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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pantheon Leis. | LSE:PLEI | London | Ordinary Share | GB00B0L2RR08 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPLEI Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure 22 June 2009 Pantheon Leisure plc (`Pantheon' or `the Company') Final Results Pantheon Leisure plc, the AIM quoted company formed to acquire businesses in the leisure sector, announces its results for the year ended 31 December 2008. Highlights * Post-tax loss for the year - GBP170,904 (2007: loss GBP 210,642) * Turnover on continuing operations- GBP1,076,857 (2007:GBP 900,055) * Strong cash position at year end in excess of GBP580,000 * Sports tuition in schools turnover increased by 69% * Small-sided football turnover reduced by 5% Chairman's Statement I am pleased to report the final results for the year ended 31 December 2008. The group enjoyed considerable success in 2008 with increasing momentum and development of its "Sport in Schools" initiative resulting in a 69% increase in turnover. The small-sided football operation has consolidated but has not shown any growth. In the light of the recessionary climate a 5% reduction in turnover is regarded as a reasonable performance. Financial results Pantheon's continuing involvement in its core operating activities has resulted in the company reporting a group post-tax loss of GBP170,904 for the year (2007 loss: GBP210,642) on turnover for the year of GBP1,076,857 (2007 turnover: GBP 900,055). The group's net cash position at 31 December 2008 was GBP586,813. The board does not recommend the payment of a dividend. I am pleased to report that in 2008, the subsidiary companies, more fully discussed below, have virtually eliminated last year's loss of GBP90,000 and have returned a small operating loss of GBP2,000. The annual cost of running Pantheon as an AIM listed public company is in the order of GBP200,000.Interest of GBP35,000 was received from monies on deposit. Operations The activities of the group throughout the year were conducted through its two trading subsidiaries, Football Partners Limited and Sport in Schools Limited. These covered two main categories: small-sided football and sports tuition in schools. Small-sided football Turnover in 2008 was GBP552,204 (2007: GBP583,040), a reduction of 5%. We continue to operate small-sided football leagues within the M25 area and principally within the urban developments in London, which take in Docklands, Canary Wharf, Paddington Basin, Battersea and Wandsworth. I am pleased to report that our centres are currently operating more efficiently and bookings at all venues are now virtually at full capacity. Sports tuition in schools Turnover in 2008 was GBP518,034 (2007: GBP306,915) an improvement of 69%. Elms Sport in Schools (ESS) continues to expand throughout London and the Home Counties, currently supplying specialised sports tuition to over 100 primary schools encompassing over 8,000 young people each week. The ESS Programme has been devised specifically to engage and sustain the interest of youngsters across a broad social spectrum, whilst satisfying central government criteria of delivering a minimum of 2 hours formal physical activity per week in schools. ESS essentially delivers professional sports tuition and invaluable support to schools enabling them to cover the mandatory PPA (Planning, Preparation and Assessment), obligatory for all schools with full-time staff, working within the national curriculum. ESS also provides QCA assessments for all pupils. To assist working parents, we also deliver "The Extended Day" as well as "School Holiday Sports and Play Schemes". In addition to normal sporting activities, sports provided include Invasion Games, Striking and Fielding and Net/Wall Games. Our contribution to tennis is outstanding and ESS has just been awarded the LTA's most coveted award "The Club Mark" in recognition of its high standard of excellence in tennis tuition, given to only 250 tennis organisations out of 2,600 throughout Great Britain. We work closely with head teachers, partnership development managers and schools sports co-ordinators in the majority of the London Boroughs thus ensuring that we meet the high standards expected of providers. All coaches are CRB checked and are all qualified in their respective sports. Our programme for continuing professional development for our teaching staff is ongoing and rigorous, ensuring that they are continually upgraded and well - informed. Considerable investment in bespoke computer systems have ensured that our infrastructure will be able to cope with anticipated growth whilst keeping overheads to a minimum. Re-branding the ESS product has raised our market profile to a new level and has increased our credibility and recognition throughout the schools community. Our programme is continually being re-assessed and expanded to meet the ever growing demand of both schools and parents. At present, the level of new enquiries for sports coaching and resulting new contracts is extremely encouraging and we look forward to further growth for the remainder of 2009 and 2010. Prospects Whilst we are concerned by the current economic climate, we are encouraged by our own experience in our two main activities. Despite the recession, small-sided football has remained stable and sports tuition in schools tuition continues to grow steadily. Electronic Communications The directors wish to utilise the new provisions of the Companies Act 2006 to allow them to send documents or information electronically, thereby reducing printing and postage costs. Accordingly, Resolution 8 is being proposed as a special resolution at the annual general meeting, to make certain amendments to the company's existing articles of association to authorise the company to send documents and information to shareholders by electronic means which includes making them available on the company's website and to ensure that the relevant notice and service provisions in the company's articles of association shall apply to electronic communications. Finally, I would like to take this opportunity of thanking all those involved in the group for their hard work and dedication throughout the year. William Weston Chairman 18 June 2009 * * ENDS * * For further information please visit www.pantheonleisure.com or contact: Geoffrey Simmonds Pantheon Leisure plc Tel: 020 7935 0823 Mark Percy Seymour Pierce Limited Tel: 020 7107 8000 Susie Callear St Brides Media & Finance Limited Tel: 020 7236 1177 Consolidated Income Statement For the year ended 31 December 2008 Notes Year ended Year ended 31 December 2008 31 December 2007 GBP GBP Continuing operations Revenues 1,076,857 900,055 Cost of sales (714,824) (665,483) Gross profit 362,033 234,572 Administrative expenses (563,235) (510,644) Operating loss (201,202) (276,072) Financial income 35,053 42,824 Loss before taxation (166,149) (233,248) Taxation 3 (4,755) 16,181 Loss for the year from (170,904) (217,067) continuing operations Discontinued operations Profit for the year from - 6,425 discontinued operations Loss after taxation attributable (170,904) (210,642) to equity holders of the parent Continuing operations Basic and diluted loss per share 4 (0.14)p (0.18)p Discontinued operations 4 - 0.01p Basic and diluted earnings per share Continuing and discontinued 4 (0.14)p (0.17)p operations Basic and diluted loss per share The Group has no recognised income or expense other than that dealt with in the income statement. Consolidated Balance Sheet As at 31 December 2008 Notes 31 December 31 December 2008 2007 GBP GBP Non current assets Property, plant and equipment 27,357 - Deferred tax asset 5 11,426 16,181 38,783 16,181 Current assets Trade and other receivables 72,749 107,409 Cash and cash equivalents 620,762 821,024 693,511 928,433 Total assets 732,294 944,614 Current liabilities Trade and other payables (268,758) (259,323) Bank overdraft (33,949) (104,800) Borrowings (2,000) - (304,707) (364,123) Long term liabilities Borrowings (18,000) - Total liabilities (322,707) (364,123) Net assets 409,587 580,491 Equity Issued share capital 1,200,000 1,200,000 Share premium - 677,244 Merger reserve (400,000) (400,000) Revenue reserves (390,413) (896,753) Equity attributable to 6 409,587 580,491 shareholders' of the parent company. Consolidated Cash Flow Statement For the year ended 31 December 2008 Notes Year ended Year ended 31 December 31 December 2008 2007 GBP GBP Cash flow from operating activities Loss before tax from continuing operations (201,202) (276,072) Profit before tax from discontinued operations - 6,425 (201,202) (269,647) Share based payment charges - 13,000 Depreciation 2,393 - Operating cash flow before working capital (198,809) (256,647) movements Decrease/(increase) in receivables 34,660 (41,276) Increase in payables 9,435 39,884 Operating cash flow (154,714) (258,039) Investing activities Financial income 35,053 42,824 Acquisition of property, plant and equipment (29,750) - Cash from investing activities 5,303 42,824 Financing activities Long term loan 20,000 - Cash from financing activities 20,000 - Net change in cash and cash equivalents (129,411) (215,215) Cash and cash equivalents and bank overdraft at 716,224 931,439 the beginning of the year Cash and cash equivalents and bank overdraft at 7 586,813 716,224 the end of the year Notes 1. General information These financial statements are prepared in pounds sterling because that is the currency of the primary economic environment in which the group operates. This preliminary announcement is authorised for issue by the Board on 18 June 2009. The financial information has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and applying the same accounting policies and bases of calculation and estimation as applied in the previous annual financial statements. The financial information is unaudited and does not constitute statutory accounts within the meaning of Section 240(5) of the Companies Act 1985 ('the Act'), but have been extracted there from. The financial statements for the year ended 31 December 2007, on which the auditors gave an unqualified opinion, have been filed with the Registrar of Companies and contain no statement under Sections 237(2) or (3) of the Act. The auditors have reported their opinion on the financial statements for the year ended 31 December 2008 on 16 June 2009. The auditors gave an unqualified opinion, and made no statement under Sections 237(2) or (3) of the Act. 2. Business segment analysis Revenue and loss before taxation comprised: Year ended Year ended 31 December 2008 31 December 2007 Revenue Loss Revenue (Loss)/ profit GBP GBP GBP GBP Continuing operations (see 1,076,857 (166,149) 900,055 (233,248) below) Discontinued operations - - 148,960 6,425 Total 1,076,857 (166,149) 1,049,015 (226,823) Year Ended 31 December 2008 Small-sided Sports Other Consolidated football tuition in schools Results from continuing GBP GBP GBP GBP operations Revenue 552,204 518,034 6,619 1,076,857 Segment operating (loss) (40,032) 31,336 6,619 (2,077) / profit Unallocated corporate (199,125) expense Operating loss (201,202) Financial income 35,053 Loss before taxation (166,149) Taxation (4,755) Loss after taxation from (170,904) continuing operations Year ended 31 December 2007 Small-sided Sports Other Consolidated football tuition in schools Results from continuing GBP GBP GBP GBP operations Revenue 583,040 306,915 10,100 900,055 Segment operating (loss)/ (45,974) (57,788) 6,682 (97,080) profit Unallocated corporate (178,992) expense Operating loss (276,072) Financial income 42,824 Loss before taxation (233,248) Taxation 16,181 Loss after taxation from (217,067) continuing operations Balance sheet at 31 December 2008 Small-sided Sports Consolidated football tuition in schools GBP GBP GBP Segment assets 58,877 17,614 76,491 Unallocated corporate 655,803 assets Consolidated total assets 732,294 Segment liabilities 199,051 60,528 259,579 Unallocated corporate 63,128 liabilities Consolidated total 322,707 liabilities Capital additions 22,000 7,750 Depreciation charge 1,100 1,293 Balance sheet at 31 December 2007 Small-sided Sports Dis-continued Consolidated football tuition in schools GBP GBP GBP GBP Segment assets 65,136 12,446 - 77,582 Unallocated corporate 867,032 assets Consolidated total 944,614 assets Segment liabilities 148,163 54,577 20,000 222,740 Unallocated corporate 141,383 liabilities Consolidated total 364,123 liabilities Unallocated assets include group cash balances, group deferred tax assets and other receivables attributable to the parent company. Unallocated liabilities include group bank overdraft and trade and other payables attributable to the parent company. 3. Taxation There is no current tax charge as a result of the loss for the year. Year ended Year ended 31 December 31 December 2008 2007 GBP GBP Deferred tax expense Origination and reversal of temporary 4,755 (16,181) differences Total deferred tax charge/(credit) 4,755 (16,181) Tax charge/(credit) in income 4,755 (16,181) statement The group has tax losses of GBP851,943 which includes GBP551,341 in relation to the company's subsidiary undertakings. Where it is anticipated that future taxable profits will be available to utilise these losses a deferred tax asset has been recognised. Tax losses available in the parent company are available for offset only against income and gains of that company. Factors affecting the tax charge in Year ended Year ended the year 31 December 31 December 2008 2007 GBP GBP Loss on ordinary activities before (166,149) (226,823) taxation Loss on ordinary activities before (46,522) (68,047) taxation at the standard rate of UK corporation tax 28% (2007: 30%) Effects of: Expenses not deductible for tax 4,399 16,843 purposes Deferred tax asset recognised of - 1,155 future rate of 28% not 30% Unutilised tax losses not recognised 46,878 33,868 as a deferred tax asset Tax charge/(credit) 4,755 (16,181) 4. Loss per Share Basic loss per share on continuing operations has been calculated on the group's loss attributable to equity holders of GBP170,904 (2007: GBP217,067) and on the weighted average number of shares in issue during the year, which was 120,000,000 (2007:120,000,000). In view of the group loss for the year, share warrants and options to subscribe for ordinary shares in the company are anti-dilutive and therefore diluted earnings per share information is not presented. There are options and warrants outstanding over 61 million shares that could potentially dilute basic earnings per share in future. 5. Deferred tax asset The Group has tax losses, some of which are expected to be utilised against future taxable income arising from the trading activities within the Group. A rate of 28% is the applicable standard rate of UK corporation tax for these purpos 6. Statement of Changes in Equity Issued Share Merger Revenue Total share premium reserve reserves capital GBP GBP GBP GBP GBP At 1 January 2007 1,200,000 677,244 (400,000) (699,111) 778,133 Net loss for the year - - - (210,642) (210,642) the year Adjustment for share - - - 13,000 13,000 based payments At 1 January 2008 1,200,000 677,244 (400,000) (896,753) 580,491 Effect of capital - (677,244) - 677,244 - cancellation Net loss for the year - - - (170,904) (170,904) At 31 December 2008 1,200,000 - (400,000) (390,413) 409,587 7. Analysis of movements to cash and cash equivalents and bank overdraft At Cash Flow At 1 January 31 December 2008 2008 Cash and cash equivalents 821,024 (200,262) 620,762 Bank overdraft (104,800) 70,851 (33,949) Net movement 716,224 (129,411) 586,813 8. Post Balance Sheet Events Acquisition of shares and warrants in ADDleisure Plc On 2 March 2009, the company acquired 22,540,000 ordinary shares of 0.5p each in ADDleisure Plc together with its entire holding of 2,820,000 warrants to subscribe for ordinary shares in ADDleisure Plc from Reverse Take-Over Investments Plc (a subsidiary of Westside Acquisitions Plc) for the aggregate amount of GBP500,000. This acquisition of ordinary shares represents approximately 10.75% of the issued share capital of ADDleisure Plc, an AIM listed company, itself 28.9% owned by BUPA. The consideration payable under the acquisition agreement was satisfied by the issue of GBP500,000 7.5% unsecured convertible loan notes to Reverse Take-Over Investments Plc, a wholly owned subsidiary of Westside Acquisitions Plc. The loan notes are convertible into ordinary shares of 0.5p each at 1p at any time, in whole or in part, prior to their redemption and are redeemable at any time, on or after the first anniversary of their issue. Those loan notes not redeemed or converted will be repayable on 2 March 2014. 9. Annual Report & Accounts A copy of the Annual Report and Accounts for the year ended 31 December 2008 will be sent to shareholders on or before 29 June 2009 and copies will be available from the Company's registered office at 58-60 Berners Street, London W1T 3JS or by visiting the Company website at www.pantheonleisure.co.uk. END
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