TIDMPMA
RNS Number : 9699U
Premier Management Holdings PLC
25 October 2010
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 GBP28,583
against a loss during the corresponding period last year of (GBP60,273). 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:
+----------------------+--------------------------------------+
| Premier Management | |
| Holdings plc | |
+----------------------+--------------------------------------+
| Barry Gold | 07768 948 928 |
+----------------------+--------------------------------------+
| | |
| | |
+----------------------+--------------------------------------+
| Brewin Dolphin | |
| | |
+----------------------+--------------------------------------+
| Mark Brady | 0845 213 4729 |
+----------------------+--------------------------------------+
| Neil McDonald | 0845 213 4277 |
+----------------------+--------------------------------------+
| | |
| | |
+----------------------+--------------------------------------+
| M: Communications | |
+----------------------+--------------------------------------+
| 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 | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| |Notes | 31 July | | 31 July | | 31 |
| | | | | | | January |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | 2010 | | 2009 | | 2010 |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | (unaudited) | | (unaudited) | | (audited) |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | GBP | | GBP | | GBP |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| 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 |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| Net finance income | | 36 | | 1,126 | | 1 |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| Profit/(loss) before | | 28,583 | | (60,273) | | 44,945 |
| income tax expense | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| Income tax expense | | | | | | - |
| | | - | | - | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| Profit/(loss) for the | | 28,583 | | (60,273) | | 44,945 |
| period | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
| Earnings/(loss) per | | 0.03p | | (0.06)p | | 0.04p |
| share - | | | | | | |
| basic and diluted | | | | | | |
+--------------------------+-------+----------------+----------+-------------------+----------+-------------------+
Balance sheet
As at 31 July 2010
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | 31 July | | 31 July | | 31 |
| | | | | | | January |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | 2010 | | 2009 | | 2010 |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | (unaudited) | | (unaudited) | | (audited) |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | GBP | | GBP | | GBP |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| ASSETS | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Current assets | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Trade and other | | 88,848 | | 12,046 | | 126,216 |
| receivables | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Cash and cash | | 6,288 | | 18 | | 2,037 |
| equivalents | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Total assets | | 95,136 | | 12,064 | | 128,253 |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| LIABILITIES | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Current liabilities | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Trade and other | | (50,685) | | (67,227) | | (75,407) |
| payables | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Borrowings | | (140,000) | | (140,000) | | (140,000) |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Net current liabilities | | (190,685) | | (207,227) | | (215,407) |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Non-current liabilities | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Borrowings | | (1,452,001) | | (1,487,001) | | (1,487,001) |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Total liabilities | | (1,642,686) | | (1,694,228) | | (1,702,408) |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Net liabilities | | (1,547,550) | | (1,682,164) | | (1,574,155) |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| 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 | | 43,333 | | 43,333 | | 43,333 |
| reserve | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Retained earnings | | (5,287,969) | | (5,422,583) | | (5,314,574) |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
| Total shareholders' | | (1,547,550) | | (1,682,164) | | (1,574,155) |
| equity | | | | | | |
+-------------------------+---+---------------------+-+-----------------------+-+---------------------+
Statement of changes in equity
For the six months ended 31 July 2010
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| | | Share | | Share | | Retained | | Capital | | Total |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| | | capital | | premium | | earnings | | redemption | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| | | | | | | | | reserve | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| | | GBP | | GBP | | GBP | | GBP | | GBP |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Unaudited | | | | | | | | | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Balance at 1 February 2010 | | 1,047,180 | | 2,649,906 | | (5,314,574) | | 43,333 | | (1,574,155) |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Loss for the period | | | | | | 28,583 | | | | 28,583 |
| | | - | | - | | | | - | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Issue of shares | | | | | | | | | | |
| | | - | | - | | - | | - | | - |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Share based payment | | | | | | (1,978) | | | | (1,978) |
| | | - | | - | | | | - | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Balance at 31 July 2010 | | 1,047,180 | | 2,649,906 | | (5,287,969) | | 43,333 | | (1,547,550) |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| | | | | | | | | | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Unaudited | | | | | | | | | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Balance at 1 February 2009 | | 1,047,180 | | 2,649,906 | | (5,364,989) | | 43,333 | | (1,624,570) |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Retained for the period | | | | | | (60,273) | | | | (60,273) |
| | | - | | - | | | | - | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Issue of shares | | | | | | | | | | |
| | | - | | - | | - | | - | | - |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Equity settled 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) |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| | | | | | | | | | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| | | | | | | | | | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| Audited | | | | | | | | | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| 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 |
| | | - | | - | | | | - | | |
+--------------------------------------+---+------------------+----------+------------------+----------+---------------------+----------+--------------------+----------+---------------------+
| 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 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | 31 July | | 31 July | | 31 January |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | 2010 | | 2009 | | 2010 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | (unaudited) | | (unaudited) | | (audited) |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | GBP | | GBP | | GBP |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Operating activities | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Operating profit/(loss) | | 28,547 | | (61,399) | | 44,944 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Decrease/(increase) in trade and other receivables | | 37,368 | | 35,835 | | (78,335) |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| (Decrease)/increase in creditors within one year | | (24,722) | | 9,005 | | 17,185 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Equity-settled share based payment | | (1,978) | | 2,679 | | 5,470 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Cash inflows/(outflows) from operating activities | | 39,215 | | (13,880) | | (10,736) |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Investing activities | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Finance income | | 36 | | 1,126 | | 1 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Net cash generated from investing activities | | 36 | | 1,126 | | 1 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Taxation | | - | | - | | - |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Financing activities | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Repayment of other borrowings | | (35,000) | | (12,500) | | (12,500) |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Net cash used in financing activities | | (35,000) | | (12,500) | | (12,500) |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Net increase/(decrease) in cash and | | 4,251 | | (25,254) | | (23,235) |
| cash equivalents | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| Cash and cash equivalents at start of period | | 2,037 | | 25,272 | | 25,272 |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| | | | | | | |
+----------------------------------------------------+-----------+------------------------+-----------+------------------------+-----------+------------------------+
| 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:
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| | | 31 July | | 31 July | | 31 |
| | | | | | | January |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| | | 2010 | | 2009 | | 2010 |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| | | (unaudited) | | (unaudited) | | (audited) |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| Basic and diluted: | | | | | | |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| (Loss)/profit for the | | 28,583 | | (60,273) | | 44,945 |
| financial period | | | | | | |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| Weighted average number | | 104,718,000 | | 104,718,000 | | 104,718,000 |
| of shares | | | | | | |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
| (Loss)/earnings per | | 0.03p | | (0.06)p | | 0.04p |
| share | | | | | | |
+--------------------------+----------+-------------------+----------+-------------------------+----------+-----------------+
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
END
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