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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 |
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RNS Number:8984K
Soccercity PLC
23 October 2006
Soccercity plc
("Soccercity" or the "Company")
Chairman's Statement
The Soccercity group (the "Group") reports a reduction in turnover for the six
months ended 31 July 2006 of 4.6% to #1,003k (2005: #1,052k) with operating
losses before exceptional items at #151k remaining the same as the corresponding
period of last year (2005: loss of #152k).
Turnover for the first four months of the period under review increased by 4% to
#697k (2005: #671k), due to an increase in the number of people using the
group's facilities at Leeds, Huddersfield and Bradford, whilst Fareham continued
to operate at its target levels. However, turnover in June and July was
adversely affected by the World Cup and the hot weather, respectively. During
the World Cup the Group experienced a 15% reduction in income through football
teams not playing scheduled games at the centres and a reduction in the number
of casual bookings. Whilst July saw an increase in income, compared to the
previous month the unusually long period of hot weather discouraged further
casual bookings and bookings for parties.
The reported loss per share for the period reduced to 0.23p (2005: 0.28p) as a
result of investments made in previous periods to improve the quality of the
Group's facilities. Efficiency improvements with staffing levels and more
competitive suppliers reduced the cost of sales and increased gross margins by
3.2% to 75.8% (2005: 72.6%).
Overheads in the period under review increased to #756k (2005: #716k) which the
Directors believe is a reflection of the investment in additional marketing
resources made in the first quarter. A marketing department has been opened at
our office at our facility in Huddersfield in March 06 and a group sales and
marketing manager has been recruited in August 06 to direct the sales
department. A new Soccercity website was launched in August which will provide
new and existing customers with the ability to manage their own bookings and
keep up to date on league positions and competitions.
At the time of the Company's preliminary announcement at the end of July, it
announced that it had raised, in April 2006, #412,500 through the placement of
41,250,000 new shares. In addition, Acceleris Plc, a trade creditor of the
Company agreed to capitalise #75,000 of the amount owed by the company into
ordinary shares of 1p at par. At the same time, the Company converted loans
totalling #121,071 into unsecured convertible loan stock. Together with
scheduled loan repayments this has improved gearing by #421,000. The loan stock
may be converted into ordinary shares at any time by the issue of one ordinary
share for each 1p of loan notes converted. The additional capital allowed the
Company to invest in each centre, which included the installation of new media
systems and refurbishment to the bars and social areas and will enable further
assessment of expansion opportunities.
The planned addition of a "Funcity" children's play centre to our Huddersfield
site has been delayed to avoid unnecessary disruption to the growth in income at
the centre.
Turnover during August and September has continued to increase and is back to
pre-World Cup levels, and the board are confident for the future.
I would like to thank all the staff working in the Soccercity group for all
their hard work and commitment during the period.
Norman Molyneux
Chairman
Soccercity Plc
Interim Results for the six months to 31 July 2006
Consolidated Profit and Loss Account
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31.January
31 July 2006 31 July 2005 2006
#'000 #'000 #'000
1,003 1,052 2,018
Turnover
Cost of Sales -243 -288 -530
Gross Profit 760 764 1,488
Administration expenses -756 -716 -1,528
Loan cancellation 0 72 72
EBITDA 4 120 32
Depreciation of Tangible Assets -66 -103 -100
Amortisation of Goodwill -61 -68 -117
Operating loss -123 -51 -185
Net interest payable -28 -39 -99
Loss on ordinary activities before tax -151 -90 -284
Taxation 0 0 0
Retained loss for the period -151 -90 -284
Loss per share
Basic (0.23)p (0.28)p (0.81)p
Soccercity Plc
Consolidated Balance Sheet
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31.January
31 July 2006 31 July 2005 2006
#'000 #'000 #'000
Fixed Assets
Intangible assets 1,742 1,892 1,803
Tangible assets 1,028 889 1,028
2,770 2,781 2,831
Current assets
Stocks 39 8 30
Debtors 390 252 222
Cash 15 0 2
444 260 254
Creditors: amounts falling due within one year -1,342 -1,006 -1,500
Net current assets -898 -746 -1,246
Total assets less current liabilities 1,872 2,035 1,585
Creditors: amounts falling due in more than one -215 -769 -356
year
Provision for deferred tax 0 0 0
Net assets 1,657 1,266 1,229
Capital and Reserves
Called up share capital 864 324 376
Share premium account 2,168 2,096 2,198
Convertible loan stock 121
Profit and loss account -1,496 -1,154 -1,345
Equity shareholders' funds 1,657 1,266 1,229
Soccercity Plc
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31.January
31 July 2006 31 July 2005 2006
#'000 #'000 #'000
Operating activities
Net cash flow from operating activities -311 97 204
Returns on investment and servicing of finance
Bank interest paid -28 -39 -99
Loan interest paid
Hire purchase interest paid
-28 -39 -99
Taxation paid 0 0 0
Capital expenditure and financial investment -69 -41 -136
Cash outflow before financing -408 17 -31
Financing
Issue of share capital 488 2 285
Expenses paid in connection with the issue of -29 0 -130
shares
Issue of Convertible loan stock 121
New loans 0 158 433
Loans and Hire purchase repaid -38 -77 -555
Loans converted to loan stock -121
421 83 33
Increase/(decrease) in cash in the period 13 100 2
Reconciliation of operating loss to net cash flow from operating activities
Operating loss -123 -51 -185
Depreciation 66 103 100
Amortisation of goodwill 61 68 116
Increase/decrease in stocks -9 0 -22
Increase in debtors -167 -77 -46
Decrease in creditors -139 54 241
Net cash flow from operating activities -311 97 204
Notes:
1. The accounting policies used in the preparation of the interim report for the six months ended 31 July
2006 are the same as those used for the statutory accounts for the year ended 31 July 2006.
2. The statutory accounts for the year ended 31 January 2006 received an unqualified audit report and have
been filed with the Registrar of Companies. Comparative figures for the year ended 31 January 2006
have been extracted from these accounts.
3. The interim report has been approved by the Board of Directors and is unaudited. The information does
not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
4. The loss per share of 0.23p (2005: 0.28p) is calculated using the loss for the period of #151k (2005:
#90k) divided by the weighted number of shares in issue of 66,180,772 (2005: 31,935,742).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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