![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0235 | -0.24% | 9.6555 | 9.632 | 9.679 | 9.67 | 9.642 | 9.642 | 1,068 | 16:29:20 |
RNS Number:2715A Charlton Athletic PLC 23 March 2006 CHARLTON ATHLETIC PLC ("Charlton" or the "Company") INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2005 CHAIRMAN'S INTERIM STATEMENT On behalf of the board of Charlton Athletic plc I present the Company's Interim Statement for the six months to 31 December 2005. Turnover for the period was #19.5m, unchanged from the comparable period to 31 December 2004, however the Company has recorded a net loss for the period of #5.1m. The Company completed its placing of ordinary shares to a number of directors and other shareholders associated with the board raising #5.5m, with this sum being used primarily to support the further development of the first team squad. Derek Chappell, who participated in this share issue, subsequently accepted an invitation to join the board of the Company. During the summer transfer window the football club strengthened its first team squad through the acquisition of Darren Ambrose, Darren Bent, and Jay Bothroyd. Alexei Smertin, Gonzalo Sorondo and Jonathan Spector joined us on loan for the season from Chelsea, Inter Milan and Manchester United respectively. In addition, as a response to an injury to Dean Kiely during the pre-season build up, Thomas Myhre also joined us. This expanded squad gave the football club an excellent start to the season, with some strong performances away from The Valley in particular. However, a poor run during November and December saw the team lose its position in the top half of the Premiership and the team is currently in 13th position, having played 29 matches and gaining 39 points. During this period the Company was presented with a difficult challenge when the main football club sponsor, all:sports, was placed in administration in September. This affected our sponsorship revenues and there is little prospect of receiving any significant payments against the fees outstanding. Financial Highlights Six months to Six months to 31 December 31 December 2005 2004 #000s #000s Turnover 19,456 19,483 Operating overheads (23,140) (19,974) Operating loss before amortisation and player trading (3,684) (491) Amortisation of player costs (2,961) (2,085) Operating loss (6,645) (2,576) Net interest (31) (169) Profit on player disposals 1,553 1,063 Net loss (5,123) (1,682) Issue of ordinary shares 5,525 0 Net assets 32,156 26,163 The Company's turnover was predominately earned from FA Premier League broadcast revenues and central sponsorship agreements, representing 53% of the total revenues for the period. Match day income was generated from 10 home matches (2004: 10 matches) with additional revenues from the three Carling Cup matches played, against Hartlepool United, Chelsea and Blackburn Rovers. Despite the problems we experienced with all:sports, turnover remained at #19.5m for the six months to 31 December 2005 (2004: 19.5m). Earnings for the full year will be significantly affected by the finishing position at the season end that determines the level of the merit award due to the Company and the number of live BSkyB matches featuring the club in the second half of the season. In particular, the recent FA Cup successes in the second period have been a welcome addition to our turnover as the team has reached the quarter final stage with a realistic opportunity to reach the semi-final stage for the first time since 1947. In December the football club negotiated a new long-term club sponsorship agreement with the Spanish property company, Llanera, effective from January 2006 until June 2010. This sponsorship will provide the Company with combined revenues in excess of #6.6m through the period and is the largest sponsorship agreement that the Company has negotiated to date. There is a strong synergy between the two businesses through our respective community focus and activities and Llanera has now established a base in the south east of England to market its community developments through out the United Kingdom. We feel that this will be a relationship that will develop through the term of the agreement and offers opportunities to both parties. I will record my thanks to both Emilio Teresa and Bruce Bell of the Llanera Group for their drive and energy in concluding this agreement. Our connections with Spain were developed further when our kit supplier, Joma, agreed an extension to the existing agreement until 2010. I have already reported that our season ticket sales were reduced in number for this 2005/6 season and while we are not unique in this respect, we are still concerned that the growth of earlier years has not been maintained. There are a number of factors behind this reduction, most notably the fear factor associated with a loss of League status which permeates through the Premiership and leads to negative play. Additionally, there is resistance among supporters to the varied days and kick-off times for matches. The number of season ticket holders has now reduced to 18,700. We feel that a full stadium at The Valley creates a supportive atmosphere for the team and so we have continued to invest in our Valley Express initiative that provides both organised coach travel and match tickets to our supporters across the south east region. We have now reached a record of 2,700 supporters that used the service for the recent home match with Aston Villa and to demonstrate that this service supports our match day attendance figures, an average of 96% of the seats have been filled for the home games played to date. The Company took a deliberate decision to substantially increase the level of investment in the playing squad for this season and this is reflected in the increased overheads recorded. These additional costs are being mainly funded through the #5.5m equity investment completed in July 2005, but clearly the Company cannot sustain this level of operating loss in future years. Capital projects We have plans to redevelop our training ground complex in New Eltham, in conjunction with our Community Trust, and planning consent has now been granted for this. This development will provide high quality sports and learning facilities for community groups and schools in the area in addition to improving the facilities used by the football club. Development work is expected to commence this spring. The process of finalising planning consent for the redevelopment of the east stand at The Valley is now nearly completed and this will allow us to expand the capacity of the stadium in the future when we judge there is sufficient financial justification to do so. Football I am pleased to be able to report on some successes in the two domestic cup competitions. The team performed well in the Carling Cup and became the first team to win at Stamford Bridge this season following the 3rd round victory. Our interest in this competition ended when the team lost at home to Blackburn Rovers. We have now reached the quarter-final stage of the FA Cup competition and there is the very real prospect of us progressing further for the first time in recent years. The January 2006 transfer window allowed us to increase our attacking options with the signing of Marcus Bent for an initial fee of #2 million and he scored what proved to be the equaliser on his debut against Chelsea at Stamford Bridge. His namesake, Darren Bent, has become one of the Premiership success stories of the season since his arrival from Ipswich Town in the summer and he looks on target to score more than twenty goals this season. Dean Kiely had been unable to regain his first team spot from Thomas Myhre and moved to Portsmouth and also Danny Murphy moved to Tottenham Hotspur during this window. The manner in which Danny Murphy and more latterly Alexei Smertin left the club together with the timing of their departures was very disappointing. The football industry It is my opinion that the FA Premier League is at a very important stage in its evolution. It remains the most popular and the most watched League globally and it continues to attract some of the world's best players but to retain this prominence the competition must be competitive and exciting. It is apparent that there are only a few teams in the Premiership that have the resources to mount a challenge for the title. For most of the remaining clubs, survival in the League becomes the principal objective, creating a negativity which can lead to low entertainment value in many matches. We also need to improve the image of the game at all levels. For the game to flourish there must be respect for the authority of the referees by all involved, including players, spectators and those managing teams and clubs. There needs also to be respect for one another from those involved within football. We must never lose sight of the importance of supporters to the health of our game. Over-exposure on television and disparity of kick-off times are important issues that concern them and me. As a League we have much to be proud of, but there are actions that I feel we must take now to secure the future prosperity of the League for the long term. Conclusion I am confident that Charlton Athletic has now secured its Premiership status and has a realistic chance of finishing in the top half of the Premier League. Your board also remains confident about the future of the football club and our policy of responsible progression will continue. Richard Murray 20 March 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 31 December 2005 6 months to 12 months to 31 December 30 June Unaudited results 2004 2005 Operations Amortisation and Total excluding player trading amortisation and player trading #000s #000s #000s #000s #000s TURNOVER 19,456 0 19,456 19,483 40,714 Operating expenses (23,140) (2,961) (26,101) (22,059) (42,906) Exceptional items 0 0 0 0 2,763 OPERATING (LOSS)/PROFIT (3,684) (2,961) (6,645) (2,576) 571 Profit on disposal of 0 1,553 1,553 1,063 1,137 players (LOSS)/PROFIT BEFORE INTEREST AND TAXATION (3,684) (1,408) (5,092) (1,513) 1,708 Net interest payable (31) (169) (348) (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST AND (5,123) (1,682) 1,360 TAXATION Taxation 0 0 0 (LOSS)/PROFIT for the period (5,123) (1,682) 1,360 (LOSSES)/EARNINGS PER SHARE (pence) (8.0)p (3.1)p 2.5p CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS 6 months to 12 months to 31 December 30 June For the six months ended 31 December 2005 2004 2005 Unaudited Unaudited Audited #000s #000s #000s (Loss)/profit for the period (5,123) (1,682) 1,360 Unrealised surplus on revaluation of freehold property 0 0 2,571 Total recognised gains for the period (5,123) (1,682) 3,931 CONSOLIDATED BALANCE SHEET At 31 December 2005 As at As at 31 December 30 June 2004 2005 Unaudited Unaudited Audited #000s #000s #000s FIXED ASSETS Tangible fixed assets 37,085 35,317 37,545 Intangible assets 9,416 10,022 10,863 46,501 45,339 48,408 CURRENT ASSETS Stocks 182 274 98 Debtors 2,316 3,499 5,588 Cash at bank and in hand 8,425 4,188 13,253 TOTAL ASSETS 57,424 53,300 67,347 Creditors falling due within one year and deferred income (12,329) (13,695) (23,324) TOTAL ASSETS LESS CURRENT LIABILITIES 45,095 39,605 44,023 Creditors falling due after one year (8,228) (7,749) (6,777) Grants and deferred income (4,711) (5,693) (5,470) NET ASSETS 32,156 26,163 31,776 CAPITAL AND RESERVES Called up share capital 33,010 27,485 27,485 Share premium account 1,997 2,019 2,019 Revaluation reserve 9,081 6,535 9,093 Profit and loss account (11,932) (9,876) (6,821) EQUITY SHAREHOLDERS' FUNDS 32,156 26,163 31,776 CONSOLIDATED CASH FLOW STATEMENT For the six months ended 31 December 2005 6 months to 12 months to 31 December 30 June 2004 2005 Unaudited Unaudited Audited #000s #000s #000s NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (4,944) 1,933 9,858 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 269 171 296 Interest paid (299) (338) (641) Interest element of finance lease payments (1) (2) (3) NET CASH (OUTFLOW) FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (31) (169) (348) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENTS Payments to acquire players' registrations (1,514) (7,684) (10,632) Proceeds from the sale of players' registrations 1,553 1,325 1,456 Payments to acquire tangible fixed assets (160) (662) (951) Refund of long term season tickets 0 0 (2) NET CASH (OUTFLOW) FROM CAPITAL EXPENDITURE (121) (7,021) (10,129) NET CASH (OUTFLOW) BEFORE FINANCING (5,096) (5,257) (619) FINANCING ACTIVITIES Proceeds from issue of ordinary shares 0 0 5,525 Costs of share issue (22) 0 0 Loan repayments (8,946) (1,041) (2,116) Capital elements of finance lease payments (14) (12) (25) New bank loans and credit facilities 9,250 10 0 NET CASH INFLOW FROM FINANCING 268 (1,043) 3,384 (DECREASE)/INCREASE IN CASH (4,828) (6,300) 2,765 The proceeds from the issue of ordinary shares completed on 8 July 2005 were all received during June 2005. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 31 December 2005 1. The financial statements combine the results of Charlton Athletic plc and its two subsidiaries, Charlton Athletic Football Company 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. 2. Turnover represents income receivable from commercial activities excluding transfer fees and value added tax. 3. Grants received in respect of safety work and ground improvement are treated as deferred income and released to the profit and loss account over the life of the assets to which they relate. 4. The net amount received by the Company through long term season ticket schemes is treated as deferred income in the balance sheet and is released to the profit and loss account over the period for which the investors receive their season ticket. 5. Freehold properties are fully revalued every five years with an interim valuation carried out three years into every five year period. 6. The costs of tangible fixed assets are written down over their estimated useful lives. 7. The costs of obtaining players' registrations are capitalised and amortised evenly over the period of the respective players' contracts. Provision is made, where in the opinion of the directors, an impairment of the carrying value of the player's registrations has occurred. These provisions are shown as exceptional items. 8. Signing on fees are recognised in the profit and loss account evenly through the period covered by the players' contracts. 9. There is no liability for corporation taxation arising in the period. 10. The Company has no recognised gains or losses other than the profit shown for the financial period. 11. The calculation of earnings per share is based on the loss of #5,123,000 (2004: loss #1,682,000) for the six months and on the weighted average of 63,827,309 shares in issue during this period (2004: 54,969,293). 12. The financial information for the six months ended 31 December 2004 and 31 December 2005 contained in this statement is unaudited and does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985 ("the Act"). The financial information for the year ended 30 June 2005 is an abridged version of the group's published financial statements for that period, which contained an unqualified audit report and which has been filed with the Registrar of Companies. The audit report contained no statement under Section 237 (2) or (3) of the Act. Copies of this statement are being sent to shareholders and are available from Charlton Athletic plc, The Valley, Floyd Road, London, SE7 8BL. These results were announced to the London Stock Exchange on 23 March 2006 and distributed to shareholders after that date. This information is provided by RNS The company news service from the London Stock Exchange END IR AKNKDDBKDFNB
1 Year Gx Cloudcomp Chart |
1 Month Gx Cloudcomp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions