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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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0.069 | 0.71% | 9.798 | 9.774 | 9.822 | 9.9095 | 9.5635 | 9.722 | 740 | 16:28:01 |
RNS Number:2557J Charlton Athletic PLC 27 March 2003 CHARLTON ATHLETIC PLC 27 March 2003 CHARLTON ATHLETIC PLC ("Charlton" or the "Company") INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2002 CHAIRMAN'S INTERIM STATEMENT This financial year marks the tenth anniversary of the return to our home at The Valley and I am pleased to report to you on the further progress we have made. The group recorded an operating profit for the six months to 31st December 2002 of #1.47m, which after accounting for player amortisation, profit on player disposals and interest charges leaves a net profit of #64,000.These financial results are in line with our forecasts and we have also secured our key goal of retaining our Premiership status. FINANCIAL HIGHLIGHTS 6 months ended 6 months ended December December 2002 2001 #000's #000's Turnover 17,740 15,003 Operating costs (16,274) (14,753) Operating Profit before player amortisation 1,466 250 and player trading Amortisation of player costs (1,801) (3,177) Profit on disposal of players 762 1,491 Net profit/(loss) 64 (1,598) Net assets 17,255 22,675 Turnover has risen 18% against the previous corresponding financial period due principally to the increased revenues from the central broadcasting contracts with the Premier League and increased match day activity following the completion of the north stand. The basic award and merit award have increased for this period and we were featured in three live BSkyB matches, an increase from two at December 2001. In February 2003 we completed the funding of our capital programme with an additional #2m draw down from Lombard North Central giving the group #14.5m of term debt repayable by 2010. This has through a five-year period enabled us to complete the redevelopment of the north and west stands at The Valley, as well as other capital projects, which I have commented on in previous reports. I acknowledge the support given to us by Lombard North Central in this respect and also thank our clearing bankers HSBC Bank Plc for their ongoing support of the business. We now have over 21,000 season ticket holders following the development of the north stand and our home crowds are regularly in excess of 26,000, even for those matches where the opposition are unable to take their full allocation of tickets. The number of individuals joining our free membership scheme has risen to over 9,200 and already the waiting list of new supporters for season tickets exceeds 400. As I write, 6,000 supporters have already taken advantage of our offer to freeze season ticket prices to this season's level until 5th April, and we are confident that the majority of holders will renew before the deadline. The decision to freeze prices is based on our commitment to affordable pricing resulting in the cheapest Premier League prices in London. We have offered a final date of 31st May for renewal but at higher price levels. Our four-year sponsorship agreement with all:sports is working well and we shall continue to develop our sponsorship and income generation strategy over the coming months. I must thank all those individuals and companies who continue to support us through sponsorship, advertising, suite membership and executive box hire. We have re-designed the club's website in conjunction with our partners, Victoria Real and it now offers access to a wider range of goods and services. I am delighted at the continuing development of all our communication channels with our supporters. We lost our first four home league matches, which was not an ideal start to the season, but with the application and commitment of the players and coaching staff under the astute management of Alan Curbishley, our results improved steadily, culminating in a wonderful run of fourteen Premiership matches during which we remained undefeated on grass. This also demonstrated the depth of the first team squad and our ability to cope with injuries to key players. There have already been so many exciting matches at The Valley this season but I must particularly highlight our 2-0 defeat of Liverpool on the day we celebrated the tenth anniversary of our return to The Valley, with the carnival atmosphere of that day making it very special for everyone connected with the club. It was disappointing to exit once again from both cup competitions at the early stages, particularly bearing in mind the significant number of Premiership teams eliminated from the FA Cup competition. The atmosphere at our home matches has again been a key factor in our success and even when we were allotted three consecutive Sunday home matches for live BSkyB transmission our crowds held up, despite this coverage and the inconvenience to supporters caused by fixture changes from the traditional Saturday slot. Of course, the public face of any football club centres on its first team, but we must pay tribute to both our youth team who have reached the semi-final stage of the FA Youth Cup competition and our women's team who have reached the final of the Women's FA Cup competition, which will be shown live on BBC Television on 5th May. INDUSTRY PROSPECTS The Premier League is the most competitive and the most watched League around the world with an estimated weekly audience of some 460 million people. It is a League that is envied throughout the world and the challenge to its clubs is to ensure it flourishes and becomes ever more competitive and is not diminished by self-interest and greed. At the same time we must ensure that there is a viable structure below the top League. Relegation from the Premiership should not threaten the very existence of football clubs and it is incumbent on all of us at the top table of professional football to demonstrate a responsible level of financial management. There has been a sharp decline in the financial liquidity within the football industry, with banks seeking to reduce their exposure to the industry due to the increasing number of clubs going into administration and the high debt levels of many other clubs. This factor, coupled with the lack of transfer activity following the advent of transfer windows, has caused serious difficulty for many clubs. Professional football in this country is beset with financial problems and I believe that clubs like ourselves who have managed our affairs well by not over extending ourselves will be well placed in the coming years to make further progress both as a club and a team. We believe that there should be an urgent review to produce a more relevant formula for distributing broadcasting revenues to clubs on a more equitable basis, but at the same time we support the principle of the collective bargaining of broadcasting rights. It is to be hoped that the current challenge by the European Commission to the existing broadcasting contracts fails or the financial structure of football in this country will be further damaged. Assuming the challenge fails, we believe that the value of the next broadcasting contracts will be broadly in line with the current ones. Since our return to the Premier League nearly three years ago we have finished in creditable ninth and fourteenth positions. During this time we have made a significant investment both in the playing squad and at The Valley, but without extending ourselves beyond our means. We have already secured our Premiership status for next season and are well placed to exceed our previous best points total of 52 points in a season. Our long-standing policy of building Charlton Athletic in a financially responsible and prudent manner will continue. We may not be the biggest and most successful club in the Premiership, but we shall continue with our objective of making Charlton Athletic the best football club in the country. Richard Murray Chairman 26th March 2003 CONSOLIDATED PROFIT & LOSS ACCOUNT for the six months ended 31 December 2002 Unaudited Results 6 months to 31 December 2002 Operations excluding 6 months 12 months amortisation and Amortisation and to 31 December to player trading player trading Total 2001 30 June 2002 Unaudited Unaudited Unaudited Unaudited Audited #'000 #'000 #'000 #'000 #'000 TURNOVER 17,740 17,740 15,003 30,641 Operating expenses (16,274) (1,801) (18,075) (17,930) (36,023) Exceptional item 0 0 0 0 (7,320) ------------ --------- ------ --------- -------- OPERATING 1,466 (1,801) (335) (2,927) (12,702) PROFIT/(LOSS) Profit on disposal 762 762 1,491 2,481 of players ------------ --------- ------ --------- -------- PROFIT/(LOSS) BEFORE 1,466 (1,039) 427 (1,436) (10,221) INTEREST AND TAXATION ============ =========== Net interest (363) (162) (507) (payable) ------ --------- -------- PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 64 (1,598) (10,728) Taxation charges 0 0 0 ------ --------- -------- PROFIT/(LOSS) for 64 (1,598) (10,728) the period ====== ========= ======== EARNINGS/ 0.12 (2.90) (19.50) (LOSSES) PER SHARE (pence) ====== ========= ======== CONSOLIDATED BALANCE SHEET As at 31 December As at 31 December As at 30 June 2002 2001 2002 # 000 # 000 # 000 FIXED ASSETS Tangible fixed assets 36,314 29,840 35,890 Intangible assets 8,296 17,773 9,916 --------- ---------- ---------- 44,610 47,613 45,806 CURRENT ASSETS Stocks 225 283 118 Debtors 2,015 3,337 3,153 Cash at bank and in hand 0 0 16 --------- ---------- ---------- TOTAL ASSETS 46,850 51,233 49,093 Creditors falling due within one year and deferred income (12,583) (15,050) (15,548) --------- ---------- ---------- TOTAL ASSETS LESS CURRENT LIABILITIES 34,267 36,183 33,545 Creditors falling due after one year (10,495) (7,989) (9,731) Deferred income (6,517) (5,519) (6,623) --------- ---------- ---------- NET ASSETS 17,255 22,675 17,191 ========= ========== ========== CAPITAL AND RESERVES Called up share capital 27,485 27,485 27,485 Share premium account 2,019 2,019 2,019 Revaluation reserve 6,597 2,968 6,597 Profit and loss account (18,846) (9,797) (18,910) --------- ---------- ---------- EQUITY SHAREHOLDERS' FUNDS 17,255 22,675 17,191 ========= ========== ========== NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS six months ended 31st December 2002 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 receipts from matches played, income from 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, excluding income from player sales. These are all stated net of value added taxation. 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. Tangible fixed assets are written down over their estimated useful lives. 5. The cost of players' registrations are capitalised and amortised 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. 6. Signing on fees are recognised in the profit and loss account evenly over the period covered by the players' contracts. 7. There is no liability for corporation taxation arising in the period. 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 of #64,000 (2001: loss #1,598,000) for the six months and on the weighted average of 54,969,293 shares in issue during this period (2001: 54,969,293). 10. The financial information for the six months ended 31st December 2001 and 31st December 2002 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 30th June 2002 is an abridged version of the group's published financial statements for that period 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) or (3) of the Act. 11. Copies of this statement are being sent to shareholders and are available from the Company Secretary, Charlton Athletic plc, The Valley, Floyd Road, London, SE7 8BL. This information is provided by RNS The company news service from the London Stock Exchange END IR NKAKNOBKDANB
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