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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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First Artist Corporation plc
Under embargo to 0700hrs Monday 30th January 2006
First Artist Corporation plc
Preliminary Results for the year ended 31 October 2005
First Artist Corporation plc (AIM:FAN), the acquisitive sports and
entertainment group , today announces its preliminary results for the year
ended 31st October 2005.
KEY POINTS
* Turnover up 47% to £5,861,000
* Operating profit (before exceptional administrative expenses and goodwill
impairment) up £1,018,000 to £1,054,000
* Retained profit up £836,000 to £510,000
* EPS before taxation, amortisation of goodwill and exceptional costs up
0.95p to 1.25p
* Consolidated net assets up more than threefold to £3,306,000
* Successful completion of 3 acquisitions and subsequent integration, which
have strengthened the representation division and extended the range of
services that we offer into new business areas:
Team Sports Management Limited - Player representation business
ABG Financial Management Limited - Independent FSA registered wealth management
business
The Finishing Touch (corporate events) Limited - Corporate Events and
Conference Management
Jarvis Astaire, non-executive Chairman of First Artist Corporation plc,
commented:
"The past 12 months have seen us reap the benefits of a successful
repositioning of the Group to function as a truly integrated service for all
aspects of sports and celebrity representation and event management*. Our
broad-based business, organised across four divisions, gives us a strong
position for growth through international expansion, and the cross referral of
income and new business opportunities."
For further information please contact:
First Artist Corporation PLC 020 8900 1818
Jon Smith, Chief Executive
Richard Hughes, Finance Director
Shore Capital 020 7408 4090
Alex Borrelli
gth media relations
Toby Hall/Jade Mamarbachi Tel: + 44 (0) 20 7153 8039/8035
CHAIRMAN'S STATEMENT
It gives me great pleasure to introduce our results and operating review for
2005, a year which has had a transforming effect on First Artist Corporation's
business. The past 12 months have seen us reap the benefits of a successful
repositioning of the Group to function as a truly integrated service for all
aspects of sports and celebrity representation and event management. The
figures for all four of our divisions reflect the mutual benefits that they are
gaining from this strategy.
I wish to thank my predecessor as chairman, Tim Chadwick, whom I look forward
to working with in his new capacity as Vice-Chairman, for his excellent work on
the ABG Financial Management Limited ("ABGFM") and The Finishing Touch Limited
acquisitions.
Both these acquisitions, together with the similarly acquired Team Sports
Management have now been successfully integrated into the Group and, with their
highly respected management teams continuing on board, are already delivering
significant revenue.
Broader income: fuller service
Our broad-based business, organised across four divisions, gives us a strong
position for growth through international expansion, and the cross referral of
income and new business opportunities. Whilst building on the reputation that
First Artist Management enjoys as one of the world's leading football
management groups, we have successfully reduced the dependence of the Group on
this one sport by two-thirds whilst broadening both our income base and the
range of services that we offer to clients.
There are considerable opportunities for cross referral of business and
substantial new business opportunities within our new structure. The wealth
management division created through the ABGFM acquisition allows us to form
deeper and more valuable relationships with the players and media figures
served through First Artist Management and First Artist Entertainment; the
event management business of Finishing Touch gives us exposure to Public Sector
contracts and the opportunity to leverage our position as a FIFA and UEFA
licensee, as well as a further outlet for our growing roster of entertainment
clients.
Corporate governance
We believe in good corporate governance, and a clear division of roles and
responsibilities on the Group Board. Due to the Group now having two
Non-Executive directors, our finance director, Richard Hughes, is now free to
step down from our committees. Tim Chadwick will continue as Non-Executive
Vice-Chairman of the First Artist Corporation, focusing on relations with the
financial and investor community.
Our responsibilities as a business
Integrity and credibility are vital commodities in our business. We pride
ourselves on the transparency of our relationships with players, clubs and
media personalities, and First Artist Management has been a prime mover in the
creation of the Football Agents Federation, which establishes guidelines for
the conduct of agents. We make efforts in this area because of our commitment
to sport.
In summary, I recommend our results to you as evidence that our year of
significant change and growth has created a company with a broader income base,
strongly positioned for expansion, and with a uniquely integrated, exciting
offer in the marketplace. We expect all four divisions to continue their
success in 2006, whilst we look to expand our successful model to new markets
overseas.
I would like to thank all those involved in the restructuring of this group and
thank the Board for its commitment in turning around a group in what remains a
difficult environment.
Jarvis Astaire
Chairman
27 January 2006
CHIEF EXECUTIVE'S STATEMENT
In the last year we have completed the reshaping of First Artist Corporation's
business following the turmoil created by the 2002 collapses of ITV Digital in
the UK and Bertelsmann in Europe, coupled with the EU reforms of the football
player contracts and the advent of `trading windows'. At that time our business
was almost entirely focused on football player representation, and this left us
exposed to the disappearance of vast amounts of television money from the game.
We resisted the temptation to take the company back into private ownership
because we felt a strong moral obligation to our shareholders. We also firmly
believed in and started to implement a strategy for leveraging our global
reputation in football to create a broader personality, event and wealth
management company with powerful synergies and a stable income base.
Fast-forward to year-end 2005 and the value of this strategy has been clearly
demonstrated. Our acquisition programme has diluted our dependency on football
by approximately two thirds and created a profitable, omni-functional plc with
a strong basis for growth. Our four divisions complement one another perfectly:
the financial management business is a second heartbeat to our businesses of
sports and entertainment representation, allowing us to offer valuable new
services to our clients; event management provides a second income line with
good synergies to our traditional business and exciting opportunities which
will benefit from our previous experience as one of the UK's leading event
promoters during the nineties.
Each division benefits from a strong management team, with the founders of our
wealth management business, ABG Financial Management, and our event management
business, The Finishing Touch, remaining in full-time management roles. The
success of this integration shows in our results across the Group, and I would
like to thank all employees for the tremendously positive way in which they
have dealt with the changes of the last few years.
2005 performance and outlook
Our traditional business of player representation has enjoyed its most
successful year for several years, with First Artist Management almost trebling
its operating profit to £1.26 million although the market continues to be
difficult and unpredictable. The successful integration of Team Sports
Management has added stability to our London operation and increased our
already wealthy bank of contacts and experience through the involvement of Mel
Stein, whose contribution has proven invaluable. Our Italian player
representation business, PromoSport has reaped the benefits of its own recent
restructuring and our developing affiliations in Germany and Spain are further
increasing our operational reach in Europe.
First Artist Entertainment has developed from a standing start to a six-figure
business in two years of strong organic growth and I must pay credit to
Corrinne Goodall who heads this division. It has built on the increasing
overlap between sports, celebrity and light entertainment to develop a client
roster including Andy Gray, Martin Tyler, Dennis Taylor and Suzanne Shaw. The
successful development by Matthew Fisher of the speaker agency within this
division has provided further opportunities for our growing portfolio of
talent, which complements well with The Finishing Touch.
ABG Financial Management has delivered an operating profit of £214,000 since
its acquisition by the Group, demonstrating the vitality of the business whilst
broadening the services available to clients of First Artist Management and
First Artist Entertainment. The changes to pension legislation that will be
introduced on 6 April 2006, `A Day', have boosted the value of high-quality
investment advice and should continue to add to the appeal of the wealth
management service going forward. There is also strong potential for expansion
alongside First Artist Management and PromoSport in Europe, where the financial
advice industry is less developed and UK-based investments are highly valued.
The Finishing Touch demonstrated the potential of event management with a £
76,000 profit since its acquisition by the Group. Increased margins over
Christmas demonstrated rising demand following several years of cutbacks in
events budgets. Long-term contracts with Accenture and the public sector's
education training programme have provided a stable income stream for the
business, and there are opportunities to gain further Public Sector business in
2006.
Ongoing strategy
Our Group continues to be second half focussed although the recent acquisitions
will reduce this emphasis. Our acquisition programme will advance over the next
12 months as we continue to secure opportunities in all four of our strategic
sectors, where we can introduce genuinely complementary skills to our existing
portfolio, further broaden the business base of the group and reduce historical
volatility.
Further developing our entertainment capability is a particular priority. This
is an area that offers significant crossover to our player management business,
as the organic growth of First Artist Entertainment over the last two years
shows. This is a business we should be in and know well, with both Phil Smith
and myself having successful roots in this industry sector. It will definitely
be targeted in the ongoing acquisition programme. The integration of ABG
Financial Management, with its extensive list of music, media and entertainment
clients, should greatly accelerate the development process.
Genuine integration has been the secret of our success in 2005 and it will
continue to underpin our business going forward. Moving The Finishing Touch to
First Artist's freehold Wembley offices in early 2006 will give us the
opportunity to exploit the synergies between events and our entertainment
representation business, as well as the potential for leveraging our status as
a FIFA and UEFA licensee, and the matches and tours that this allows us to
organise. The Group's close proximity to Wembley Stadium we believe will also
open opportunities for development in the coming years. It is also worth noting
the substantial capital appreciation of our freehold property as its neighbour
nears completion.
I am equally delighted to welcome our new Non-Executive Chairman, Jarvis
Astaire, who has extensive experience and stature within the industry and with
whom I have previously worked closely, having successfully staged NFL, NHL and
NBA UK events in the 1980s and 90s. I am just as delighted that his
predecessor, Tim Chadwick, will be continuing his excellent work with the
financial and investor community as Non-Executive Vice-Chairman.
Global expansion
Jarvis' arrival signals a new phase in the development of First Artist
Corporation, as we look to export our successful, full-service model to new
markets. Our key challenge going forward is to maintain our pivotal position in
the global football market and to manage the issues that will face that
industry in the next few years. Jarvis will help us to develop our profile on a
global basis, as we aim to replicate our successes in the UK, Europe, US and
Middle East. Our increasing global profile will also increase our potential to
offer representation in other sports.
Finally, I would like to extend my personal thanks to my fellow Board members
for their determination shown in turning First Artist into a vibrant and
exciting sports and entertainment group. To Phil Smith and Vincenzo Morabito
for producing remarkable figures in a difficult market - "probably the best
Agents in the World" and to our finance director, Richard Hughes, whose skill
in the acquisition market, coupled with his strong financial management has
been so vital in the turnaround of the Group.
Jon Smith
Chief Executive Officer
27 January 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2005
Continuing Acquisitions Discontinued Total Year Year ended
Operations Operations ended 31 31
Year ended Year ended October
Year ended 31 October October
31 October 2005 2004
31 October 2005
2005 £000 £000
2005 £000
£000
£000
TURNOVER 4,385 1,449 27 5,861 3,975
Cost of sales (602) (723) - (1,325) (1,143)
GROSS PROFIT 3,783 726 27 4,536 2,832
Administrative (3,007) (436) (39) (3,482) (2,796)
expenses
Profit/(loss) before 776 290 (12) 1,054 36
exceptional
administrative
expenses
Exceptional (22) - (139) (161) (391)
administrative
expenses
OPERATING PROFIT/ 754 290 (151) 893 (355)
(LOSS)
before goodwill
amortisation
Administrative (43) - - (43) (92)
expenses - goodwill
impairment and
amortisation
TOTAL OPERATING PROFIT 711 290 (151) 850 (447)
/(LOSS)
Investment income 11 8
Interest payable (52) (54)
PROFIT/(LOSS) ON 809 (493)
ORDINARY ACTIVITIES
BEFORE TAXATION
Taxation (299) 167
PROFIT/(LOSS) ON 510 (326)
ORDINARY ACTIVITIES
AFTER TAXATION
Dividends - -
RETAINED PROFIT/(LOSS) 510 (326)
FOR THE YEAR
EARNINGS/(LOSS) PER 0.89 (0.63)
SHARE
pence pence
Basic earnings/(loss)
per share
Fully diluted earnings 0.88 (0.62)
/(loss) per share
pence pence
Basic earnings/(loss) 1.25 0.30
per share before
goodwill amortisation pence pence
and exceptional costs
Fully diluted earnings 1.23 0.30
/(loss) per share
before goodwill pence pence
amortisation and
exceptional costs
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2005
2005 2004
£000 £000
FIXED ASSETS
Intangible assets 5,295 -
Tangible assets 719 755
6,014 755
CURRENT ASSETS
Debtors 4,746 2,243
Cash at bank and in hand 1,527 310
6,273 2,553
CREDITORS: Amounts falling due within one year (6,173) (2,133)
NET CURRENT ASSETS 100 420
TOTAL ASSETS LESS CURRENT LIABILITIES 6,114 1,175
CREDITORS: Amounts falling due after more than (2,808) (98)
one year
NET ASSETS 3,306 1,077
CAPITAL AND RESERVES
Called up share capital 224 120
Capital redemption Reserve 15 15
Share premium account 7,888 6,217
Profit and loss account (4,821) (5,275)
EQUITY SHAREHOLDERS' FUNDS 3,306 1,077
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2005
Year ended Year ended
31 October
31 October
2004
2005
£000
£000
Cash (outflow) / inflow from operating (12) 313
activities
Returns on investments and servicing of finance (35) (46)
Taxation (4) 87
Capital expenditure and financial investment (3) 22
Acquisitions and disposals (2,083) (92)
CASH (OUTFLOW)/INFLOW BEFORE FINANCING (2,137) 284
Financing 3,095 7
INCREASE IN CASH IN THE PERIOD 958 291
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Year ended Year ended 31
October
31 October
2004
2005
£000
£000
Increase in cash in the period 958 291
Cash from increase in debt financing (1,412) (7)
New finance leases - (32)
Deferred consideration on acquisition of (2,666) -
subsidiaries
(3,120) 252
NET DEBT AT 1 NOVEMBER 2004 (151) (403)
NET DEBT AT 31 OCTOBER 2005 (3,271) (151)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 OCTOBER 2005
Year ended Year ended 31
October
31 October
2004
2005
£000
£000
Profit/(loss) for the financial period 510 (326)
Currency translation differences on net (56) (73)
foreign currency investments
Total recognised gains and losses relating to 454 (399)
the period
NOTES
1. BASIS OF ACCOUNTING
The financial information contained in this report does not constitute
statutory accounts within the meaning of Section 240 of the Companies act 1985.
The financial information contained in this report has been extracted from the
audited accounts of the Company for the year to 31st October 2005 for which the
auditors have given an unqualified report.
2. TAXATION 2005 2004
£000 £000
Current tax:
UK corporation tax charge/(credit) on 106 -
profits/(losses) of the period
Foreign taxes 118 (91)
Adjustments in respect of previous periods - (56)
Current tax (credit)/charge for the period 224 (147)
Deferred taxation:
Origination and reversal of timing 75 (20)
differences
Tax charge/(credit) on profit on ordinary 299 (167)
activities
3. EARNINGS PER SHARE
The calculation of earnings per share are based on the following profits and
number of shares:
Basic and Basic and
Diluted Diluted
2005 2004
£000 £000
Profit/(loss) on ordinary activities 510 (326)
after taxation
Before goodwill amortisation and
exceptional costs:
Profit/(loss) on ordinary activities 510 (326)
after taxation
Amortisation and impairment of goodwill 43 92
Exceptional administrative expenses 161 391
714 157
2005 2004
No of Shares No of Shares
For basic earnings per share 57,034,181 51,784,044
Exercise of share options 1,005,773 112,883
For diluted earnings per share 58,039,954 51,896,927
4. RESERVES AND RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Share Capital Share Profit and Total
capital redemption premium loss account shareholders'
Reserve
£000 £000 £000 Funds
£000
£000
GROUP
1 November 2004 120 15 6,217 (5,275) 1,077
Retained profit for the - - - 510 510
financial period
Shares issued to acquire 6 - 129 - 135
subsidiary undertakings
Shares issued 98 - 1,903 - 2,001
Issue costs - - (361) - (361)
Exchange adjustments - - - (56) (56)
31 October 2005 224 15 7,888 (4,821) 3,306
Share Capital Share Profit and Total
capital redemption premium loss account shareholders'
Reserve
£000 £000 £000 Funds
£000
£000
COMPANY
1 November 2004 120 15 6,217 (5,149) 1,203
Retained profit/(loss) for - - - (283) (283)
the financial period
Shares issued to acquire 6 - 129 - 135
subsidiary undertakings
Shares issued 98 - 1,903 - 2,001
Issue costs - - (361) - (361)
31 October 2005 224 15 7,888 (5,432) 2,695
5. CASH FLOWS 2005 2004
£000 £000
Reconciliation of operating profit to net cash
(outflow) / inflow from operating activities
Operating profit 850 (447)
Depreciation 65 67
Amortisation of goodwill 43 92
Profit/(loss) on disposals of fixed assets 5 (1)
(Increase)/decrease in debtors (1,608) 1,208
Increase/(decrease) in creditors 689 (533)
Exchange differences (56) (73)
Net cash (outflow) / inflow from operating (12) 313
activities
6. ANNUAL REPORT
Copies of the Annual Report and Financial Statements will be circulated to
Shareholders shortly and may be obtained after the posting date from the
Company Secretary, First Artist Corporation plc, First Artist House, 87 Wembley
Hill Road, Middlesex, HA9 8BU, or from the Companies Website
www.firstartist.com
END
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