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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Soccercity | LSE:SOC | London | Ordinary Share | GB0032742339 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0034H Soccercity PLC 31 July 2006 SOCCERCITY PLC ("Soccercity" or the "Company") FINANCIAL RESULTS YEAR ENDED 31 JANUARY 2006 CHAIRMAN'S STATEMENT I am pleased to report that Soccercity has progressed throughout the year in line with our expectations. The 'Soccercity' format of a high quality leisure offer embracing organised 5-a-side football and children's play areas continues to increase the number of customers at each of our sites. Utilisation of our facilities has increased steadily throughout the year with a resultant improvement in profitability. Overall turnover for the year was #2,018,063 (2005: #1,802,852) an increase of 12% and, more importantly, profit before interest, tax, depreciation and amortisation was #31,760 (2005: loss #232,481). This is the first time the group has reported a trading profit since flotation in March 2003 and reflects the hard work that all our staff has put in during the year. The loss before tax for the period reduced to #283,862 (2005: loss of #634,062). We have, during the year, continued with the refinancing programme and have secured additional equity finance and have reduced borrowings through a combination of loan repayments and conversion of debt into equity. Operations Revenues continue to increase at all four sites and, with operational improvements made during the year, we have created greater capacity at peak times during the week. Football, our core activity, accounts for approximately 64% of revenues with our children's play centres, "Funcity", accounting for around 24% and bar and function sales accounting for the balance of 12%. In October 2005, we announced a partnership agreement with Coors brewers, which has injected #150,000 of cash into the group in the form of a 10-year secured loan. This partnership has enabled us to consolidate our entire bar and social events under one brand, and as a result have seen a continued improvement in the revenues generated from this activity. During the year investor loans of #345,993 were repaid and new investor loans were agreed of #255,500. In August 2005, Soccercity raised #261,125 by means of a placing of 5,222,250 shares at 5p per share. Material Post year events Additional funds of #412,500 were raised in April 2006 by the issue of new shares and, at the same time, investor loans of #155,000 were converted into convertible loan stock. This has been used to pay down debt, reduce trade creditors, and invest in a planned refurbishment of the centres. With improved gearing and increasing profitability, additional funds will be available for further expansion. Employees I would like to thank all the staff working in the Soccercity Group for all their hard work and commitment during the year, which ensures that Soccercity offers a consistently high level of organised 5-a-side football to all its customers. Outlook The Board remains confident that the demand for a leisure facility which offers both good quality, organised football and children's play facilities remains high and, through the continued hard work of all our staff, the potential for each of our sites is being realised. Current trading is in line with our expectations and, once again, revenues per month per centre are ahead of the previous year. Losses have reduced in this first half and we expect further progress in the second half of the year. The opening of a "Funcity" facility at our Huddersfield site was deferred until the current fiscal year pending the opening of a dedicated marketing department and call centre, which was opened in January 2006. The refurbishment works to each of our existing centres have been geared towards improving the customer experience and includes the installation of a new media system with flat panel TVs, projection TVs and decoration to the bars and social areas. A new Soccercity website has been designed and launched which will provide immediate information for new and existing customers. Whilst football remains our core activity we expect the contribution from both the children's play areas and the function suites to continue to grow and with the resultant growth in income from all activities, we are confident of achieving a further improvement in results in the current year. Norman Molyneux Chairman July 2006 SOCCERCITY PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT YEAR ENDED 31 JANUARY 2006 2006 2005 Notes # # TURNOVER Continuing operations 2,018,063 1,529,601 Acquisitions - 273,251 2,018,063 1,802,852 Cost of sales (529,625) (443,119) GROSS PROFIT 1,488,438 1,359,733 Administrative expenses (1,456,678) (1,490,812) Start up and integration costs - (101,402) TRADING PROFIT/ (LOSS) 31,760 (232,481) Depreciation (100,341) (178,375) Amortisation of goodwill (116,451) (120,859) Continuing operations (185,032) (462,107) Acquisitions (69,608) (185,032) (531,715) OPERATING LOSS Interest receivable and similar income 8,234 - Interest payable and similar charges (107,064) (102,347) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (283,862) (634,062) TAXATION 30,476 LOSS FOR THE FINANCIAL YEAR (283,862) (603,586) Loss per share 2 Basic 0.81p 1.89p There were no recognised gains or losses for the year other than those included in the profit and loss account. SOCCERCITY PLC CONSOLIDATED BALANCE SHEET 31 JANUARY 2006 2006 2005 Notes # # # # FIXED ASSETS Intangible 1,802,985 1,919,435 Tangible 3 1,027,523 991,647 2,830,508 2,911,082 CURRENT ASSETS Stocks 29,920 7,655 Debtors 4 221,676 175,088 Cash in hand 2,348 - 253,944 182,743 CREDITORS: amounts falling due within one year 5 (1,499,541) (1,575,605) NET CURRENT LIABILITIES (1,245,597) (1,392,862) TOTAL ASSETS LESS CURRENT LIABILITIES 1,584,911 1,518,220 CREDITORS: amounts falling due after more than one year 6 (355,707) (160,600) PROVISIONS FOR LIABILITIES AND CHARGES 18 - - NET ASSETS 1,229,204 1,357,620 CAPITAL AND RESERVES Called up share capital 7 375,986 322,657 Share premium account 8 2,198,019 2,095,902 Profit and loss account 8 (1,344,801) (1,060,939) EQUITY SHAREHOLDERS' FUNDS 1,229,204 1,357,620 SOCCERCITY PLC CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 JANUARY 2006 2006 2005 # # Reconciliation of operating loss to net cash outflow from operating activities Operating loss (185,032) (531,715) Amortisation of intangible assets 116,450 120,859 Depreciation of tangible fixed assets 100,341 178,375 Increase in debtors (46,588) 28,770 Increase in stocks (22,265) (3,100) Increase in creditors 241,358 288,298 Net cash inflow/(outflow) from operating activities 204,264 81,487 CASH FLOW STATEMENT Net cash inflow/(outflow) from operating activities 204,264 81,487 Returns on investments and servicing of finance (98,830) (73,789) Capital expenditure (136,217) (409,088) Acquisitions and disposals - (35,097) (30,783) (436,487) Financing 33,131 497,968 Increase/(decrease) in cash 2,348 61,481 Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in the year 2,348 61,481 Repayment of loans 554,912 190,640 Loans acquired with subsidiary undertakings - - New loans (432,596) (550,695) Change in net debt 124,664 (298,574) Reclassification of other creditors - (164,787) Net debt at 1 February 2005 (902,600) (439,239) Net debt at 31 January 2006 (777,936) (902,600) Notes 1 ACCOUNTING POLICIES The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. 2 LOSS PER SHARE 2006 2005 Loss Loss per share Loss Loss per share # # Basic and diluted 283,862 0.81p 603,586 1.89p Amortisation of goodwill 116,451 (0.33)p 120,859 (0.38)p Exceptional items - - 101,402 (0.32)p Basic and diluted before amortization of goodwill and exceptional items 167,411 0.48p 381,315 1.19p The calculation of loss per share is based upon the weighted average number of shares in issue during the year of 34,968,761 (2005 - 31,935,742). 3 TANGIBLE FIXED ASSETS Leasehold Plant and Machinery Land and and vehicles Fixtures and Buildings fittings Total Cost # # # # At 1 February 2005 28,980 73,300 1,135,748 1,238,028 Additions - 2,456 158,761 161,217 Disposals - (25,000) (25,000) 31 January 2006 28,980 50,756 1,294,509 1,374,245 Depreciation At 1 February 2005 16,972 15,356 214,053 246,381 On disposals - Charge for the year 1,620 11,485 87,236 110,341 31 January 2006 18,592 26,841 301,289 346,722 Net book value At 31 January 2006 10,388 23,915 993,220 1,027,523 At 1 February 2005 12009 57,944 921,694 991,647 Included within group additions are assets purchased under hire purchase agreements with a cost of #107,590 and a net book value at 31 January 2006 of #73,882 (2005 -#84,413). 4 DEBTORS Group 2006 2005 # # Due within one year Trade debtors 36,703 23,337 Amounts due from group - - undertakings Other debtors 129,594 68,528 Prepayments and accrued income 55,379 83,223 221,676 175,088 Due after one year Amounts due from group - - undertakings 221,676 175,088 5 CREDITORS - amounts falling due within one year Group 2006 2005 # # Bank loans and overdrafts (note 17) 136,498 309,888 Loans from related parties 180,900 325,647 Other loans and hire purchase agreements 107,180 106,465 Trade creditors 667,920 568,396 Amounts owed to group undertakings - - Corporation tax 22,038 22,037 Other tax and social security 232,525 131,512 Other creditors 111,133 2,996 Accruals and deferred income 41,347 108,664 1,499,541 1,575,605 6 CREDITORS - amounts falling due after more than one year Group 2006 2005 # # Bank loans (note 17) - - Loans from related parties 200,696 68,345 Other loans and hire purchase agreements 155,011 92,255 355,707 160,600 7 SHARE CAPITAL Allotted, called up and Authorised fully paid # No # Ordinary shares of #0.01 each At 1 February 2005 1,000,000 32,265,624 322,657 Issued in the year - 5,332,956 53,329 At 31 January 2006 1,000,000 37,598,580 375,986 On 27th April 2005, the company issued 110,456 ordinary shares of 1p each at a price of 22p per share. On 2nd August 2005 the company issued 5,222,500 ordinary shares of 1p each at a price of 5p per share. 8 RESERVES 2006 2005 Share premium account # # At 1 February 2005 2,095,902 1,963,678 Premium on shares issued in the period 232,000 176,351 Expenses of share issue (129,883) (44,127) At 31 January 2006 2,198,019 2,095,902 Profit and loss account Group Company 2006 2006 # # At 1 February 2005 (1,060,939) (379,479) Loss for the period (283,862) (283,862) At 31 January 2006 (1,344,801) (663,341) 9 GOING CONCERN AND POST BALANCE SHEET EVENTS The Group has made a loss for the year after taxation of #283,862 (2005: #603,586) and has net current liabilities of #1,245,597 (2005: #1,392,862). However, the Group achieved a profit before depreciation and amortisation of #31,760 (2005: loss of #232,481). This improvement has been achieved by increasing sales by #215,211 and reducing personnel costs by over 46% to #387,185. The directors anticipate and have forecasted that the improvements achieved during the year, together with an aggressive sales strategy for the forthcoming year will reflect favourably in future trading performance and generate positive cash flows. Additional funds for the group were raised in April 2006 of #412,500 by the issue of 41,250,000 new shares and #155,000 of investor loans has been converted into convertible loan stock. The new funds have been used, to develop the facilities at each centre, reduce creditors and improve the cashflow of the group. The group is currently operating within its lending facilities and an increase in the profitability of the group is forecast for the remainder of the year. Following the introduction of the new equity, the conversion of existing loans and with increased sales and profitability the directors are confident that their forecasts will be achieved, and hence consider it appropriate for the accounts to be prepared on a going concern basis. 10 ANNUAL REPORT Copies of the Annual Report have been despatched to shareholders today. Additional copies are available to the public, free of charge, at the Company's registered office: Douglas Bank House, Wigan Lane, Wigan, WN1 2TB. The financial information contained in this announcement does not represent the full statutory accounts of the group. Statutory accounts for the year ended 31 January 2006 have not yet been delivered to the Registrar of Companies. They will carry an unqualified audit report and no statement under section 237 (2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR ZGGFNKMVGVZM
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