Premier Management Holdings Plc (the "Company")
Interim results for the six months ended 31 July 2010
Chairman's Report
During the six month period ending 31 July 2010 profits were up to £28,583 against a loss during the corresponding period last year of (£60,273). Whilst trading slowed down in the period after 31 July there were a couple of small deals during the last month - August - of the transfer window.
I continue to work on finding a suitable transaction for the Company helped as always by Gerry Desler, and our equally supportive advisors. I am extemely grateful to them all.
Barry Gold
25 October 2010
For further information please contact:
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Premier Management Holdings plc |
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Barry Gold |
07768 948 928 |
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Brewin Dolphin |
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Mark Brady |
0845 213 4729 |
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Neil McDonald |
0845 213 4277 |
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M: Communications |
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Ben Simons |
020 7920 2340 |
Interim results for the six months ended 31 July 2010
Income statement
For the six months ended 31 July 2010
|
Six months ended |
Six months ended |
Year ended |
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|
Notes |
31 July |
31 July |
31 January |
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|
2010 |
2009 |
2010 |
||||
|
(unaudited) |
(unaudited) |
(audited) |
||||
|
£ |
£ |
£ |
||||
|
Revenue |
55,932 |
(17,500) |
49,632 |
|||
|
Cost of sales |
(5,453) |
(20,000) |
(13,500) |
|||
|
Gross profit/(loss) |
50,479 |
(37,500) |
36,132 |
|||
|
Administrative expenses |
(21,932) |
(23,899) |
8,812 |
|||
|
Operating profit/(loss) |
28,547 |
(61,399) |
44,944 |
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|
Net finance income |
36 |
1,126 |
1 |
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|
Profit/(loss) before income tax expense |
28,583 |
(60,273) |
44,945 |
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|
Income tax expense |
- |
- |
- |
|||
|
Profit/(loss) for the period |
28,583 |
(60,273) |
44,945 |
|||
|
Earnings/(loss) per share - basic and diluted |
0.03p |
(0.06)p |
0.04p |
Balance sheet
As at 31 July 2010
|
31 July |
31 July |
31 January |
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|
2010 |
2009 |
2010 |
||||
|
(unaudited) |
(unaudited) |
(audited) |
||||
|
£ |
£ |
£ |
||||
|
ASSETS |
||||||
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Current assets |
||||||
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Trade and other receivables |
88,848 |
12,046 |
126,216 |
|||
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Cash and cash equivalents |
6,288 |
18 |
2,037 |
|||
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Total assets |
95,136 |
12,064 |
128,253 |
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LIABILITIES |
||||||
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Current liabilities |
||||||
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Trade and other payables |
(50,685) |
(67,227) |
(75,407) |
|||
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Borrowings |
(140,000) |
(140,000) |
(140,000) |
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Net current liabilities |
(190,685) |
(207,227) |
(215,407) |
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Non-current liabilities |
||||||
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Borrowings |
(1,452,001) |
(1,487,001) |
(1,487,001) |
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Total liabilities |
(1,642,686) |
(1,694,228) |
(1,702,408) |
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Net liabilities |
(1,547,550) |
(1,682,164) |
(1,574,155) |
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SHAREHOLDERS' EQUITY |
||||||
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Called up share capital |
1,047,180 |
1,047,180 |
1,047,180 |
|||
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Share premium account |
2,649,906 |
2,649,906 |
2,649,906 |
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Capital redemption reserve |
43,333 |
43,333 |
43,333 |
|||
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Retained earnings |
(5,287,969) |
(5,422,583) |
(5,314,574) |
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Total shareholders' equity |
(1,547,550) |
(1,682,164) |
(1,574,155) |
Statement of changes in equity
For the six months ended 31 July 2010
|
Share |
Share |
Retained |
Capital |
Total |
||||||
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capital |
premium |
earnings |
redemption |
|||||||
|
reserve |
||||||||||
|
£ |
£ |
£ |
£ |
£ |
||||||
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Unaudited |
||||||||||
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Balance at 1 February 2010 |
1,047,180 |
2,649,906 |
(5,314,574) |
43,333 |
(1,574,155) |
|||||
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Loss for the period |
- |
- |
28,583 |
- |
28,583 |
|||||
|
Issue of shares |
- |
- |
- |
- |
- |
|||||
|
Share based payment |
- |
- |
(1,978) |
- |
(1,978) |
|||||
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Balance at 31 July 2010 |
1,047,180 |
2,649,906 |
(5,287,969) |
43,333 |
(1,547,550) |
|||||
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Unaudited |
||||||||||
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Balance at 1 February 2009 |
1,047,180 |
2,649,906 |
(5,364,989) |
43,333 |
(1,624,570) |
|||||
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Retained for the period |
- |
- |
(60,273) |
- |
(60,273) |
|||||
|
Issue of shares |
- |
- |
- |
- |
- |
|||||
|
Equity settled share based payment |
- |
- |
2,679 |
- |
2,679 |
|||||
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Balance at 31 July 2009 |
1,047,180 |
2,649,906 |
(5,422,583) |
43,333 |
(1,682,164) |
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|
Audited |
||||||||||
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Balance at 1 February 2009 |
1,047,180 |
2,649,906 |
(5,364,989) |
43,333 |
(1,624,570) |
|||||
|
Retained for the period |
- |
- |
44,945 |
- |
44,945 |
|||||
|
Issue of shares |
- |
- |
- |
- |
- |
|||||
|
Equity settled share based payment |
- |
- |
5,470 |
- |
5,470 |
|||||
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Balance at 31 January 2010 |
1,047,180 |
2,649,906 |
(5,314,574) |
43,333 |
(1,574,155) |
Cash flow statement
For the six months ended 31 July 2010
|
Six months ended |
Six months ended |
Year ended |
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|
31 July |
31 July |
31 January |
||||
|
2010 |
2009 |
2010 |
||||
|
(unaudited) |
(unaudited) |
(audited) |
||||
|
£ |
£ |
£ |
||||
|
Operating activities |
||||||
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Operating profit/(loss) |
28,547 |
(61,399) |
44,944 |
|||
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Decrease/(increase) in trade and other receivables |
37,368 |
35,835 |
(78,335) |
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(Decrease)/increase in creditors within one year |
(24,722) |
9,005 |
17,185 |
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Equity-settled share based payment |
(1,978) |
2,679 |
5,470 |
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Cash inflows/(outflows) from operating activities |
39,215 |
(13,880) |
(10,736) |
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Investing activities |
||||||
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Finance income |
36 |
1,126 |
1 |
|||
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Net cash generated from investing activities |
36 |
1,126 |
1 |
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Taxation |
- |
- |
- |
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Financing activities |
||||||
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Repayment of other borrowings |
(35,000) |
(12,500) |
(12,500) |
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Net cash used in financing activities |
(35,000) |
(12,500) |
(12,500) |
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Net increase/(decrease) in cash and cash equivalents |
4,251 |
(25,254) |
(23,235) |
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Cash and cash equivalents at start of period |
2,037 |
25,272 |
25,272 |
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Cash and cash equivalents at end of period |
6,288 |
18 |
2,037 |
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 Stonebridge House, Chelmsford Road, Hatfield Heath, Essex CM22 7BD
2 Financial information
The interim financial information for the six months ended 31 July 2010 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 2010 have been delivered to the Registrar of Companies. The report of the independent auditors on those financial statements was unqualified and did not contain a statement under Sections 498 (2) or (3) of the Companies Act 2006.
The interim financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union, IFRIC interpretations and the Companies Act 2006 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 2010.
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:
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Six months ended |
Six months ended |
Year ended |
||||
|
31 July |
31 July |
31 January |
||||
|
2010 |
2009 |
2010 |
||||
|
(unaudited) |
(unaudited) |
(audited) |
||||
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Basic and diluted: |
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(Loss)/profit for the financial period |
28,583 |
(60,273) |
44,945 |
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Weighted average number of shares |
104,718,000 |
104,718,000 |
104,718,000 |
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(Loss)/earnings per share |
0.03p |
(0.06)p |
0.04p |
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