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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:9595W Charlton Athletic PLC 26 March 2004 CHARLTON ATHLETIC PLC 26 March 2004 CHARLTON ATHLETIC PLC ("Charlton" or the "Company") INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2003 CHAIRMAN'S INTERIM STATEMENT On behalf of the board of Charlton Athletic plc, I present the Company's trading results for the six-month period ended 31st December 2003. The Company recorded a net loss of #690,000 on turnover of #21.3m. This result was affected by a charge of #1m following an impairment review of the carrying values of our purchased players. This charge related to a single player and is shown as an exceptional item in our profit and loss account. The financial results mid-way through our financial year are broadly in line with our forecasts, before this exceptional charge. During January 2004, Scott Parker was sold to Chelsea in a deal worth #10m and as the player was developed through our youth scheme and had no value in the balance sheet, the transfer fee will create a one off gain in our results for the financial year. FINANCIAL Highlights 6 months ended December 6 months ended December 2003 2002 #000's #000's Turnover 21,258 17,740 Operating costs (18,556) (16,274) Operating profit before player amortisation and 2,702 1,466 player trading Amortisation of player costs (2,085) (1,801) Exceptional charge (1,041) 0 Profit on disposal of players 19 762 Net interest payable (285) (363) Net (loss) /profit (690)64 Net assets 16,037 17,255 Turnover has risen 20% from the corresponding financial period due principally to greater revenues from the central broadcasting contracts with the F.A. Premier League, increased match day activity and sponsorship revenues. This final year of our broadcasting contracts with BSkyB has automatic increases built in for distribution to clubs through the basicaward, the merit payment and facility fees and so these have increased revenues. We were featured in four live matches during this first period and also two pay-per-view matches, an improvement from three and nil respectively. Our match day incomewas earned from nine of our nineteen home matches and I am pleased to report an increase of 9% on our average match day revenues, reflecting the attendance for these matches and the development of our stadium kiosk business. Once again, we have over 21,000 season ticket holders and our average league crowd this season is a pleasing 26,346, which after segregation and security reductions to capacity means the stadium is effectively full for our league matches. Sponsorship income rose from both the central Premier League contracts and from our direct sponsors, in particular this period saw the first income from the stadium branding agreement with all:sports. Our overheads increased as we continued to invest in our playing squad, both direct player costs and squad support costs such as our expanded medical division. FOOTBALL At the beginning of the season, our immediate objective was to secure our Premiership status at the earliest possible opportunity and then to establish the club in the top half of the Premiership. Once again, under the astute management of Alan Curbishley and his dedicated staff, we have achieved the first objective and are on course to achieve the other and we currently have a realistic chance of qualification for European competition. This has been achieved against the background of injuries to some of our key players, a number of whom have chronic conditions. Under these circumstances it is a tribute to the first-team squad, management andsupport staff that we are currently in sixth position in the table. The 3-2 victory over Liverpool, and the 4-2 victory over Chelsea have undoubtedly been my highlights at The Valley so far this season. Once again we exited both Cup competitions at the early stages and this is particularly disappointing bearing in mind so many other Premiership clubs suffered a similar fate. Perhaps next year, in our Centenary season, we can progress further in one of the cup competitions. There have been two significant events, which I must mention. In June 2003, Scott Parker signed a new five year contract and it was disappointing that just six months after signing that contract he decided he no longer wanted to play for the club and we reluctantly sold him to Chelsea. In contrast, Alan Curbishley has demonstrated his confidence in the future of the club by extending his contract to June 2007, which I hope will bring to an end speculation about his future. The focus is quite naturally on the first team but I must pay tribute to the achievements of our Women's team who are currently five points clear at the top of their Premier League and have reached both the Premier League Cup and FA Cup finals. INDUSTRY PROSPECTS The declinein financial liquidity within the football industry has continued. For a number of years I have argued the case for clubs to exercise financial responsibility and I think the current debt levels of some clubs remain a cause for concern. It is for this reason the Premier League has decided that a nine-point penalty is to be introduced for clubs suffering an insolvency event, a move that we actively supported. This is the last year of the current three-year broadcasting contracts and it is pleasing to note that the challenge by the European Commission to those contracts has been resolved. Under the new three-year agreements, revenues for the domestic broadcasting contracts will reduce significantly next season but this reduction is likely to be partly offset by an increase in revenues from the sale of our international broadcasting rights. These contracts were also the subject of a challenge by the European Commission, which I understand the Premier League are resolving. It may not make headlines in the media but our policy of financial responsibility will continue as we progress the development of Charlton Athletic both on and off the field. Richard Murray Chairman 22nd March, 2004 CONSOLIDATED PROFIT & LOSS ACCOUNT for the six months ended 31 December 2003 Unaudited Results 6 months to 31 December 2003 Operations excluding amortisation and 6 months 12 months player trading Amortisation and to 31 December to player trading Total 2002 30 June 2003 Unaudited #'000 Unaudited #'000 Unaudited Unaudited Audited #'000 #'000 #'000 TURNOVER 21,258 0 21,258 17,740 35,141 Operating expenses (18,556) (2,085) (20,641) (18,075) (36,041) Exceptional item 0 (1,041) (1,041) 0 0 ------------ --------- ------ ------ -------- OPERATING PROFIT/(LOSS) 2,702 (3,126) (424) (335) (900) Profit on disposal of 19 19 762 1,137 players ------------ --------- ------ ------ -------- PROFIT/(LOSS) 2,702 (3,107) (405) 427 237 BEFORE INTEREST AND TAXATION ============ =========== Net interest (285) (363) (701) Payable ------ ------ -------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORETAXATION (690) 64 (464) Taxation charge 0 0 0 ------ ------ -------- (LOSS)/PROFIT for the period (690) 64 (464) ====== ====== ======== (LOSSES)/EARNINGS PER (1.3) 0.12 (0.8) SHARE (pence) ====== ====== ======== CONSOLIDATED BALANCE SHEET As at 31 As at 31 As at 30 June December December 2003 2003 2002 Unaudited Unaudited Audited # 000 # 000 # 000 FIXED ASSETS Tangible fixed assets 35,697 36,314 35,784 Intangible assets 5,586 8,296 8,508 --------- --------- ---------- 41,283 44,610 44,292 CURRENT ASSETS Stocks 275 225 90 Debtors 751 2,015 2,325 Cash at bank and in hand 0 0 347 --------- --------- ---------- TOTAL ASSETS 42,309 46,850 47,054 Creditors falling due within one year and deferred (10,551) (12,583) (13,054) income --------- --------- ---------- TOTAL ASSETS LESS CURRENT LIABILITIES 31,758 34,267 34,000 Creditors falling due after one year (9,897) (10,495) (10,863) Deferred income (5,824) (6,517) (6,410) --------- --------- ---------- NET ASSETS 16,037 17,255 16,727 ========= ========= ========== CAPITAL AND RESERVES Called up share capital 27,485 27,485 27,485 Share premium account 2,019 2,019 2,019 Revaluation reserve 6,560 6,597 6,572 Profit and loss account (20,027) (18,846) (19,349) --------- --------- ---------- EQUITY SHAREHOLDERS' FUNDS 16,037 17,255 16,727 ========= ========= ========== NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six months ended 31st December 2003 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 costs of 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. 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 loss of #690,000 (2002: profit #64,000) for the six months and on the weighted average of 54,969,293 shares in issue during this period (2002: 54,969,293). 10. The financial information for the six months ended 31st December 2002 and 31st December 2003 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 2003 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 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 QKPKPABKDQNB
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