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Name | Symbol | Market | Type |
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Gx Cloudcomp | LSE:CLO | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.0265 | -0.26% | 9.9965 | 9.992 | 10.022 | 10.188 | 9.896 | 10.084 | 10,156 | 16:35:26 |
RNS Number:0143J Charlton Athletic PLC 13 April 2000 Charlton Athletic plc ("Charlton" or the "Company") Results for the six months ended 31 December 1999 Chairman's Statement OVERVIEW In the annual report and accounts for 1999 I stated that the board's key objective was to reclaim FA Premier League status at the earliest possible opportunity. As I write, the team is 11 points clear at the top of the Nationwide League Division One with an outstanding chance of meeting that objective. During the summer, we strengthened the first-team squad in preparation for our promotion bid. We have all seen the attractive way in which the team has played this season and as well as being among the top scorers in the division, we have the best away record in the country. Most home games this season have again been played to capacity home crowds at The Valley and the support given to the team has been exceptional. The club has nearly 16,000 season tickets for this season, which has once again justified the board's strategy of affordable prices. I am delighted to announce that the average home crowd this season to date is 19,480 which is 97% of ground capacity, compared with an average gate of 13,275 for the 1997/98 season, our last in the First Division. FINANCIAL REPORT Turnover for the six months was #5.9m (1998: #8.1m) and was #2.5m in 1997, the last season the club played in division one of the Football League. The increase in turnover between 1997 and 1999 illustrates the growth of the underlying business through the last three years. Relegation last season saw a fall in television revenues and commercial and ticket receipts. Central revenues from the FA Premier League and the Football League were #1.9m (1998: #3.6m). Operating losses after interest charges and depreciation were #1.7m (1998: profit #2.0m). This was mainly attributable to the retained level of players' wages and the fall in turnover. Transfer account profits were #2.8m following the sales of Mills, Redfearn and Jones, and including compensation received following Defoe's move to West Ham United. Amortisation charges for the six months were #839,000. The net profit recorded for the period was #1.0m (1998: #1.4m). Net interest charges were #59,000 (1998 #81,000). Net assets of the group have risen to #17.7m from #16.4m at 30 June 1999. The insurance value of the first-team squad currently exceeds #21m. In February 2000, the company issued 7,000,000 shares, raising funds of #3.5m to be used principally for funding the costs associated with the development of the first-team squad. FOOTBALL The team currently sits proudly at the top of the Nationwide League, a position it has occupied since January 11th. Alan Curbishley has strengthened the first-team squad since last season with the acquisitions of Dean Kiely, Greg Shields, John Salako, Andy Todd and Mathias Svensson at a total cost of #3.5 million. The quality of the squad is now the best for many years, with a number of international players and genuine competition for all positions in the first team. A club record was established when the team achieved 12 consecutive League victories in a run stretching from 26th December 1999 to 7th March 2000. The team reached the quarter-finals of the FA Cup competition losing narrowly to Bolton Wanderers 1-0 at the Reebok Stadium, this despite magnificent backing from 4,000 supporters who travelled to see the game. A further 5,600 fans watched this match on a giant screen erected on the pitch at The Valley. The benefits of our collaboration with Internazionale of Milan have become apparent in the last few months, with four of our most promising players from the Under 15 squad spending a week training in Milan. A group of youth players from Internazionale are to visit us in June to train with our Under 17 squad and a programme of community projects involving children drawn from districts local to both clubs has been drawn up. The benefits for the first-team squad from the arrangement may be seen during the summer, with the potential for Internazionale players to sign for the Club next season. Lastly we have now initiated discussions on joint commercial ventures that will be of benefit to both clubs. The development of the training ground complex at Sparrows Lane has continued and it is our intention to create one of the finest training centres in professional football, housing the first team squad and the FA Youth Academy. The academy, opened in 1998, continues to flourish and we are currently looking at the various options for the construction of a new indoor sports hall, which will enable us to retain our academy status by the deadline set by the Football Association of July 2001. The new sports hall is anticipated to cost in the region of #2.5m. OUTLOOK In December 1999 our planning application for an additional 6,000 seats at the north end of the ground was approved, giving us the opportunity to increase the capacity of The Valley to approximately 26,000. The board is currently considering the appropriate timing for a commitment to this significant project and there is no doubt there is considerable demand to utilise this increased capacity in the FA Premier League. The new television deal currently being tendered by the FA Premier League for seasons 2001 to 2004 looks set to provide significant additional revenues for the clubs involved. Regaining our FA Premier League status would give a major boost to the ongoing development of the club. We are very proud of the excellent reputation we have earned for rebuilding Charlton Athletic in a financially responsible manner, whilst at the same time retaining the unique culture and strong community links which the club enjoys. Success on the pitch will enable us to exploit the many new commercial opportunities now open to us, further enhancing the Charlton Athletic brand. With the continuing commitment of everyone connected with the club, including our supporters, we feel confident about the future of this great club. Richard Alan Murray Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 31 December 1999 Unaudited Half Year to Audited 31 December year to 30 June 1999 1998 1999 # 000 # 000 # 000 TURNOVER 5,854 8,065 16,274 ---------- ---------- ---------- Costs of sales (751) (1,101) (2,162) Administrative (1,952) (1,420) (1,354) expenses Player and match (4,894) (3,494) (9,774) expenses ---------- ---------- ---------- (7,597) (6,015) (13,290) PROFIT/(LOSS) ON OPERATIONS BEFORE (1,743) 2,050 2,984 PLAYER TRANSFER FEES Net transfer account 2,815 (546) (1,590) ---------- ---------- ---------- PROFIT/(LOSS) ON TOTAL OPERATIONS 1,072 1,504 1,394 Financing charges (59) (81) (145) ---------- ---------- ---------- PROFIT/(LOSS) ON ORDINARY ACTIVITIES 1,013 1,423 1,249 Taxation charges 0 0 0 ---------- ---------- ---------- PROFIT/(LOSS) FOR THE FINANCIAL PERIOD 1,013 1,423 1,249 ========== ========== ========== EARNINGS PER SHARE 2.85p 4.88p 3.87p ========== ========== ========== CONSOLIDATED BALANCE SHEET at 31 December 1999 Unaudited Half Year to Audited 31 December year to 30 June 1999 1998 1999 # 000 # 000 # 000 TANGIBLE FIXED ASSETS 21,812 21,105 21,761 INTANGIBLE ASSETS 5,092 3,883 5,328 --------- ---------- ---------- - 26,904 24,988 27,089 CURRENT ASSETS Stocks 208 203 163 Debtors 4,437 3,000 2,241 Cash at bank and in hand 43 1,817 529 --------- ---------- ---------- - TOTAL ASSETS 31,592 30,008 30,022 Creditors falling due within one year and (7,255) (9,797) (6,753) deferred income --------- ---------- ---------- - Total assets less current liabilities 24,337 20,211 23,269 Creditors falling due after one year (2,329) (33) (2,346) Deferred income (4,252) (3,745) (4,315) --------- ---------- ---------- - 17,756 16,433 16,608 ========= ========== ========== = CAPITAL AND RESERVES Called up share capital 17,829 17,694 17,694 Share premium account 1,671 1,703 1,671 Revaluation reserve 2,975 2,595 2,975 Profit and loss account (4,719) (5,559) (5,732) --------- ---------- ---------- - 17,756 16,433 16,608 ========= ========== ========== = NOTES: 1. The financial statements combine the results of Charlton Athletic plc and it's two subsidiaries, Charlton Athletic Football Company (1984) Limited and Charlton Athletic Holdings Limited. The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention, as modified by the revaluation of freehold properties. The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the year ended 30 June 1999 is an abridged version of the group's published financial statements for that year which contained an unqualified audit report and which have been filed with the Registrar of Companies. The audit report contained no statement under section 237 (2) of (3) of the Act. 2. Turnover represents receipts from matches played, the FA Premier League Limited, the Football League Limited and the Football Association Limited, and other revenues generated from the commercial activities associated with a professional football club. These are all stated net of value added taxation. 3. Grants received from the Football Trust in respect of safety work and ground improvement are carried in the balance sheet as deferred income and released to the profit and loss account over the life of the assets to which they relate. 4. Tangible fixed assets are written down over their estimated useful lives. In accordance with FRS 15 depreciation is now charged on freehold buildings at 2% per annum. 5. The costs of player's registrations are capitalised and then amortised over the period of the respective player's contracts. These amortisation charges are evenly recorded through out the period. 6. Signing on fees are recognised in the profit and loss account evenly over the period covered by the player's contract. 7. There is no liability for taxation arising in the period due to trading losses brought forward. 8. The company has no recognised gains or losses other than the profit shown for the financial period. 9. The calculation of earnings per share is based on the profit after taxation for the six month period and on the weighted average of 35,616,035 shares in issue during this period (1998: 29,155,912). 10. The directors are aware of the ongoing issues that may arise from data aware microchip based equipment. The directors have considered the implications of these issues and are satisfied that there will be no significant impact on the operations of the group, and that any future costs related to this will not be material. 11. Copies of this statement are being sent to shareholders and are available for at least fourteen days from the Company Secretary, Charlton Athletic plc, The Valley, Floyd Road, London, SE7 8BL. END IR MGGMDRZGGGZM
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