortisation

 

6,251

 

6,583

Reversal of prior period impairment charge

 

(1,095)

 

-

Profit on disposal of intangible assets

 

(25,752)

 

(993)

Finance costs

 

512

 

516

Finance income

 

(456)

 

(515)

 

 

8,336

 

963

 

 

 

 

 

Decrease/ (increase) in inventories

 

921

 

(1,730)

Decrease/(Increase) in receivables

 

  1,190

 

(737)

Decrease in payables and deferred income

 

  (6,644)

 

(4,029)

Cash generated from/(used in) operations

3,803

 

(5,533)

Tax paid

-

 

-

Interest paid

  (42)

 

(67)

Interest received

 

  19

 

29

Net cash flow from/(used in) operating activities

 

3,780

 

(5,571)

Cash flows from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

  (801)

 

(214)

Purchase of intangible assets

 

  (13,801)

 

(6,306)

Proceeds from sale of intangible assets

 

20,660

 

14,346

Net cash generated from investing activities

 

 6,058

 

7,826

Cash flows from financing activities

 

 

 

 

Repayment of debt

 

(640)

 

(640)

Payments on leasing activities

 

(378)

 

(379)

Dividend on Convertible Cumulative Preference Shares

 

(481)

 

(459)

Net cash used in financing activities

 

(1,499)

 

(1,478)

 

 

 

 

 

Net increase in cash equivalents

 

  8,339

 

777

Cash and cash equivalents at 1 July

 

19,459

 

22,406

Cash and cash equivalents at 31 December

10

27,798

 

23,183

           

The notes on pages 10 to 13 form part of these financial statements.

 

 

NOTES TO THE FINANCIAL INFORMATION

 

1.  BASIS OF PREPARATION

 

The financial information in this interim report comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and accompanying notes.  The financial information in this interim report has been prepared under the recognition and measurement requirements in accordance with UK adopted international accounting standards, but does not include all of the disclosures that would be required under those accounting standards. The accounting policies adopted in the financial statements for the year ended 30 June 2022 will be in accordance with UK adopted international accounting standards.

 

The financial information in this interim report for the six months to 31 December 2021 and to 31 December 2020 has not been audited, but it has been reviewed by the Company's auditor, whose report is set out on pages 4 and 5.

 

Adoption of standards effective for periods beginning 1 July 2021

 

There have been no new standards effective from 1 July 2021, however there have been some amendments to existing standards as follows:

 

· Amendment to IFRS 4 Insurance contracts - deferral of IFRS 9.

· Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest rate benchmark reform - Phase 2.

· Amendment to IFRS 16 for Covid-19 rent concessions beyond 30 June 2021, effective from 1 April 2021.

 

Going concern

 

As part of the Directors' consideration of the going concern assumption used in preparing the Interim Report, different scenarios have been analysed for a minimum period of 12 months from the date of approval of the report with outlook assumptions used beyond this time frame. The main factors considered were:

 

current financial stability of the Group and on-going access to funds;

current trading environment and potential future restrictions on trading as a result of Covid-19, primarily any impact on the attendance of fans in football stadia;

security of revenue streams;

first team football performance and success; and

player transfer market conditions.

 

The Directors have adopted a prudent approach in the assumptions used in relation to the above, in order to provide additional comfort around the viability of the Group going forward.

 

At 31 December 2021, the cash at bank was £27.8m. In addition, the Group had a net receivables position with respect to player trading payables/receivables. The 6 months of trading to 31 December 2021 have been more favourable than in the comparative period for 2020 and as a result there remains strong liquidity in the business. At the time writing, there are no indications that trading conditions, and in particular the attendance of fans at football matches, are likely to be negatively impacted in the near future. This situation will however remain under review. 

 

The Group has retained established contracts with a number of our commercial partners and suppliers providing assurance over future revenues and costs and we have clear visibility over committed labour costs and transfer payables. In addition, the Group has in recent years, achieved significant gains in relation to player trading and manages the movement of players in and out of the team strategically to ensure maximisation of value where required while maintaining a squad of appropriate quality to ensure, as far as possible, continued on field success. This has been illustrated by the sales of Kris Ajer and Odsonne Edouard during the summer 2021 transfer window.

 

The Group continues to have access to a £13m RCF with the Co-operative Bank which was amended and restated in Sept 2020. This provides additional access to funds should these be required. The facility has never been drawn down and the current cash flow forecasts over the period of the going concern review do not show a requirement to utilise it.

 

The Group continues to perform a detailed budgeting process each year which looks ahead four years from the current financial year, and is reviewed and approved by the Board. The Group also re-forecasts each month and this is distributed to the Board. As a consequence, and in conjunction with the additional forecasting and sensitivity analysis which has taken place and taking into account reasonably forecasted worst case scenarios, the Directors believe that the Company is well placed to manage its business risks successfully despite the continuing uncertain economic outlook.

 

In consideration of all of the above, the Directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the Interim Report.

 

2.  REVENUE

 

 

6 months
to 31
Dec 2021

 

6 months
to 31
Dec 2020

 

 

Unaudited
£000

 

Unaudited
£000

Football and stadium operations

 

23,558

 

12,570

Multimedia and other commercial activities

 

13,973

 

13,049

Merchandising

 

15,327

 

15,069

 

 

52,858

 

40,688

 

 

 

 

 

Number of home games

 

19

 

17

 

3.  EXCEPTIONAL OPERATING CREDIT

 

The exceptional operating credit of £1.06m (2020: nil) represent settlement payments of £0.03m and an impairment reversal of  £1.09m which was a previously provided for in relation to intangible assets deemed to be irrecoverable. These events are deemed to be unusual in relation to what management consider to be normal operating conditions.

 

4.  FINANCE INCOME AND EXPENSE

 

 

 

 

 

6 months to

31 December

2021

 

6 months to

31 December

2020

 

 

 

 

Unaudited

£000

 

Unaudited

£000

 

Finance income:

 

 

 

 

 

Interest receivable on bank deposits

 

  19

 

29

 

Notional interest income

 

437

 

486

 

 

 

456

 

515

 

 

 

 

 

 

 

 

 

 

 

 

 

6 months to

31 December

2021

 

6 months to

31 December

2020

 

 

 

 

Unaudited

£000

 

Unaudited

£000

 

 

Finance expense:

 

 

 

 

 

Interest payable on bank and other loans

 

  (40)

 

(60)

 

Notional interest expense

 

(188)

 

(172)

 

Dividend on Convertible Cumulative Preference Shares

 

(284)

 

(284)

 

 

 

(512)

 

(516)

 

 

5.  TAXATION 

 

  Tax has been charged at 19% for the six months ended 31 December 2021 (2020: 19%) representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the six month period. After accounting for deferred tax, this has resulted in tax expense in the statement of comprehensive income of £3.2m (2020: credit of £0.7m).

 

6.  EARNINGS PER SHARE

 

  Basic earnings per share has been calculated by dividing the profit for the period of £24.3m (2020: loss of £5.1m) by the weighted average number of Ordinary Shares in issue of 94,446,660 (2020: 94,315,059). Diluted earnings per share has been calculated by dividing the profit for the period by the weighted average number of Ordinary Share, Convertible Cumulative Preference Shares and Convertible Preferred Ordinary Shares in issue, assuming conversion at the balance sheet if dilutive. 

 

7.   INTANGIBLE ASSETS

 

 

 

31 December 2021

 

 

31 December 2020

 

 

 

Unaudited

 

Unaudited

 

Cost

 

£000

 

 

£000

 

 

At 1 July

 

49,559

 

49,846

 

Additions

 

16,760

 

12,667

 

Disposals

 

(19,186)

 

(1,581)

 

At period end

 

47,133

 

60,932

 

 

Amortisation

 

 

 

 

 

At 1 July

 

31,256

 

30,018

 

Charge for the period

 

6,251

 

6,583

 

Reversal of prior period impairment

 

1,094

 

-

 

Disposals

 

(18,990)

 

(1,581)

 

At period end

 

19,611

 

35,020

 

 

Net Book Value at period end

 

 

27,522

 

 

25,912

 

 

 

8.   TRADE AND OTHER RECEIVABLES

 

31 December 2021

Unaudited

 

31 December 2020

Unaudited

£000

£000

 

 

 

 

  Trade receivables

  34,381

 

19,024

  Prepayments and accrued income

7,436

 

5,767

  Other receivables

5,027

 

5,355

 

46,844

 

30,146

 

 

 

 

Amounts falling due after more than one year included above are:

 

 

 

 

2021

 

2020

 

 

£000

 

 

£000

 

 

  Trade receivables

14,664

 

9,082

 

 

 

 

 

9.  SHARE CAPITAL

 

 

Authorised

 

Allotted, called up and fully paid

 

31 December

 

31 December

 

2021

 

2020

 

2021

2021

2020

2020

 

Unaudited

 

Unaudited

Unaudited

 

No 000

 

No 000

 

No 000

£000

No 000

£000

Equity

 

 

 

 

 

 

 

 

Ordinary Shares of 1p each

223,681

 

223,608

 

94,457

945

94,349

944

Deferred Shares of 1p each

676,275

 

672,852

 

676,275

6,763

672,852

6,729

Convertible Preferred Ordinary Shares of £1 each

 

14,722

 

 

14,756

 

 

12,734

 

12,734

 

12,769

 

12,769

Non-equity

 

 

 

 

 

 

 

 

Convertible Cumulative Preference Shares of 60p each

 

18,297

 

 

18,298

 

 

15,797

 

9,479

 

15,798

 

9,479

 

Less reallocated to debt:

Initial debt

 

 

-

 

 

 

-

 

 

 

-

 

 

(2,753)

 

 

-

 

 

(2,753)

 

 

 

 

 

 

 

 

 

 

932,975

 

929,514

 

799,263

27,168

795,768

27,168

 

 

 

10.   ANALYSIS OF NET CASH AT BANK

  The reconciliation of the movement in cash and cash equivalents per the cash flow statement to net cash is as follows: 

 

 

 

 

31 December

2021

 

31 December

2020

 

 

 

Unaudited

 

Unaudited

 

 

 

£000

 

£000

 

 

 

 

 

 

 

Bank Loans due after more than one year

 

(932)

 

(2,212)

 

Bank Loans due within one year

 

(1,236)

 

(1,264)

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

Cash at bank and on hand

 

27,798

 

23,183

 

 

 

 

 

 

 

Net cash at bank at period end

 

25,630

 

19,707

 

 

 

11.  POST BALANCE SHEET EVENTS

Since the balance sheet date, we have secured the permanent registrations of Daizen Maeda, Yosuke Ideguchi, Reo Hatate, Johnny Kenny, and Matthew O'Riley.

 

We have also temporarily transferred the registrations of Ewan Henderson to Hibernian, Conor Hazard to HJK Helsinki, Liam Shaw to Motherwell, Osaze Urhoghide to KV Oostende and Lee O'Connor has permanently transferred to Tranmere Rovers.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR EAPAFFFPAEFA

a d v e r t i s e m e n t