Interim Results

 

TIDMTSEG 
 
RNS Number : 2816X 
TSE Group PLC 
12 August 2009 
 

 
 
For Immediate Release 
12 August 2009 
 
 
TSE Group plc 
("TSE" or "the Company" or "the Group") 
Interim Results 
 
 
 
 
CHAIRMAN'S STATEMENT 
 
 
I am delighted to report a strong trading period for the six months ended 30 
June 2009. Revenue has grown by over 33% to GBP818,212 (6 months ended 30 June 
2008: GBP611,875) and profit before tax has almost doubled to GBP101,361 (6 
months ended 30 June 2008: GBP54,976). 
During this period we continued to develop the recognised TSE brand with the 
announcement of our new Sports Performance division headed up by Steve Roush, 
the former highly successful Director of Sports Performance at the United States 
Olympic Committee; this division has already secured its first assignments in 
Saudi Arabia and Turkey. A further new business line on Event Appraisal was 
launched in May, enabling us to offer our public sector clients a full scale 
cost/benefit analysis of sports events. This new business line is headed up by 
Jorgen Hansen, from TSE Scandinavia in Copenhagen. 
Our international expansion continues with the opening of our Middle East office 
in Dubai, which was announced at our Annual General Meeting last month. This new 
office is already in discussion with a number of potential clients in the 
region. 
Our current activity levels are at the highest the Company has achieved and it 
is reassuring to know that there are also a number of significant proposals and 
responses to tenders in the pipeline which, if successful, would be commissioned 
in late 2009 and 2010. 
Our strategy has historically been to grow TSE organically, and although the 
rate of growth has been slower than first anticipated, due largely to the global 
recession, the strategy of organic growth through geographical expansion has 
provided the Company with a solid and respectable position in its marketplace 
with significant potential for future development. 
 
 
We have currently contracted 75% of our 2009 budget and, subject to any 
unforeseen circumstances, we believe that 2009 will be another year of 
significant development and progress for TSE. 
 
 
 
 
Adam Reynolds 
Chairman 
 
 
For further information, please contact: 
 
+---------------------------------------+------------------------------------------+ 
| TSE Group plc                         |                                     Tel: | 
|                                       |                                     0207 | 
|                                       |                                     245  | 
|                                       |                                     1100 | 
+---------------------------------------+------------------------------------------+ 
| Paul Foulger, Finance Director        |                                          | 
| www.tsegroupplc.com                   |                                          | 
+---------------------------------------+------------------------------------------+ 
| Beaumont Cornish Limited              |                                     Tel: | 
|                                       |                                     0207 | 
|                                       |                                     628  | 
|                                       |                                     3396 | 
+---------------------------------------+------------------------------------------+ 
| Michael Cornish                       |                                          | 
+---------------------------------------+------------------------------------------+ 
 
 
BUSINESS REVIEW 
FOR THE 6 MONTHS ENDED 30 JUNE 2009 
 
 
The principle activity of the Group remains that of an International sports 
consultancy, whose main business activities are based in Lausanne, Switzerland. 
For transparency, the TSE Consultancy SA results have also been disclosed 
separately in note 4 of the financial statements. 
 
 
Group revenue increased by 33% to GBP818,212 in the period (6 months ended 30 
Jun 2008: GBP611,875), reflecting both strong growth from the underlying 
business as well as the benefit of a favourable exchange rate movement. Whilst 
sales originating from the Swiss head office were up by over 20% on the same 
period last year (from GBP387,900 to GBP471,419), the international offices 
jointly experienced growth of over 50% over the same period (from GBP223,975 to 
GBP346,793). The main international growth came from the US and South Africa 
territories, which have both benefitted from new contracts gained at the 
beginning of the year. This is testament to a successful business model of 
geographical organic growth through the continuous opening of new TSE offices 
around the world, a strategy which the Board intends to continue in the future. 
 
 
The Group generated a profit before tax of GBP101,361 (6 months ended 30 Jun 
2008: GBP54,976) in the period, the growth being generated mainly through the 
increased sales from the international offices. The Board continues to closely 
control its operational and corporate cost base, with direct and indirect costs 
only increasing by around 5%, excluding the impact of exchange rates, during the 
period. 
 
The Group's cash reserves were GBP69,461 at the period end (30 Jun 2008: 
GBP62,887), reflecting a decrease from the balance of GBP155,523 as shown in the 
financial statements as at 31 December 2008. Whilst the underlying business is 
cash generative, the strong sales growth experienced during the period has 
resulted in an increase in trade receivables at the period end. These 
receivables are fully recoverable and reflect the impact of both increased sales 
growth and the fact that a higher than usual level of work was billed, and not 
yet collected at the period end, during the months of May and June. The Board 
expects the cash reserves to increase during the remainder of the year and will 
ensure efforts are made to reduce the general level of debtor days. 
 
 
The Board continues to manage its cash and payables with the same diligence as 
its receivables. In November 2008, the Group took the decision to utilise some 
of its then surplus cash reserves to reduce some of its contracted liabilities. 
As such, it paid Mr Lars Haue-Pedersen and Mr Robin Courage GBP50,000 each, 
being their outstanding contractual 2nd stage deferred cash consideration 
payments relating to the acquisition of Wilton International Consulting Limited 
approved by shareholders in August 2007. At the same time, the Group decided to 
repay GBP55,000 out of a total GBP100,000 owed to Wilton International 
Management Group Limited in relation to a debt owed to it by Wilton 
International Consulting Limited. The remaining GBP45,000, which is included 
under current liabilities at the period end, will be repaid during August 2009 
from existing resources. 
 
 
It should be noted that the Group takes the decision to expense most of the 
initial costs of the opening of its international offices to the Income 
Statement. The Board feels that this is a prudent approach to take, given that 
the new offices can sometimes take a year or more to become profitable. 
 
 
The Board is delighted with these results, particularly given the current global 
economic crisis, and looks forward to the remainder of the year with confidence. 
 
 
Paul Foulger 
Finance Director 
 
TSE GROUP PLC 
 
 
CONSOLIDATED INCOME STATEMENT 
FOR THE 6 MONTHS ENDED 30 JUNE 2009 
 
 
 
 
 
 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            | Notes |  | Unaudited  |  | Unaudited  |  | Audited     | 
|                            |       |  | 6 months   |  | 6 months   |  | Year ended  | 
|                            |       |  | ended 30   |  | ended 30   |  | 31 December | 
|                            |       |  | June 2009  |  | June 2008  |  | 2008        | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  | GBP        |  | GBP        |  | GBP         | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Group revenue              |  2    |  |    818,212 |  |    611,875 |  |   1,103,053 | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Operating costs            |       |  |  (707,805) |  |  (551,716) |  | (1,065,196) | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Operating Profit           |       |  |    110,407 |  |     60,159 |  |      37,857 | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Finance revenue            |       |  |      7,459 |  |      1,602 |  |      19,713 | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Finance costs              |       |  |   (16,505) |  |    (6,785) |  |    (25,666) | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Profit before tax          |       |  |    101,361 |  |     54,976 |  |      31,904 | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Taxation                   |       |  |   (27,522) |  |   (12,095) |  |     (9,242) | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Profit for the period      |       |  |     73,839 |  |     42,881 |  |      22,662 | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Earnings per share (basic) |  3    |  |      0.01p |  |      0.01p |  |      0.004p | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
| Earnings per share         |  3    |  |      0.01p |  |      0.01p |  |      0.003p | 
| (diluted)                  |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
|                            |       |  |            |  |            |  |             | 
+----------------------------+-------+--+------------+--+------------+--+-------------+ 
 
 
TSE GROUP PLC 
 
 
CONSOLIDATED BALANCE SHEET 
AS AT 30 JUNE 2009 
 
 
 
 
 
 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  | Unaudited   |  | Unaudited   |  | Audited      | 
|                                 |  | as at 30    |  | as at 30    |  | as at 31     | 
|                                 |  | June 2009   |  |  June 2008  |  | December     | 
|                                 |  |             |  |             |  | 2008         | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  | GBP         |  | GBP         |  | GBP          | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Non-current assets              |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Intangible assets               |  |   2,177,988 |  |   1,737,158 |  |    2,482,721 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Property, plant and equipment   |  |      45,668 |  |      25,443 |  |       38,219 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Current assets                  |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Trade and other receivables     |  |     690,444 |  |     453,975 |  |      552,460 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Cash and cash equivalents       |  |      69,461 |  |      62,887 |  |      155,523 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |     759,905 |  |     516,862 |  |      707,983 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Current liabilities             |  |   (413,440) |  |   (406,144) |  |    (394,727) | 
| Trade and other payables        |  |             |  |             |  |              | 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Net current assets              |  |     346,465 |  |     110,718 |  |      313,256 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Total assets less current       |  |   2,570,121 |  |   1,873,319 |  |    2,834,196 | 
| liabilities                     |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Non-current liabilities         |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Long term payables              |  |           - |  |   (200,000) |  |            - | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Provision for liabilities and   |  |           - |  |           - |  |            - | 
| charges                         |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Net assets                      |  |   2,570,121 |  |   1,673,319 |  |    2,834,196 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Equity                          |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Issued share capital            |  |   1,457,600 |  |   1,231,900 |  |    1,457,600 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Shares to be issued reserve     |  |     136,000 |  |     204,000 |  |      136,000 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Share premium account           |  |   2,791,920 |  |   2,608,385 |  |    2,791,920 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Retained losses                 |  | (2,289,114) |  | (2,370,966) |  |  (2,371,679) | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Translation reserve             |  |     473,715 |  |           - |  |      820,355 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
| Shareholders' funds             |  |   2,570,121 |  |   1,673,319 |  |    2,834,196 | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
|                                 |  |             |  |             |  |              | 
+---------------------------------+--+-------------+--+-------------+--+--------------+ 
 
 
 
 
The financial statements were approved by the Board of Directors on 12 August 
2009. 
 
 
 
 
Paul Foulger 
Director 
 
 
TSE GROUP PLC 
 
 
CONSOLIDATED CASH FLOW STATEMENT 
FOR THE 6 MONTHS ENDED 30 JUNE 2009 
 
 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  | Unaudited |  | Unaudited |  | Audited   | 
|                                        |  | 6 months  |  |           |  | Year to   | 
|                                        |  | ended 30  |  | 6 months  |  | 31        | 
|                                        |  | June 2009 |  | ended 30  |  | December  | 
|                                        |  |           |  | June 2008 |  | 2008      | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  | GBP       |  | GBP       |  | GBP       | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Cash flow from operating activities    |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Operating profit                       |  |   110,407 |  |    60,159 |  |    37,857 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Adjusted for:                          |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Depreciation                           |  |     7,900 |  |         - |  |    13,012 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| (Increase)/decrease in trade and other |  | (137,984) |  |  (84,302) |  |  (97,171) | 
| receivables                            |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Increase/(decrease) in trade payables  |  |  (50,716) |  |       757 |  |     5,213 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Share based payments P&L charge        |  |     8,726 |  |         - |  |    19,506 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Decrease in provisions                 |  |         - |  |         - |  |  (35,114) | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Foreign exchange loss                  |  |         - |  |         - |  |     7,912 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Tax refunded / (paid)                  |  |         - |  |         - |  |  (50,983) | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Net cash from operating activities     |  |  (61,667) |  |  (23,386) |  |  (99,768) | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Cash flows from investing activities   |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Purchase of property, plant and        |  |  (15,349) |  |   (6,489) |  |  (28,171) | 
| equipment                              |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Acquisition of subsidiary, net of cash |  |         - |  |         - |  |  (17,432) | 
| acquired                               |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Interest received                      |  |     7,459 |  |     1,602 |  |    19,713 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Interest paid                          |  |  (16,505) |  |   (6,785) |  |  (25,666) | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Net cash outflow from investing        |  |  (24,395) |  |  (11,672) |  |  (51,556) | 
| activities                             |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Cash flows from financing activities   |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Proceeds from the issue of shares (net |  |         - |  |         - |  |   341,235 | 
| of issue costs)                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Payment of deferred cash consideration |  |         - |  |         - |  | (100,000) | 
| relating to the acquisition of Wilton  |  |         - |  |         - |  |  (55,000) | 
| International Consulting Limited       |  |           |  |           |  |           | 
| Repayment of debt assumed on the       |  |           |  |           |  |           | 
| acquisition of Wilton International    |  |           |  |           |  |           | 
| Consulting Limited                     |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Net cash used in financing activities  |  |         - |  |         - |  |   186,235 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Net increase in cash & cash            |  |  (86,062) |  |  (35,058) |  |    34,911 | 
| equivalents                            |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Opening cash & cash equivalents        |  |   155,523 |  |    97,945 |  |    97,945 | 
| Effect of exchange rate changes        |  |         - |  |         - |  |    22,667 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
| Closing cash & cash equivalents        |  |    69,461 |  |    62,887 |  |   155,523 | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
|                                        |  |           |  |           |  |           | 
+----------------------------------------+--+-----------+--+-----------+--+-----------+ 
TSE GROUP PLC 
 
 
STATEMENT OF CHANGES IN EQUITY 
FOR THE 6 MONTHS ENDED 30 JUNE 2009 
 
 
 
 
 
 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |  Share    |  |  Shares  |  |  Share    |  |   Profit    |  |Translation  |  |  Total    | 
|                     |  |  Capital  |  |  to be   |  |  Premium  |  |    and      |  |  reserve    |  |  equity   | 
|                     |  |           |  |  Issued  |  |           |  |    Loss     |  |             |  |           | 
|                     |  |           |  | Reserve  |  |           |  |  account    |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |    GBP    |  |   GBP    |  |    GBP    |  |    GBP      |  |             |  |    GBP    | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Balance at 1        |  | 1,231,900 |  |  204,000 |  | 2,608,385 |  | (2,413,847) |  |           - |  | 1,630,438 | 
| January 2008        |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Profit for the      |  |         - |  |        - |  |         - |  |      42,881 |  |           - |  |    42,881 | 
| period              |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Balance at 30 June  |  | 1,231,900 |  |  204,000 |  | 2,608,385 |  | (2,370,966) |  |           - |  | 1,673,319 | 
| 2008                |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Loss for the period |  |         - |  |        - |  |         - |  |    (20,219) |  |           - |  |  (20,219) | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Shares issued       |  |         - |  | (68,000) |  |         - |  |           - |  |             |  |  (68,000) | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Issue of share      |  |   225,700 |  |        - |  |   212,390 |  |           - |  |           - |  |   438,090 | 
| capital             |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Expenses of share   |  |         - |  |        - |  |  (28,855) |  |           - |  |             |  |  (28,855) | 
| issue               |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| IFRS2 charge -      |  |         - |  |        - |  |         - |  |      19,506 |  |           - |  |    19,506 | 
| Credited to         |  |           |  |          |  |           |  |             |  |             |  |           | 
| reserves            |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Exchange difference |  |         - |  |        - |  |         - |  |           - |  |     820,355 |  |   820,355 | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Balance at 31       |  | 1,457,600 |  |  136,000 |  | 2,791,920 |  | (2,371,679) |  |     820,355 |  | 2,834,196 | 
| December 2008       |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Profit for the      |  |         - |  |        - |  |         - |  |      73,839 |  |           - |  |    73,839 | 
| period              |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| IFRS2 charge -      |  |         - |  |        - |  |         - |  |       8,726 |  |           - |  |     8,726 | 
| Credited to         |  |           |  |          |  |           |  |             |  |             |  |           | 
| reserves            |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Exchange difference |  |         - |  |        - |  |         - |  |           - |  |   (346,640) |  | (346,640) | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
| Balance at 30 June  |  | 1,457,600 |  |  136,000 |  | 2,791,920 |  | (2,289,114) |  |     473,715 |  | 2,570,121 | 
| 2009                |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
|                     |  |           |  |          |  |           |  |             |  |             |  |           | 
+---------------------+--+-----------+--+----------+--+-----------+--+-------------+--+-------------+--+-----------+ 
TSE GROUP PLC 
 
 
NOTES TO THE INTERIM UNAUDITED FINANCIAL STATEMENTS 
 
 
1. General Information 
 
 
TSE Group plc is a public limited company incorporated in the United 
Kingdom (Registration Number 05353387). The address of the registered office is 
14 Kinnerton Place South, London SW1X 8EH. The principal activity of the Company 
is that of an International Sports Consultancy firm. 
 
 
The comparative figures included in this report for the six months ended 30 June 
2008 are unaudited. The twelve months to 31 December 2008 are audited. 
 
 
The financial information in this statement does not constitute statutory 
accounts under Section 434 of the Companies Act and was not subject to a formal 
review by the auditors. The financial information in respect of the year ended 
31 December 2008 has been extracted from the statutory accounts which have been 
filed with the Registrar of Companies. The auditors' report on those accounts 
was unqualified and did not contain any statement under Section 237 of the 
Companies Act 1985. 
 
 
The interim financial information has been prepared on a basis consistent with 
the accounting policies set out in the Group's statutory accounts for the year 
ended 31 December 2008. Fixed annual charges are apportioned to the interim 
period on the basis of time elapsed. Other expenses are accrued in accordance 
with the same principles used in the preparation of the annual accounts. 
 
 
2. Segmental reporting 
 
 
The board considers that the Group has a single business segment which delivers 
international sports consultancy services. The revenue, expenditure and result 
reported in the income statement and the assets and liabilities reported in the 
balance sheet all relate to this single segment. An analysis of turnover by 
geographical destination is given below. 
 
 
 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
|                                                 |   | Unaudited   |   | Unaudited   |   | Audited         | 
|                                                 |   | 6 months    |   | 6 months    |   | Year ended      | 
|                                                 |   | ended 30    |   | ended 30    |   | 31 December     | 
|                                                 |   | June 2009   |   | June 2008   |   | 2008            | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
|                                                 |   |         GBP |   |         GBP |   |             GBP | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
|                                                 |   |             |   |             |   |                 | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
| Europe (including Cayman Island and             |   |     471,419 |   |     387,900 |   |         624,011 | 
| Switzerland)                                    |   |             |   |             |   |                 | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
| Africa                                          |   |     187,103 |   |      17,524 |   |          17,826 | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
| America                                         |   |     111,232 |   |     102,766 |   |         209,145 | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
| Asia                                            |   |      48,458 |   |     103,685 |   |         252,071 | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
| Australia/Oceania                               |   |           - |   |           - |   |               - | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
|                                                 |   |     818,212 |   |     611,875 |   |       1,103,053 | 
+-------------------------------------------------+---+-------------+---+-------------+---+-----------------+ 
 
 
TSE GROUP PLC 
 
 
NOTES TO THE INTERIM UNAUDITED FINANCIAL STATEMENTS 
 
 
3. Earnings per share 
 
 
Earnings per share has been calculated using the weighted average number of 
shares in issue during the relevant financial period. The weighted number of 
equity shares in issue and the earnings, being the profit after tax, are as 
follows: 
 
 
+----------------------------------+-------------+-------------+-------------+ 
|                                  |  Unaudited  | Unaudited   |  Audited    | 
|                                  |   6 months  |      6      |    year     | 
|                                  |  ended 30   |  months     |  ended 31   | 
|                                  |  June 2009  |    ended    |  December   | 
|                                  |             |    30       |    2008     | 
|                                  |             |    June     |             | 
|                                  |             |    2008     |             | 
+----------------------------------+-------------+-------------+-------------+ 
|                                  |   Number    |   Number    |   Number    | 
+----------------------------------+-------------+-------------+-------------+ 
| Weighted average number of       | 809,600,000 | 583,900,000 | 645,685,714 | 
| shares (ordinary)                |             |             |             | 
+----------------------------------+-------------+-------------+-------------+ 
| Weighted average number of       | 851,373,973 | 583,900,000 | 682,985,714 | 
| shares (dilutive)                |             |             |             | 
+----------------------------------+-------------+-------------+-------------+ 
|                                  |         GBP |         GBP |         GBP | 
+----------------------------------+-------------+-------------+-------------+ 
| Profit for the period/year       |      73,839 |      42,881 |      22,662 | 
+----------------------------------+-------------+-------------+-------------+ 
| Basic earnings per share         |       0.01p |       0.01p |      0.004p | 
+----------------------------------+-------------+-------------+-------------+ 
| Diluted earnings per share       |       0.01p |       0.01p |      0.003p | 
+----------------------------------+-------------+-------------+-------------+ 
 
TSE GROUP PLC 
 
 
NOTES TO THE INTERIM UNAUDITED FINANCIAL STATEMENTS 
 
 
4. TSE Consulting SA 
 
The results of TSE Consulting SA are consolidated in the Interim financial 
statements and are shown below: 
 
TSE Consulting SA - Income Statement 
 
 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          | Note  | Unaudited  |  | Unaudited  |  | Audited     | 
|                          |       | 6 months   |  | 6 months   |  | Year ended  | 
|                          |       | ended 30   |  | ended 30   |  | 31 December | 
|                          |       | June 2009  |  | June 2008  |  | 2008        | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       | GBP        |  | GBP        |  | GBP         | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Revenue                  |  1    | 818,212    |  | 611,875    |  | 1,061,509   | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Operating costs          |       | (595,472)  |  | (467,882)  |  | (1,014,627) | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Operating Profit         |  1    | 222,740    |  | 143,993    |  | 46,882      | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Finance revenue          |       | 6,857      |  | 209        |  | 17,389      | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Finance costs            |       | (16,505)   |  | (6,785)    |  | (26,975)    | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Profit before tax        |  1    | 213,092    |  | 137,417    |  | 37,296      | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Taxation                 |       | (53,273)   |  | (12,095)   |  | (9,242)     | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Profit for the period    |  1    | 159,819    |  | 125,322    |  | 28,054      | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
|                          |       |            |  |            |  |             | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
| Notes                                                                          | 
|                                                                                | 
| 1.   Revenue                                                                   | 
| During the year ended 31 December 2008, an additional GBP42,000 of             | 
| international sales, attributable to TSE Consulting SA and an additional       | 
| GBP42,000 of profit, was recognised separately by TSE Group plc and            | 
| accordingly have not been included in the income statement set out above.      | 
| Accordingly, the revenue and operating profit for TSE Consulting SA together   | 
| with these additional international sales and associated profit amounted to    | 
| GBP1,103,509 and GBP88,882 respectively.                                       | 
|                                                                                | 
+--------------------------+-------+------------+--+------------+--+-------------+ 
 
 
TSE GROUP PLC 
 
 
NOTES TO THE INTERIM UNAUDITED FINANCIAL STATEMENTS 
 
 
TSE Consulting SA - Balance Sheet 
 
 
 
 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  | Unaudited |  | Unaudited |  | Audited    | 
|                                |  | as at 30  |  | as at 30  |  | as at 31   | 
|                                |  | June 2009 |  | June 2008 |  | December   | 
|                                |  |           |  |           |  | 2008       | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  | GBP       |  | GBP       |  | GBP        | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Non-current assets             |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Property, plant and equipment  |  |    45,668 |  |    25,443 |  |     43,883 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Current assets                 |  |    45,668 |  |    25,443 |  |     43,883 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Trade and other receivables    |  |   643,680 |  |   435,413 |  |    493,478 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Cash and cash equivalents      |  |     6,967 |  |    17,333 |  |     18,395 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |   650,647 |  |   452,746 |  |    511,873 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Current liabilities            |  | (202,166) |  | (149,601) |  |  (233,132) | 
| Trade and other payables       |  |           |  |           |  |            | 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Net current assets             |  |   448,481 |  |   303,145 |  |    278,741 | 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Total assets less current      |  |   494,149 |  |   328,588 |  |    322,624 | 
| liabilities                    |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Equity                         |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Issued share capital           |  |    45,455 |  |    45,455 |  |     45,455 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Retained earnings              |  |   448,694 |  |   283,133 |  |    277,169 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
| Shareholders' funds            |  |   494,149 |  |   328,588 |  |    322,624 | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
|                                |  |           |  |           |  |            | 
+--------------------------------+--+-----------+--+-----------+--+------------+ 
 
 
 
 
5. A copy of this announcement is available form the Company's web site, being 
www.tsegroupplc.com. 
 
 
 
 
ENDS 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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