(PMA.L) Premier Management Holdings PLC Buy/Sell

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

(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

(unaudited) (unaudited) (audited)
£ £ £

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

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

(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

(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.

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

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