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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 |
Pantheon Leisure Plc ("Pantheon" or the "Group") Half yearly report to 30 June 2008 Chairman's Statement I am pleased to present the results of Pantheon Leisure Plc for the six month period ended 30 June 2008. Whilst our subsidiaries, The Elms Group Limited and Sport in Schools Ltd, are performing in line with our expectations, we also continue to review other opportunities in the leisure sector. Operations Our subsidiary, Sport in Schools Ltd., continues to make strong progress, working with heads of education in both local authorities and schools to offer children innovative and exciting ways to improve and further their sporting and leisure education. We believe that our initiative forms an effective part of any school's strategic planning and address issues that arise from the obligatory 10% `Planning, Preparation and Assessment'(PPA) time as stipulated by Central Government. We continue to expand geographically moving beyond the Greater London Area to new areas, which include Buckinghamshire, Kent, Essex and Hertfordshire. We intend to further the initiative nationwide. Trading performance in this division has been encouraging with turnover up 84%, as compared with the same six month period last year. Growth expectations in the second half of the year appear to justify our investment in this business activity. Through our subsidiary, The Elms Group Limited, we remain one of the leading operators of small sided football leagues in London. As competition remains intense in this sector, we recognise the need to keep improving our offering. In line with this objective, we have phased in new formats of 8 team leagues over 14 weeks, as well as providing games with a longer playing time. We are seeing some financial benefits from these changes, with turnover in the first half up by 13%, as compared with the same six month period last year. We remain confident that we have made the right moves to retain our position as one of the leading providers in this sector. Financial Results The Group has reported a pre tax loss of £71,103 (2007 - £133,938) for the six month period under review on turnover of £ 548,509 (2007 - £393,364). As at 30 June 2008 the Group had net cash balances of £652,789 which provides the Group with a platform to further its existing operations as well as providing the resources to enable it to acquire other businesses operating in the leisure sectors should an opportunity arise. Current Trading I remain encouraged by the Group's progress and, in particular, the "Sport in Schools" initiative, which I believe will continue to develop given the Government's stated intention to increase mandatory sports lessons. Furthermore, in addition to our present association with state schools we are becoming more involved in the private school sector, which will provide us with further growth opportunities. We continue to assess further investment opportunities and look forward to updating shareholders in the near future. W Weston Chairman 25 September 2008 Consolidated income statement for the six months ended 30 June 2008 Unaudited Unaudited Audited six months six months Year ended ended ended Notes 30 June 2008 30 June 2007 31 December 2007 £ £ £ Continuing operations Revenues 548,509 393,364 900,055 Cost of Sales (298,402) (287,553) (665,483) Gross Profit 250,107 105,811 234,572 Operating expenses Administrative costs (339,145) (261,172) (510,644) Total operating expenses (339,145) (261,172) (510,644) Operating loss (89,038) (155,361) (276,072) Finance income 17,935 21,423 42,824 Loss on ordinary (71,103) (133,938) (233,248) activities Taxation on ordinary 3 (7,107) - 16,181 activities Loss for period (78,210) (133,938) (217,067) Discontinued operations Profit for the period - - 6,425 Loss for the period/year (78,210) (133,938) (210,642) attributable to equity holders of the parent Loss per share: 4 Basic and diluted loss (0.06)p (0.11)p (0.18)p per share Discontinued operations: Basic and diluted - - 0.1p earnings per share Continued and discontinued operations: Basic and diluted loss (0.06)p (0.11)p (0.17)p per share The group had no recognised income and expense other than that dealt with in the income statement. Consolidated balance sheet as at 30 June 2008 Unaudited Unaudited Audited as at as at as at Note 30 June 30 June 31 December 2008 2007 2007 £ £ £ Non current assets Deferred tax asset 9,074 - 16,181 Current assets Trade and other 160,022 217,108 107,409 receivables Cash and cash equivalents 705,748 915,756 821,024 865,770 1,132,864 928,433 Total assets 874,844 1,132,864 944,614 Current liabilities Trade and other payables (319,604) (420,866) (259,323) Bank overdraft (52,959) (61,303) (104,800) (372,563) (482,169) (364,123) Net assets 502,281 650,695 580,491 Share capital 1,200,000 1,200,000 1,200,000 Share premium account 677,244 677,244 677,244 Merger reserve (400,000) (400,000) (400,000) Revenue reserves (974,963) (826,549) (896,753) Shareholders' equity 5 502,281 650,695 580,491 Consolidated cash flow statement for the six months ended 30 June 2008 Unaudited Unaudited Audited six months six months Year ended ended ended 30 June 2008 30 June 2007 31 December 2007 £ £ £ Cash flow from operating activities Operating loss on continuing (89,038) (155,361) (276,072) operations Profit before tax on - - 6,425 discontinued operations (89,038) (155,361) (269,647) Adjustment for share based - 6,500 13,000 payments Operating cash flow before (89,038) (148,861) (256,647) working capital movements Increase in receivables (52,613) (150,975) (41,276) Increase in payables 60,281 201,427 39,884 Operating cash flow (81,370) (98,409) (258,039) Finance income 17,935 21,423 42,824 Net decrease in cash and cash (63,435) (76,986) (215,215) equivalents in the period Cash and cash equivalents at 716,224 931,439 931,439 the beginning of the period Cash and cash equivalents at 652,789 854,453 716,224 the end of the period Notes to the financial statements for the six months ended 30 June 2008 1. General information Pantheon Leisure Plc (the "company") is a company domiciled in England and its registered office address is 58-60 Berners Street, London W1T 3JS. The condensed consolidated interim financial statements of the company for the six months ended 30 June 2008 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 240 of the Companies Act 1985. The financial information for the year ended 31 December 2007 has been extracted from the statutory accounts . The auditors' report on those statutory accounts was unqualified and did not contain a statement under Section 237 of the Companies Act 1985. A copy of those financial statements has been filed with the Registrar of Companies. The group has presented its results in accordance with International Financial Reporting Standards as adopted by the EU using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 December 2007. As permitted, the interim report has been prepared in accordance with AIM listing rules and is not compliant in all respects with IAS34 `Interim Financial Statements.' The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and therefore cannot be construed to be in full compliance with IFRS. The condensed interim financial statements were approved by the board and authorised for issue on 25 September 2008. 2. Business segment analysis Six months ended 30 June 2008 Small Sports Consolidated sided tuition in football schools Results from continuing £ £ £ operations Revenue 277,102 271,407 548,509 Segment operating (loss)/ (14,397) 25,381 10,984 profit Unallocated corporate (100,022) expense Operating loss (89,038) Finance income 17,935 Loss before taxation (71,103) Taxation (7,107) Loss after taxation from (78,210) continuing operations Six months ended 30 June 2007 Small Sports Consolidated sided tuition in football schools Results from continuing £ £ £ operations Revenue 246,183 147,181 393,364 Segment operating loss (56,207) (22,400) (78,607) Unallocated corporate (76,754) expense Operating loss (155,361) Finance income 21,423 Loss before taxation (133,938) - Taxation Loss after taxation from (133,938) continuing operations Year Ended 31 December 2007 Small Sports Other Consolidated sided tuition in football schools Results from continuing £ £ £ £ 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) Finance income 42,824) Loss before taxation (233,248) Taxation 16,181) Loss after taxation from (217,067) continuing operations 3. Taxation The tax charge in the accounts for the six months ended 30 June 2008 of £7,107 represents an adjustment to the deferred tax asset in recognition of tax losses from previous periods to be utilised against trading profits of £25,382 generated from the group's sports coaching activities. 4. Basic and diluted loss per share The calculation of the loss per ordinary share is based on the loss after taxation for the six month period ended 30 June 2008 of £78,210 (6 months ended 30 June 2007 loss £133,938 )(year ended 31 December 2007 loss £210,642) and 120,000,000 (2007: 120,000,000) ordinary shares in issue throughout the period. 5. Movements to shareholders' equity Unaudited Unaudited Audited six months six months Year ended ended ended 30 June 30 June 31 December 2008 2007 2007 £ £ £ Loss for the period (78,210) (133,938) (210,642) Adjustment for share based payments - 6,500 13,000 (78,210) (127,438) (197,642) Equity at the beginning of period 580,491 778,133 778,133 Equity at the end of period 502,281 650,695 580,491 Contact Barbara Moss, Director Pantheon Leisure plc Tel: 020 8954 8787 Liam Murray, Nominated Adviser Dowgate Cpaital Advisers Limited Tel: 020 7492 4777 Neil Badger, Broker Ellis Stockbrokers Limited Tel: 01293 517 744 Isabel Crossley, PR St Brides Media & Finance Limited Tel: 020 7236 1177 END
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