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Share Name | Share Symbol | Market | Type |
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Flutter Entertainment Plc | TG:PPB | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:9474Q Prestige Publishing PLC 15 October 2003 PRESTIGE PUBLISHING plc (Incorporated and registered in England and Wales under the Companies Act and registered number 03242614) Unaudited Interim Results for the year ended 31 May 2003 Chairman's Statement These financial statements are for the 6 months ended 31 May 2003. It has been a difficult year for Prestige Publishing Plc ('Prestige' or 'the Company'). The loss before tax was #108,000. As I have mentioned previously the aim of your Board of Directors is to secure a future for your Company. As a consequence, the Board has substantially reduced the Company's overheads and has written off its investment portfolio. In essence the Company is now a shell and we have been looking for a business or individuals who could assist us in taking the Company forward. In view of the above and in order to secure the Company's future, Prestige entered into an agreement with Hanover Capital Group Plc ('Hanover') details of which were sent to shareholders on 21 March 2003. Hanover had indicated that, together with a group of investors, it would introduce to the Company significant investment opportunities together with sources of finance. Hanover paid the majority of the Company's creditors by the issue of Hanover shares, but no further finance has been forthcoming either to settle the balance of the Company's creditors or to provide working capital. Ronald Lowenthal and Simon Robinson joined the Board on 18th March 2003 following the resignations of James Piesse and James Fellowes. Both Ronald Lowenthal and Simon Robinson were directors of Hanover at that time but subsequently Simon Robinson resigned from Hanover. On 12th September 2003 Hanover assigned its debt of approximately #223,000 to Chiddingfold Investments Limited ('Chiddingfold'). Peter Catto 7 October 2003 Consolidated Profit and Loss Account (unaudited) For the period ended 31 May 2003 6 months ended 12 months ended 30 November 2002 31 May 2003 #'000 #'000 Profit on sale of investment 5 - Administrative overheads (113) (203) ----------- ----------- Net operating loss (108) (203) Other income - 14 Amounts written off investments - (103) Interest payable and similar charges - (1) ----------- ----------- Loss on ordinary activities before taxation (108) (293) Tax on loss on ordinary activities - - ----------- ----------- Retained loss for the period (108) (293) =========== =========== Loss per share Pence Pence Basic loss per share (0.078) (0.214) Diluted loss per share (0.078) (0.206) =========== =========== Continuing operation All amounts are derived from continuing operations. Total recognised gains and losses There were no recognised gains or losses other than the losses incurred in each period. Consolidated Balance Sheet (unaudited) As at 31 May 2003 6 months ended 12 months ended 30 November 2002 31 May 2003 #'000 #'000 Fixed assets Investments - 18 ----------- ----------- Current assets Debtors 5 11 Cash at bank and in hand - 18 ----------- ----------- 5 29 Creditors: amounts falling due within one year (303) (249) ----------- ----------- Net current liabilities (298) (220) ----------- ----------- Total assets less liabilities (298) (202) =========== =========== Capital and reserves Called up share capital 1,383 1,383 Share premium account 26 26 Profit and loss account (1,707) (1,611) ----------- ----------- Equity shareholders' funds (298) (202) =========== =========== Consolidated Cash Flow Statement (unaudited) For the period ended 31 May 2003 6 months ended 12 months ended 30 November 2002 31 May 2003 #'000 #'000 Net cash outflow from operating activities (Note 5) (4) (52) Capital expenditure Payments to acquire investments - (50) Receipts from sales of investments 18 80 ----------- ----------- Net cash outflow before management of liquid resources and financing - (22) Financing Issue of ordinary share capital - - ----------- ----------- Increase/(decrease) in cash in the period 14 (22) (Note 6) =========== =========== Notes to the Interim Results 1. Basis of Preparation The results for the six months ended 31 May 2003 are unaudited and have not been reviewed by the auditors. 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 30 November 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 30 November 2002 were reported by the auditors and received an unqualified audit report. Full accounts for the year ended 30 November 2002 have been delivered to the Registrar of Companies. 2. Dividends No dividend is proposed for the period ended 31 May 2003. 3. Taxation No taxation is expected to arise on the result for the period due to tax losses incurred during the period. 4. Loss per Share The earnings per share for the six months ended 31 May 2003 has been calculated on the basis of the loss after taxation for the period of #108,000 and the weighted average number of shares in issue during the period of 138,344,975. There is no dilutive effect of warrants granted due to the average fair price of the shares during the period being less than the exercisable price of those warrants. 5. Net cash outflow from operating activities 6 months ended 12 months ended 30 November 2002 31 May 2003 #'000 #'000 Operating loss (108) (203) Decrease/(increase) in debtors 5 10 Increase in creditors 99 141 ----------- ----------- Net cash inflow/(outflow) from operating activities (4) (52) =========== =========== Notes to the Interim Result (Continued) 6. Reconciliation of net cash flow to movement in net funds/debt 1 December 2002 Cash flow 31 May 2003 movement #'000 #'000 #'000 ----------- ----------- ----------- Cash in hand and bank 18 (18) - Bank overdrafts (36) 32 (4) (18) 14 (4) =========== =========== =========== For the announcement only 7. 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, 25 North Row, London W1K 6DJ. Company Information Directors P. M. Catto (non-executive chairman) S. M. Robinson (executive director) R. Y. Lowenthal (executive director) Secretary and registered office Stephen Clifford 22 North Row London W1K 6DJ Registrars Capita IRG Plc Balfour House 390/398 High Road Ilford Essex IG1 1NQ Auditors Gerald Edelman Chartered Accountants and Registered Auditors 25 Harley Street London W1G 9BR Solicitors Fladgate Fielder 25 North Row London W1K 6DJ Nominated advisers Grant Thornton Grant Thornton House Melton Street Euston Square London NW1 2EP Nominated brokers Hoodless Brennan & Partners Plc 40 Marsh Wall Docklands London E14 9TP Principal bankers Barclays Bank Plc 54 Lombard Street London EC3P 3AH This information is provided by RNS The company news service from the London Stock Exchange END IR ILFSEIRLELIV
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