Business
Half-yearly Report
Half-yearly Report.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n \nEmbargoed Release: 07:00hrs Monday 4 August 2008\n\n\n INTERNATIONAL BRAND LICENSING PLC \n\n (\"IBL\", the \"Group\" or the \"Company\") \n\n INTERIM REPORT FOR THE SIX MONTHS TO 30 JUNE 2008 \n\nInternational Brand Licensing plc, the branded sports lifestyle company,\nannounces its interim results for the period ended 30 June 2008.\n\nCHAIRMAN'S STATEMENT\n\nDuring the first six months of the year Group revenue decreased to £306,000\n(2007: £1,534,000), and there was an operating loss before exceptional items of\n£171,000 (2007: profit of £204,000). The sale of trademarks in Turkey generated\n£317,000 of exceptional profit in the first six months of 2008 which, coupled\nwith a share based payment expense of £30,000 and interest received of £32,000,\nresulted in profit before tax of £148,000 (2007: £1,228,000).\n\nThe major reduction in revenues and profits reflects the impact of our decision\nto withdraw from the England cricket sponsorship agreement one year early on 31\nMarch 2008. Considering the extremely depressed sports retail market of today\nand the decline in demand for replica merchandise, it was undoubtedly the right\ndecision for the Company.\n\nGiven the significant change in the business model a direct comparison of the\ntwo years is rather meaningless, and it is much more relevant to focus on the\nfuture and the opportunities the Company has. Having withdrawn from the capital\nintensive and high risk sports supply business, the Company has emerged as a\nstreamlined intellectual property and licensing business.\n\nWith the Admiral brand we have the combined opportunities of liquidating\nselected markets in return for cash, and the signing of new licensee partners\nin lucrative unexploited markets. We are presently engaged in negotiations on\nboth fronts and expect to make further announcements in the coming months.\n\nSince the period end, the Company announced the sale of its Admiral sportswear\ntrademarks in southern Africa for a cash consideration of £225,000. This has\nstrengthened our balance sheet even further by liquidating largely unproductive\nassets in return for cash.\n\nWith regards to Muscle Athletic, the fitness brand which we acquired in 2006,\nwe are presently in negotiation with a number of proven Admiral licensees\ninterested in distributing this exciting new brand in their market...