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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Somfy SA | AQEU:SOP | Aquis Europe | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
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RNS Number:3806Q
Sports & Leisure Group PLC
30 September 2003
Sports and Leisure Group plc
("Sports and Leisure", "the Company" or "the Group")
Unaudited Interim Results for the period ended 30 June 2003
Chairman's Statement
I am pleased to be able to report the results for Sports and Leisure Group Plc
for the six-month period ended 30th June 2003 and some important developments
with regard to our investment in Sports Network.
When Sports and Leisure acquired its 22 per cent. interest in Sports Network, we
also entered into an option to acquire a further 28 per cent. interest, which
expires today. I am pleased to announce that we have today acquired a further 4
per cent. interest in Sports Network for #1 million in cash, which is being met
from the group's existing cash resources, and have agreed a two month extension
to the period for exercise of the balance of the option, until 30th November
2003.
It is the board's current intention to exercise this option and we are in
discussions with our advisers. A further announcement will be made in due
course.
The Company produced a loss of #60,000 before goodwill amortisation of #163,000
making a loss on ordinary activities before taxation for the period of #223,000
and a loss per share of 0.66p.
The results in the period were adversely affected by the timing of certain major
Sports Network promotions, notably Scott Harrison's defence of his World
Championship title against Medina which was postponed until July 2003 and
certain other fights which have now been rearranged for the second half of the
year. This reduced our anticipated share of partnership income for the period.
Whilst TV revenues have been lower as a result of fewer fights being shown in
the US than we anticipated in the first half, there have been a number of
promotions in the third quarter, and further fights are scheduled between now
and the year-end as a result of which we believe that the result for the second
half will be in line with our expectations.
The delay in exercising the option over a further 28% of Sports Network
(referred to below) will also reduce Sports and Leisure's expected profit for
the year, as we had expected to be able to account for 50 per cent. of Sports
Network's profits early in the second half of the year which will not now be the
case.
On 29th July of this year, we announced that Sports Network had concluded the
negotiations with BskyB, extending Sports Network's contract for a further two
years to 30th June 2005. This new contract incorporates an increased number of
televised dates over the two-year period, including nine live television shows
between now and 31st December 2003. During the period, we also announced a new
18 month output deal with BBC 5 Live with the largest number of boxing dates
ever committed to by BBC Radio.
The conclusion of these negotiations has cemented Sports Network's position as
the pre-eminent boxing promoter in the UK, and one of the major suppliers of
international fight promotions worldwide.
Once again I am grateful to my colleagues on the board and particularly our
chief executive, Edward Simons, for their support and effort throughout the
period. I look forward to the future with confidence.
Clive R Garston
For further details please contact:
Ed Simons - Chief Executive Tel: 01992 505550
Sports and Leisure Group plc
Clive Garston - Chairman Tel: 020 7256 3627 or 07802 356614
Sports and Leisure Group plc
Adam Reynolds Tel: 020 7245 1100
Hansard Communications adam@hansardcommunications.com
www.hansardcommunications.com
Consolidated Profit and Loss Account
For the period ended 30 June 2003
6 months 12 months
6 months ended 30 ended 31
ended 30 June June 2002 December
2003 as restated 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover 1,135 810 2,370
Cost of Sales (790) (454) (1,352)
---------- ---------- ----------
Gross profit 345 356 1,018
Administrative expenses (425) (291) (687)
Amortisation of goodwill (163) (65) (228)
---------- ---------- ----------
Operating (loss) profit (243) - 103
Interest receivable 20 45 60
---------- ---------- ----------
(Loss)/profit on ordinary (223) 45 163
activities before taxation
Tax on profit on ordinary - (9) (43)
activities ---------- ---------- ----------
Retained (loss)/profit for the (223) 36 120
period ========== ========== ==========
Pence Pence Pence
(Loss)/earnings per share
Basic and diluted (0.66) 0.19 0.45
Adjusted for amortisation of (0.18) 0.53 1.31
goodwill ========== ========== ==========
Continuing operation
All amounts are derived from continuing operations.
Statement of Total Recognised Gains and Losses
For the period ended 30 June 2003
6 months 12 months
6 months ended 30 ended 31
ended 30 June June 2002 December
2003 as restated 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
(Loss)/profit for the financial (223) 36 120
year
Prior year adjustment - 63 63
---------- ---------- ----------
Total gains and losses recognised (223) 99 183
since last financial statements ========== ========== ==========
Consolidated Balance Sheet
As at 30 June 2003 At 31
At 30 At 30 June 2002 December
June 2003 as restated 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Intangible assets 2,867 3,193 3,030
Tangible assets 69 68 81
----------- ----------- ----------
2,936 3,261 3,111
Current assets
Debtors 340 532 369
Cash at bank and in hand 1,391 938 1,267
----------- ----------- ----------
1,731 1,470 1,636
----------- ----------- ----------
Creditors: amounts falling due (340)
within one year
(483) (408)
----------- ----------- ----------
Net current assets 1,248 1,062 1,296
----------- ----------- ----------
Total assets less liabilities 4,184 4,323 4,407
=========== =========== ==========
Capital and reserves
Called up share capital 1,694 1,694 1,694
Share premium account 3,050 3,050 3,050
Profit and loss account (560) (421) (337)
----------- ----------- ----------
Shareholders' funds - all equity 4,184 4,323 4,407
interests =========== =========== ==========
Consolidated Cash Flow Statement
For the period ended 30 June 2003
6 months 12 months
6 months ended 30 June ended 31
ended 30 2002 December
June 2003 as restated 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Net cash inflow from operating 104 115 453
activities (Note 6)
Return on investment and
servicing of finance
Interest receivable 20 45 60
Capital expenditure
Payments to acquire intangible - (3,258) (3,258)
assets
Payments to acquire tangible - (46) (70)
assets --------- ---------- ----------
Net cash inflow/(outflow) before 124 (3,144) (2,815)
management of liquid resources
and financing
Management of liquid resources
Bank deposits (450) 100 225
Financing
Issue of ordinary share - 3,115 3,115
capital ========= ========== ==========
(Decrease)/increase in cash in
the period (Note 7)
(326) 71 525
========= ========== ==========
Notes to the Interim Results
1. Basis of Preparation
The results for the six months ended 30 June 2003 are unaudited.
They have been prepared on accounting basis and policies that are consistent
with those used in the preparation of the financial statements of the group for
the year ended 31 December 2002.
The financial statements contained in this report do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The results for the year ended 31 December 2002 were reported by the auditors
and received an unqualified audit report. Full accounts for the year ended 31
December 2002 have been delivered to the Registrar of Companies.
2. Joint arrangement
The group has entered into a partnership with another participant to engage in
joint activity. The group includes its share of income, expenditure, assets,
liabilities and cashflows in such partnership, measured in accordance with the
terms of the partnership agreement, which is pro-rata to the group's interest in
the partnership.
The results for the period ended 30 June 2002 have been restated to reflect the
change of accounting policy necessary to include the group's share of income,
expenditure, assets, liabilities and cash flows as a joint undertaking measured
in accordance with the terms of the partnership agreement. The partnership was
previously accounted for as an associated undertaking.
3. Prior year adjustment
The adoption of the Financial Reporting Standard No.19 required a prior
year adjustment to be made to recognise the deferred tax asset which existed at
the start of the financial year and which was not recognised under the old
accounting policy.
4. Dividends
No dividend is proposed for the period ended 30 June 2003.
5. Earnings per Share
The loss per share for the six months ended 30 June 2003 has been calculated on
the basis of the loss after taxation for the period of #223,000 and the
33,886,201 shares in issue during the period.
The calculation of loss per share adjusted for amortisation of goodwill is based
on the basic loss per share adjusted for the amortisation of goodwill.
There is no dilutive effect of options and warrants granted due to the average
fair price of the shares during the period being less than the exercisable price
of those options and warrants.
6. Net cash outflow from operating activities
6 months 12 months
6 months ended ended 31
ended 30 June 2002 December
30 June 2003 as restated 2002
#'000 #'000 #'000
Operating loss (243) - 103
Amortisation of intangible 163 65 228
assets
Depreciation of tangible fixed 12 3 14
assets
Decrease/(increase) in 29 (200) (80)
debtors
Increase in creditors 143 247 188
--------- ---------- ----------
Net cash inflow from operating 104 115 453
activities ========= ========== ==========
7. Reconciliation of net cash flow to movement in net funds/debt
1 January Cash flow 30 June 2003
2003 movement
#'000 #'000 #'000
--------- ---------- ----------
Net cash
Cash in hand and bank 542 (326) 216
--------- ---------- ----------
542 (326) 216
--------- ---------- ----------
Liquid resources
Bank deposits 725 450 1,175
--------- ---------- ----------
725 450 1,175
--------- ---------- ----------
Net funds 1,267 124 1,391
========= ========== ==========
For the announcement only
8. Copies of the Interim Results will be sent to Shareholders shortly and
will be available to members of the public from the Company's registered office,
75 King William Street, London EC4N 7BE.
For further details please contact:
Ed Simons - Chief Executive Tel: 01992 505550
Sports and Leisure Group plc
Adam Reynolds Tel: 020 7245 1100
Hansard Communications adam@hansardcommunications.com
www.hansardcommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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