TIDMBMC
Birmingham City plc
Interim Results for the Six Months ended 28 February 2009
Chairman's Statement
The six month period under review covered the first half of the
season in the Championship after relegation from the Premier League
at the end of the 2007/2008 season. Relegation to the Championship
along with the unprecedented economic situation presented a
significant challenge to the Club with all revenue streams being
reduced. The decision of the Board to maintain the comparatively high
level of player wage payments and our confidence in the managerial
team led by Alex McLeish has proved justified with re-promotion at
the first attempt achieved in the last match of the season at
Reading.
The challenge for the Board is now to consolidate our position within
the Premier League without jeopardising the financial stability of
the organisation.
I would like to thank our loyal and committed employees for their
immense efforts in a difficult year.
David Sullivan
Chairman
Managing Director's Review
* Turnover for the 6 months, GBP15.6m (GBP32.6m in 2008 H1)
* Operating loss GBP4.0m (GBP7.8m profit in 2008 H1)
The figures being reported on in the six months cover the first half
of the season (entirely in the Championship) and show turnover
considerably lower at GBP15.6m (2008 H1: GBP32.6m). The 2008 figures
cover the same period in the Premier League. Operating loss before
interest and taxation of GBP4.0m compared to a profit in 2008 of GBP7.8m.
Wage costs fell by GBP3.0m and there was a gain on the sale of player
registrations, GBP0.9m compared to GBP1.65m in the previous year. The
full year results will include the remainder of the season in the
Championship and the first month in the Premier League.
We estimate that promotion will mean additional revenues of around
GBP30m from the Premier League, together with a positive effect on
attendances and increases in most revenue streams. We must use the
opportunity that Premier League membership provides to maximise our
commercial revenues, recognising that we will need to spend more on
the playing squad.
Promotion to the Premier League at the first attempt justifies the
Board's confidence in the football management team and the challenge
is now to manage supporter expectations in playing at this higher
level while being aware of the risks involved in over-stretching the
Club financially.
During the close season major works are being undertaken on the
Stadium with the installation of under-soil heating, a new pitch
complete with pitch perimeter track, erection of a new electronic
scoreboard and information screen, refurbishment of the Main Stand
and Superstore and a new tannoy announcement system. Further work on
the Training Ground at Wast Hills is also taking place with an
upgrade of the pitches and a new reception area being built.
The Academy has had a successful season with three young players
signing their first professional contracts. In total 12 players from
the Academy have represented their country. Players coming through
from the Academy into the first team are the future lifeblood of the
Club.
We look forward to competing in what is now universally recognised as
the leading league in world football during season 2009/2010 and
beyond.
Karren Brady
Managing Director
Consolidated Income Statement
Six months ended Year ended
28 February 29 February 31 August
2009 2008 2008
GBP'000 GBP'000 GBP'000
Continuing
operations 15,614 32,581 49,836
Revenue
Operating (15,259) (18,678) (37,007)
expenses
Profit from 355 13,903 12,829
operations
before player
amortisation and
trading
Player (5,257) (7,770) (13,975)
amortisation and
trading
Profit on sale 895 1,650 5,530
of players
registrations
Operating (4,007) 7,783 4,384
(loss)/ profit
Finance income 186 16 30
Finance cost (35) (553) (118)
(Loss)/ profit (3,856) 7,246 4,296
before taxation
Taxation 1,065 (2,115) (1,700)
(Loss)/ profit (2,791) 5,131 2,596
attributable to
equity
shareholders
Earnings per
ordinary share
- Basic and 2 (3.42)p 6.30p 3.19p
Diluted (pence)
Statement of Recognised income and expense
There were no recognised gains or losses other than those reported
above.
Consolidated Balance Sheet
Six months ended Year ended
28 February 29 February 31
2009 2008 August
GBP'000 GBP'000 2008
GBP'000
Assets
Non-current
assets
- Intangible 13,230 23,860 17,470
fixed assets
- Property, 12,672 13,099 12,891
plant and
equipment
- Deferred tax - - 203
assets - - 500
- Trade and
other
receivables
25,902 36,959 31,064
Current assets
- Inventories 360 421 612
- Trade and 7,452 13,916 11,687
other
receivables
- Cash and cash - - 4,235
equivalents
7,812 14,337 16,534
Total assets 33,714 51,296 47,598
Liabilities
Non-current
liabilities
Preference 18 18 18
shares
Interest bearing 1,296 851 861
loans and
borrowings
Deferred income 297 889 541
Capital grants 1,994 2,051 2,022
(deferred
income)
Deferred and 149 1,266 -
current tax
liabilities
Trade and other 1,728 4,200 3,056
payables
5,482 9,275 6,498
Current
liabilities
Interest bearing 3,198 2,485 942
loans,
overdrafts and
borrowings
Trade and other 9,558 16,084 13,357
payables
Corporation Tax - - 1,114
payable
Deferred income 4,417 9,081 11,836
Capital Grant 56 57 57
(deferred
income)
Provisions 2,154 - 2,154
19,383 27,707 29,460
Total 24,865 36,982 35,958
liabilities
Net assets 8,849 14,314 11,640
Capital and
reserves
Issued capital 8,150 8,150 8,150
Share premium 10,081 10,081 10,081
Revaluation 313 313 313
reserve
Other reserve (2,539) (2,539) (2,539)
Retained (7,156) (1,691) (4,365)
earnings
Total equity 8,849 14,314 11,640
Consolidated Cash Flow Statement
Six months ended Year ended
28 February 29 February 31
2009 2008 August
GBP'000 GBP'000 2008
GBP'000
Net cash outflow (5,727) 6,748 1,218
from operations
Cash flow from
investing
activities
Acquisition of (72) (243) (341)
property, plant
and equipment
Proceeds from - - 20
sale of
property, plant
and equipment
Acquisition of (4,923) (12,238) (13,013)
player's
registrations
Proceeds from 3,795 4,311 11,737
sale of players
registration
Net cash outflow (1,200) (8,170) (1,597)
from investing
activities
Cash flows from
financing
activities
Capital (67) (53) (110)
repayments of
borrowings
New loans 503 - -
Net cash inflow 436 (53) (110)
from financing
activities
Decrease in cash (6,491) (1,475) (489)
and cash
equivalents
Cash and cash 3,416 (828) 3,905
equivalents at
start of period
Cash and cash (3,075) (2,303) 3,416
equivalents at
end of period
Represented by:
Cash and cash - - 4,235
equivalents
Bank overdraft (3,075) (2,303) (819)
(3,075) (2,303) 3,416
Notes to the Interim Financial Statements
1. Principal Accounting Policies
The Group Interim financial statements consolidate those of the
Company and its subsidiary (together referred to as "the Group").
The Group Interim financial statements, which are unaudited, have
been prepared and approved by the Directors in accordance with
International Financial Reporting Standards ("IFRSs") as adopted by
the European Union ("Adopted IFRSs") and IFRIC Interpretations and
with those parts of the Companies Act 1985 applicable to companies
adopting IFRS.
The financial information set out in this interim report does not
constitute full statutory accounts within the meaning of section 240
of the Companies Act 1985. The auditors report on the accounts for
the year ended 31 August 2008 was unqualified. Copies of these
financial statements are available from the offices of Birmingham
City Football club, St Andrew's Stadium, Birmingham, B9 4NH.
A full copy of the accounts is also available on the company website
www.bcfc.com including further material in respect of the treatment
of IFRS included in the interim statement.
2. Earnings per share
28 February 2009 29 February 31 August
GBP'000 2008 2008
GBP'000 GBP'000
The earnings per
ordinary share
have been
calculated as
follows:
(Loss)/ profit (2,791) 5,131 2,596
after taxation
Basic and diluted
No No No
Weighted average
number of ordinary 81,505,000 80,849,520 81,505,000
shares in issue
during the year
(Deficit) (3.42p) 6.30p 3.19p
/earnings per
ordinary share
The weighted average numbers of shares in issue is the same for both
the basic and diluted earnings per share.
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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