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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hurlingham | LSE:HRL | London | Ordinary Share | GB0004485925 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1689M Hurlingham PLC 11 June 2003 HURLINGHAM Plc 11 JUNE 2003 Interim Results Statement Six Months ended 31 March 2003 Chairman's Statement I am reporting to you on the six month period ending 31st March 2003. These have been difficult months for the Hotel and Travel industry, during which the decline in volumes and margins occasioned by the terrorist attacks in America on September 11th 2001 have not recovered due to the further damaging impact of the Iraq war and the outbreak of SARS. As a result, Group turnover fell some 18% to #666,314 (2002: #813,689) resulting in a loss for the half-year of #149,430 (2002: loss #135,347). The outlook for the Group's international hotel booking subsidiary, Custom Tours Ltd., remains uncertain. Although the winter months to 31st March now under review are normally the months of least activity, the travel and hotel booking industry is not yet showing signs of recovery. The Board has therefore implemented a programme of cost-cutting in order to mitigate the effect of these reduced volumes. At the same time, it is exploring joint venture initiatives to reduce overhead further and increase both volumes and product offerings. Turning to our Hotel operating company, Bettagrade Ltd., the company's hotel in Perth has continued to consolidate its performance to the extent that at 31st March 2003, year to date occupancy was 66% (2002: 63%) and average room rate was #38.83 (2002: #36.43). Early indications are that the reduction in international travel may benefit the domestic UK Tourist industry and the management team are looking forward to seeing increased volumes during the summer tourist season. During the period, the Board undertook the refurbishment of two of the Group's residential properties in Chelsea and Fulham. This programme inevitably led to reduced rental receipts during the refurbishment work. This programme has now been satisfactorily completed and the Board considers that the properties are in a condition to maximise their potential either for rental or sale. The refurbishment of the remaining flats will take place as they become vacant. Charles Llewellyn Chairman Registered Office: 19 Cavendish Square London W1A 2AW Consolidated profit and loss account for the six months ended 31 March 2003 Six months Six months Year ended ended ended 31.03.2003 31.03.2002 30.09.2002 Unaudited Unaudited Audited # # # Turnover: Continuing operations 666,314 813,689 1,656,151 Cost of sales before goodwill amortisation (382,013) (514,270) (962,384) Negative goodwill amoritsation 9,250 - 18,500 Goodwill amortisation (13,985) (12,854) (28,198) ---------- ---------- ---------- Cost of sales (386,748) (527,124) (972,082) ---------- ---------- ---------- Gross Profit 279,566 286,565 684,069 Administrative expenses (355,102) (332,415) (666,027) ---------- ---------- ---------- Operating (loss)/profit: Continuing operations (75,536) (45,850) 18,042 Profit on sale of properties in continuing operations - - 81,146 ---------- ---------- ---------- (Loss)/profit on ordinary activities before interest (75,536) (45,850) 99,188 Interest receivable 4,294 3,546 6,678 Interest payable (77,788) (93,043) (174,439) ---------- ---------- ---------- Loss on ordinary activities before taxation (149,030) (135,347) (68,573) Taxation (400) - (6,163) ---------- ---------- ---------- Loss on ordinary activities after taxation (149,430) (135,347) (74,736) Dividends - - (23,712) ---------- ---------- ---------- Retained loss for the period (149,430) (135,347) (98,448) ========== ========== ========== Loss per share Basic and Diluted (7.41)p. (6.71)p. (3.71)p. Consolidated balance sheet at 31 March 2003 At 31.03.2003 At 31.03.2002 At 30.09.2002 Unaudited Unaudited Audited # # # Fixed Assets Intangible assets: Goodwill 443,977 473,306 457,962 Negative goodwill (9,334) (37,084) (18,584) ---------- ---------- ---------- 434,643 436,222 439,378 Tangible assets 4,552,024 4,539,848 4,509,928 Investments 250 250 250 ---------- ---------- ---------- 4,986,917 4,976,320 4,949,556 ---------- ---------- ---------- Current Assets Investments - 340,000 - Stock 4,052 4,143 4,074 Debtors 88,559 179,190 160,153 Cash at bank and in hand 336,396 218,601 473,079 ---------- ---------- ---------- 429,007 741,934 637,306 ---------- ---------- ---------- Creditors: amounts falling due within one year (435,818) (464,472) (462,342) ---------- ---------- ---------- Net current (liabilities)/assets (6,811) 277,462 174,964 ---------- ---------- ---------- Total assets less current liabilities 4,980,106 5,253,782 5,124,520 Creditors: amounts falling due after one year (2,536,392) (2,697,536) (2,531,375) ---------- ---------- ---------- Net assets 2,443,714 2,556,246 2,593,145 ---------- ---------- ---------- Capital and reserves Called up share capital 1,511,697 1,511,697 1,511,697 Share premium account 350,454 350,454 350,454 Revaluation reserve 518,818 624,493 518,818 Profit and loss account 62,745 69,602 212,176 ---------- ---------- ---------- Equity shareholders' funds 2,443,714 2,556,246 2,593,145 ========== ========== ========== Consolidated statement of total recognised gains and losses for the six months ended 31 March 2003 Six months Six months Year ended ended ended 30.09.2002 31.03.2003 31.03.2002 Audited Unaudited Unaudited # # # Group loss on ordinary activities after taxation (149,430) (135,347) (74,736) Increase in revaluation reserve for investment properties - 75,650 - ---------- ---------- ---------- Total recognised gains and losses relating to the period (149,430) (59,697) (74,736) ---------- ---------- ---------- Note of historical cost profits and losses for the six months ended 31 March 2003 Six months Six months Year ended ended ended 30.09.2002 31.03.2003 31.03.2002 Audited Unaudited Unaudited # # # (149,030) (135,347) Reported loss on ordinary activities before (68,573) taxation Realisation of property revaluation gains - - 105,675 ---------- ---------- ---------- Historical cost (loss)/profit on ordinary activities before taxation (149,030) (135,347) 37,102 ========== ========== ========== Transfer to reserves after taxation and (149,430) (59,697) 7,227 dividends ========== ========== ========== Notes 1. The financial information above does not constitute full accounts within the meaning of section 240 Companies Act 1985 as amended ("the Act"). Full accounts for the year ended 30 September 2002, on which the auditors reported on without qualification and which contained no statement under Section 237 (2) or (3) of the Act, have been delivered to the Registrar of Companies. Earnings per share has been calculated on the loss attributable to Ordinary shareholders of #(149,430) (31.03.02: #(135,347)) and based on the weighted average number of Ordinary shares in issue during the period of 2,015,596 (31.03.02: 2,015,596). There is no provision for UK taxation for the 6 month period to 31.03.2003. As last year, no dividend is proposed. Copies of the Interim Report are being sent to all shareholders and will be available to the public free of charge from the office of the Company Secretary at 90 Babbacombe Road, Bromley, Kent BR1 3LS for at least one month. This information is provided by RNS The company news service from the London Stock Exchange END IR EAXKEFEPDEFE
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