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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Volution Group Plc | LSE:FAN | London | Ordinary Share | GB00BN3ZZ526 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.20% | 504.00 | 503.00 | 505.00 | 505.00 | 498.50 | 501.00 | 99,956 | 10:43:29 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Equip Rental & Leasing, Nec | 328.01M | 37.37M | 0.1889 | 26.52 | 994.9M |
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RNS Number:1949P
First Artist Corporation PLC
22 July 2005
22 July 2005
First Artist Corporation Plc
Interim results for the six months ended 30 April 2005
First Artist Corporation Plc ("First Artist" or "the Group"), one of the world's
leading football management groups, announces unaudited interim results for the
six months ended 30 April 2005.
Highlights
* Gross profit rose 2.4% to #977,000 (2004: #954,000) due to a reduction in
deals involving third parties and margins improved from 77% to 93%
* Operating cost base was reduced 14% resulting in a smaller operating loss,
pre goodwill and exceptional costs, of #246,000 (2004 operating loss:
#462,000)
* Acquired Mel Stein's Team Sports Management Ltd in January 2005 and merged
the operation into the London office
* Appointed Tim Chadwick as non executive Chairman in April 2005
* Opened a new office in Qatar in March 2005 to capitalise on the exciting
Middle East growth market and in April 2005 closed the Singapore office
Commenting on the results, Jon Smith, Chief Executive, said:
"The Group produced a commendable performance during the period, assisted by a
successful cost cutting regime and a reduction in the number of player deals
involving third parties. As previously stated, our strategy is to diversify and
reduce our dependence on the football market by developing a business utilising
our skills in personality and player management, plus wealth and event
management and promotions. We also still firmly believe that the global
football market offers exciting growth potential and through our leading First
Artist brand we are extremely well positioned to capture this growth."
For further information, please contact:
First Artist Corporation PLC
Jon Smith, Chief Executive 020 8900 1818
Richard Hughes, Finance Director
Smithfield Consultants
John Kiely / George Hudson 020 7360 4900
Chairman's Statement
In February 2005, when we announced our preliminary results for the year ended
31 October 2004, we confirmed our continued confidence in the upturn of the
summer trading windows and that the Group had returned to operating
profitability; I am pleased to report that this confidence remains.
The UK market continues to improve strongly and is well supported by a
regenerated European market. We have refocused our non-European activity
towards the Middle East, opening an office in Qatar in March and closing the
Singapore office in April. We also continue to look for opportunities to
develop soccer in the US, whilst maintaining a minimal drain on the group's
central resources.
In January, we acquired the goodwill, assets and players' contracts of Mel
Stein's Team Sports Management Ltd., which increases our UK player base and
improves contact with the South American market. In view of the transfer
windows, the effect of this acquisition on the Group's turnover and operating
result for the period to 30 April 2005 is immaterial and the full benefit of the
acquisition will be enjoyed in future periods.
The commercial marketing division continues to grow with increased activity
within the corporate event market.
For the first 6 months of this financial year, which only includes the one month
January trading window, like for like continuing gross profit rose slightly in
the period compared to last year, with overheads falling 14% to #1.2 million.
After exceptional charges, this resulted in an operating loss for the period of
#0.3 million compared to a loss of #0.49 million in the corresponding period
last year. The Group loss for the period was #0.28 million after deducting a
#0.05 million loss incurred due to the closure of the Swiss and Singapore
offices (2004: loss #0.39 million).
Group and financial review
Turnover
Revenue for the Group continues to be derived primarily from the transfer of
professional football players between clubs. The Group generated sales of #1.05
million in the period, of which #1.03 million was generated from continuing
activities, down 13% from #1.19 million in 2004, though gross profit increased
2% due to a reduction in deals involving third parties, improving margins to 93%
from 77% in the corresponding period.
Operating profit before exceptional costs
The operating loss, before exceptional costs of #0.05 million, was #0.25 million
(2004: loss of #0.46 million) and is stated after deducting cost of sales of
#0.07 million (2004: #0.28 million), and operating expenses of #1.22 million
(2004: #1.42 million).
Liquidity and capital resources
At 30 April 2005 the net borrowing of the Group was #0.67 million (including
#0.38 million of bank debt), up from a net borrowing balance of #0.15 million as
at 31 October 2004. #0.03 million was paid in reducing finance lease balances
and there was #0.48 million operating cash outflow, derived from the Group
operating losses before amortisation and depreciation of #0.27 million and an
decrease in non-cash working capital of #0.21 million.
Outlook and current operations
Trading conditions in the UK and European football markets have continued to
improve and the Board remains confident for the remainder of 2005. However,
there remains a natural level of uncertainty in the marketplace and visibility
of earnings continues to be unpredictable.
The Board is actively seeking to diversify and expand First Artist's activities
through a series of strategic acquisitions in synergistic, non-football related
market areas, including:
* Financial Wealth Management
* Corporate Event Management and Media/Branding Rights
* Entertainment and Artist Representation
* Global Sports Management
This diversification strategy will help reduce the dependency on the cyclical
football sector, but at the same time will enable the Group to benefit from the
opportunities created through the connections in the sport. Our objective is to
generate stability of income, grow profits and enhance shareholder value.
On behalf of the Board, I would like to thank Alex Johnston, who stepped down as
Chairman in March 2005, for the considerable support he gave the Group over the
last few years and we wish him well in his future activities.
Tim Chadwick
Chairman
Consolidated Profit and Loss Account
For the six months ended 30 April 2005
Six months ended Six months ended Total Year Ended to
30 April 2005 30 April 2004 31 October 2004
(Unaudited) (Unaudited) (Audited)
#000's #000's #000's
Notes
Sales Continuing 1,034 1,185 3,739
Discontinued 11 48 236
1,045 1,233 3,975
Cost of sales (68) (279) (1,143)
Gross profit 977 954 2,832
Administrative expenses (1,223) (1,416) (2,796)
Exceptional administrative expenses 2 (51) (28) (391)
Operating loss before goodwill
Continuing (268) (337) (56)
Discontinued (29) (153) (299)
(297) (490) (355)
Administrative expenses - goodwill - - (92)
impairment and amortisation
Group operating loss (297) (490) (447)
Share of operating loss of - - -
associates
Total operating loss (297) (490) (447)
Loss on disposal of investment - - -
(297) (490) (447)
Investment income 2 - 8
Interest payable (17) (17) (54)
Loss on ordinary activities before (312) (507) (493)
taxation
Taxation 3 28 120 167
Loss on ordinary activities after (284) (387) (326)
taxation
Dividends - - -
Retained loss for the period (284) (387) (326)
(LOSS) EARNINGS PER SHARE
Basic (loss) per share 4 (0.59) p (0.72) p (0.63) p
Fully diluted (loss) per share 4 (0.59) p (0.72) p (0.63) p
Basic (loss) earnings per share
(before goodwill and exceptional) 4 (0.48) p (0.67) p 0.30 p
Fully diluted (loss) earnings per
share (before goodwill and
exceptional) 4 (0.48) p (0.67) p 0.30 p
Statement of Total Recognised Gains and Losses
For the Six months ended 30 April 2005
Six Months Ended Six Months Ended Year Ended
30 April 2005 30 April 2004 31 October 2004
(Unaudited) (Unaudited) (Audited)
#000's #000's #000's
Loss for the financial period (284) (387) (326)
Currency translation differences on net foreign (28) 128 (73)
currency investments
Total recognised gains and losses (312) (259) (399)
Consolidated Balance Sheet
As at 30 April 2005
As at
As at As at 31 October 2004
30 April 2005 30 April 2004 (Audited)
(Unaudited) (Unaudited) #000's
Notes #000's #000's
FIXED ASSETS
Intangible assets 50 - -
Tangible assets 715 775 755
Investments - - -
765 775 755
CURRENT ASSETS
Debtors 2,140 3,287 2,243
Cash at bank and in hand 197 143 310
2,337 3,430 2,553
CREDITORS: Amounts falling due within (2,201) (2,960) (2,133)
one year
NET CURRENT ASSETS 136 470 420
TOTAL ASSETS LESS CURRENT LIABILITIES 901 1,245 1,175
CREDITORS: Amounts falling due after (136) (28) (98)
more than one year
NET ASSETS 765 1,217 1,077
CAPITAL AND RESERVES
Called up share capital 7 120 135 120
Capital redemption reserve 15 - 15
Share premium account 7 6,217 6,217 6,217
Profit and loss account 7 (5,587) (5,135) (5,275)
765 1,217 1,077
Consolidated Cash Flow Statement
For the Six Months ended 30 April 2005
Notes
Six months ended Six months ended Year Ended
30 April 2005 30 April 2004 31 October 2004
(Unaudited) (Unaudited) (Audited)
#000's #000's #000's
Cash (outflow) / inflow from operating
activities 5 (477) (441) 313
Returns on investments and servicing of
finance (15) (17) (46)
Taxation - 136 87
Capital expenditure and financial 6 (3) 22
investment
Acquisitions and disposals (25) - (92)
Cash (outflow) / inflow before (511) (325) 284
financing
FINANCING:
Payments of deferred cash consideration - - (17)
Term Loan 50 - 100
Capital element of finance lease rental (30) (35) (76)
payments
20 (35) 7
Decrease in cash in the period (491) (360) 291
Cash used to (increase) / decrease debt (20) 35 (7)
financing
New finance leases - - (32)
(511) (325) 252
Net debt at the beginning of the period (151) (403) (403)
Net debt at the end of the period (662) (728) (151)
Notes to the Interim Accounts:
For the six months ended 30 April 2005
1. Basis of preparation
The financial information contained within this interim report does not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985. The interim financial information has been prepared on the basis of
the accounting policies set out in the Group's statutory accounts for the period
ended 31 October 2004.
The figures for the six months ended 30 April 2005 and 30 April 2004 are
unaudited. The figures for the year ended to 31 October 2004 have been extracted
from the statutory accounts which have been filed with the Registrar of
Companies and did not contain a statement required under Section 237 (2) or (3)
of the Companies Act 1985. In their report on the accounts the auditors drew
readers' attention to the disclosures made by the Directors regarding the
Company's ability to continue as a going concern but their opinion was not
qualified in that respect.
In view of the continuing losses during the period to 30 April 2005, the
Directors have prepared and considered detailed trading and cash flow forecasts
for the next twelve months. Costs continue to be closely monitored and
controlled and the company remains in regular contact with its bankers and other
major creditors.
The Directors cannot predict the future trading and funding requirements of the
Group with certainty, but believe that the above actions together with the
continued support of the Company's bankers will provide sufficient finance to
enable the Group to meet its liabilities as they fall due. The Directors
therefore believe that it is appropriate for the financial statements for the
period to 30 April 2005 to be prepared on a going concern basis.
2. Exceptional Administrative Expenses
Six months Ended Six Months Ended Year Ended
30 April 2005 30 April 2004 31 October
(Unaudited) (Unaudited) 2004
#000's #000's (Audited)
#000's
Costs of Abortive Acquisitions 12 - 9
Strategic Review - - 29
Restructuring costs and Redundancies 39 28 353
51 28 391
3. Tax credit
The tax credit is based on the estimated effective rate for the period as a
whole.
Six months Ended Six Months Ended Year Ended
30 April 2005 30 April 2004 31 October
(Unaudited) (Unaudited) 2004
#000's #000's (Audited)
#000's
UK corporation tax credit/(charge) - - -
Adjustments in respect of prior periods - 9 56
Foreign taxes (2) (29) 91
Current tax credit/(charge) for the period (2) (20) 147
Deferred Taxation: 30 140 20
Origination and reversal of timing differences
Tax credit/(charge) on ordinary activities 28 120 167
4. Loss per share
The calculations of loss per share are based on the following profits and
numbers of shares:
The adjusted loss per share is based on loss after tax before goodwill
impairment, amortisation and exceptional items.
Share options are non-dilutive in view of the loss for the period
Six months Ended Six Months Ended Year Ended
30 April 2005 30 April 2004 31 October
(Unaudited) (Unaudited) 2004
Number Number (Audited)
Number
Weighted average number of 0.25 pence ordinary
shares in issue during the period
For basic earnings per share 47,906,523 53,903,537 51,784,044
Exercise of share options 3,481,347 - 625,383
For diluted earnings per share 51,387,870 53,903,537 52,409,427
#'000s #'000s #'000s
Loss for the financial period (284) (387) (326)
Adjustment for goodwill impairment and - - 92
amortisation
Interest adjustment on conversion of term loan 5 - -
Adjustment for exceptional costs 51 28 391
(Loss) earnings for adjusted earnings per share (228) (359) 157
5. Reconciliation of operating loss to net operating cash flow
Six months Six Months Ended Year Ended
Ended 30 April 2004 31 October
30 April 2005 (Unaudited) 2004
(Unaudited) #000's (Audited)
#000's #000's
Operating loss (297) (490) (447)
Depreciation 29 39 67
Impairment and amortisation of goodwill - - 92
Loss on disposal of fixed assets 4 1 (1)
Decrease in debtors 133 230 1,208
(Decrease) in creditors (318) (349) (533)
Exchange (28) 128 (73)
Net cash outflow from operating activities (477) (441) 313
6. Analysis of changes in net debt
At 1 November Non-Cash At 30 April
2004 changes 2005
Cash flow
#'000s #'000s #'000s #'000s
Cash at bank and in hand 310 (113) - 197
Bank overdrafts - (378) - (378)
310 (491) - (181)
Finance Leases (71) 30 - (41)
Debt due within one year (315) (11) - (326)
Debt due after more than one year (75) (39) - (114)
(461) (20) - (481)
Total (151) (511) - (662)
7. Reconciliation of movement in shareholders' funds
Six Months Six Months ended Year Ended
ended 30 April 2004 31 October 2004
30 April 2005 (Unaudited) (Audited)
(Unaudited) #000's #000's
#000's
Loss for the financial period (284) (387) (326)
Foreign exchange adjustment (28) 128 (73)
Decrease in shareholders' funds (312) (259) (399)
Opening shareholders' funds 1,077 1,476 1,476
Closing shareholders' funds 765 1,217 1,077
Shareholders' funds are entirely attributable to equity interests.
8. Interim Report
Copies of this interim report are being sent to all shareholders and are
available to the public at the Company's registered office, First Artist House,
87 Wembley Hill Road, Wembley, Middlesex HA9 8BU.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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