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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Award Int | LSE:AWI | London | Ordinary Share | GB0034380401 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 29.23 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0346J Award International Holdings PLC 25 February 2005 Strictly embargoed until 0900 hours, 25 February 2005 Award International Holdings Plc Preliminary Results for the 16 months ended 30 September 2004 Award International Holdings Plc ("AIH" or "the Company"), the full service promotional incentives company that provides merchandise, live events, travel and voucher incentives announces its maiden preliminary results for the sixteen months ended 30 September 2004. AIH is a holding company which owns two main trading subsidiaries, Award International Limited ("Award") and Flexibreaks Travel Services Limited ("Flexibreaks"). AIH floated on AIM on 29 March 2004 raising #2.25m (pre expenses) by way of a placing. Overview The Company was incorporated on 2 June 2003 hence these results are for a sixteen month period. In the first four months of the period, the only income and expense incurred related to the costs associated with the flotation of the Company which amount to approximately #490,000. All of these costs are set against the share premium account and do not impact on the profit and loss account. The results also include a six-month contribution from Flexibreaks Travel Services Limited which was acquired by AIH on flotation. For clarity and comparison, also included in this announcement is a summary of Award International Limited's key figures for the years ended 30 September 2004 and 2003. Turnover for the period ended 30 September 2004 amounted to #4,208,931. Operating profit for the period under review was #44,861 and profit before tax of #6,573. The merchandise and event sectors of the Company showed increases in turnover. Award International Limited, a subsidiary of AIH Plc, achieved turnover of #3,745,945 in the 12 months to 30 September 2004, which compares to a turnover of #3,506,167 for the 12 months to 30 September 2003. Award's profit after tax for the 12 months to 30 September 2004 was however, #79,239 compared to #86,409 for the previous year. The travel sector suffered a reduction in turnover. The Directors have not declared or recommended any dividends for the year. Review of Activities It has been a challenging year for AIH, and despite winning a number of new clients the Company's results are disappointing, as forecast in our trading statement issued on 2 December 2004. The results have been affected by the loss of a significant client, the cancellation of an expected promotion from another key client and the decision by Pepsi Cola Beverages International to withdraw 7UP's sponsorship of Formula 1. These results have also been affected by exchange rate fluctuations, although it is hoped that the latter will be less significant in the future, as the Company has introduced a procedure for currency hedging. AIH has been focusing on growing and developing the business as outlined in the Company's AIM admission document and is pleased to report that it has secured a number of new clients during the year, these include: the Disney Channel, Fine Gael, Direction JWT and Chane Hiv SA, a Pepsi bottler. Unfortunately however, BT Retail and Cadbury Ireland, which were both announced as new clients in the Company's December trading statement, have delayed the orders they had placed for promotions at that time. The Directors remain optimistic that these orders will be filled. Award has also been expanding its business from other existing clients. For example it has succeeded in securing further promotions for Cantrell and Cochrane ("C&C"), the Pepsi bottler in Ireland, for the Volvic and Ballygowan brands. It has also provided merchandise for a pan-European Exxon Mobil/Pepsi promotion. The integration and restructuring of Flexibreaks Travel Services, including the decision to close Flexibreaks retail offering, began on flotation and has continued. During the year, Flexibreaks has undertaken various promotional activities for C&C, also a client of Award. The Company intends to introduce the Flexibreaks offering to more of Award's existing clients. In the year under review and as part of its long-standing relationship with Buena Vista International (BVI), Award also created promotional merchandise for a number of well-known films including 'Finding Nemo', 'Kill Bill 2' and 'National Treasure'. Current Trading The first quarter of the current year was disappointing and the Company has received fewer orders for promotional merchandise than expected. This is due, in part, to PBI changing the timing of their football promotions so that orders which would normally have been received in December had only started to come in in late February. In addition, Disney have released fewer films in the UK than in previous years which has resulted in fewer orders for promotional merchandise from BVI. Similarly some of the markets in which the Company's clients operate have been engaging in 'price wars' which has resulted in a cut in their spend on promotional merchandise. Business has improved in the second quarter and the Company believes the foundations have been laid for an improved performance during the second half year. Nevertheless the Directors expect that the results for the first half year will be negative. Outlook In the first half of the 2004/05 financial year the Company has won a number of new clients including Scottish Courage Ltd, Momentum Pictures, the British Red Cross and Pepsi Turkey. Award has also produced radios and watches for the hit movie, 'The Incredibles'. Its success with movie merchandising has helped Award expand its client base and the company has also created merchandise to support the release of "Racing Stripes", a recently released movie from, new client, Momentum Pictures. Promotional merchandise for films is designed and supplied many months prior to the film's release, and so Award is currently designing and producing a number of promotional items for films due to be released at the end of 2005 and early 2006. AIH has been successful in securing its first promotion that integrates the promotional travel capabilities of Flexibreaks with Award's promotional merchandise offering. Flexibreaks has supplied holiday vouchers and Award has developed posters, banners, game cards and prize draw boxes for a promotion being run in public houses in Kent and South East London in association with EU Jet and Scottish Courage. The Company is confident that these combined merchandise and travel promotions will continue to attract current clients to both subsidiaries and will also act as a point of difference as it expands its client base. The Company continues to extend its relationship with Pepsi Cola Beverages International ("PBI"), and its bottlers throughout the world and has generated additional revenues from the relationship during 2004. Furthermore, Award has developed merchandise for PBI's Gatorade brand which will be used in promotions with Exxon Mobil across Europe and also sold to bottlers in Europe, Africa and Australasia during 2005. Award are also expecting to expand the number of countries to which it sells Pepsi related merchandise during 2005. The Board of AIH is confident that the business has a solid base from which it will continue to grow. The addition of further sales staff and the implementation of a more structured sourcing and buying function is expected to add significant value to the Group. The growing client list and the size of companies asking AIH to tender for business is evidence of the Company's growing reputation as a core player in the promotional services market. AIH remains one of the few full service merchandise, events, travel and voucher incentive providers. For further information please contact: Award International Holdings Plc Vic Bussey, Managing Director Pete Gilbert, Sales & Marketing Director Tony Searles, Finance Director Tel: 01843 295555 www.awardplc.com Tavistock Communications Katy Pratt Lulu Bridges Tel: 020 7920 3150 Email: kpratt@tavistock.co.uk Seymour Pierce Louise Carpenter Tel: 020 7107 8000 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 16 MONTHS ENDED 30 SEPTEMBER 2004 Period ended 30 September 2004 # TURNOVER 4,208,931 Cost of sales (2,793,928) ----------- GROSS PROFIT 1,415,003 Distribution costs (376,493) Administrative expenses (993,649) ----------- OPERATING PROFIT 44,861 Interest receivable and similar income 5,017 Interest payable and similar charges (43,305) ----------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 6,573 Taxation on profit on ordinary activities (39,250) ----------- LOSS ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE FINANCIAL PERIOD (32,677) =========== pence BASIC LOSS PER ORDINARY SHARE (0.01) =========== DILUTED LOSS PER ORDINARY SHARE (0.01) =========== Turnover and operating profit are derived from acquired and continuing operations. There are no recognised gains and losses in the current period. CONSOLIDATED BALANCE SHEET FOR THE 16 MONTHS ENDED 30 SEPTEMBER 2004 As at 30 September 2004 # # FIXED ASSETS Tangible assets 119,317 Intangible assets 25,600 ---------- 144,917 CURRENT ASSETS Stock 111,074 Debtors 2,361,962 Cash at bank and in hand 139,961 --------- 2,612,997 CREDITORS: amounts falling due within one year (976,515) --------- NET CURRENT ASSETS 1,636,482 ---------- TOTAL ASSETS LESS CURRENT LIABILITIES 1,781,399 CREDITORS: Amounts falling due after (56,108) more than one year PROVISIONS FOR LIABILITIES (15,416) ---------- 1,709,875 ========== CAPITAL AND RESERVES Called up share capital 325,000 Share premium account 1,535,540 Merger reserve (117,988) Profit and loss account (32,677) ---------- TOTAL EQUITY SHAREHOLDERS' FUNDS 1,709,875 ========== COMPANY BALANCE SHEET FOR THE 16 MONTHS ENDED 30 SEPTEMBER 2004 As at 30 September 2004 # # FIXED ASSETS Investments 100,000 CURRENT ASSETS Debtors 1,613,349 CREDITORS: amounts falling due within one year (19,624) -------- NET CURRENT ASSETS 1,593,725 ---------- TOTAL ASSETS LESS CURRENT LIABILITIES 1,693,725 ========== CAPITAL AND RESERVES Called up share capital 325,000 Share premium account 1,535,540 Profit and loss account (166,815) ---------- TOTAL EQUITY SHAREHOLDERS' FUNDS 1,693,725 ========== CONSOLIDATED CASH FLOW STATEMENT FOR THE 16 MONTHS ENDED 30 SEPTEMBER 2004 Period ended 30 September 2004 # # NET CASH OUTFLOW FROM OPERATING ACTIVITIES (1,033,641) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 5,017 Interest paid (43,305) -------- Net cashflow for returns on investments and servicing of (38,288) finance CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Purchase of tangible fixed assets (19,866) Proceeds from sale of tangible fixed assets 7,454 -------- Net cashflow for capital expeniture (12,412) ACQUISITIONS AND DISPOSALS Net overdrafts acquired with subsidiaries (768,849) FINANCING Issue of ordinary share capital 2,250,000 Expenses in connection with share issue (489,460) Capital element of finance leases (39,608) -------- Net cash inflow from financing 1,720,932 --------- DECREASE IN CASH IN PERIOD (130,258) ========== CONSOLIDATED CASH FLOW STATEMENT FOR THE 16 MONTHS ENDED 30 SEPTEMBER 2004 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Decrease in cash (130,258) Cash outflow from increase in debt (39,608) -------- (169,866) New HP obligations 18,453 -------- (151,413) Net debt at 2 June 2003 - -------- Net debt at 30 September 2004 (151,413) ========= NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE 16 MONTHS ENDED 30 SEPTEMBER 2004 1. ACCOUNTING POLICIES This preliminary announcement, which has been prepared on the basis consistent with the Company's accounting policies, does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. This is the first accounting reference period for the Company. The auditors have yet to sign their report on the 2004 accounts. The statutory accounts for the period ended 30 September 2004 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The financial information set out in this announcement was approved by the Board of Directors on 24 February 2005. 2. LOSS PER SHARE Loss for the year attributable to shareholders is #32,677. This is divided by the weighted average number of shares outstanding calculated to be 32,500,000 to give basic loss per share of 0.101p. For diluted loss per share, the weighted average number of shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. There were no potentially dilutive shares in issue at 30 September 2004 and consequently, the basic and diluted loss per share are the same. As the period end and period average share price was below the exercise price of the options, the share options were not considered to be dilutive and the basic and diluted earnings per share were the same. 3. TAXATION Period ended 30 September 2004 # UK corporation tax at 19% 39,250 Deferred tax - ------ 39,250 ====== AWARD INTERNATIONAL LIMITED This table is included for illustrative purposes only and will not form part of the audited Report and Accounts for Award International Holdings plc. Year end: 30 September 2004 Year end 30 September 2003 # # Turnover 3,745,945 3,506,167 Gross profit 1,302,579 1,282,491 PBIT (and exceptionals) 169,603 257,163 Exceptional item (39,644) (113,746) Profit after tax 79,239 86,409 The exceptional item of #39,644 (2003: #113,746) relates to a provision against the sum due from Flexibreaks Limited, a wholly owned subsidiary of Award International Limited. This information is provided by RNS The company news service from the London Stock Exchange END FR PKPKPFBKKDBB
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