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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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:8068Z Award International Holdings PLC 16 June 2004 Strictly embargoed until 0700 hours, 16 June 2004 Award International Holdings Plc Interim Results for the six months ended 31 March 2004 Chairman's Statement Award International Holdings Plc ("AIH" or "the Company") is a full service promotional incentives company that provides merchandise, live events and travel. It floated on the AIM market of the London Stock Exchange on 29 March this year and raised #2.25m (pre expenses) by way of a placing. These results constitute the Company's maiden interim results for the six months ended 31 March 2004. AIH is a holding company which owns two trading subsidiaries, Award International Limited ("Award") and Flexibreaks Travel Service Limited ("Flexibreaks"). AIH provides its clients with promotional goods and services designed to increase brand awareness among consumers; corporate hospitality, event management and corporate travel; and promotional goods and services exclusively connected with travel and holiday accommodation. Financial Review Group turnover for the six months ended 31 March 2004 was #2.237m (full year ended 30 September 2003: #3.504m). Promotional merchandise accounted for around 90% of turnover with conferencing and events accounting for the balance. Operating profit for the six months ended 31 March 2004 was #140,000 (full year ended 30 September 2003: #236,000). Pre-tax profit for the six months ended 31 March 2004 was #110,000 (full year ended 30 September 2003: #185,000) and earnings per share amounted to 0.92p. As it was acquired on 29 March 2004, these interim figures contain no contribution to turnover from Flexibreaks. As outlined in the prospectus for the Placing in March 2004, it is your Board's intention in the medium term to seek capital growth and so no interim dividend is being declared. Shareholders' funds have increased from a negative figure of #160,000 as at 30 September 2003 to a positive figure of #1.949m as at 31 March 2004. Outlook As a result of Award's continued (non contracted) status as preferred supplier to Pepsi Cola Beverages International ("PBI"), Pete Gilbert (Sales & Marketing Director) has been appointed to Pepsi's global taskforce which is developing premiums and incentives for 2005 across the PBI brands. This should enable Award to retain its significant presence in the Pepsi premium catalogues going forward. In conjunction with this, Award has also been approached by PBI and bottlers in Australia, Malaysia, Singapore and India regarding PBI brands which are new geographic markets for Award and therefore represent incremental opportunities. Following two promotions with Exxon Mobil on the Pepsi brand, Award has been working on a Gatorade (PBI energy drink) sports bottle promotion with both PBI and Exxon and is currently in discussions to extend this to Singapore, Australia and South America. In order to implement the strategy of further developing business with PBI's key bottlers (both PBI and non PBI brands) it is intended to recruit two new sales managers during the second half of the year. As an interim measure, the existing sales force has been restructured to enable increased focus on Britvic, the UK bottler for Pepsi, and Cantrell & Cochrane, the Irish bottler for Pepsi, as well as PBI and bottlers in Scandinavia and Southern Europe, regions which have been identified as key growth areas. The additional sales resource, once appointed, will also enable Award to develop further relationships with key agencies (who have their own large client bases) and with third party partners such as Exxon, Shell, Texaco and Nestle. With the experience gained from working with film distributor Buena Vista International ("BVI"), and with a wide network of partner agencies who also work other distributors, Award is keen to develop further the higher volume third party promotional and DVD release opportunities within this sector. Further integration of the events and travel departments combined with a focus on travel promotions and incentives should also provide an increased contribution to the Group's profits. 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 Award International Holdings Plc CONSOLIDATED PROFIT AND LOSS ACCOUNT for the 6 months ended 31 March 2004 Unaudited Unaudited 6 months ended Year ended 31 March 30 September 2004 2003 #'000 #'000 TURNOVER 2,237 3,504 Cost of sales (1,572) (2,237) _______ _______ Gross profit 665 1,267 Distribution costs (181) (319) Administrative expenses (344) (722) Other operating income - 10 _______ _______ OPERATING PROFIT 140 236 Interest payable (30) (51) _______ _______ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 110 185 Taxation (20) (5) _______ _______ PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 90 180 ======== ======= EARNINGS PER SHARE Basic 0.92p n/a ======== ======= Diluted 0.90p n/a ======== ======= Award International Holdings Plc CONSOLIDATED BALANCE SHEET 31 March 2004 Unaudited Unaudited 31 March 30 September 2004 2003 #'000 #'000 FIXED ASSETS Intangible assets - positive goodwill 277 - Intangible assets - negative goodwill (92) - Tangible assets 154 160 _______ _______ 339 160 _______ _______ CURRENT ASSETS Stocks 331 108 Debtors 3,146 1,331 Cash at bank and in hand 27 23 _______ _______ 3,504 1,462 CREDITORS Amounts falling due within one year (1,697) (1,753) _______ _______ NET CURRENT ASSETS/(LIABILITIES) 1,807 (291) _______ _______ TOTAL ASSETS LESS CURRENT LIABILITIES 2,146 (131) CREDITORS Amounts falling due after more than one year (182) (14) _______ _______ 1,964 (145) PROVISIONS FOR LIABILITIES AND CHARGES Deferred taxation (15) (15) _______ _______ 1,949 (160) ======== ======= CAPITAL AND RESERVES Called up equity share capital 325 - Share premium account 1,534 - Profit and loss account 90 (160) _______ _______ 1,949 (160) ======= ======= Award International Holdings Plc CONSOLIDATED CASH FLOW STATEMENT for the 6 months ended 31 March 2004 Unaudited Unaudited 6 months ended Year ended 31 March 30 September 2004 2003 #'000 #'000 NET CASH FLOW FROM OPERATING ACTIVITIES Operating profit 140 236 Depreciation and amortisation 50 116 Movement on stocks (219) 4 Movement on debtors (1,501) (557) Movement on creditors 204 182 _______ _______ (1,326) (19) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest paid (30) (51) Taxation - 10 CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Purchase of tangible fixed assets (22) (80) Proceeds from sale of tangible fixed assets 7 8 _______ _______ CASH FLOW BEFORE FINANCING (1,371) (132) FINANCING Loan repayments - (9) Capital element of finance leases 17 (35) Net proceeds from the issue of share capital 1,713 - _______ _______ Net cash flow from financing 1,730 (44) _______ _______ INCREASE/(DECREASE) IN CASH IN THE PERIOD 359 (176) ======= ======= Award International Holdings Plc NOTES TO THE INTERIM STATEMENT for the 6 months ended 31 March 2004 1. The interim financial information does not constitute statutory accounts for the purpose of the Companies Act 1985. The Group has not previously prepared audited consolidated financial statements. It was exempt from the requirement to do so as it was deemed to be a small group as defined by the Companies Act 1985. The figures for the year ended 30 September 2003 have been prepared specifically for this report, based on the audited financial statements of Award International Limited and Flexibreaks Limited for the year ended 30 September 2003. 2. The interim financial information has been prepared using the same accounting policies as set out in the companies' accounts for the year ended 30 September 2003. 3. The basic earnings per share has been calculated based on the profit on ordinary activities after taxation and the weighted average number of ordinary shares of #0.01 each in issue for the period of six months to 31 March 2004. The diluted earnings per share has been calculated by adjusting the basic earnings per share for the effects of all dilutive potential ordinary shares arising from the company's share option schemes. 4. A copy of the interim statement is being sent to all shareholders and copies are available for collection from the company's registered office address as follows: Viking House Cliftonville Avenue Cliftonville Margate Kent CT9 2AQ This information is provided by RNS The company news service from the London Stock Exchange END IR ILFSARTIELIS
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