Ultimate Sports Group PLC Half-year Report

Date : 09/27/2018 @ 1:26PM
Source : UK Regulatory (RNS & others)
Stock : Ultimate Sports Group Plc (USG)
Quote : 14.65  0.0 (0.00%) @ 8:00AM

Ultimate Sports Group PLC Half-year Report

Ultimate Sports (LSE:USG)
Historical Stock Chart

1 Year : From Jul 2018 to Jul 2019

Click Here for more Ultimate Sports Charts.

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.

END

IR LDLFLVKFLBBX

(END) Dow Jones Newswires

September 27, 2018 08:26 ET (12:26 GMT)



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.