Business
Preliminary Results
Preliminary Results.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n RNS Number : 8269P CSS Stellar PLC 31 March 2009 \n \n\n\n\n\n\nFor Immediate Release\n\n\n\n\n\n\n\n\n\nCSS Stellar plc\n('CSS' or the 'Group')\n\nPreliminary Results\nfor the year ended 31 December 2008\n\n\nCSS Stellar plc, the sports and entertainment management and marketing group, today announces its audited preliminary results for the year ended 31 December 2008.\n\nHighlights:\n\n\n\n Operating loss prior to impairment of goodwill of £1.3 million (2007: loss of £1.3 million)\n\n\n\n\n\n Significant savings in corporate overheads in the second half of the year\n\n\n\n\n\n Disposal of Icon Display and freehold property for £4.3 million in cash\n\n\n\n\n\n Disposal of PFD for up to £4 million in cash\n\n\n\n\n\n Disposal of GEM Minneapolis, Inc. for $1.8 million in cash\n\n\n\n\n\n All debt repaid during the year\n\n\n\n\nFor further information please contact:\n\n\n\n\n\nCSS Stellar\n\n\n\n\n\n\n\n\nJulian Jakobi, Chairman\n\n\n\nTel: 020 7332 2002\n\n\n\n\n\nDowgate Capital Advisers Limited\n\n\n\n\n\n\n\n\nTony Rawlinson/Simon Sacerdoti\n\n\n\nTel: 020 7492 4777\n\n\n\n\n \nCSS STELLAR PLC\n\nCHAIRMAN'S STATEMENT\n\nOverview \n\nThe CSS Stellar Group is now a very different entity to that which began 2008. As we announced in our 2007 Annual Report and our 2008 Interim Results, the Group has sold a number of businesses, and repaid its bank borrowings in full from the proceeds of these sales. As a result, the Group is now debt free for the first time in its history, and can move forward into 2009 both as a much leaner business, but importantly, on a significantly more stable footing.\n\nFinancial Results\n\nRevenue from continuing operations for the Group of £5.1 million was 11% lower than the prior year (2007: £5.8 million) due principally to a lower level of expenses incurred and then billed on to customers in our North American Sports business. Group operating loss, adjusted for impairment of goodwill of £1.2 million, was £1.3 million, in line with 2007 (loss of £1.3 million prior to impairment...