Final Results
Tottenham Hotspur PLC
05 September 2002
5th September 2002
Enquiries:
Daniel Levy/Paul Viner Tel: 020 8365 5000
Tottenham Hotspur plc
John Bick/Trevor Phillips Tel: 020 7929 5599
Holborn
TOTTENHAM HOTSPUR PLC
Preliminary results for the year ended 30th June 2002
Summary of Results
Eleven
Twelve months months
ended ended
30th June 2002 30th June 2001
£m £m
Turnover 65.0 48.4
Operating profit before profit on sale of player
registrations and amortisation 9.2 9.4
Net interest payable (0.7) (0.9)
Profit/(loss) on sale of player registrations 6.3 (0.9)
Amortisation of players (13.9) (11.1)
Profit/(loss) before tax 0.9 (3.5)
Earnings/(loss) per share 0.5p (2.5)p
• Increased turnover in gate receipts, media, sponsorship and merchandising.
• Two new major sponsorship partners commenced July 2002: Thomson - shirt
sponsor, Kappa - kit partner.
• Player expenditure of £16.7 million; principally Dean Richards, Gustavo
Poyet, Christian Ziege and Goran Bunjevcevic.
• Profit on player disposals of £6.3 million; principally Luke Young and Ian
Walker
• Strong balance sheet with Net Assets of £37.7 million and net debt at the
year of £7.1 million.
Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said:
'A number of significant measures have been introduced this year to take the
business forward. At the same time, we have worked diligently on our long-term
objectives in order to give the necessary infrastructure to the manager to
continue to develop a winning team.
'Whilst we remain mindful of maintaining control of costs within the business
the current financial year has started positively. We view the remainder of year
with the confidence that we will continue to make steady progress with the
development of Tottenham Hotspur both on and off the pitch.'
Chairman's Statement
Results
I am pleased to announce results for the year to 30th June 2002. In summary, the
results compare favourably to the eleven-month period ended 30th June 2001. A
detailed analysis of these results is included in the Operating and Financial
Review.
A Year of Change
The conclusion of the purchase of shares in this Company by ENIC plc in February
2001, which resulted in ENIC plc owning a 29.9% stake, represented the start of
a significant period of change for the business. Your Board is firmly focussed
on the development of new business opportunities, whilst at the same time
devoting the necessary attention to addressing operational issues. All these
changes are being made in order to create long-term benefits to the club. As
part of these changes, from October, my role became an executive one. This has
enabled me to oversee our strategic plans and at the same time make changes to
improve the efficiency of the day-to-day running of the business.
Turning to the industry over the last year, the most notable changes have been
in the media sector. Nationally we have witnessed the collapse of the ITV
Digital broadcasting deal with the Football League. Internationally, media deals
have collapsed in both Italy and Germany. Elsewhere, in December of last year,
the Premier League narrowly averted a players strike. We take all these issues
seriously and are conscious of the need to factor these risks into our business
plans.
All these changes, whether domestic or European, have led to a dramatic change
in the football transfer market over the last six months. Coupled with this, in
the UK, we are now experiencing the new phenomenon of the transfer window. This
has resulted in an even greater need for sensible salary and transfer
negotiation.
Football
Despite some obvious disappointments, I believe that this has been a season of
progress for the Club. Although the Worthington Cup Final defeat was a setback,
I am pleased that we reached a major Cup Final and the quarter final of the FA
Cup in Glenn Hoddle's first full season.
We have, in Glenn Hoddle, an extremely talented Team Coach. Glenn is committed
to delivering exciting football and returning domestic and European honours to
White Hart Lane. The style of football played has been more in the true
traditions of the Club. A number of the younger players have flourished and the
success of the youth team in reaching the Semi-Final of the FA Youth Cup is
encouraging for the Club's long-term future. This shows the strength and depth
we are trying to develop, particularly as we continue to put great emphasis on
investing in the development of our youth.
We are confident that this Summer's signings of Robbie Keane, Jamie Redknapp and
Milenko Acimovic will form part of a winning team. In addition to this we have
continued our policy of identifying the best young players available and to this
end we have invested in Jonathon Blondel, the Belgium Under-19 captain.
We thank the players who left this summer for their service to the Club in the
past. Chris Armstrong and Oyvind Leonhardsen were released in the summer and we
wish them well in their new careers at Bolton and Aston Villa respectively.
We have worked hard with Glenn to ensure a balanced squad. We do not believe
that we have fully achieved this yet, although we believe that we have made good
progress. This summer has been a very challenging market place. Whilst the next
transfer window is not until January, we will be working diligently to ensure we
have a squad capable of sustained success.
Sponsorship
In this reporting period we have successfully negotiated our two major
sponsorship contracts for our shirt and kit sponsor. I am very pleased to have
the association with Thomson and Kappa respectively and I am looking forward to
a successful relationship with them both.
We have agreed a two-year deal with Thomson, our shirt sponsor. Of great
significance is that this is a link up between two leisure companies and we are
working with Thomson to develop several initiatives to benefit all parties; the
Club, Thomson and our fans.
We agreed a four-year deal with Kappa, as the official kit supplier and leisure
wear partner. Kappa is at the forefront of sports apparel technology and
design. Kappa's design team has a proven track record and provides the
award-winning kit for the Italian National Team, along with that of AS Roma,
Real Zaragoza and Feyenoord.
I would like to take this opportunity to thank our former partners, Holsten and
adidas, for their contribution to the business over the last three years.
Customer Service, Communication and Marketing
Our focus this year has been to improve attention paid to customer care. As part
of our commitment to customer service, we have published a Ticket Charter, which
has served to make the Club's ticketing policies much more transparent. We are
proud to be the first Premiership club to produce such a document. We are
striving to ensure that our ticket office delivers a first class service to all.
Our ticket pricing changes, issued this Spring, were intended to address some of
the imbalance in prices across the Stadium. For this reason, there were a number
of large increases in certain areas of the stadium and none in others. In spite
of these increases, I am delighted to confirm that for the forthcoming season we
will have a record number of season ticket holders.
In order to make the purchase of tickets easier, we have launched an online web
based ticket sales system. We are proud to be the first club to have taken this
initiative which we believe will greatly improve the service to our members with
web access who are now able to see a three-dimensional view from each seat in
the stadium, and then buy specific seats via our website. This facility will
also help alleviate pressure on the ticket office, ensuring a greater level of
service for those members who still wish to book tickets by telephone. This is
just one of many benefits we offer to our members.
The Internet is a key resource available to the business for both communication
and marketing. Football is in a unique position as a business in that a
substantial number of the clubs' customers regularly use the club website to
obtain the latest news and information, in addition to the purchase of tickets
and merchandise. We recognise that in order to capitalise on the business
opportunities associated with this we need to ensure that our site is well
designed and regularly updated. Our web site continues to evolve with new
sections being added, most recently including the launch of an auction page
where items of memorabilia are sold.
The value of the Internet as a commercial channel continues to develop. The bulk
of our mail order sales are now placed on line and 75% of the advance orders for
our new first team home kit were also placed over the Internet. Although the
dot-com bubble has burst, I am convinced that business opportunities on the
Internet are there to those who are suitably inventive and who have a robust
business model.
Next Generation
Your Board recognises the need to create and encourage the next generation of
fans by encouraging youngsters to the ground. To help achieve this, we have a
number of schemes, including the Junior Spurs Members Club, holiday football
coaching courses and forthcoming initiatives with Thomson. In addition, to
promote football as a day out for all the family, during the last season we
designated six games as family games. In addition, we have capped the number of
season tickets to ensure there are sufficient match day tickets available to
encourage young fans to attend matches.
During the last year we established a dedicated marketing department. To support
this function we have sourced a Customer Relationship Management system ('CRM').
This CRM software will merge the different databases from Ticket Office,
Members, Corporate Hospitality and Mail Order departments, giving a
comprehensive overview of our supporter database. The first phase has seen the
introduction of this software to our commercial and corporate hospitality
business and includes the establishment of a computerised booking system. In the
coming months the database will be extended to capture our ticketing, membership
and mail order databases. By consolidating our data, we will gain an insight
into customers' profiles and historical spend and then create targeted
promotions with real benefits to both our corporate customers and our fans.
Personnel
The internal reporting structure was reorganised last October. We are now ready
to embark on the second phase of this process. Paul Viner, our newly appointed
Finance Director, is currently in the process of refining our group finance
function. Additionally, the conference centre and corporate hospitality
departments have been merged. We believe that both these measures will result in
increased operational efficiencies for the group.
I should like to take this opportunity to thank all our staff for their efforts
last season, particularly with the heavy league and cup programme in the early
part of this year.
Dividends and Share Capital
Your Board still hold the view that any surplus profits are currently best
re-invested in the Company. We review this policy annually.
Shortly, shareholders will receive a Circular seeking their permission to renew
the authority to allow the Board to purchase shares up to 10% of the issued
share capital of the Company in the market. Whilst this authority was sought but
not used last year the Board believe that this authority should be renewed to
allow the Company to utilise this flexibility if it is deemed to be in the
interest of shareholders.
Looking Ahead
We have started the process of building the brand internationally. The World Cup
finals greatly enhanced the exposure of our players to the Far Eastern market
and this will, inevitably, increase commercial opportunities for leading clubs
such as Tottenham. We have appointed an International Marketing Consultancy to
advise us on the best strategy to exploit those international opportunities.
Although this is initially a cost to the business, we believe that it will pay
dividends in the longer term. We are currently planning an entry to target
countries with a multi-strand programme that will include promotional work,
skills schools, merchandise marketing and first team tours. This will be
under-pinned with solid research, which should ensure that the gain is real and
long-term.
We still have all our media rights intact. The FA Premier League is still a year
away from renegotiating their TV deal with Sky, which terminates in May 2004. In
the meantime, we will continue to exploit our own Internet rights and consider
all possibilities for 2004.
Our most important current long-term focus is with the development of the
Football Academy and the expansion of our White Hart Lane Stadium. We have
appointed a firm of property consultants to oversee a clear ten to fifteen year
vision of where this Company should be directing its resources in terms of both
the development of the stadium and of the Academy.
The Academy has been earmarked for a site in Abridge in Essex. To date, we have
secured an option on the land of 54 acres and our plans have been submitted to
Epping Forest District Council and detailed negotiations continue to obtain the
appropriate consent.. I hope to be able to report on the preliminary findings
from the planning authority at the time of our interim report next year and
provide further details on the proposed joint venture we will undertake with the
adjacent Golf Club.
In the meantime, our first team and youth teams will continue to train at our
Chigwell site. If we are successful in our planning application, once the new
facility at Abridge is in use, the current Spurs Lodge training ground will
become the home of our successful Football in the Community scheme. This will
be the biggest centre of its kind in the UK and will be available for use by
local schools, community groups, clubs and athletes.
In my statement last year, I was able to report to Shareholders that we had
secured planning permission for the East Stand. This was a project that I
inherited. Upon review, your Board believe that alternative projects exist which
will have a greater benefit to the Company. The aim is to ensure that we have a
cohesive plan that will optimise stadium capacity combined with a clear
investment rationale and a sensible financial payback. This strategic plan
requires consultation with local and central Government, the Mayor's office and
Transport for London. Consultations of this nature tend to be drawn out and
laborious, and it is unlikely that I will be in a position to report further for
some time. Before the Company can approve any expansion of the stadium your
Board requires commitment from the various Government departments to invest in
the regeneration of the local area. There is no sense in us increasing the
capacity of the stadium if our fans are unable to get to and from the ground.
Your Board continues to examine all potential sources of long term financing for
the group, particularly for the support of major projects such as those outlined
above. This includes equity finance in the form of ordinary or preference shares
and debt instruments.
Summary
You will have found, in this statement, details of a number of significant
measures we have introduced this year to take the business forward. At the same
time, we have worked diligently on our long-term objectives in order to give the
necessary infrastructure to the manager to continue to develop a winning team.
This Board has a very clear vision of where it wants to take this football club.
All associated with this Company are working very hard to position this Club
with the elite of European Club football.
Daniel Levy
Chairman
4th September 2002
Operating and Financial Review
Analysis of Results
These results cover the year to June 2002 and are compared to the eleven-month
period to June 2001. There is no significant revenue in the month of July and as
such, comparison of turnover for the two periods is relatively straightforward.
Cost comparisons, however, are more distorted and where this is significant the
underlying trend has been explained.
Turnover
Turnover for the year was £65.0m, an increase of £16.6m over the comparative
eleven month period.
League gate receipts were £20.1m for the year, an increase of 10% over the prior
period. These figures reflect record season ticket numbers, near capacity
attendances at most home league games, as well as a slight increase in the
average ticket price compared to last year. Increases in executive club income,
receipts from match-day programmes and income from our members and Junior Spurs
also contributed to this rise in turnover.
Cup gate receipts were £7.6m (2001- £3.2m). This increase reflects our relative
success in both domestic competitions. This year also includes £325,000 of prize
money, £275,000 of which is as a result of the first year of the new FA Cup
prize system.
Television and Media income was £22.6m, an increase of £7.8m on the prior
period. For the first time this is the highest income stream for the Group and
highlights the relative importance of this high margin income. The main driver
for this has been the new three year Premier League TV deal which commenced in
August 2001. We have also negotiated significant radio deals with Talk Radio and
BBC London that contribute to this annual increase.
Sponsorship revenue has increased to £6.8m from £5.6m. This year's income does
not include any receipts from our two new sponsors, Kappa and Thomson. These
deals commenced on 1st July 2002. The increase of £1.2m arises from both income
for the additional month this year and the comparatively higher level of income
received from adidas during the final year of their contract.
The Merchandising division performance was particularly pleasing given this is
against the background of the final year of the adidas deal. Turnover increased
by £0.5m to £4.6m.
Other income increased by £1.0m to £3.4m, representing some ancillary increases
in turnover from the cup performance as well as income earned from the England
game staged at White Hart Lane.
Cost of Sales and Administrative Expenses
Cost of sales excluding player trading was £47.8m (2001 - £32.6m). Last year's
eleven month figures did not include the traditionally expensive month of July,
where player signing on fees are usually heaviest. The 2001 figures also include
the compensation paid for the dismissal of George Graham. This year's figures
include salaries for our signings since last summer- Poyet, Sheringham, Ziege,
Richards and Bunjevcevic. On a like-for-like basis, the ratio of salary costs to
turnover remained in line with the prior period. There were increased costs this
year for seven cup games (including the postponed Bolton match) staged at White
Hart Lane compared to three in the prior period.
Administrative expenses for the year were £8.0m, an increase of £1.6m over the
comparative eleven-month period. This year's figures included the costs
associated with the additional month in addition to a significant number of
one-off items. These one-off items included the costs associated with the
reorganisation of the group and the legal expenses relating to the Kappa and
Thomson contracts. Administration costs for the group were maintained in line
with current inflation.
Operating profit before player trading and amortisation
Operating profit before player trading is £9.2m, £0.2m below the prior period
due to the factors noted above.
Net bank interest payable reduced to £0.7m from £0.9m in line with declining
interest rates and the reduced bank overdraft.
Player Trading and Amortisation
Profit on disposal of players of £6.3m (2001 - loss - £0.9m) related largely to
the sales last summer of Ian Walker to Leicester City for £2.5m and Luke Young
to Charlton Athletic for £3.0m. The remaining £0.8m mainly comprises
sell-on-fees received in the period.
The major acquisition in the year was the registration of Dean Richards, bought
from Southampton for £8.1m. Other purchases during the year were Gustavo Poyet,
Christian Ziege and Goran Bunjevcevic.
The amortisation charge for the year of £13.9m was £2.8m higher than the
comparable eleven month period. The increase reflects both the additional one
month's charges and £1.7m arising from the Board's review of the useful economic
lives of the intangible assets in line with the relevant Financial Reporting
Standards. Included in last year's charge of £11.1m was an impairment charge of
£0.8m arising from the retirement through injury of Willem Korsten.
Tax
Tax of £479,000 is payable on a profit of £946,000, equating to an effective
rate of 51%. This rate is higher than the statutory rate of 30% primarily
because certain depreciation charges (mainly relating to land and buildings) do
not attract tax relief. Last period a loss of £3.5m generated a tax credit of
£1.0m.
Dividends
No dividend is proposed for the reasons outlined by the Chairman in his
Statement.
Balance Sheet
Net Assets now stand at £37.7m, an increase of £0.6m over the restated prior
period figure. Last year's Balance Sheet has been restated in line with the new
Financial Reporting Standard on Deferred Tax. This resulted in a reduction in
prior year Net Assets of £1.8m.
Tangible Assets remain largely unchanged at £46.3m. Additions in the year of
£1.9m were exceeded by depreciation of £2.2m.
Intangible assets increased by £2.8m, the amortisation charge of £13.9m for the
year was exceeded by player additions of £16.7m in the year.
Stock of £0.3m at the year-end reflects the strong performance of the
Merchandise Division. All adidas stock had been sold by the year end, therefore
this stock is entirely our own brand products.
At the year-end the Bank Overdraft stood at £4.1m (2001 - £10.7m). This broadly
reflects the increased cash received in the period from operating activities
over the prior year as well as amounts received and paid during the year in
respect of player purchases and sales.
Debtors at the year end stood at £9.6m, an increase of £2.0m from last year.
This increase is largely as a result of a higher balance for monies due in
respect of player sales.
Creditors due within one year amounted to £40.5m at the Balance Sheet date (2001
- £34.5m). The increase of £6.0m primarily reflects the increase of £5.7m for
player purchases. The decrease in the overdraft of £6.6m is largely offset by
an increase in deferred income of £5.0m. Deferred income includes monies
received from sponsors and season ticket holders which relates to the
forthcoming year.
Capital Investment
Ongoing consideration of our options for capital investment at White Hart Lane
and at our Training Ground at Chigwell, has meant that a prudent approach has
been taken towards capital expenditure in the year. Only projects that the Board
considered to be essential were undertaken. This resulted in additions in the
year of £1.9m, the largest element of these relating to development costs for
the Academy.
Summary
The Net Asset position will always, under current accounting standards, only
include those player registrations purchased by the group. We have confidence in
our youth policy, and the Balance Sheet does not reflect the market values of
those players who are home-grown and on long term contracts.
Paul Viner
Finance Director
4th September 2002
Consolidated Profit and Loss Account
For the year ended 30th June 2002
Year ended 30th June 2002 Restated
(Note 2)
Operations Player Total Eleven months
excluding trading* ended 30th June
player 2001
trading*
Note £'000 £'000 £'000 £'000
(note 3)
Turnover: 4 65,033 - 65,033 48,396
Cost of sales (47,837) (13,918) (61,755) (43,733)
Gross profit/(loss) 17,196 (13,918) 3,278 4,663
Administrative expenses (7,956) - (7,956) (6,350)
Operating profit/(loss) 9,240 (13,918) (4,678) (1,687)
Profit/(loss) on disposal of - 6,308 6,308 (867)
players' registrations
Profit/(loss) before interest and 9,240 (7,610) 1,630 (2,554)
taxation
Net interest payable (684) (917)
Profit/(loss) on ordinary activities 946 (3,471)
before taxation
Tax (charge)/credit on profit/(loss) (479) 976
on ordinary activities
Profit/(loss) on ordinary activities 467 (2,495)
after taxation
Retained profit/(loss) for the year 467 (2,495)
Earnings/(loss) per share - basic 5 0.5p (2.5)p
Earnings/(loss) per share -diluted 5 0.5p (2.5)p
*Player trading represents the amortisation, impairment and the profit or loss
on disposal of players' registrations.
Turnover and operating profit/(loss) all derive from continuing operations.
Statement of Total Recognised Gains and Losses
Year ended 30th June 2002
Restated (Note 2)
Eleven
Months
Year ended 30th June Ended 30th June
2002 2001
£'000 £'000
Profit/(loss) for the financial period and total recognised gains 467 (2,495)
and losses in the period
Prior period adjustment (note 2) (1,773) -
Total recognised gains and losses since last annual report (1,306) (2,495)
Consolidated Balance Sheet
as at 30th June 2002
Group Company
Restated Restated
(Note 2) (Note 2)
30th June 30th June 30th June 30th June
2002 2001 2002 2001
£'000 £'000 £'000 £'000
Fixed assets:
Intangible assets 27,741 24,937 - -
Tangible assets 46,306 46,611 46,289 46,572
Investments - - 1,345 1,345
74,047 71,548 47,634 47,917
Current assets:
Stocks 260 912 260 912
Debtors 9,582 7,598 10,513 14,088
9,842 8,510 10,773 15,000
Creditors - Amounts falling due within one
year (40,564) (34,519) (12,888) (17,349)
Net current liabilities (30,722) (26,009) (2,115) (2,349)
Total assets less current liabilities 43,325 45,539 45,519 45,568
Creditors - Amounts falling due after more
than one year (3,918) (6,444) (3,918) (5,444)
39,407 39,095 41,601 40,124
Provisions for liabilities and charges: (1,744) (1,987) (1,754) (1,773)
Net assets 37,663 37,108 39,847 38,351
Capital and reserves:
Called-up share capital 5,102 5,085 5,102 5,085
Share premium account 11,358 11,287 11,358 11,287
Revaluation reserve 2,576 2,624 2,236 2,284
Profit and loss account 18,627 18,112 21,151 19,695
Equity shareholders' funds 37,663 37,108 39,847 38,351
Consolidated Cash Flow Statement
For the year ended 30th June 2002
Year ended Eleven months ended 30th
30th June 2002 June 2001
Note £'000 £'000 £'000 £'000
Net cash inflow from operating activities 6 17,621 8,340
Returns on investments and servicing of finance:
Interest received 2 21
Interest paid (663) (996)
Interest element of finance lease payments (15) (41)
Net cash outflow for returns on investments and
servicing of finance (676) (1,016)
UK corporation tax paid (120) (1,497)
Capital expenditure and financial investment:
Payments to acquire registrations (11,047) (10,201)
Receipts from sales of registrations 4,153 8,084
Payments to acquire tangible fixed assets (1,888) (570)
Net cash outflow for capital expenditure and
financial investment (8,782) (2,687)
Cash inflow before use of liquid resources and
financing 8,043 3,140
Financing:
Issue of ordinary share capital 88 -
Bank loan repayments (1,177) (1,176)
Capital element of finance lease payments (323) (299)
Net cash outflow from financing (1,412) (1,475)
Increase in cash 6,631 1,665
Notes to the Accounts
For the year ended 30th June 2002
1. The financial information set out on the attached pages does not
constitute statutory accounts for the periods ended 30th June 2002 or 30th June
2001 but is derived from those accounts. Statutory Accounts for the period ended
30th June 2001 have been delivered to the Registrar of Companies and those for
the year ended 30th June 2002 will be delivered following the conclusion of the
Company's forthcoming Annual General Meeting. The Auditors have reported on
these accounts and their reports are unqualified and did not contain statements
under Section 237(2) or (3) of the Companies Act 1985.
The Financial Statements have been prepared on the basis of the accounting
policies in previous period's Financial Statements, except for the adoption of
FRS 19 - see Note 2.
2. The adoption of FRS 19 'Deferred Tax' has decreased the equity
shareholders' funds at 30th June 2001 by £1,773,000, and the profit for the
eleven months ended 30th June 2001 by £132,000. The prior period results have
been restated accordingly.
3. Analysis of comparative Profit and Loss Account
Operations
excluding player
trading Player
trading Total
£'000 £'000 £'000
Turnover 48,396 - 48,396
Cost of sales (32,624) (11,109) (43,733)
Gross profit 15,772 (11,109) 4,663
Administrative expenses (6,350) - (6,350)
Operating profit/(loss) 9,422 (11,109) (1,687)
Loss on disposal of registrations - (867) (867)
Profit/(loss) before interest and taxation 9,422 (11,976) (2,554)
4. Turnover
Turnover, which is all derived from the Group's principal activity, is analysed
as follows:
Eleven months
ended
Year June 2001
ended
June 2002
£'000 £'000
Gate receipts - Premier League 20,094 18,272
Gate receipts - Cup Competitions 7,582 3,207
Media and Broadcasting 22,594 14,765
Sponsorship 6,763 5,631
Merchandising 4,626 4,135
Other 3,374 2,386
65,033 48,396
All turnover derives from activities in the United Kingdom and is exclusive of
VAT
5. Earnings/(loss) per share
Earnings per share have been calculated using the weighted average number of
shares in
issue in each period.
Eleven Months
Year ended
ended June 2001
June 2002
£'000 £'000
Profit/(loss) after taxation 467 (2,495)
Number Number
Weighted average number of shares in issue 101,880,912 101,694,480
Effect of dilutive potential
ordinary shares
Options 17,866 (563,811)
101,898,778 101,130,669
Basic EPS
Earnings/(loss) per share 0.5p (2.5)p
Diluted EPS
Earnings/(loss) per share 0.5p (2.5)p
6. Reconciliation of operating loss to net cash inflow from operating
activities
Eleven
Year Months
ended ended
June 2002 June 2001
£'000 £'000
Operating loss (4,678) (1,687)
Depreciation charge 2,175 1,442
Amortisation of registrations 13,918 11,109
Loss on disposal of fixed assets 18 -
Decrease in stocks 652 139
Decrease/(increase) in debtors 171 (4,130)
Increase in creditors 5,365 1,467
Net cash inflow from operating activities 17,621 8,340
7. Reconciliation of net cash flow to movement in net debt
Eleven
Year Months
ended ended
June 2002 June 2001
£'000 £'000
Increase in cash in the year 6,631 1,665
Cash outflow from decrease
in debt and lease financing 1,500 1,475
Movement in net debt in the period 8,131 3,140
Opening net debt (15,186) (18,326)
Closing net debt (7,055) (15,186)
This information is provided by RNS
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