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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oak Hldgs | LSE:OAH | London | Ordinary Share | GB00B1XLNB88 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.20 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMOAH
RNS Number : 2971L
Oak Holdings PLC
28 July 2011
28 July 2011
Interim Results 2011
Oak Holdings plc ("Oak", the "Company" or the "Group"), the leisure business operator, announces its interim results for the six months ended 30 April 2011.
Chairman's Statement
Introduction
Part of my Chairman's statement of the 28(th) April 2011 reported on the need to decrease overheads so as to increase profits of our businesses. Substantial overhead cuts have been achieved both at the management and at the operating end of the business. Those cuts had no significant effect on the figures during the interim period under review but had been fully completed by the end of the period and hence will have a positive impact on the ensuing 6 months.
Results
The Company's results for the 6 months ended 30 April 2011 were a loss on ordinary activities before taxation of GBP209,360 (2010: loss of GBP131,410). Results are in line with the Board's expectations and derive largely from the seasonality of the leisure business with the first six months trading being mainly Winter (and an enforced closure due to inaccessibility caused by deep snow) and an increased level of Group overhead compared to the same period in 2010 which, as stated above, has been reduced during the period. In addition, the Group no longer capitalises financing costs associated with the A57 land as technically this is no longer in the course of development following the termination of the YES! Project by Rotherham Metropolitan Council as previously reported. This has also worsened the result for the period. The board continues to investigate all the circumstances leading to the decision by the Council to terminate the development agreement and will report any significant findings to shareholders in due course.
Net assets at 30 April 2011 were GBP0.217 million (31 October 2010: GBP0.425 million). At that time, the group had limited cash resources and significant creditors as was reported in my statement with the accounts to 31 October 2010. Since that time, the reduced overhead level referred to above, constructive discussions with a number of creditors and the seasonal increase in income have all improved this position.
Outlook and current trading
Some capital investment has been made both at the Rother Valley Country Park and at the Ringwood Town and Country Experience resulting in a modest upturn in footfall, bookings and income, but the outlook for the group's businesses remains challenging.
Your board continues to look to carefully grow the leisure businesses. Your board is seeking to add further substantial attractions within its current businesses, a number of which are awaiting Rotherham Metropolitan Borough Council's "in principle" approval, a response for which is expected shortly. The board is also looking to build a portfolio of leisure parks. These developments, with continued attention to reducing overheads, are expected to generate growth and intrinsic shareholder value. I look forward to updating shareholders shortly.
Michael Woodcock
Chairman 28 July 2011 UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 April 2011
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Apr 30-Apr 31-Oct
2011 2010 2010
GBP GBP GBP
Notes
Revenue 3 506,233 510,678 1,260,851
Administrative expenses (703,979) (632,856) (1,958,539)
Impairment of goodwill - - (10,828,446)
Release of liabilities - - 49,933
OPERATING LOSS 3 (197,746) (122,178) (11,476,201)
Finance income - - 10
Finance costs (11,614) (9,232) (5,869)
---------- ---------- -------------
Finance costs - net (11,614) (9,232) (5,859)
LOSS BEFORE TAX 3 (209,360) (131,410) (11,482,060)
Tax - - -
---------- ---------- -------------
LOSS FOR THE PERIOD ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY (209,360) (131,410) (11,482,060)
---------- ---------- -------------
LOSS PER SHARE
Basic loss per share p 4 (0.4) (0.5) (27.2)
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 April 2011
Unaudited Unaudited Audited
As at As at As at
30-Apr 30-Apr 31-Oct
2011 2010 2010
GBP GBP GBP
Notes
NON-CURRENT ASSETS
Goodwill - 10,828,446 -
Property, plant and
equipment 1,674,372 1,796,813 1,687,608
------------- ------------ -------------
TOTAL NON CURRENT ASSETS 1,674,372 12,625,259 1,687,608
CURRENT ASSETS
Inventories 602,387 603,425 579,783
Trade and other
receivables 48,385 76,440 81,498
Cash and cash equivalents 2,210 53,088 1,645
------------- ------------ -------------
TOTAL CURRENT ASSETS 652,982 732,953 662,926
------------- ------------ -------------
TOTAL ASSETS 2,327,354 13,358,212 2,350,534
============= ============ =============
EQUITY
Called up share capital 9,587,103 9,587,206 9,587,103
Share premium account 3,017,818 3,017,818 3,017,818
Retained earnings 5 (12,552,971) (6,190,280) (12,343,611)
Capital redemption
reserve 164,667 164,667 164,667
Merger reserve - 5,197,319 -
------------- ------------ -------------
TOTAL EQUITY 5 216,617 11,776,730 425,977
LIABILITIES
NON-CURRENT LIABILITIES
Borrowings 1,176,104 738,121 18,237
------------- ------------ -------------
TOTAL NON-CURRENT
LIABILITIES 1,176,104 738,121 18,237
CURRENT LIABILITIES
Borrowings 221,433 438,168 1,038,871
Trade and other payables 713,200 405,193 867,449
------------- ------------ -------------
TOTAL CURRENT LIABILITIES 934,633 843,361 1,906,320
------------- ------------ -------------
TOTAL LIABILITIES 2,110,737 1,581,482 1,924,557
------------- ------------ -------------
TOTAL EQUITY AND
LIABILITIES 2,327,354 13,358,212 2,350,534
============= ============ =============
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 April 2010
Unaudited Unaudited Audited
6 months 6 months Year ended
to to to
30-Apr 30-Apr 31-Oct
2011 2010 2010
GBP GBP GBP
Notes
Cash flows from operating
activities 6
Net cash absorbed by operations (21,382) (260,686) (439,417)
Net interest paid (11,614) (9,232) (5,859)
---------- ---------- -----------
Net cash absorbed by operating
activities (32,996) (269,918) (445,276)
Cash flows from investing
activities
Payments to acquire tangible
fixed assets (15,565) (146,475) (45,157)
Acquisition of unincorporated
business - (85,000) (85,000)
---------- ---------- -----------
Net cash used in investing
activities (15,565) (231,475) (130,157)
Cash flows from financing
activities
Proceeds on issue of shares - 650,139 650,000
Net advances on directors' loans and
loans from related parties - 4,655 98,600
Net proceeds from advances on
non-bank loans 56,314 - -
Net proceeds from advance on
bank loan - - 251,935
Repayment of bank loans - (26,935) (105,935)
Repayment of other loan - (100,000) (100,000)
Repayment of obligations under hire
purchase contracts (9,661) (5,428) (14,054)
---------- ---------- -----------
Net cash from financing
activities 46,653 522,431 528,610
Net (decrease)/increase in cash
and bank balances (1,908) 21,038 (46,823)
Cash and bank and bank overdrafts
beginning of period (14,773) 32,050 32,050
---------- ---------- -----------
Cash and bank and bank overdrafts
at end of period (16,681) 53,088 (14,773)
---------- ---------- -----------
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Oak Holdings PLC (the "Company") is a company domiciled in England whose registered office address is 38 South Molton Street, London W1K 5RL. The condensed consolidated interim financial statements of the Company for the six months ended 30 April 2011 comprise the Company and its subsidiaries (together referred to as the "Group").
The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The financial information for the year ended 31 October 2010 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified, but with a statement drawing attention to the use of the going concern basis for the accounts. A copy of those financial statements has been filed with the Registrar of Companies.
The financial information for the six months ended 30 April 2010 was also prepared in accordance with IFRS.
The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements.
The condensed consolidated interim financial statements were authorised for issue on 28 July 2011.
2. BASIS OF ACCOUNTING
The condensed consolidated financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2010. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.
3. SEGMENTAL ANALYSIS
Segmental information with regards to activity of each segment is presented below. All turnover and profits are generated in, and assets are located in, the UK
.
Six Months ended 30 April
2011
Leisure
Consultancy YES! Project Operations Unallocated Total
GBP GBP GBP GBP GBP
Revenue 30,000 - 476,038 195 506,233
Operating loss - - (41,997) (155,749) (197,746)
Finance costs - - - (11,614) (11,614)
----------- ------------ ---------- ----------- ------------
Loss before
taxation - - (41,997) (167,363) (209,360)
Taxation - - - - -
----------- ------------ ---------- ----------- ------------
Loss for the
period - - (41,997) (167,363) (209,360)
=========== ============ ========== =========== ============
Six months ended 30 April
2010
Leisure
Consultancy YES! Project Operations Unallocated Total
GBP GBP GBP GBP GBP
Revenue 11,688 - 498,990 - 510,678
Operating
profit/(loss) 11,688 (191) 24,590 (158,265) (122,178)
Finance costs - - - (9,232) (9,232)
----------- ------------ ---------- ----------- ------------
Profit/(loss)
before
taxation 11,688 (191) 24,590 (167,497) (131,410)
Taxation - - - - -
----------- ------------ ---------- ----------- ------------
Profit/(loss)
for the
period 11,688 (191) 24,590 (167,497) (131,410)
=========== ============ ========== =========== ============
Year Ended 31 October 2010
Leisure
Consultancy YES! Project Operations Unallocated Total
GBP GBP GBP GBP GBP
Revenue 30,690 1,230,161 - 1,260,851
Operating loss - (11,101,411) (133,873) (240,917) (11,476,201)
Finance costs - - - (5,859) (5,859)
----------- ------------ ---------- ----------- ------------
Loss before
taxation - (11,101,411) (133,873) (246,776) (11,482,060)
Taxation - - - - -
----------- ------------ ---------- ----------- ------------
Loss for the
period - (11,101,411) (133,873) (246,776) (11,482,060)
=========== ============ ========== =========== ============
4. LOSS PER SHARE
The calculation of the basic loss per share is based on the following data:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Apr 30-Apr 31-Oct
2011 2010 2010
GBP GBP GBP
Loss on ordinary activities after
tax (209,360) (131,410) (11,482,060)
Number of shares
Weighted average number of ordinary
shares for the period 55,570,856 27,970,203 42,164,479
Loss per share p (0.4) (0.5) (27.2)
The exercise of the outstanding options and warrants at 30 April 2011 would result in the Company issuing shares at a value in excess of the average market price and are therefore not dilutive. At that date, there were potentially 91,428 ordinary shares that could be issued under the terms of options, and 2,021,791 warrants, that will potentially reduce future earnings per share.
5. STATEMENT OF CHANGES IN EQUITY
Capital
Share Share Retained Redemption Merger
Capital Premium Earnings Reserve Reserve Total
GBP GBP GBP GBP GBP
At 31 October 2009 7,565,067 3,017,818 (6,101,976) 164,667 5,197,319 9,842,895
Loss for the 6
months ended 30
April 2010 (131,410) (131,410)
Shares issued 2,022,139 2,022,139
Cost of share based
awards 43,106 43,106
-
--------- --------- ------------ ---------- ----------- ------------
As 30April 2010 9,587,206 3,017,818 (6,190,280) 164,667 5,107,319 11,776,730
Loss for the 6
months ended 31
October 2010 (11,350,650) (11,350,650)
Shares issued
adjustment (103) (103)
Transfer of merger
reserve on write
down of associated
goodwill 5,197,319 (5,197,319)
9,587,
At 31 October 2010 103 3,017,818 (12,343,611) 164,667 - 425,977
Loss for the 6
months ended 30
April 2011 (209,360) (209,360)
At 30 April 2011 9,587,103 3,017,818 (12,552,971) 164,667 - (216,617)
========= ========= ============ ========== =========== ============
6. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Apr 30-Apr 31-Oct
2011 2010 2010
GBP GBP GBP
Cash absorbed by operations
Operating loss (197,746) (122,178) (11,476,201)
Depreciation 28,801 1,373 36,682
Impairment of goodwill - - 10,828,446
Share-based payment - 43,106 43,106
Increase in inventories (22,604) (56,849) (33,207)
Decrease/(increase) in receivables 33,113 48,865 (68,339)
Increase/(decrease) in payables 137,054 (175,003) (230,096)
Cash absorbed by operations (21,382) (260,686) (439,417)
---------- ---------- -------------
7. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 April 2011 can be obtained from the Registered Office during normal business hours and are available on the Company's website, www.oakholdings.co.uk.
For further information, please contact:
Oak Holdings plc Tel: 020 7493 5522 Michael Woodcock, Chairman Christopher Yates, Director Cairn Financial Advisers LLP Tel: 020 7148 7901 Tony Rawlinson
Notes to editors:
Oak Holdings plc's shares are traded on the Alternative Investment Market of the London Stock Exchange. Its principal activities are in the leisure field and are currently focussed on three main businesses:
Rother Valley Country Park is a 741 acres country park, situated in Rotherham within a short distance of junction 22 on the M1. The park, which was operated until May 2009 by Rotherham Metropolitan Borough Council from whom the group holds a lease, has an estimated 900,000 visitors a year. It is. The park, which has Green Flag status is the location for various sporting activities including cycling, walking, running, horse riding, golf, cable water skiing, wind surfing, sailing and fishing. It is widely used by local schools, national sporting bodies (being used for a number of national and international sporting meetings) and by individuals.
Ringwood Town and Country Experience operates a museum in Ringwood on the edge of the New Forest with historic and local exhibits displayed in period settings. The exhibits include period cars, a railway station and an original Dambuster "Bouncing Bomb". In addition, the premises house a cafe and function room and a small shop.
Oak Heritagerefurbishes and restores historic cars and has a particular specialism in Hispano Suizas.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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