Business
Interim Results
Interim Results.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n RNS Number : 7237E CSS Stellar PLC 30 September 2008 \n \n\n\n\n\nFor Immediate Release\n\n\n30 September 2008\n\n\n\n\n\nCSS Stellar plc\n('CSS' or the 'Group')\nInterim Results\nfor the six months ended 30 June 2008\nCSS Stellar plc, the entertainment and sports management and marketing group, today announces its interim results for the six months ended 30 June 2008.\nHighlights:\n\n\nDisposal of PFD for up to £4 million in cash\n\n\nDisposal of GEM Minneapolis, Inc. for $1.8 million in cash\n\n\nProceeds from the disposal of PFD to be used to significantly reduce debt in the second half of the year.\n\n\n\nCommenting on the results Julian Jakobi, Chairman, said:\n'The Group has undergone considerable change during the period, but the anticipated reduction in the Group's debt, and the strategic options currently being considered, should enable the Group to move forward with confidence and deliver an improved performance in the future.'\n\n\nFor further information please contact:\n\n\n\n\nCSS Stellar\n\n\n\n\n\n\n\nJulian Jakobi, Chairman\n\n\nTel: 020 7078 1400\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n CHAIRMAN'S STATEMENT\nThe first six months of 2008 have been characterised by a significant amount of corporate activity, with a number of disposals in the period, and the Group is now in a position to move forward with a new strategy.\nAs we announced in our 2007 year end results, David Buchler, Sir Jeremy Hanley and Caroline Michel left the Board, and I have taken over as Chairman. John Webber, the former Chairman of the Group, has rejoined the Board as an executive director.\nDisposals\nThe Group has disposed of a number of businesses during the period under review. In January, we disposed of our 75% interest in GEM Minneapolis, Inc., a US based creative design and photography business, for $1.8 million in cash, with $1.1 million received on completion, and $0.7 million due over the next three years by way of a promissory note.\nIn June we disposed of our 100% subsidiary, The Peters Fraser & Dunlop Group Limited, for £4 million in cash, of which £3.75 million was paid on completion, with £0.25 million becoming payable in 2011 dependent on PFD's earnings over a three year peri...