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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Top Ten Hldgs | LSE:TTH | London | Ordinary Share | GB00B0V90L66 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:5072Z
Top Ten Holdings PLC
03 July 2007
Top Ten Holdings plc
("Top Ten" or the "Group")
Preliminary Results for 53 weeks ended 1 April 2007
Top Ten Holdings plc, third largest UK bingo operator with 43 bingo clubs, is
pleased to announce Preliminary Results for the 53 weeks to 1 April 2007.
2007 2006 % change
Turnover (#m) 30.6 23.7 29.0.%
Pre-tax profit (#m) 2.6 2.4 9.3%
Earnings per Share (p) 7.0 7.9 (11.4%)
Earnings per Share (Normalised) (p) 7.3 7.3 0%
Key Points
* Continued increases in both sales, up 29%, and pre-tax profit, up
9.3%.
* Net Asset Value per share up 6% to 89p
* Two underperforming sites sold during period for substantial profit.
Further two sold since year end.
* Estate prepared for English smoking ban. Outside spaces and mobile
handheld bingo units being introduced to the clubs across the estate
* www.toptenbingo.com, the Group's branded online bingo site, is making
positive contribution
* Board propose to move dividend payments from a single dividend payment
in August to two half-yearly payments each year
* Top Ten well positioned to take advantage of future consolidation in
the sector
3 July 2007
Commenting on the results Sir Aubrey Brocklebank, Chairman, said,
"Top Ten Holdings is a robust business with strong cash flows. Although the
smoking ban will present a challenge we have made significant changes to the
business, sold marginal sites and utilised technology to mitigate any downturn
that we might see. We have a strong balance sheet that will provide significant
opportunity for us to expand our estate."
For Further Information:
Top Ten Holdings plc 01727 850793
Sir Aubrey Brocklebank, Chairman
Graham Kerr, Chief Executive
College Hill 020 7457 2020
Matthew Smallwood
Jamie Ramsay
CHAIRMAN'S STATEMENT
Introduction
On behalf of your Board I am pleased to present the Top Ten results for the 53
week period ended 1st April 2007, which has been another year of substantial
progress.
The year has seen more consolidation within the industry and full preparation
for the much publicised Smoking Ban which came into effect in Wales on 2 April
and England on 1 July.
Results
The Group achieved a pre-tax profit of #2.6m (2006: #2.4m), an increase of 9.3%,
on turnover of #30.6m (2006: #23.7m), an increase of 29%. This translated into
an earnings per share of 7.0p (2006: 7.9p). Pre-exceptional earnings per share
in 2007 amounted to 7.3p (2006: 7.3p). Exceptional items included profit on
property disposals offset in 2007 by re-structuring costs.
Net asset value per share increased by 6% to 89p (2006: 84p).
The tax charge of #808,573 includes deferred tax of #186,926.
Trading performance
The bingo industry is a robust business usually only adversely affected by
extremes of weather and Government intervention. In the early part of the year
period the UK had a 10 week period of exceptionally hot weather which in turn
had an adverse effect on our trading. However, we have subsequently seen a
return to normal patterns which has been augmented by the considerable
investment into our gaming machine estate and the introduction of dedicated
resources in this field. As a result the Group experienced improved spends per
head and increased profitability. Additionally, our performance has also
benefited from the cost cutting measures, including a management reorganisation,
implemented last year.
In October 2006 the Group launched a branded online bingo site,
www.toptenbingo.com. I am pleased to be able to report that this site is now
making a positive contribution.
Smoking Ban
We outlined clearly, at the interim results, that the Board believes that the
bingo industry will be, in the short term, significantly affected by the smoking
bans implemented in England, Wales and Scotland. While Top Ten operates no clubs
in Scotland, and it is too early to determine the full impact of the Welsh and
English smoking bans, the Management have made various changes to mitigate the
effect across the estate. Outdoor smoking areas have been installed at 13 of the
larger clubs, with plans to install similar areas at other clubs. Mobile
handheld bingo units have been trialled successfully in 4 clubs and are set to
be rolled out to a selection of other clubs.
Double Taxation
18 months ago the bingo industry began to lobby the Chancellor for the abolition
of VAT on Bingo to bring it in line with the rest of the gaming industry. At
present bingo clubs pay both VAT and a Gross Profit Tax ("GPT") on bingo
revenues whereas the rest of the gaming industry pays only GPT. To date this has
not been addressed and the industry will continue to lobby Government vigorously
on this issue.
Property Rationalisation
After a period of such rapid expansion it was inevitable that we would end up
with sites that were sub-optimal in size.
It was also clear that with the advent of the smoking ban that some clubs would
become at best marginal and maybe even loss making. We have identified those
smaller clubs which we felt might realise greater value for alternative use.
I am pleased to report that we have to date exchanged contracts or completed the
sale of four properties, two of which occurred before the period end and are
included in the results. These are Derby and Hoyland which realised a profit
over book value of #194,302. Since the year end, we have exchanged contracts on
Boldon and Mexborough at prices which should realise substantial, further profit
in the current period.
We continue to review ways of maximising and unlocking the value within our
property portfolio and are particularly focussed on releasing cash to fund
further acquisitions. Our property portfolio is not conventional or uniform in
nature and we have appointed professional advisors to work with us to review all
our options. Preliminary work indicates that a "one solution fits all" strategy
is not appropriate and we are working to find the best ways of maximising the
Return on Capital on a site by site basis.
Club Refurbishments
The merger of the two clubs at Mexborough has been particularly successful with
the combined operation now contributing considerably more than the two
individual operations. The contracted sale of the closed club at a value which
is higher than expected is pleasing.
A major refurbishment at our large Mansfield site started towards the end of the
year and was completed prior to the introduction of the smoking ban in July.
Bank Facilities
At the time of the last accounts we had an un-drawn facility of some #12.5
million. In the light of the uncertainties created by the threat of the smoking
ban we decided that it was not worth paying the commitment fees until the
position is clearer. The bank borrowing at the year end had reduced to #28
million (2006: #29 million).
Dividends
The Board propose to move the basis of dividend payments from a single dividend
payment in August of each financial year to two half-yearly payments in August
and February of each year. This will be implemented by the proposed payment of 1
penny per share in August 2007. It is the Board's intention, subject to trading
being in line with current expectations, to pay a dividend of 1 penny per share
in February 2008. This compares to a single dividend payment of 1.45 pence per
share which was paid in August 2006.
Outlook
The next year will be challenging. However periods of turbulence provide
opportunity and we believe that we are well positioned to take advantage of any
potential consolidation. We are well prepared for the smoking ban both
operationally and in terms of the shape of our estate. We will continue to
invest in our business and estate and seek all opportunities to maximise value
for our shareholders
Sir Aubrey Brocklebank
Chairman
TOP TEN HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE 53 WEEKS ENDED 1 APRIL 2007
53 weeks 53 weeks 53 weeks 52 weeks
Ended Ended Ended Ended
1 April 1 April 1 April 26 March
2007 2007 2007 2006
Before Total
non-recurring Non-recurring Total (restated)
Notes # # # #
Turnover 4
Continuing operations 29,329,465 - 29,329,465 22,962,433
Acquisitions 459,092 - 459,092 -
Discontinued operations 790,818 - 790,818 725,415
---------- ---------- ---------- ----------
30,579,375 - 30,579,375 23,687,848
Cost of sales (4,922,294) - (4,922,294) (3,581,895)
---------- ---------- ---------- ----------
Gross profit 25,657,081 - 25,657,081 20,105,953
Distribution costs (18,493,903) - (18,493,903) (14,792,166)
Administrative expenses (2,334,547) (359,683) (2,694,230) (1,890,110)
Other operating income 36,164 - 36,164 53,485
---------- ---------- ---------- ----------
Operating profit
Continuing operations 4,673,231 - 4,673,231 3,436,740
Acquisitions 195,379 - 195,379 -
Discontinued operations (3,815) - (3,815) 40,422
---------- ---------- ---------- ----------
4,864,795 (359,683) 4,505,112 3,477,162
Profit on disposal of
fixed assets - 194,302 194,302 145,022
---------- ---------- ---------- ----------
Profit on ordinary
activities before interest 4,864,795 (165,381) 4,699,414 3,622,184
Other interest receivable
and similar income 17,349 - 17,349 2,222
Interest payable and
similar charges (2,126,028) - (2,126,028) (1,253,733)
---------- ---------- ---------- ----------
Profit on ordinary
activities before taxation 2,756,116 (165,381) 2,590,735 2,370,673
Tax on profit on ordinary
activities (808,573) - (808,573) (680,198)
---------- ---------- ---------- ----------
Profit on ordinary
activities after taxation 1,947,543 (165,381) 1,782,162 1,690,475
Dividends (367,228) - (367,228) (228,781)
---------- ---------- ---------- ----------
Retained profit for the period 1,580,315 (165,381) 1,414,934 1,461,694
========== ========== ========== ==========
There are no recognised gains and losses other than those passing through the
profit and loss account
TOP TEN HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (CONTINUED)
FOR THE 53 WEEKS ENDED 1 APRIL 2007
Notes 53 Weeks 52 Weeks
ended ended
1 April 26 March
2007 2006
Earnings per share 5 7.01p 7.94p
There is no material difference between basic and diluted earnings per share
TOP TEN HOLDINGS PLC
BALANCE SHEETS
AS AT 1 APRIL 2007
Group Company
2007 2006 2007 2006
(restated) (restated)
# # # #
Fixed assets
Intangible assets 16,499,737 16,171,890 - -
Tangible assets 36,636,276 35,802,997 - -
Investments - - 27,859,495 26,496,408
---------- ---------- ---------- ----------
53,136,013 51,974,887 27,859,495 26,496,408
---------- ---------- ---------- ----------
Current assets
Stocks 488,399 419,708 - -
Debtors 749,732 923,744 30,319,299 32,079,263
Cash at bank and in hand 1,645,253 1,718,871 28,520 249,914
---------- ---------- ---------- ----------
2,883,384 3,062,323 30,347,819 32,329,177
Creditors: amounts falling
due within one year (3,745,306) (4,789,685) (13,435,852) (14,124,621)
---------- ---------- ---------- ----------
Net current assets/(liabilities) (861,922) (1,727,362) 16,911,967 18,204,556
---------- ---------- ---------- ----------
Total assets less current
liabilities 52,274,091 50,247,525 44,771,462 44,700,964
Creditors: amounts falling
due after more than one year (28,934,787) (28,724,739) (28,326,152) (28,047,922)
Provisions for liabilities and
charges (561,321) (367,895) (6,498) -
---------- ---------- ---------- ----------
22,777,983 21,154,891 16,438,812 16,653,042
========== ========== ========== ==========
Capital and reserves
Called up share capital 5,101,151 5,064,923 5,101,151 5,064,923
Share premium account 8,878,606 8,711,247 8,878,606 8,711,247
Equity reserve 11,624 7,053 11,624 7,053
Profit and loss account 8,786,602 7,371,668 2,447,432 2,869,819
---------- ---------- ---------- ----------
Shareholders' funds - equity
interests 22,777,983 21,154,891 16,438,812 16,653,042
========== ========== ========== ==========
TOP TEN HOLDINGS PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 53 WEEKS ENDED 1 APRIL 2007
53 Weeks 52 Weeks
Ended ended
1 April 26 March
2007 2006
# # # #
Net cash inflow from operating
activities 6,326,927 4,129,823
Returns on investments and
servicing of finance
Interest received 17,349 2,222
Interest paid (2,126,029) (1,253,733)
---------- ----------
Net cash outflow for returns
on investments and servicing
of finance (2,108,680) (1,251,511)
Taxation paid (640,563) (416,914)
Capital expenditure and
financial investment
Payments to acquire intangible
assets - (38,000)
Payments to acquire tangible assets (1,091,300) (2,355,997)
Receipts from sales of tangible
assets 675,960 310,764
----------- -----------
Net cash outflow for capital
expenditure (415,340) (2,083,233)
Acquisitions and disposals
Purchase of subsidiary undertakings (1,274,925) (18,258,229)
Net cash acquired with subsidiary
undertakings 174,644 144,688
----------- -----------
Net cash outflow for acquisitions
and disposals (1,100,281) (18,113,541)
Equity dividends paid (367,228) (228,781)
----------- ------------
Net cash inflow/(outflow) before
management of liquid resources
and financing 1,694,835 (17,964,157)
Financing
Issue of ordinary share capital - 5,653,368
Cost of share issue - (200,678)
New long term bank loan 900,000 30,100,000
Repayment of long term bank loan (2,121,770) (4,237,474)
Arrangement fees - (553,075)
Vendor loans repaid on acquisition
of subsidiary - (7,880,661)
Bank loans repaid on acquisition of
subsidiary - (3,910,591)
Capital element of hire purchase
contracts (546,683) (327,722)
----------- -----------
Net cash (outflow)/inflow from
financing (1,768,453) 18,643,167
----------- ------------
(Decrease)/increase in cash in the
period (73,618) 679,010
=========== ============
TOP TEN HOLDINGS PLC
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE 53 WEEKS ENDED 1 APRIL 2007
1. Reconciliation of operating profit to net cash inflow from operating
activities
2007 2006
# #
Operating profit including exceptional items 4,699,414 3,629,237
Depreciation, amortisation and impairment charges
of intangible assets 1,588,126 1,119,001
Profit on disposal of tangible assets (194,302) (145,022)
Decrease/(increase) in stocks (64,921) 28,357
(Increase)/decrease in debtors 177,052 (164,669)
(Decrease)/increase in creditors within one year 121,558 (337,081)
---------- ----------
Net cash inflow from operating activities 6,326,927 4,129,823
========== ==========
2. Analysis of net debt
27 March 2006 Cash flow Other 1 April 2007
non-cash
changes
# # # #
Net cash:
Cash at bank and in hand 1,718,871 (73,618) - 1,645,253
---------- ---------- ---------- -----------
Finance leases (1,021,702) 546,683 (752,287) (1,227,306)
Debts falling due within one
year (1,500,000) 1,500,000 - -
Debts falling due after one
year (28,047,922)) (278,230) - (28,326,152)
---------- ---------- ---------- -----------
(30,569,624) 1,768,453 (752,287) (29,553,458)
---------- ---------- ---------- -----------
Net debt (28,850,753) 1,694,835 (752,287) (27,908,205)
========== ========== ========== ===========
3. Reconciliation of net cash flow to movement in net debt
2007 2006
# #
Increase/(decrease) in cash in
the period (73,618) 679,010
Cash inflow/(outflow) from increase in
debt and lease financing 1,016,166 (26,250,391)
---------- ----------
Movement in net debt in the period 942,548 (25,571,381)
Opening net debt (28,850,753) (3,279,372)
----------- ----------
Closing net debt (27,908,205) (28,850,753)
=========== ==========
4. Turnover
Revenue results from the operation of bingo clubs, snooker clubs and amusement
arcades. Bingo revenue is recorded as the customer stake, less applicable gaming
duties, cash prizes and VAT. Revenues from the sale of food and beverages are
recorded net of VAT.
5. Basic and diluted earnings per share
Basic and diluted earnings per ordinary share has been calculated using the
weighted average number of shares in issue during the financial period. The
weighted average number of equity shares in issue was 25,436,233 (2006:
21,369,612) and the profit after tax was #1,782,162 (2006: #1,690,475). Nil
(2006: Nil) potential ordinary shares have been treated as dilutive.
6. Financial Statements
The announcement set out above does not constitute a full financial statement of
the company's affairs for the 53 weeks ended 1 April 2007. The statutory
accounts for 2007 will be finalised with an unqualified audit report 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 Group's AGM. The annual report and accounts will be available from
the Company Secretary, Top Ten Holdings Plc, Unit 8, Verulam Industrial Estate,
224 London Road, St Albans, Herts AL1 1JF.
7. Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial
statements of the company and its subsidiary undertakings made up to 1 April
2007. The results of subsidiaries sold or acquired are included in the profit
and loss account up to, or from, the date control passes. Intra-group sales and
profits are eliminated fully on consolidation.
8. Taxation
2007 2006
# #
Domestic current year tax
U.K. corporation tax 621,647 487,681
---------- ----------
Current tax charge 621,647 487,681
Deferred tax
Deferred tax charge current year 186,926 192,517
---------- ----------
808,573 680,198
========== ==========
Factors affecting the tax charge for the period
Profit on ordinary activities before taxation 2,570,734 2,377,726
========== ==========
Profit on ordinary activities before
taxation multiplied by standard rate of UK
corporation tax of 30.00% (2006: 30.00%) 771,220 713,318
---------- ----------
Effects of:
Depreciation and amortisation less capital
allowances (33,641) (182,130)
Profit on disposal rolled over (115,932) (43,507)
---------- ----------
(149,573) (225,637)
---------- ----------
Current tax charge 621,647 487,681
========== ==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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