We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Playgolf | LSE:PLG | London | Ordinary Share | GB00B01GB928 | ORD 0.2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number : 6254E
Playgolf (Holdings) PLC
30 September 2008
Playgolf (Holdings) Plc
30 September 2008
Playgolf (Holdings) Plc
("Playgolf" or "the Company")
Interim Results for the Period to 30 June 2008
Playgolf (Holdings) Plc the operator and developer of advanced multi-sport facilities in the UK in partnership with local authorities,
today announces Interim results for the period to 30 June 2008.
Highlights
* Results in-line with Company's expectations
* Three existing sites operating at higher than anticipated levels
* Sold East Kilbride joint venture 50% shareholding for £500,000
* Signed operating lease for driving range and course at flagship East Kilbride site
Commenting on the results, Mike Mealey, Chairman said:
"The development at East Kilbride is progressing well and the golf course is expected to open in the Spring of next year, for which we
have signed an operating licence. We have sold our 50% stake in the project to our partner Kilmartin Property Group for £500,000 which will
be used to strengthen our balance sheet. We continue to seek other sites in the UK using the East Kilbride site as a template."
For further enquiries, please contact:
Mike Mealey, ChairmanPlaygolf (Holdings) Plc 01926 422 320
Paul Shackleton/Tessa SmithDaniel Stewart & Company plc 020 7776 6550
Mark LongsonSquare1 Consulting Limited 020 7929 5599
PLAYGOLF (HOLDINGS) PLC
CHAIRMAN'S STATEMENT
FOR THE PERIOD TO 30 JUNE 2008
Playgolf (Holdings) Plc - Developing Britain's Sporting Future
I announce results for the period to 30th June, 2008.
Turnover for the period of £1,157,000 (2007: £1,218,000) generated a pre-tax loss of £1,174,000 (2007: £1,131,000) which equates to a
loss of 1.5 pence per share (2007: 1.9 pence). Net assets were £5,542,000 (2007: £7,071,000). These are in line with Company forecasts.
The changes to the operations that have been made in the last 12 months are starting to show in the results and all three existing sites
are operating at higher levels than seen previously. The operating loss before interest was down by nearly £100,000 but increased interest
costs of £140,000 accounted for this saving.
Since 30th June, 2008 and as announced previously, we have sold our 50% interest in the joint venture at East Kilbride to our partners,
Kilmartin Property Group, for £500,000. This was part of the settlement of the dispute between Kilmartin and our bankers - and also resulted
in the resignation of our Finance Director, Neil McGuinness - who is also Kilmartin's Finance Director. We have signed our lease to operate
the driving range and golf course at East Kilbride which is expected to be open for trading in spring next year. We remain fully committed
to the overall commercial success of East Kilbride which we intend to use as a showcase for other local authorities. An announcement
regarding a replacement Finance Director will be announced shortly.
Outlook
We are looking in the UK to secure new sites for our multi-sport facilities whilst continuing to focus on reducing costs, streamlining
operation and maximising income from each of our existing sites.
PowerPlay, the company in which Playgolf is a substantial shareholder with 25% of its equity, is continuing to commercialise its concept
around the world. As previously announced, PowerPlay has been hailed as golf's innovative response to Cricket's Twenty/20. Several trial
events in the UK and abroad, both professional and amateur, have proved successful and its popularity is increasing. PowerPlay Golf is in
the process of seeking a substantial equity participation in order to fully exploit the commercial potential of this new form of golf.
M.C. MEALEY
Chairman
PLAYGOLF (HOLDINGS) PLC
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Period ended Period ended Year ended
30 June 30 June 31 December
2008 2007 2007
£'000 £'000 £'000
Unaudited Unaudited Audited
Note
TURNOVER 1 1,157 1,218 2,384
Cost of sales (234) (419) (1,006)
--------------- --------------- ---------------
GROSS PROFIT 923 799 1,378
Administrative expenses (1,514) (1,525) (2,998)
------------- -------------- ---------------
GROUP OPERATING LOSS (591) (726) (1,620)
Share of operating loss in (38) - (12)
joint venture
--------------- --------------- ------------
Operating loss of the group (629) (726) (1,632)
and joint venture
Finance expenditure
Net interest payable (545) (405) (836)
--------------- --------------- ---------------
LOSS ON ORDINARY (1,174) (1,131) (2,468)
ACTIVITIES BEFORE TAXATION
Tax on ordinary activities 2 - - -
--------------- --------------- ---------------
LOSS ON ORDINARY (1,174) (1,131) (2,468)
ACTIVITIES AFTER TAXATION
--------------- --------------- ---------------
LOSS FOR THE FINANCIAL PERIOD (1,174) (1,131) (2,468)
========= ======== =========
Loss per share - basic 3 (1.5)p (1.9)p (3.8)p
========= ======== =========
PLAYGOLF (HOLDINGS) PLC
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Period ended30 Period ended30 Year ended31
June2008£* June2007£* December2007£*
000Unaudited 000Unaudited 000Audited
LOSS FOR THE FINANCIAL PERIOD (1,174) (1,131) (2,468)
Impairment of leasehold - (1,000) (1,000)
property
Reclassification of JV*s - (2,000) (2,000)
property held for resale
--------------- ------------- ---------------
Total recognised gains and (1,174) (4,131) (5,468)
losses relating to the period
========= ======== ========
PLAYGOLF (HOLDINGS) PLC
GROUP BALANCE SHEET
AT 30 JUNE 2008
Note As at As at As at
30 June 30 June 31 December
2008 2007 2007
£'000 £'000 £'000
Unaudited Unaudited Audited
FIXED ASSETS
Non-current assets
Property, plant and equipment 4 15,636 15,983 15,888
Provision for joint venture
investment
Share of gross assets 4,536 - 1,347
Share of gross liabilities (4,731) - (1,387)
------------ ------------ --------------
Share of net liabilities (195) - (40)
Loan to joint venture 191 693 444
------------ ------------ --------------
(4) 693 404
------------ ------------ --------------
15,632 16,676 16,292
------------ ------------ --------------
CURRENT ASSETS
Stock - 12 -
Trade and other receivables 611 567 422
Cash at bank and in hand 317 1,251 1,246
------------ ------------ --------------
928 1,830 1,668
------------ ------------ --------------
16,560 18,506 17,960
======= ======= =======
EQUITY
Capital and reserves
attributable to the Company's
equity shareholders
Called up share capital 5 156 136 156
Share premium account 6 4,919 3,957 4,919
Merger reserve 6 467 467 467
Revaluation reserve 6 4,215 4,352 4,284
Other reserves 6 400 400 400
Profit and loss account 6 (4,615) (2,241) (3,510)
------------ ------------ --------------
TOTAL EQUITY 5,542 7,071 6,716
------------ ------------ --------------
LIABILITIES
Non current liabilities
Loans 10,523 10,546 10,532
Current liabilities
Bank overdraft 57 49 41
Trade and other payables 438 840 671
------------ ------------ --------------
495 889 712
------------ ------------ --------------
TOTAL LIABILITIES 11,018 11,435 11,244
------------ ------------ --------------
TOTAL EQUITY AND LIABILITIES 16,560 18,506 17,960
======= ======= =======
PLAYGOLF (HOLDINGS) PLC
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Period ended30 Period ended30 Year ended31
June2008£* June2007£* December2007£*
000Unaudited 000Unaudited 000Audited
Cash flows from operating
activities
Loss for the period (1,174) (1,131) (2,468)
Adjustments for:
Net finance expenditure 427 405 808
Depreciation and amortisation 245 221 544
Decrease in stock - 3 15
Increase in debtors (189) (186) (42)
(Decrease)/increase in (233) (104) 366
creditors
Share of joint venture 155 - 40
--------------- ------------- -------------
Net cash used in operating (769) (792) (737)
activities
Cash flows from investing
activities
Net finance expenditure (427) (405) (808)
Purchase of tangible fixed (31) (25) (253)
assets
Saleof tangible fixed assets 38 - -
Saleof subsidiary undertaking - 2,000 2,000
Net cash transferred with - (3) (2)
subsidiary undertaking
Loan to joint venture 253 (54) (444)
--------------- ------------- -------------
Net cash (used in)/generated (167) 1,513 493
from investing activities
--------------- ------------- -------------
Cash flows from financing
activities
Issue of ordinary share - 845 1,827
capital (net of issue costs)
Long term loan repayments (9) (404) (418)
--------------- ------------- -------------
Net cash (used in)/generated (9) 441 1,409
from financing activities
--------------- ------------- -------------
Net (decrease)/increase in (945) 1,162 1,165
cash and bank overdrafts
Cash and bank overdrafts at 1,205 40 40
beginning of the period
--------------- ------------- -------------
260 1,202 1,205
========== ========= =========
RECONCILIATION OF NET CASH
FLOW TO NET DEBT
(Decrease)/increase in cash in (945) 1,162 1,165
the period
Cash outflow from decrease in 9 404 418
debt
------------------ ----------------- -----------------
Movement in the period (936) 1,566 1,583
Net debt at the beginning of (9,327) (10,910) (10,910)
the period
--------------- ------------- -------------
Net debt at the end of the (10,263) (9,344) (9,327)
period
========== ========= =========
PLAYGOLF (HOLDINGS) PLC
RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Period to30 Period to30 Year ended31
June2008£* June2007£* December2007£*000Audited
000Unaudited 000Unaudited
Loss for the financial period (1,174) (1,131) (2,468)
Other gains and losses - (3,000) (3,000)
---------------- ---------------- ----------------
(1,174) (4,131) (5,468)
New shares issued (net of - 845 1,827
issue costs)
---------------- ---------------- ----------------
Net movement in shareholders* (1,174) (3,286) (3,641)
equity
Opening shareholders* equity 6,716 10,357 10,357
---------------- ---------------- ----------------
Closing shareholders* equity 5,542 7,071 6,716
========= ========= =========
PLAYGOLF (HOLDINGS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2008
1. ACCOUNTING POLICIES
Basis of preparation
The group financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards
(IFRS) as endorsed for use by Companies listed on an EU regulated market and in accordance with IAS34 - "Interim Financial Reporting". The
same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in
the Group's latest annual audited financial statements. It is not expected that there will be any changes or additions to these in the 2008
annual financial statements.
This statement does not comprise statutory accounts as defined in Section 240 of the Companies Act 1985 and the results for the six
months ended 30 June 2008 and for the six months ended 30 June 2007 are unaudited.
The financial information for the year ended 31 December 2007 is an extract from the latest group accounts. Statutory financial
statements for the year ended 31 December 2007, prepared in accordance with IFRS, on which the auditors gave an unqualified opinion, did not
include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not
include a statement under section 237(2) or (3) of the Companies Act 1985, have been filed with the Registrar of Companies.
Investments
In the consolidated financial statements, shares in joint ventures are accounted for using the equity method. The consolidated profit
and loss account includes the group's share of the pre tax profits and attributable taxation of the joint venture. In the consolidated
balance sheet the investment in the joint venture is shown as the group's share of net assets of the joint venture.
Property, plant and equipment
Leasehold land and buildings are stated at valuation, net of depreciation and any provision for impairment. The Group has a policy of
revaluing all leasehold property, by an external valuer, upon acquisition and on completion of construction. Thereafter, the valuation will
be performed annually by the directors and externally at least every eight years.
Other tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all
tangible fixed assets, once completed, at rates calculated to write off the cost, less estimated residual value, of each asset on a
straight-line basis over its expected useful life, as follows:
* Leasehold land and buildings: over the shorter of the lease term and 50 years
* Other assets: 20 - 33% straight line
Stock
Stock represents goods for resale and is stated at the lower of cost and net realisable value.
Deferred taxation
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying values in the financial statements. The deferred tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially
enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is
settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which
temporary differences can be utilised.
PLAYGOLF (HOLDINGS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2008
1. ACCOUNTING POLICIES (continued)
Trade and other receivables
Trade and other receivables are recognised and carried at original invoice value less an allowance for any uncollectible amounts. An
estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged
to the profit and loss account as incurred.
2. TAXATION
There is no tax charge for the period to 30 June 2008 due to the trading losses incurred.
3. LOSS PER SHARE Period to30 June2008 Period to30 June2007 Year ended31
December2007
Loss per share (1.5)p (1.9)p (3.8)p
======== ========= ==========
The calculations for loss per
share are based on the
following losses and numbers
of shares:
£*000 £*000 £*000
Loss for the period (1,174) (1,131) (2,468)
======== ========= ==========
Weighted average number of Number Number Number
shares
For basic loss per share 77,995,002 61,029,281 64,786,952
======== ========= ==========
PLAYGOLF (HOLDINGS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2008
4. PROPERTY, PLANT AND Leasehold Other tangible Fixed assets£*000 Total£*000
EQUIPMENT Premises£*000
Cost or valuation
At 1 January 2008 16,665 1,051 17,716
Additions 12 19 31
Disposals (38) - (38)
------------------- ------------------- ---------------------
At 30 June 2008 16,639 1,070 17,709
------------------- ------------------- ---------------------
Depreciation
At 1 January 2008 1,134 694 1,828
Charge for the period 166 79 245
------------------- ------------------- ---------------------
At 30 June 2008 1,300 773 2,073
------------------- ------------------- ---------------------
Net Book Value
At 30 June 2008 15,339 297 15,636
=========== =========== ===========
At 31 December 2007 15,531 357 15,888
=========== =========== ===========
At 30 June 2007 15,660 323 15,983
=========== =========== ===========
5. CALLED UP SHARE CAPITAL 30 June2008£*000
Authorised:
500,000,000 ordinary shares of 1,000
£0.002 each
===========
Allotted, called up and fully
paid:
77,995,002 ordinary shares of 156
£0.002 each
===========
6. RESERVES Share Premium£*000 MergerReserve£*000 Revaluation Other Reserve£*000 Profit and
Reserve£*000 Lossaccount£*000
As at 1 January 2008 4,919 467 4,284 400 (3,510)
Loss for period - - - - (1,174)
Excess depreciation on - - (69) - 69
revalued properties
------------- ------------- -------------- ------------- -------------------
At 30 June 2008 4,919 467 4,215 400 (4,615)
======= ======= ======= ======= ===========
PLAYGOLF (HOLDINGS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2008
7. POST BALANCE SHEET EVENTS
On 22 July 2008, the Group sold its shareholding in the joint venture, Playgolf Kilmartin Limited, to Kilmartin Property Group Limited,
for total consideration of £690,880. In addition, the Group has signed a 15 year lease to operate the golf course, golf academy and driving
range at the East Kilbride site from Playgolf Kilmartin Limited.
INDEPENDENT REVIEW REPORT TO PLAYGOLF (HOLDINGS) PLC
Introduction
We have been engaged by the company to review the group financial statements in the interim report for the six months ended 30 June 2008
which comprises the Group Income Statement, the Group Balance Sheet, the Group Cash Flow Statement, the Group Statement of Changes in Equity
and related explanatory notes 1 to 4.
We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the group financial statements.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of and has been approved by the
directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for
companies trading securities on the Alternative Investment Market which require that the interim report be presented and prepared in a form
consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such
annual accounts.
Our responsibility
Our responsibility is to express to the Group a conclusion on the group financial statements in the interim report based on our review.
Our report has been prepared in accordance with the terms of our engagement and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement
or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to
any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the group financial statements in the interim
report for the six months ended 30 June 2008 are not prepared, in all material respects, in accordance with International Accounting
Standard 34, as adopted by the European Union, and the Disclosure and Transparency Rules of the United Kingdom's Financial Services
Authority.
haysmacintyreChartered FairfaxHouse15 Fulwood
AccountantsRegistered Auditors PlaceLondonWC1V 6AY
26 September 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFITARIAFIT
1 Year Playgolf Chart |
1 Month Playgolf 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
