We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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:2005R Hurlingham PLC 31 March 2008 HURLINGHAM PLC 31 March 2008 Preliminary Results for the year ended 30th September 2007 Chairman's statement I am pleased to present the Annual Report and financial statements of the Group for the year ended 30th September 2007. Since March 2006, the Group's principal business has been the Perth Hotel. As set out in the circular to shareholders dated 14th March 2008, whilst that has been profitable, it is not considered to be capable of generating the profits needed to pay Hurlingham's administrative expenses and, without the financial resources to develop further hotels, your Board concluded that it should dispose of Bettagrade Limited, which owns the Perth Hotel and seek to develop more profitable opportunities. At the same time, the existing Executive Board, being Charles Llewellyn, Charles Pettingell and Maurice Taylor, who are all in their 60's, considered, subject to approval of all resolutions contained in the Notices of the First and Second General Meetings referred to in that circular, that it would be appropriate for them to retire from the Board. The Remaining Directors of Hurlingham are David Low and myself. David, is aged 49 and is an experienced broker. I am 53 and an experienced Chartered Accountant of many years standing, with a proven track record as the Finance Director of a number of listed companies over the last 20 years. David Low and I joined the Board in December 2005 and June 2004 respectively, and have brought significant financial and corporate expertise to the Group. In the light of these proposals, I was appointed the new Non-Executive Chairman of Hurlingham on 14th March 2008. Results Group profit and loss account Following the sale of the Group's residential properties and the closure of the companies comprising the flight business, turnover for the year to 30th September 2007 amounted to £1,166,000, including £6,000 attributable to discontinued operations (2006: £4,614,000 including £3,482,000 attributable to discontinued operations). Bettagrade Limited, the Group's hotel company continued to trade well and turnover was £1,160,000 (2006: £1,132,000) with profit before tax coming in at £237,000 (2006: £221,000). After central costs of £161,000 (2006: £151,000), net interest payable of £185,000 (2006: £223,000) and a deferred tax credit of £103,000 (2006: nil), the Group profit after taxation for the period was £34,000 (2006: loss of £767,000). Group balance sheet After taking into account the Group profit for the period of £34,000 and the revaluing of the Group's hotel to £4,500.000 reflecting the independent valuation of the property, shareholders funds amounted to £2,295,000 at 30th September 2007 (2006: £2,228,000). Dividend Due to a current deficiency on the company's profit and loss account reserve, the Board does not recommend the payment of a dividend for the year. However, shareholders will be aware from the circular to shareholders dated 14th March 2008, that proposals have been implemented to redress this position. As a result of completion of those proposals, the company should be significantly closer to having a positive profit and loss account reserve, thus facilitating the payment of dividends in future periods. Outlook Shareholders will be aware from the circular to shareholders dated 14th March 2008, that the Board sought shareholder consent for the sale of Bettagrade Limited, which owns the Perth Hotel, to Thistle Perth LLP. That circular also included details of a restructuring of the Board, the raising of fresh capital by the issue of 800,000 ordinary shares at 75 pence per share and the acquisition of the 'A' Ordinary shares by the Company for cancellation. Full details of these proposals were contained in the circular. The First General Meeting dealing with the sale of Bettagrade Limited and related matters was successfully concluded this morning, and the Second General Meeting will be held on 7th April 2008 in accordance with the notice in that circular. Looking forward, the Remaining Directors anticipate appraising a number of alternative business opportunities for the Company. It is envisaged this is likely to involve the acquisition by Hurlingham of another business, whose activities are likely to be different from those previously undertaken by the Company. Any such acquisition will involve a circular being sent to Shareholders setting out the proposed terms of the acquisition, providing financial details relating thereto and inviting Shareholders to consider and if thought fit, approve the proposals prior to the acquisition of any such company or business by the Company. Andrew Blurton Chairman 31 March 2008 Directors' report for the year ended 30 September 2007 The directors present their report and the audited financial statements for the year ended 30 September 2007. Principal activities and business review The principal activities of the Group during the year comprised the development and operation of the Perth Hotel and the sale of international hotel products. Since the year end, proposals have been finalised which involve the sale of Bettagrade Limited which owns the Perth Hotel, which comprised the remaining elements of the above activities, as set out in the circular to shareholders dated 14 March 2008. A summary of this transaction is included in note 22 to the financial statements. The sale of Bettagrade Limited was completed as planned on 31 March 2008. Following the proposed restructuring referred to in the circular to shareholders dated 14 March 2008, the Company's principal source of income will be interest generated on its cash deposit. After settling current liabilities and collecting debtors, this cash deposit is estimated to amount to £1,861,000 at completion. Based on current interest rates, this is expected to produce interest of approximately £90,000 on an annual basis. However, this will not commence to be earned until completion of these transactions which is expected to be during April 2008. In addition, following the resignation of the Retiring Directors, administration costs will be reduced and it is hoped by the Remaining Directors that administration costs in future will be predominantly covered by income from the Company's cash reserves pending acquisition of a new business. Financial risk management objectives and policies During the year ended 30 September 2007, and since then to the date of this report, the financial risk management performed by the Board has centred on operating financial risks and funding financial risk. The operating financial risks emanated from the level of financial performance achieved from the Group's hotel in Perth and the management team's ability to increase room revenue, room occupancy, general service income and therefore overall return from this asset. This risk was removed when the sale of Bettagrade Limited referred to in the circular to shareholders dated 14 March 2008 completed on 31 March 2008 and the related debt was repaid. The Group's funding financial risk centred on the total interest cost incurred on the Group's overdraft and long term loans, which at 30 September 2007 amounted to approximately £2,300,300. The Board chose to retain these funds at floating rates during the year ended 30 September 2007 due to the relatively low level of interest rates by reference to the earnings capability of the hotel. This risk was removed when the sale of Bettagrade Limited referred to in the circular to shareholders dated 14 March 2008 was completed on 31 March 2008. Dividends Due to a current deficiency on the company's profit and loss account reserve, the Board does not recommend the payment of a dividend for the year. Consolidated profit and loss account for the year ended 30 September 2007 2007 2006 Restated (see note below) £ £ Turnover: Continuing operations 1,160,273 1,131,913 Discontinued operations 6,000 3,482,349 1,166,273 4,614,262 Cost of sales (426,301) (4,191,787) Gross profit 739,972 422,475 Administrative expenses (658,427) (973,363) Losses on subsidiaries not consolidated (2,798) - Operating profit/(loss) Continuing operations 75,545 55,432 Discontinued operations 3,202 (606,320) Profit on disposal of fixed assets 37,054 7,145 Profit/(loss) on ordinary activities before interest and taxation 115,801 (543,743) Net interest payable and similar charges (184,863) (223,040) Loss on ordinary activities before taxation (69,062) (766,783) Tax credit on profit on ordinary activities 102,980 - Profit/(loss) for the financial year 33,918 (766,783) ________ ________ Earnings/(loss) per share expressed in pence per share Basic 1.61p (36.4)p Diluted 1.61p (36.4)p ________ ________ Earnings/(loss) per share from continuing operations expressed in pence per share Basic 1.46p (7.62)p Diluted 1.46p (7.62)p ________ ________ The comparative results for the year ended 30 September 2006 have been adjusted to reflect the discontinuance of certain operations referred to in the accounting policies note to the financial statements. These adjustments have no affect on the overall result for that year. Balance sheets at 30 September 2007 Group 2007 2006 £ £ Fixed Assets Tangible assets 4,500,000 4,562,390 Investments - - 4,500,000 4,562,390 Current Assets Stock 3,005 3,005 Debtors 59,924 63,579 Deferred tax asset 102,980 - Cash at bank and in hand 101,154 126,658 267,063 193,242 Creditors: due within one year (857,191) (762,999) Net current (liabilities)/assets (590,128) (569,757) Total assets less current liabilities 3,909,872 3,992,633 Creditors: due after one year (1,615,000) (1,765,000) Provision for liabilities - - Net assets 2,294,872 2,227,633 ________ ________ Capital and reserves Called up share capital 1,579,280 1,579,280 Share premium account 362,454 362,454 Revaluation reserve 1,326,798 1,293,477 Profit and loss account (973,660) (1,007,578) Equity shareholders' funds 2,294,872 2,227,633 ________ ________ Consolidated cash flow statement for the year ended 30 September 2007 2007 2006 £ £ £ £ Net cash inflow/(outflow) from operating 65,926 (793,399) activities Returns on investments and servicing of finance Interest received 4,608 6,984 Interest paid (191,723) (253,664) Net cash outflow from returns on investments and servicing of finance (187,115) (246,680) Capital expenditure and financial investments Purchase of operating assets (17,079) (25,237) Sale of properties 98,494 657,645 Net cash inflow from capital expenditure and financial investment 81,415 632,408 Net cash outflow before financing (39,774) (407,671) Financing Bank loan repaid (140,000) (145,000) Net cash outflow from financing (140,000) (145,000) Decrease in cash for the year (179,774) (552,671) _______ _______ Reconciliation of net cash flow to movement in net debt for the year ended 30 September 2007 2007 2006 £ £ Decrease in cash in year (179,774) (552,671) Cash outflow from movement in debt 140,000 145,000 Net movement in year (39,774) (407,671) Net debt at 1 October 2006 (2,166,358) (1,758,687) Net debt at 30 September 2007 (2,206,132) (2,166,358) ________ ________ Consolidated statement of total recognised gains and losses for the year ended 30 September 2007 2007 2006 £ £ Profit/(loss) on ordinary activities after taxation 33,918 (766,783) Revaluation surplus on fixed assets credited to revaluation reserve 33,321 49,228 Total recognised gains and losses for the year 67,239 (717,555) _______ ________ Note of historical cost profits and losses for the year ended 30 September 2007 2007 2006 £ £ Reported loss on ordinary activities before taxation (69,062) (766,783) Realisation of unrealised revaluation surpluses recorded in prior years - 354,906 Historical cost loss on ordinary activities before taxation (69,062) (411,877) ______ _______ Historical cost profit/(loss) transferred to reserves after taxation and dividends 33,918 (411,877) _______ _______ Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the Annual General Meeting of Hurlingham Plc will be held at 19 Cavendish Square, London W1A 2AW on 23 April 2008 commencing at 11.30 a.m. A copy of the Annual Report and Accounts will be posted to shareholders later today and is available from the Hurlingham website www.hurlinghamplc.co.uk. Enquiries: Hurlingham PLC Tel: 020 7706 2121 Andrew Blurton Landsbanki Securities (UK) Tel: 020 7426 9000 Fred Walsh Sebastian Jones This information is provided by RNS The company news service from the London Stock Exchange END FR SDLFIFSASEED
1 Year Hurlingham Chart |
1 Month Hurlingham 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