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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 |
From May 2019 to May 2024
TIDMUSG
RNS Number : 0711S
Ultimate Sports Group PLC
28 September 2017
Ultimate Sports Group PLC
("USG" or the "Company")
28 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 2017.
Chairman's Statement and Chief Executive's Review
For the six months ended 30 June 2017 we are reporting a total comprehensive loss of GBP53,375 (June 2016: loss GBP199,178).
USG's net cash balances as at 30 June2017 were GBP208,022 (June 2016:GBP461,814). The Directors are not recommending the payment of a dividend.
Share Placing
The Company raised GBP212,500 before expenses through a placing of 2,125,000 shares at 10p per share on 29 March 2017.
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 ("ESS") also known as The Elms Sport in Schools and Football Partners Ltd ("FPL"). In November 2016, terms were agreed for the sale of FPL's business to Powerplay Team Sports Limited, a company operating in the same sector for a consideration of up to GBP100,000 with cash payable on deferred terms and subject to certain conditions. Those conditions have now been fulfilled and GBP82,500 has been received with a further final payment of GBP17,500 due in October 2017.
Pantheon as a group made a profit of GBP102,255 for the 6 months ended 30 June 2017 including the net proceeds from the sale of FPL less costs. (June 2016: profit GBP36,259).
Sport in Schools Limited ('ESS' - Elms Sport in Schools)
On a turnover of GBP739,249 (June 2016: GBP664,087), ESS has contributed a divisional profit of GBP70,644 as compared with GBP117,494 to June 2016.
ESS specialises in the delivery of primary school sport - covering the National Curriculum during the day and The Extended Day before and after school hours (breakfast, lunchtime and after-school clubs).
The majority of the breakfast and lunchtime clubs are provided and paid for by the school, whilst the majority of after-school clubs are paid for by the parents.
Holiday camps are a successful area for ESS where it provides sports tuition during the school holidays. The majority of the camps are paid for by parents, whilst a few are paid for by the school.
The ESS directors have developed bespoke skill sets which have been adopted with great enthusiasm by its full time staff and part time coaches. On average, some 20,000 children are coached between 12 to 25 hours a week. All its coaches are highly qualified (minimum level 2), DBS checked, child protection vetted and rigorously trained by ESS in all the main disciplines required by the National Curriculum. The management of ESS constantly monitors and assesses the level of performance of its coaches throughout the school year.
Ultimate Player.me
UltimatePlayer.me is a new digital platform that is designed to increase the participation and enjoyment of children in sports.
The platform is operating as a Freemium business model - aiming to achieve web scale of free users with a percentage encouraged to subscribe as members.
Given that the platform is built to be used by coaches and children, it has a complex set of functionality required to address the different needs of the target audience and there have been a number of challenges as you would expect, including:
-- Coaches must be motivated to use, and encourage the use of, the platform with their classes
-- Parents must be comfortable to allow their children to join the platform, and help their children engage with it, ultimately getting enough value to purchase memberships and products
-- Children must be excited enough about the platform to want to log in regularly and to participate in the platform
We have successfully dealt with these challenges because the young players embrace it. In our experience when a coach uses the platform with a class, their players are excited to participate. They change their behaviour in the classes, wanting to develop a wider range of skills and ultimately they participate in more classes. They are excited by awards and actively engage with their parents in the evenings to check their results.
Outlook
The continuing success of the sports tuition activities of ESS is encouraging, as is the engagement by coaches and children of UltimatePlayer.me. and we look forward to updating shareholders on progress.
R.L. Owen
G.M. Simmonds 28 September 2017
Consolidated statement of comprehensive income for the six months ended 30 June 2017
Hot Features
Premium
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2016 2016 2016
GBP GBP GBP
Continuing and discontinued
activities:
Revenues 839,599 881,864 1,622,425
Cost of revenues (391,624) (456,454) (1,249,702)
447,975 425,410 372,723
---------- ---------- -------------
Administrative expenses (467,028) (559,382) (818,903)
Website costs written
off (65,707) (64,297) (141,763)
(532,735) (623,679) (960,666)
Operating loss (84,760) (198,269) (587,943)
Finance income - 1,002 1,602
Finance costs (1,986) (1,986) (3,972)
(Loss) before taxation (86,746) (199,253) (590,313)
Taxation 20,144 15 6,836
Profit/(loss) after
taxation (66,602) (199,238) (583,477)
========== ========== =============
Attributable to:
Owners of the company (81,046) (202,946) (566,581)
Non- controlling interests 14,444 3,708 (16,896)
---------- ---------- ----------
(66,602) (199,238) (583,477)
========== ========== ==========
Other comprehensive
(loss)/income
Net gain/ (loss) arising
on revaluation of available-for-sale
investments 16,130 75 (3,275)
Tax relating to components
of other comprehensive
income (2,903) (15) 618
13,227 60 (2,657)
---------- ---------- ----------
Total comprehensive
loss attributable to:
Owners of the company (67,819) (202,886) (569,238)
Non- controlling interests 14,444 3,708 (16,896)
---------- ---------- ----------
(53,375) (199,178) (586,134)
---------- ---------- ----------
Diluted and undiluted
comprehensive
loss per share (0.0032)p (0.0133)p (0.0319)p
========== ========== ==========
Statement of financial position as at 30 June 2017
Unaudited Unaudited Audited
as at as at As at 31
30 June 30 June December
2017 2016 2016
GBP GBP GBP
Non current assets
Goodwill and patents 60,054 60,054 60,054
Plant and equipment 15,343 61,985 31,570
Social media website development
costs 491,432 457,725 504,492
------------
Total non-current assets 566,829 579,764 596,116
------------ ------------ ------------
Current assets
Available-for-sale investments 42,128 29,348 25,998
Trade and other receivables 231,019 290,409 97,702
Cash and cash equivalents 208,022 461,814 129,437
------------ ------------ ------------
Total current assets 481,169 781,571 253,137
------------ ------------ ------------
Total assets 1,047,998 1,361,335 849,253
Current liabilities
Trade and other payables 253,196 377,044 222,547
Borrowings 38,500 16,377 17,377
------------ ------------ ------------
Total current liabilities 291,696 393,421 239,924
------------ ------------ ------------
Non current liabilities
Borrowings - 41,000 30,562
------------ ------------ ------------
Total non-current liabilities - 41,000 30,562
------------
Total liabilities 291,696 434,421 270,486
Net assets 756,302 926,914 578,767
============
Equity
Share capital 2,281,164 2,026,164 2,048,664
Share premium 385,641 381,954 393,454
Merger reserve 325,584 325,584 325,584
Fair value reserve 11,720 1,210 (1,507)
Retained earnings (2,198,335) (1,766,099) (2,123,512)
Equity attributable to owners
of the company 805,774 968,813 642,683
Non-controlling interest (49,472) (41,899) (63,916)
Total Equity 756,302 926,914 578,767
============ ============ ============
Consolidated statement of changes in equity
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Total equity at the
beginning of period/year 578,767 685,508 685,508
Issue of shares 224,686 480,915 514,915
Revaluation gains/(losses)
on available-for
sale investments 16,130 75 (3,275)
Taxation on items
taken directly to
equity (2,903) (15) 618
Adjustment for non-controlling
interest - (46,555) (47,971)
Share based payments 6,224 6,224 12,449
Loss for the period/year (66,602) (199,238) (583,477)
At end of period/year 756,302 926,914 578,767
=========== =========== =============
Consolidated statement of cash flows for the six months ended 30 June 2017
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Cash flow from all activities:
(Loss)/profit before taxation (86,746) (199,253) (590,313)
Adjustments for:
Depreciation and amortisation 47,709 46,272 110,495
Finance income - (1,002) (1,602)
Finance costs 1,986 1,986 3,972
Share based payments 6,224 6,224 12,448
Operating cash flow before
working capital movements (30,827) (145,773) (465,000)
(Increase)/decrease in receivables (133,317) (108,155) 84,552
Increase/(decrease) in payables 30,649 (8,070) (162,567)
Net cash absorbed by operations (133,495) (261,998) (543,015)
Taxation 17,241 - 7,454
----------- ----------- -------------
Investing activities
Finance income - 1,002 1,602
Property, plant and equipment
acquired (2,122) (3,228) (4,001)
Social media website development (16,300) (54,812) (134,614)
Acquisition of non- controlling
interest - (46,555) (47,970)
Net cash from/(used) in investing
activities (18,422) (103,593) (184,983)
----------- ----------- -------------
Financing activities
Proceeds from share issues 224,686 480,915 514,915
Finance costs (1,986) (1,986) (3,972)
Repayment of borrowings (9,439) (9,439) (18,877)
Net cash from/(used) in financing
activities 213,261 469,490 492,066
----------- ----------- -------------
Net increase/(decrease) in
cash and cash equivalents 78,585 103,899 (228,478)
Cash and cash equivalents
and bank overdraft at the
beginning of the period/year 129,437 357,915 357,915
Cash and cash equivalents
at the end of the period/year 208,022 461,814 129,437
=========== =========== =============
Notes to the financial statements for the six months ended 30 June 2017
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 2017 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 2016 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. The auditors' report drew attention by emphasis of matter to issues surrounding the ability of the Company to continue as a going concern. 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 2016. 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 29 September 2017.
2. Business segment analysis
Six months ended
30 June 2017
Discontinued Continuing
Social
Sports Sports media
Continuing activities and leisure and leisure 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
============= -------------
Loss before tax (86,746)
Tax recovered from
R & D claim 17,241
-------------
(69,505)
Other tax adjustments 2,903
-------------
Operating profit/(loss)
after tax (66,602)
=============
Six months ended
30 June 2016 Discontinued Continuing
Social
Sports Sports media
and leisure and leisure website Consolidated
Results from operations GBP GBP GBP GBP
Revenue 216,536 664,087 1,241 881,864
============= ============= ========= =============
Segment operating
profit/(loss) 117,494 (64,778) 52,716
============= =========
Group operating expenses (212,180)
-------------
Operating loss (159,464)
Finance costs net (984)
-------------
Loss before tax from
continuing activities (160,448)
Net loss from discontinued
Activities (38,805) (38,805)
============= -------------
(199,253)
Taxation 15
-------------
Loss after taxation
from all activities (199,238)
=============
Year Ended 31 December
2016 Discontinued Continuing
Social
Sports Sports media
and leisure and leisure website Consolidated
Results from operations GBP GBP GBP GBP
Revenue 373,935 1,246,888 1,602 1,622,425
============= ============= ========== =============
Segment operating
(loss)/profit 122,535 (164,256) (41,721)
============= ==========
Group operating expenses (387,475)
Operating loss (429,196)
Finance revenues
less costs (2,370)
Loss before tax from
continuing activities (431,566)
Net revenue from
discontinued Activities (158,747) (158,747)
============= -------------
(590,313)
Tax recovered from
R & D claim 6,836
-------------
Profit after taxation
from all activities (583,477)
=============
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 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 six month period ended 30 June 2016 has been calculated on the comprehensive loss attributable to owners of the company of GBP202,886 and on the weighted average number of shares in issue during the period of 15,261,268.
Comprehensive loss per share for the year ended 31 December 2016 has been calculated on the comprehensive loss attributable to owners of the company of GBP569,238 and on the weighted average number of shares in issue during the year of 17,809,583.
For the six month period ended 30 June 2017, six month period ended 30 June 2016 and for the year ended 31 December 2016, 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, Executive +44 (0)20 7935 Chairman 0823 St Brides (Financial PR) +44 (0)20 7236 Charlotte Page 1177 Cantor Fitzgerald Europe (Nomad and Joint Broker) +44 (0)20 7894 Marc Milmo / Catherine Leftley 7000 Northland Capital Partners Limited (Joint Broker) Matthew Johnson / Stuart Miller +44 (0)20 3861 John Howes / Rob Rees 6625 Dowgate Capital Stockbrokers Limited (Joint Broker) Neil Badger / Jason Robertson +44 (0)1293 517744
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIFVDAEITFID
(END) Dow Jones Newswires
September 28, 2017 04:00 ET (08:00 GMT)
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