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 (60,273) 226 (6,282)
taxation
Income tax expense - - (98)
(Loss)/profit for the period (60,273) 226 (6,380)
(Loss)/earnings per share - (0.06)p 0.01p (0.01)p
basic and diluted
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 - - 1,718 - 1,718
payment
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 - - 3,437 - 3,437
payment
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 35,835 (38,232) 103,684
and other receivables
Increase/(decrease) in 9,005 8,478 (94,769)
creditors within one year
Equity-settled share based 2,679 1,718 3,437
payment
Cash (outflows)/inflows from (13,880) (27,907) 5,860
operating activities
Investing activities
Finance income 1,126 97 210
Net cash generated from 1,126 97 210
investing activities
Taxation - - (98)
Financing activities
Repayment of other borrowings (12,500) - (12,500)
Net cash used in financing (12,500) - (12,500)
activities
Net decrease in cash and cash (25,254) (27,810) (6,528)
equivalents
Cash and cash equivalents at 25,272 31,800 31,800
start of period
Cash and cash equivalents at 18 3,990 25,272
end of period
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 (60,273) 226 (6,380)
financial period
Weighted average number of 104,718,000 104,718,000 104,718,000
shares
(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.
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