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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ultimate Sports Group Plc | LSE:USG | London | Ordinary Share | GB00BYV31355 | 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% | 27.50 | 27.00 | 28.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMUSG
RNS Number : 1989C
Ultimate Sports Group PLC
27 September 2018
Ultimate Sports Group PLC
("USG" or the "Company")
27 September 2017
Interim Results
Ultimate Sports Group Plc, the AIM listed investment vehicle, is pleased to announce its interim results for six months ended 30 June 2018.
CHAIRMAN'S STATEMENT AND CHIEF EXECUTIVE'S REVIEW
For the six months ended 30 June 2018 we are reporting a total comprehensive loss of GBP45,552 (30 June 2017: loss GBP53,375).
USG's cash balances as at 30 June 2018 were GBP479,722 (30 June 2017: GBP208,022). The directors are not recommending the payment of a dividend.
FUNDRAISE
As reported comprehensively in the Circular to Shareholders issued in February 2018, the Company raised GBP537,500 (before legal and other professional expenses) by the issue of 10,750,000 new shares at 5p per share following approval obtained from shareholders at the General Meeting in March 2018
SUBSTANTIAL SHAREHOLDERS
The Company welcomes the involvement of Mr. Richard Bernstein as a strategic shareholder following on from fundraising concluded in February 2018. In addition, the company entered into an agreement with Mr. Bernstein pursuant to which Mr. Bernstein will seek to introduce the Company to potential investment or acquisition opportunities. To date he has carried out and continues to undertake due diligence on potential introductions at his own expense.
PANTHEON LEISURE PLC ("PANTHEON")
USG holds 85.87% of the issued share capital of Pantheon which in turn owns 100% of the operating business of Pantheon's Sport and Leisure division. Pantheon's sport and leisure division is the owner of Sport in Schools Limited also known as The Elms Sport in Schools ("ESS").
Pantheon as a group made a profit of GBP43,913 for the six months ended 30 June 2018 (30 June 2017: GBP33,057 (excluding the non - recurring net proceeds on the sale of the business of Football Partners Ltd).
SPORT IN SCHOOLS LIMITED
On a turnover of GBP800,705 (30 June 2017 - GBP739,249), ESS has contributed a divisional profit of GBP80,059 (30 June 2017: GBP70,644).
CORPORATE GOVERNANCE CODE
In accordance with changes to AIM Rules regarding corporate governance our website will be updated to reflect our compliance with (and explains any departures from) the standard set by the Quoted Companies Alliance.
PROSPECTS
As outlined in the Report and Accounts for the year ended 30 December 2017 issued in June 2018 we continue to pursue, from a firm financial base, a strategy of developing Sport in Schools Limited and to carefully appraise any and all acquisition opportunities, including those proposed by Mr. Bernstein.
R.L. Owen
G.M. Simmonds 26 September 2018
Consolidated statement of comprehensive income for the six months ended 30 June 2018
Unaudited Unaudited Audited 6 months 6 months Year ended ended 30 ended 30 31 December June 2018 June 2017 2017 GBP GBP GBP Continuing and discontinued activities: Revenues 800,836 839,599 1,369,193 Cost of revenues (385,274) (391,624) (793,310) 415,562 447,975 599,883 ----------- ----------- ------------- Administrative expenses (461,285) (467,028) (833,533) Exceptional item and non-recurring costs - (65,707) (563,325) (461,285) (532,735) (1,396,858) Operating loss (45,723) (84,760) (796,975) Finance income 171 - - Finance costs - (1,986) (3,714) Other gains 20,497 Loss before taxation (45,552) (86,746) (780,192) Taxation - 20,144 17,572 ----------- Loss after taxation from continuing activities (45,552) (66,602) (762,620) Profit from discontinued activities - - 53,567 ----------- ----------- ------------- (45,552) (66,602) (709,053) ----------- ----------- ------------- Attributable to: ----------- ----------- ------------- Owners of the company (51,755) (81,046) (709,470) ----------- ----------- ------------- Non- controlling interests 6,203 14,444 417 ----------- ----------- ------------- (45,552) (66,602) (709,053) ----------- ----------- ------------- Other comprehensive (loss)/income ----------- ----------- ------------- Net gain/(loss) arising on revaluation of available-for-sale investments - 16,130 (1,838) ----------- ----------- ------------- Tax relating to components of other comprehensive income - (2,903) 331 ----------- ----------- ------------- - 13,227 (1,507) ----------- ----------- ------------- Total comprehensive loss attributable to: ----------- ----------- ------------- Owners of the company (51,755) (67,819) (710,977) ----------- ----------- ------------- Non- controlling interests 6,203 14,444 417 ----------- ----------- ------------- (45,552) (53,375) (710,560) ----------- ----------- ------------- Diluted and undiluted total comprehensive ----------- ----------- ------------- loss per share (0.0018)p (0.0032)p (0.0320p) ----------- ----------- -------------
Statement of financial position as at 30 June 2018
Unaudited Unaudited Audited as at 30 as at 30 As at 31 June June December 2018 2017 2017 GBP GBP GBP Non- current assets Goodwill and patents 60,054 60,054 60,054 Plant and equipment 13,713 15,343 12,923 Social media website development costs - 491,432 - ------------ ------------ Total non-current assets 73,767 566,829 72,977 ------------ ------------ ------------ Current assets Available-for-sale investments - 42,128 - Trade and other receivables 205,684 231,019 68,981 Cash and cash equivalents 479,722 208,022 129,611 ------------ ------------ ------------ Total current assets 685,406 481,169 198,592 ------------ ------------ ------------ Total assets 759,173 1,047,998 271,569 Current liabilities Trade and other payables 218,397 253,196 173,661 Borrowings 1,000 38,500 2,000 ------------ ------------ ------------ Total current liabilities 219,397 291,696 175,661 ------------ ------------ ------------ Total liabilities 219,397 291,696 175,661 Net assets 539,776 756,302 95,908 ============ ============ Equity Share capital 2,388,664 2,281,164 2,281,164 Share premium 775,374 385,641 393,454 Merger reserve 325,584 325,584 325,584 Fair value reserve - 11,720 - Retained earnings (2,892,550) (2,198,335) (2,840,795) Equity attributable to owners of the company 597,072 805,774 159,407
Non-controlling interest (57,296) (49,472) (63,499) Total Equity 539,776 756,302 95,908 ============ ============ ============
Consolidated statement of changes in equity
Six months Six months ended ended Year ended 30 June 30 June 31 December 2018 2017 2017 GBP GBP GBP Total equity at the beginning of period/year 95,908 578,767 578,767 Issue of shares 489,420 224,686 224,687 Revaluation gains/(losses) on available-for sale investments - 16,130 1,838 Taxation on items taken directly to equity - (2,903) (331) Share based payments - 6,224 - Loss for the period/year (45,552) (66,602) (709,053) At end of period/year 539,776 756,302 95,908 =========== =========== =============
Consolidated statement of cash flows for the six months ended 30 June 2018
Six months Six months Year ended ended ended 31 December 30 June 2018 30 June 2017 2017 GBP GBP GBP Cash flow from all activities: Loss before taxation from continuing activities (45,552) (86,746) (780,192) Profit before taxation from discontinued activities - - 53,567 (45,552) (86,746) (726,625) Adjustments for: Depreciation and amortisation 3,557 47,709 546,937 Finance income (171) - - Finance costs - 1,986 3,714 Share based payments - 6,224 - Profit on sale of tangible assets - (30,865) Other gains and losses - (103,097) Operating cash flow before working capital movements (42,166) (30,827) (309,936) (Increase)/decrease in receivables (136,703) (133,317) 28,720 (Increase)/decrease in payables 44,736 30,649 (48,886) Net cash absorbed by operations (134,133) (133,495) (330,102) -------------- Taxation - 17,241 17,241 -------------- -------------- ------------- Cash flow from Investing activities Property, plant and equipment acquired (4,347) (2,122) (9,820) Intangible asset development costs - (16,300) (16,300) Proceeds on sale of property, plant and equipment - - 33,187 Proceeds on disposal of available for sale investments - 48,334 Net proceeds on sale of business - 82,600 -------------- -------------- ------------- Net cash from/(used) in investing activities (4,347) (18,422) 138,001 -------------- -------------- ------------- Financing activities Proceeds from share issues 489,420 224,686 224,687 Finance income 171 Finance costs - (1,986) (3,714) Repayment of borrowings (1,000) (9,439) (45,939) Net cash from/(used) in financing activities 488,591 213,261 175,034 -------------- -------------- ------------- Net increase/(decrease) in cash and cash equivalents 350,111 78,585 174 Cash and cash equivalents and bank overdraft at the beginning of the period/year 129,611 129,437 129,437 Cash and cash equivalents at the end of the period/year 479,722 208,022 129,611 ============== ============== =============
Notes to the financial statements for the six months ended 30 June 2018
1. General information
Ultimate Sports Group plc (the "company") is a company domiciled in England and its registered office address is 30 City Road, London EC1Y 2AB. The condensed consolidated interim financial statements of the company for the six months ended 30 June 2018 comprise the company and its subsidiaries (together referred to as "the group").
The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The financial information for the year ended 31 December 2017 has been extracted from the statutory accounts. The auditors' report on those statutory accounts was unqualified and did not contain a statement under Section 434 of the Companies Act 2006. A copy of those accounts has been filed with the Registrar of Companies.
The group has presented its results in accordance with the measurement principles set out in International Financial Reporting Standards as adopted by the EU using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 December 2017. As permitted, the interim report has been prepared in accordance with the AIM rules for companies and is not compliant in all respects with IAS34 'Interim Financial Statements'.
The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and therefore cannot be construed to be in full compliance with IFRS.
The condensed consolidated interim financial statements were approved by the board and authorised for issue on 26 September 2018.
2. Business segment analysis Six months ended 30 June 2018 Discontinued Continuing Sports and Sports and Social Continuing activities leisure leisure media website Consolidated Results from operations GBP GBP GBP GBP Revenue - 800,705 131 800,836 =============== =========== =============== ============= Segment operating profit/(loss) 80,059 (20,079) 59,980 =========== =============== Group operating expenses (105,703) ------------- Operating loss (45,723) Finance income 171 ------------- Loss before tax from continuing activities (45,552) Net revenue from discontinued - - Activities ============== ------------- Loss before tax (45,552) Taxation - ------------- Operating profit/(loss) after tax (45,552) ============= Six months ended 30 June 2017 Discontinued Continuing Sports and Sports and Social leisure leisure media website Consolidated Results from operations GBP GBP GBP GBP Revenue 100,000 739,249 350 839,599 ============= =========== =============== ============= Segment operating profit/(loss) 70,644 (78,020) (7,376) =========== =============== Group operating expenses (146,582)
------------- Operating loss (153,958) Finance costs net (1,986) ------------- Loss before tax from continuing activities (155,944) Net Revenue from discontinued Activities 69,198 69,198 ============= ------------- (86,746) Taxation 20,144 ------------- Loss after taxation from all activities (66,602) ============= Year Ended 31 December 2017 Discontinued Continuing Sports and Sports and Social leisure leisure media website Consolidated Results from operations GBP GBP GBP GBP Revenue - 1,366,710 483 1,369,193 ============= =========== =============== ============= Segment operating (loss)/profit 28,255 (587,536) (559,281) =========== =============== Group operating expenses (237,694) Operating loss (796,975) Other gains and losses 20,497 Finance costs (3,714) Loss before tax from continuing activities (780,192) Discontinued activities 53,567 53,567 ============= ------------- (726,625) Taxation 17,572 ------------- Loss after taxation from all activities (709,053) ============= 3. Taxation
The tax charge in the accounts represents adjustments for deferred tax arising from origination and reversal of timing differences.
4. Basic and diluted loss per share
Comprehensive loss per share for the six month period ended 30 June 2018 has been calculated on the comprehensive loss attributable to owners of the company of GBP51,755 and on the weighted average number of shares in issue during the period of 29,344,788.
Comprehensive loss per share for the six month period ended 30 June 2017 has been calculated on the comprehensive loss attributable to owners of the company of GBP67,819 and on the weighted average number of shares in issue during the period of 21,029,720.
Comprehensive loss per share for the year ended 31 December 2017 has been calculated on the comprehensive loss attributable to owners of the company of GBP710,977 and on the weighted average number of shares in issue during the year of 22,211,434.
For the six month period ended 30 June 2018, six month period ended 30 June 2017 and for the year ended 31 December 2017, share options and warrants to subscribe for shares in the company are anti-dilutive and therefore diluted earnings per share information is the same as the basic loss per share.
* * ENDS * *
For further information, please visit www.ultimatesportsgroup.me or contact:
Ultimate Sports Group PLC Geoffrey Simmonds, Managing Director +44 (0)20 7935 0823 St Brides (Financial PR) Charlotte Page/Isabel de Salis +44 (0)20 7236 1177 Cantor Fitzgerald Europe (Nomad and Joint Broker) Marc Milmo / Catherine Leftley +44 (0)20 7894 7000
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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September 27, 2018 08:26 ET (12:26 GMT)
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