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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:5609E Charlton Athletic PLC 28 October 2004 CHARLTON ATHLETIC PLC ("Charlton Athletic" or the "Company") CHAIRMAN'S STATEMENT On behalf of the board of Charlton Athletic plc, I present the Annual Report for the year ended 30th June 2004. The team finished the season in 7th place in the FA Premier League, which is the football club's highest position since becoming a member of the FA Premier League and an improvement of five places from the previous season. At times the season promised even more as the team occupied 4th place for three months of the season and qualification for European competition seemed a genuine possibility. Eventually the team finished with 53 points, only three points behind both Newcastle United and Aston Villa. We can all be genuinely proud of this performance and the achievements of Alan Curbishley, his support team and all of the players. FINANCIAL SUMMARY I am pleased to report that the Company has increased its turnover to #42.6m and records operating profit before amortisation and exceptional charges of #4.6m. Before profit from player sales are accounted for the Company made a net loss of #0.5m, but player sales of nearly #11.7m resulted in a net profit of #11.1m. This profit has all been allocated to develop and improve further our first team squad. During the 2004 summer transfer window, we have committed #7.6m to the cost of acquiring new players, and there are contingent payments relating to these transfers of an additional #2m during the terms of the players contracts. A further #3m was spent in relation to the renegotiation of football employment contracts. Financial highlights 2004 2003 #m #m Turnover 42.6 35.1 Operating profit before amortisation 4.6 2.8 Operating loss after amortisation and interest (0.5) (1.6) Profit from player sales 11.7 1.1 Net profit/(loss) 11.1 (0.5) Turnover rose this year by 21%, generated mainly by increases in the basic distribution of television receipts from the collective broadcasting agreements and the additional prize money from the team's finishing position of 7th. Income from live BSkyB matches also rose as the football club was featured in five matches, compared with four in the previous season. The television and broadcast revenues received amounted to #26.2m, which represents nearly 62% of the total turnover generated during the year, and highlights how fundamental this source of revenue is to the Company's financial performance. Match day operations generated #9.8m in revenue. Nearly all of our supporters took advantage of our discounted early payment scheme for season 2003/04 and so season ticket income was broadly static, but match day ticket income rose as we implemented some price increases and the attendance figures were marginally improved. The average attendance was 26,277, which is nearly 98% of the available capacity, and this percentage would have been higher had the licensing authority not imposed some restrictions on seats in the south stand for away supporters, most particularly for the matches against Manchester United, Birmingham City and Aston Villa. Overall our ticket income remains one of the lowest in the Premier League. Income from our sponsorship revenues increased by 36% principally due to the extension of the sponsorship agreement with all:sports from shirt sponsor to club sponsor. This period also was the first year of the current kit supply sponsorship with Joma, who have brought us new and improved designs for the playing kits, training wear and other clothing. Retail revenues increased by 22% driven by new home and away playing strips launched for the 2003/04 season. In addition, the introduction of new retail outlets at The Valley on match days and the development of a retail website service has extended the opportunities to purchase our retail products. The conference and banqueting business saw more growth with revenues up by 12%, in part as our customer base widens and as our repeat business strengthens. Facilities were provided for the Public Inquiry into the extension for the Docklands Light Railway, which earned significant income, and we are looking to extend revenue from this type of activity. The Valley hosted a five-day event in June in which the Republic of Ireland, Nigeria and Jamaica competed for the Unity Cup, which has demonstrated our ability to co-ordinate and manage an international football tournament. Our facilities in the north and west stands, commitment to high levels of service and customer loyalty give us optimism for future growth in this business. The Company's overheads before amortisation increased significantly by more than 20% to #39m due mainly to increased costs of maintaining and developing the playing squad. Total personnel costs have risen 27% to #29.9m representing 70% of turnover. The total cost of operating the squad was #27.6m,a rise this period of 29% largely because of increased wage commitments to existing players and an increase in the number of senior players in the squad. The Company now operates three main sites and invested #785,000 in capital projects, the more significant of which were at The Valley: the purchase of the giant electronic screen, the completion of the pitch side electronic advertising boards and the fit-out of the new Study Support Centre located in the north stand. This last project was also funded through Greenwich Education grants, reflecting their position as a key partner in our educational programmes. The investment in the playing squad related mainly to the acquisition of Chris Perry in December from Tottenham Hotspur after completing a successful loan period, besides which there were other contingent costs that related to previous player purchases. It is worth noting that the transfer costs of Matt Holland and Hermann Hreidarsson fell in the previous financial period although they were purchased in anticipation of the 2003/04 campaign. Transfer income of #11.7m is a very significant figure in these results. Nearly all of this income came from the reluctant sale of Scott Parker to Chelsea in January 2004, with the majority of these proceeds being received during the financial period. There was additional income coming from Matt Svensson's sale to Norwich and further income related to Jermain Defoe following his sale to Tottenham Hotspur by West Ham. The Company made further significant scheduled repayments of its commercial mortgages originally taken out to develop the west and east stands at The Valley and for the acquisition and development of other assets to support our football operations. These payments reduced indebtedness by #2m to approximately #11m at June 2004. There was little impact from interest rate increases during the period as this was mitigated by the cash received from player sales. Our sponsors and commercial partners remain important contributors to the success of the football club and I would in particular like to thank our club sponsor, all:sports, for their continuing support. I would also like to thank Joma, our kit suppliers, who produced two excellent new playing strips for the season. Greenwich Council is not only a sponsor at The Valley but also acts with us in a number of other areas, most particularly our community activities, and I must stress how important this relationship is to the development of the football club. I include Greenwich Community College, Greenwich Leisure Limited and London Leisure College who provide their support in a number of areas. Other important commercial partners include Axis Europe Plc and national trade union GMB, which provide support to our community programmes. We receive further support from many other companies and individuals through sponsorship, advertising and patronage of the various hospitality suites on a match day. FOOTBALL REPORT I would like, once again, to highlight the excellent finishing position of the team in 7th place, our best achievement in the FA Premier League. In this, the team recorded a magnificent total of 7 away wins in our overall record of 14 wins and 11 draws. This fantastic achievement demonstrated once again the tactical and motivational abilities of Alan Curbishley and we enjoy a working relationship that is the envy of many other Premiership chairmen. It seems that hardly a week goes by without another manager losing his job and there is no doubt that managers work under the most intense scrutiny from all sections of the media and supporters at large. I believe that stability is a major key to success in football and I am delighted that Alan Curbishley has now committed himself to the club until June 2007, despite interest from other clubs in securing his services. I would also like to acknowledge the valuable contribution and support given to Alan by Mervyn Day, Keith Peacock, Glynn Snodin, Wayne Diesel and all the backroom staff at the training ground. The media scrutiny of Premiership football and players has also never been greater and I remain proud of the exemplary manner in which our players conduct themselves. At a time when players generally receive much negative publicity, I can report to you that our players spend a significant amount of their personal time supporting a number of community initiatives and organisations. One example is 'Deano's Demelza Challenge' instigated by Dean Kiely, following his visit to the Demelza House hospice for terminally ill children. Through his visits he provides moral support for the staff and the children and is the focus for fundraising, which is supported by a number of the other players and is related in part to the performance of the team. This initiative has also captured the imagination of the club's supporters. To continue to have in excess of 26,000 supporters regularly attending The Valley for our home matches is an endorsement of what we are trying to achieve at the club. Our supporters remain a key element of our current success and remain among the best behaved in English football. In every football season there are matches that stand out from the rest, some because of the results, others because of the team's performance and those with particular incidents. I personally feel that pride of place must go to our 3-2 home win over Liverpool, which was marked by an excellent hat-trick from Kevin Lisbie, and the 4-2 defeat of Chelsea at The Valley on Boxing Day. I cannot remember the last time a Charlton player chipped in a penalty in the way Paolo Di Canio did in the 1-1 home draw with champions Arsenal. Nor can I remember the last time a goalkeeper scored at The Valley, a feat achieved by goalkeeper Brad Friedel in our home match with Blackburn Rovers, although Claus Jensen captured the headlines with a dramatic winner in our 3-2 victory Our youth academy is continuing to provide a stream of talented players, with some players having already progressed to the first and reserve teams. Our Under 19 team finished runners up in the FA Premier Academy League and the reserve team finished champions of the FA Premier Reserve League, which was a particularly commendable achievement bearing in mind the high percentage of young players in the team. Many of our young players played regularly in the reserve team contributing to this success and I am hopeful some of these players will progress into the first team. Mick Browne left the club during the summer to take up a senior role with the Qatar Football Association and I would like to take this opportunity to thank him for his efforts during his time at the club. He joined us as Academy Director at its inception and then played an important role in its development. I welcome back to the club our former player and joint manager, Steve Gritt, who takes over the reins as our new Academy Director. He inherited a solid coaching, scouting and administrative infrastructure and a dedicated and committed group of staff. The women's team had quite a memorable season, finishing 2nd in the League, runners-up in the FA Cup and winners of the Premier League Cup. Consequently, Keith Boanas was voted Women's Football Manager of the Year. The women have also got off to a flying start this season and I know support for the team is growing. It was disappointing that once again we failed to make progress in either of the domestic cup competitions, exiting both the FA Cup and Worthington Cup competitions in the third round. The team lost to Everton at Goodison Park and Gillingham at the Priestfield Stadium in the League and FA Cups respectively. When you consider the level of resources available to the clubs at the top of the Premiership, the cup competitions continue to offer us the most realistic opportunity for silverware. There is no doubt that the loss of Scott Parker to Chelsea during the January 2004 transfer window and the manner in which he left us was hugely disruptive and a major disappointment to everyone connected with the club. This is particularly so as he had signed a new five-year contract in the summer of 2003. In the circumstances, I believe the agreement negotiated with Chelsea was a fair one. Fulham experienced a similar situation with Louis Saha and these situations demonstrate to me the power exerted by those clubs able to offer Champions League football. The ability of the large clubs to take the best players of clubs competing for a European place further enforces the gap at the top of the Premiership. During the season a number of players left The Valley. In December Mathias Svensson joined Norwich City following an earlier loan spell with Derby County and Chris Bart-Williams signed for Ipswich following a loan spell there. Also leaving the club were Adrian Deane, Mark DeBolla, Stephen Hughes, Sergio Leite and Stephen Tucker, none of whom made a first team appearance. During this summer, Claus Jensen and Paolo Di Canio left the club and Carlton Cole decided to move to Aston Villa, despite our agreement with Chelsea that he would be loaned to us again for season 2004/05. It was a double blow to lose two players of the calibre of Richard Rufus and Gary Rowett, who both retired through serious injury. I take this opportunity to wish all of these players well in their future careers but I would like particularly to pay tribute to Richard Rufus, who performed at the highest level for the club for many years with great distinction. I believe he is the best outfield player ever to play for the club who was not capped by his country. Six players recently joined the club and I welcome Stephan Andersen, Talal El Karkouri, Bryan Hughes, Francis Jeffers, Danny Murphy and Dennis Rommedahl and hope they all contribute to future success at our club. INDUSTRY PROSPECTS I have written often of the need for a redistribution of finances in football and I remain concerned that the outcome of the Premier League Championship remains somewhat predictable. Clubs are increasingly financially reliant upon success in the league and the cup competitions to develop and it is essential that relegation from the Premier League should not threaten the very existence of clubs. Perhaps the reality is that there are two Premier Leagues within one. Arsenal, Chelsea and Manchester United in one and the remainder of the Premiership clubs in a second league, where the consequences of failure outweigh the benefits of success. A lot of uncertainty has been removed as a result of the completion of the new three-year U.K. broadcasting deal with BSkyB, contributing to season 2004/05 onwards. It is important to appreciate that overall revenues have fallen as these new contracts have been constructed differently and the overall value of the broadcasting rights has reduced. Whilst domestic revenue has fallen, there has been an increase in the revenue from the sale of our matches overseas and it is incumbent on all Premiership clubs to support the marketing of the Premier League overseas. It is for this reason that the club embarked on a pre-season tour of China in July of this year and we hope to develop the commercial and general opportunities that exist following this tour. Once again, the contract structure of the FA Premier League and negotiation process was scrutinised and challenged by the European Commission. Its involvement remains unnecessary and if it was to achieve its objectives great harm would be done to the professional game in this country. It has already caused the number of matches shown on television to increase and I remain concerned at the effect increased coverage will have on match attendances, and in particular the future value of the broadcasting rights. The dangers associated with high levels of debt are very visible and the situation which evolved at Leeds United, culminating in their relegation to the First Division, illustrates quite graphically what can happen if a club is not managed in the right way. The image of the game continues to be something we should all be concerned about and the events at the Football Association in recent months portrayed in the media have done nothing to improve that image. CONCLUSION Improved commercial performance is increasingly reliant upon our broadcasting revenues, in particular the finishing position of the team and the number of live televised matches. Expansion of The Valley infrastructure will also underpin future commercial growth. We have developed plans to expand the stadium to an eventual 40,000 capacity with the initial phase redeveloping the East Stand. This will give us just over 30,000 seats and further lounges and facilities. We are confident that we have the support in our community to justify this further expansion. Your board took the decision to increase season ticket prices for season 2004/05 although a discounted pricing structure was maintained until 31st May 2004. I am delighted that in excess of 20,500 season ticket holders have shown their confidence in the club and I anticipate this number will grow through the issue of half-year season tickets. We have introduced an additional tier of membership, which provides a range of benefits to supporters and currently have in excess of 12,000 members, which is integral to our strategy for building the level of active support for the club. By retaining affordable pricing levels we are reinforcing our commitment to maintaining the tremendous family atmosphere at The Valley. Football businesses are becoming ever more complex and we are fortunate that we have a committed group that continue to work hard to develop the club. I would like to thank our two executive directors, Peter Varney and Nigel Capelin, for their contribution as well as all the staff that operate at The Valley, the training-ground complex and the offices in Bexleyheath. Many other people give their time and effort to support the operations of the club and the organisations associated with it and to them we also extend our gratitude. Especially worthy of mention are those individuals involved in running the many supporters branches, so important to the future growth of the club, and in particular Sue Townsend, who represents the views of supporters at board level following her election as the Supporters' Representative Director. Your board remains as passionate as ever about our football club and we want to see it develop and grow, while at the same time maintaining all of our traditional values. The club has a good reputation in the game and deservedly so, in my opinion, as we work hard to retain our relevance within our community. Football is our national sport and the Premier League attracts huge media coverage and with this comes increased expectation levels from clubs and supporters. Our challenge is to mix realism with our ambition to bring success to our club. We will continue to do everything we can to bring continued success to the club and we remain optimistic about our future prospects. Richard Murray Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT 12 months to 30th June 2004 12 months to 30th June Operations 2003 excluding player Player amortisation amortisation and and trading Total trading #'000 #'000 #'000 #'000 TURNOVER 42,606 0 42,606 35,141 Operating expenses (38,968) (3,637) (42,605) (36,041) Exceptional item 1,000 (1,040) (40) 0 Operating profit/(loss) 4,638 (4,677) (39) (900) Profit on disposal of players 0 11,659 11,659 1,137 Profit before interest and taxation 4,638 6,982 11,620 237 Net interest payable (502) (701) Profit/(loss) on ordinary 11,118 (464) activities before taxation Taxation charge 0 0 Profit/(loss) for the period 11,118 (464) Earnings/(losses) per share/ 20.20 (0.80) pence All amounts derive from continuing operations. STATEMENT OF RECOGNISED GAINS AND LOSSES There were no recognised gains and losses other than stated above and therefore no statement of recognised gains and losses has been published. CONSOLIDATED BALANCE SHEET As at As at 30th June 30th June 2004 2003 # 000 # 000 Fixed Assets Tangible fixed assets 35,309 35,784 Intangible assets 4,685 8,508 39,994 44,292 Current Assets Stocks 152 90 Debtors 7,580 2,325 Cash at bank and in hand 10,488 347 Total assets 58,214 47,054 Creditors falling due within one year and (15,655) (13,054) deferred income Total assets less current liabilities 42,559 34,000 Creditors falling due after one year (8,774) (10,863) Grants and deferred income (5,940) (6,410) 27,845 16,727 # 000 # 000 Capital and reserves Called up share capital 27,485 27,485 Share premium account 2,019 2,019 Revaluation reserve 6,547 6,572 Profit and loss account (8,206) (19,349) 27,845 16,727 CONSOLIDATED CASH FLOW STATEMENT As at As at 30th June 30th June 2004 2003 # 000 # 000 Cash flow from operations Operating loss (39) (900) Depreciation 1,260 1,195 Amortisation of player registration costs 4,677 3,731 Profit on sale of fixed assets (8) 0 Release of deferred income (470) (457) (Increase)/decrease in stocks (62) 28 (Increase)/decrease in debtors (5,255) 828 Increase/(decrease) in creditors 2,586 (425) Net cash inflow from operations 2,689 4,000 Returns on investment and servicing of finance Interest receivable 173 42 Interest payable (733) (701) Interest element of finance lease payments (3) (1) Net cash outflow (563) (660) Capital expenditure and financial investments Payments to acquire players' registrations (913) (2,369) Proceeds on sale of players' registrations 11,718 1,183 Payments to acquire tangible fixed assets (755) (1,055) Related grants and income from long term season ticket schemes 0 244 Proceeds on sale of tangible fixed assets 8 0 Net cash inflow/(outflow) 10,058 (1,997) Net cash inflow before financing 12,184 1,343 Financing activities New bank loans 0 3,277 Loan repayments (2,024) (3,599) Capital element of finance lease payments (19) (9) (2,043) (331) Increase in cash 10,141 1,012 NOTES 1. The financial information relating to the Company does not constitute statutory accounts within the meaning of Section 240 (5) of the Companies Act 1985 (as amended). Statutory accounts in respect of the year ended 30 June 2004, which received an unqualified audit opinion, will be filed with the Registrar of Companies in England and Wales. 2. Analysis of turnover: Year ended Year ended 30 June 2004 30 June 2003 #'000 #'000 Television and broadcast 26,204 20,361 Match day activities 9,844 9,681 Marketing and sponsorship 4,267 2,935 Retail and other 1,183 1,179 Conference and banqueting 1,108 985 ------ ------ 42,606 35,141 ====== ====== 3. Analysis of operating expenses: #'000 #'000 Staff costs 29,913 23,576 Depreciation 1,260 1,195 Amortisation 3,637 3,731 Hire of plant and machinery 173 145 Other operating lease rentals 244 217 Grants released (109) (114) Auditors remuneration :audit 31 31 :non audit 17 28 Other operating charges 7,439 7,232 ------ ------ 42,605 36,041 ====== ====== 4. Analysis of staff costs: #'000 #'000 Wages and salaries 26,793 21,093 Social security costs 2,959 2,322 Other pension costs 161 161 ------ ------ 29,913 23,576 ====== ====== 5. The company has adopted the format of profit and loss account recommended for the football industry and has presented the previous years comparative figures in this format. 6. The board does not recommend the payment of a dividend. 7. Earnings per ordinary share have been calculated by dividing the loss for the year by the weighted number of ordinary shares in issue for the year. Year ended Year ended 30 June 2004 30 June 2003 #'000 #'000 Profit/(loss) for the year 11,118 (464) Weighted number of shares in issue 54,969,293 54,969,293 Earnings/(loss) per share 20.2 pence (0.8) pence 8. The Annual Report and Accounts for the year ended 30 June 2004 will be sent to shareholders during November 2004. At that time further copies will be available from the company's Nominated Advisor and Broker, Teather & Greenwood Limited, Beaufort House, 15 St Botolph Street, London, EC3A 7QR. END This information is provided by RNS The company news service from the London Stock Exchange END FR BIBDGSBDGGSR
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