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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Base Grp. | LSE:BS. | London | Ordinary Share | GB0000566389 | ORD 1P |
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% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6997B Base Group PLC 26 September 2002 Base Group plc (formerly Digital Sport plc) INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2002 Base Group plc, the AIM listed sports management group, representing leading football players and managers announces interim results for the six months ended 30 June 2002. Financial highlights * Turnover more than trebled to #428,000 (2001: #141,000) * An operating loss before charges for goodwill amortisation of #288,000 (2001 #747,000) * An operating loss after charges for goodwill amortisation of #1,314,000 (2001: #782,000) Operational highlights Major deals involving Base Group include: * Terry Venables' appointment as manager of Leeds United FC * Magnus Hedman's move to Celtic FC * Gilberto Silva, member of the Brazilian World Cup team now playing in the UK for Arsenal FC, signed as a client * Paul Okon's transfer to Leeds United FC * Vincent Vuoso's move from Independiente of Argentina to Manchester City FC * Justice Christopher, the Nigerian World Cup player, joining Levski Sofia Strategic highlights * Agreement with leading Italian agency GEA World, headed by Alessandro Moggi, to transfer players between Italy and the UK * Agreement with Intermedia Centrale Sport, a Spanish agency to develop business in Spain and South America * Acquisition of Time Management Global Limited ("TMG"), a sports representation Company. Clients include: Michael Ricketts, the Bolton Wanderers and England striker; Brian Lara, West Indies cricketer and; Magnus Hedman, Celtic and Swedish International goalkeeper * Change of year-end from December to February to reflect the new FA Premiership transfer window system * Name change to Base Group plc. Commenting on the results, Adrian Bradshaw, Chairman, said: "Although overall activity levels in the transfer market during the summer were lower than anticipated, we believe that our performance should be seen in the light of our medium-term strategy. This involves making the necessary investments in key personnel and infrastructure to build an organisation that can successfully compete in the global sports management industry in the years to come." Base Group Plc Binns & Co PR Ltd Paul McCaughey, Chief Operating Emma McCaffrey, Paul Vann, Sam Allen Officer Tel: 020 7786 9600 Robin Aitken, Finance Director www.base-group.com Tel: 020 7580 0705 INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2002 Chairman's Statement I am pleased to present the results for Base Group plc for the six months to 30 June 2002. This period has seen the group make progress in developing its business and in making the necessary investments in key personnel and infrastructure required to build an organisation that we believe can compete successfully in the global sports management industry in the years to come. Results The adoption of a more prudent accounting policy regarding the treatment of goodwill arising on acquisitions has had a significant impact on these results. It will however more accurately reflect the difficult market conditions currently prevailing in the sector. In the accounts to 31 December 2001, goodwill arising on the acquisition of Icon Management Solutions Limited ("Icon ") was being written off over 3 years. The directors have now decided that the period over which goodwill should be written off on this acquisition should be reduced to 2 years. In addition they have also taken the view that goodwill arising on the acquisition of TMG should be written down to 50% of its estimated total value as at 30 June 2002. These decisions have had a major impact on the Group's results in the first half of the current year as can be seen below. Turnover for the period more than trebled to #428,000 (2001: #141,000). Operating expenses for the period excluding goodwill were #511,000 (2001: #875,000) leading to the operating loss before charges for goodwill being #288,000 (2001: #747,000). Taking into account the charges for goodwill amortisation of #1,026,000 for the period (2001: #35,000) operating expenses totalled #1,537,000 (2001: #910,000). The operating loss for the period was #1,314,000 (2001: #782,000). No interim dividend is declared. Developments A number of important developments have taken place during the period under review, which the Board expects will provide the foundations for its growth in the years to come. These include: * The recent signing of an exclusive agreement to work with the leading Italian football agency, GEA World to transfer players between Italy and the UK. GEA World is headed by Alessandro Moggi, the son of Luciano Moggi, General Director of Juventus. GEA lists among their client moves this summer: Alessandro Nesta (Lazio to AC Milan), Fabio Cannavaro (Parma to Inter Milan) and Marco Di Vaio (Parma to Juventus). * A joint venture agreement with the Spanish agency, Intermedia Centrale Sport with whom we will work to develop our business in both Argentina and Spain. Base already have management presence in Buenos Aires. * The acquisition of Time Management Global Limited ("TMG"), sports representation company in June. Clients include: Michael Ricketts, the Bolton Wanderers and England striker; Brian Lara, West Indies cricketer; and, Magnus Hedman, the Celtic and Swedish international goalkeeper. * The signing, last week, of Gilberto Silva as a client. Silva is one of the few players from the winning Brazilian World Cup team playing in the UK, having joined Arsenal FC this summer. * The change of name from Digital Sport plc to Base Group plc. The new name and its associated branding provides a consistent image to our clients, contacts in the football market and to our wider stakeholder community. Trading Highlights The collapse of ITV Digital in this country and Kirch in Germany have led to difficulties in the football market with the value of football transfers this summer significantly reduced compared with the levels seen in previous years. However, the group has continued to benefit from transfer activity and has assisted football clubs, players and managers with their contract negotiations. Major deals involving Base Group include: * Terry Venables joining as manager of Leeds United FC. * Magnus Hedman moving to Celtic FC. * Paul Okon's transfer to Leeds United FC. * Vincent Vuoso moving from Independiente of Argentina to Manchester City FC. * Justice Christopher, the Nigerian World Cup player, joining Levski Sofia. Although overall activity levels in the transfer market during the summer were lower than anticipated, we believe that our performance should be seen in the light of our medium-term strategy. This involves making the necessary investments in key personnel and infrastructure to build an organisation that can successfully compete in the global sports management industry in the years to come. Change of year-end The FA have introduced to the English Premiership, for the first time this year, transfer windows during which all transfer activity of players must be transacted. The first window closed on 31 August 2002 and the next window will be open for the month of January 2003. Although it is not clear exactly what the effect of this change will be on the transfer market, it will have a major impact on the timing during the financial year of Base Group's and other football agents' income. With this in mind the board has decided to change the Group's financial year-end from 31 December to 28 February in order that it will include the January transfer window. As a consequence, the Group's next full year financial statements will cover the 14-month period to 28 February 2003. Company Website As part of the changes associated with the re-branding of the group, a new Company website, www.base-group.com, has been launched today. As well as providing information to our clients and business partners we hope that the website will be a useful source of information for our investors. Outlook and Current Trading Market conditions are challenging and we do not anticipate any significant improvement in the short-term. Base Group is not immune to these developments. We remain dependent on the level of transfer activity and contract negotiation regarding our existing clients. It is difficult to assess with any accuracy the likely level of this activity in the remaining part of this financial year. We consider however that, in line with our full year statement for 2001, we have put in place an infrastructure and the personnel equipped to take advantage of any increase in activity in the UK and European transfer markets. The board would like to take this opportunity to thank all the staff of Base Group for their hard work over the first part of this year. Their ongoing enthusiasm and commitment to continually developing the quality of services delivered to our clients is vital to the future success of the business. Adrian Bradshaw 26 September 2002 Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNTS 6 months 6 months 12 months to to 30/6/02 to 30/6/01 31/12/01 Audited Unaudited Unaudited #000 #000 #000 Turnover Continuing operations 407 89 760 Acquisitions 21 - - Discontinued operations - 52 52 428 141 812 Cost of sales (205) (13) (220) Gross profit 223 128 592 Administrative expenses (511) (875) (1,553) Goodwill amortisation (1,026) (35) (267) Net operating expenses (1,537) (910) (1,820) Operating (loss)/profit before exceptional (1,314) (645) (1,020) items Exceptional items - (137) (208) Operating loss (1,314) (782) (1,228) Profit on disposal of subsidiaries - - 6 Net interest receivable 35 84 134 Loss on ordinary activities before taxation (1,279) (698) (1,088) Taxation - - - Loss for the financial period (1,279) (698) (1,088) Loss per ordinary share: Basic (0.16)p (0.10)p (0.15)p Diluted (0.15)p (0.10)p (0.14)p Adjusted (0.03)p (0.08)p (0.08)p Operating (loss)/profit before exceptional items can be analysed between continuing and discontinued operations as follows: 6 months 6 months 12 months to to 30/6/02 to 30/6/01 31/12/01 Audited Unaudited Unaudited #000 #000 #000 Continuing operations (714) (156) (531) Acquisitions (600) - - Discontinued operations - (489) (489) (1,314) (645) (1,020) CONSOLIDATED BALANCE SHEET As at As at As at 30/6/02 30/6/01 31/12/01 Unaudited Unaudited Audited #000 #000 #000 Fixed assets Intangible assets 1,293 801 1,108 Tangible assets 44 4 3 1,337 805 1,111 Current assets Debtors 444 174 260 Cash at bank and in hand 1,466 2,846 2,634 ___ ___ _______ 1,910 3,020 2,894 Creditors: amounts falling due within one year (691) (440) (570) _______ _______ Net current assets 1,219 2,580 2,324 _______ _______ Total assets less current liabilities 2,556 3,385 3,435 _______ _______ Net assets 2,556 3,385 3,435 Capital and reserves Called up share capital 7,975 7,675 7,675 Shares to be issued 640 - 540 Share premium account 3,011 3,011 3,011 Other reserves 3,330 3,430 3,330 Profit and loss account (12,400) (10,731) (11,121) Equity shareholders' funds 2,556 3,385 3,435 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS As at As at As at 30/6/02 30/6/01 31/12/01 Unaudited Unaudited Audited #000 #000 #000 Total recognised losses for the period (1,279) (698) (1,088) Shares issued 300 731 959 Shares to be issued 100 - 212 (879) 33 83 Shareholders' funds at start of period 3,435 3,352 3,352 Shareholders' funds at end of period 2,556 3,385 3,435 CONSOLIDATED CASHFLOW STATEMENT Note Six months ended Six months ended Year ended 31/ 30/6/02 30/6/01 Unaudited 12/01 Unaudited #000 #000 Audited #000 Net cash outflow from operating activities 1 (528) (1,157) (1,407) Returns on investments and servicing of finance: Net interest received 35 84 134 Capital expenditure: Payments for tangible fixed assets (33) (1) (1) Receipt from the sale of tangible fixed - 1 1 assets __________ __________ _________ (33) - - __________ __________ _________ Acquisition and disposals: Sale of subsidiary undertakings - - (12) Acquisition of subsidiary undertakings, net (642) (129) (129) of cash borrowings acquired __________ __________ _________ (642) (129) (141) __________ __________ _________ Financing: Proceeds from issue of share capital (net of expenses) - 11 11 __________ __________ _________ Decrease in cash (1,168) (1,191) (1,403) ========= ======== ======== NOTES TO THE INTERIM ACCOUNTS 1) Reconciliation of operating loss to net cash Six months ended Six months ended Year ended flow from operating activities 30/6/02 30/6/01 31/12/01 Unaudited Unaudited Audited #000 #000 #000 Operating loss (1,314) (782) (1,228) Goodwill amortisation, depreciation and other 1,026 44 268 amounts written off fixed assets Working capital movements: Debtors (113) 7 (31) Creditors (127) (426) (416) ________ ________ ________ Cash outflow from operating activities (528) (1,157) (1,407) ________ ________ ________ 2) This interim report was neither audited nor reviewed by the auditors. It does not constitute statutory accounts within the meaning of s240 of the Companies Act 1985, but has been prepared using the accounting policies set out in the Group's 2001 Statutory Accounts. The financial information for the year ended 31 December 2001 was derived from the latest Group accounts which have been filed with the Registrar of Companies and received an unqualified audit report which did not contain statements under S237 (2) or (3). 3) The charges for amortisation of goodwill arising on Icon Management Services Limited for the period to 30 June 2002 are #420,000 (2001 #35,000) and for Time Management Global Limited ("TMG") are #606,000 (2001 #nil). 4) Loss per share were calculated on the group loss for the financial period and on the weighted average number of ordinary shares in issue during the period of 784,269,672 (30 June 2001: 729,492,372). The adjusted loss per share is calculated before exceptional items and charges for goodwill amortisation. 5) On 8 June 2002 the company acquired TMG for initial consideration of #260,000 in cash and the issue of 30 million new ordinary shares of 1p each in Base Group plc, credited as fully paid. Further consideration will be paid to the TMG vendors by way of cash and the issue of new ordinary shares in the company dependent on TMG's turnover less third party commissions for the period to 31 December 2003. 6) On 27 June 2002 the company changed its name from Digital Sport plc to Base Group plc. 7) The charge to exceptional items for the period to 30 June 2001 relates to a provision for costs relating to an aborted acquisition by the Company. 8) The Board approved these Interim Accounts on 26 September 2002. This information is provided by RNS The company news service from the London Stock Exchange END IR EAANKASEAEFE
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