RNS Number:2141O
Hurlingham PLC
29 June 2005
HURLINGHAM Plc
Interim Results
Six Months ended 31 March 2005
Chairman's Statement
I am pleased to present the half-year accounts for the period ended 31 March
2005.
Custom Travel
After the commencement of trading in March 2004, Custom Flights Ltd has
continued to build sales volumes. Turnover for the half-year was #3,008,000
(2004: nil) and the company broke even at the pre-tax level (2004: loss
#11,000). During the period we have focused on building market share, albeit at
the expense of margins. Having established its position in its market, the
company is now focusing on increasing margins with a view to improving
profitability.
Custom Tours
Sales at Custom Tours Ltd., the Group's hotel booking company, declined to
#125,000 (2004: #213,000) in line with our phased restructuring in this area of
the Group. However, the loss attributable to shareholders was greatly reduced
at #8,000 (2004: loss #53,000) as costs were further reduced and resources
switched to Custom Flights. During the period, we have continued to develop the
software to enable on-line booking. It is anticipated that the company will be
able to take on-line bookings in the near future. The Board believes that this
should enable the company to increase sales volumes with a view to returning to
profitability.
Perth Hotel
I am pleased to report that the Group's hotel in Perth has maintained its
performance. Turnover for the period increased to #456,000 (2004: #439,000) and
gross profit was #251,000 (2004: #245,000). Increases in fixed costs however,
meant that the loss before tax increased slightly to #28,000 (2004: loss
#22,000).
Results
These results demonstrate the continuing improvement in the company's
performance as a result of the restructuring of the travel division which has
taken place over the last year. Group turnover increased by 430% in comparison
to the same period last year to #3,607,000 (2004: #679,000) and Gross Profit by
50% to #444,000 (2004: #295,000). The seasonal nature of the Group's businesses
means that the Winter months, which incorporate the period under review, are
typically less productive than the Summer months and the Board anticipates that
the position will improve significantly in the second half of the financial
year, as has happened in previous years. The Group's centrally borne costs
amounted to #85,000 for the six months ended 31 March 2005 (2004: #50,000).
Overall, the accounts show a retained loss for the period of #121,000 compared
to a loss of #144,000 for the same period last year.
Dividend
The Board has decided not to pay a dividend at the interim stage, and will
review the position again at the year-end.
Outlook
This has been an important period in the evolution of the Group. The Board has
examined a number of opportunities during the period to expand the Group's
operations, but none has been suitable bearing in mind the Group's current size
and limited resources. Nevertheless, during the second half of the financial
year, the Board will continue to explore opportunities to expand the Group while
focusing on increasing earnings with a view to returning to profit.
Charles Llewellyn
Chairman
29 June 2005
Consolidated profit and loss account
for the six months ended 31 March 2005
Six months Six months Year
ended ended ended
31.03.2005 31.03.2004 30.09.2004
Unaudited Unaudited Audited
Notes # # #
Turnover:
Continuing operations 3,606,975 678,820 2,556,958
________ _______ ________
Cost of sales before goodwill amortisation (3,150,456) (371,465) (1,716,508)
Goodwill amortisation (12,699) (12,585) (25,398)
Cost of sales (3,163,155) (384,050) (1,741,906)
Gross Profit 443,820 294,770 815,052
Administrative expenses (498,856) (369,342) (841,022)
Operating loss:
Continuing operations (55,036) (74,572) (25,970)
Profit on disposal of fixed assets - 2,746 13,458
Loss on ordinary activities before interest (55,036) (71,826) (12,512)
Net interest payable (65,589) (72,534) (150,194)
Loss on ordinary activities before and after
taxation and dividends 2 & 3 (120,625) (144,360) (162,706)
________ ______ ________
Loss per share
Basic and Diluted 4 (5.9)p. (7.2)p. (8.0)p.
________ ______ ________
Consolidated balance sheet
at 31 March 2005
31.03.2005 31.03.2004 30.09.2004
Unaudited Unaudited Audited
# # #
Fixed Assets
Intangible assets 391,570 417,082 404,269
Tangible assets 4,156,723 4,361,608 4,151,163
4,548,293 4,778,690 4,555,432
Current Assets
Stock 3,341 4,335 3,097
Debtors 360,633 195,269 430,780
Cash at bank and in hand 236,391 443,544 577,541
600,365 643,148 1,011,418
Creditors: amounts falling due within one (861,693) (641,455) (1,137,760)
year
Net current (liabilities)/assets (261,328) 1,693 (126,342)
Total assets less current liabilities 4,286,965 4,780,383 4,429,090
Creditors: amounts falling due after one year (1,955,000) (2,403,682) (2,005,000)
Net assets 2,331,965 2,376,701 2,424,090
________ ________ ________
Capital and reserves
Called up share capital 1,556,780 1,534,280 1,534,280
Share premium account 356,454 350,454 350,454
Revaluation reserve 466,459 509,583 466,459
Profit and loss account (47,728) (17,616) 72,897
Equity shareholders' funds 2,331,965 2,376,701 2,424,090
________ ________ ________
Consolidated statement of total recognised gains and losses
for the six months ended 31 March 2005
Six months Six months Year
ended ended ended
31.03.2005 31.03.2004 30.09.2004
Unaudited Unaudited Audited
# # #
Group loss on ordinary activities after taxation (120,625) (144,360) (162,706)
Net revaluation surplus on fixed assets credited to
revaluation reserve - - 65,735
Total recognised gains and losses for the period (120,625) (144,360) (96,971)
______ ______ ______
Note of historical cost profits and losses
for the six months ended 31 March 2005
Six months Six months Year
ended ended ended
31.03.2005 31.03.2004 30.09.2004
Unaudited Unaudited Audited
# # #
Reported loss on ordinary activities before taxation (120,625) (144,360) (162,706)
Realisation of property revaluation surpluses recorded
in prior years - 120,675 229,534
Historical cost (loss)/profit on ordinary activities
before taxation (120,625) (23,685) 66,828
______ ______ ______
Historical cost (loss)/profit transferred to reserves
after taxation and dividends (120,625) (23,685) 66,828
______ ______ ______
Notes
1. Basis of consolidation and accounting policies
The interim results of the Group for the six months ended 31st March 2005
incorporate the results of the Company and its subsidiary undertakings for
the period then ended. The results have been prepared on the basis of the
accounting policies adopted in the accounts of the Group for the year ended
30th September 2004, consistently applied in all material respects.
2. Taxation
No liability to corporation tax arises on the results for the current or
previous periods.
3. Dividends
No interim dividend is proposed.
4. Earnings per share
The calculation of earnings per share has been based on the loss
attributable to Ordinary shareholders of #120,625 (31.03.04: #144,360) and
based on the weighted average number of Ordinary shares in issue during the
period of 2,049,497 (31.03.04: 2,015,760).
5. Financial information
The financial information above does not constitute full accounts within
the meaning of section 240 Companies Act 1985 as amended ("the Act"). Full
accounts for the year ended 30 September 2004, on which the auditors
reported on without qualification and which contained no statement under
Section 237 (2) or (3) of the Act, have been delivered to the Registrar of
Companies.
6. Accounts and interim announcement
Copies of the Interim Report are being sent to all shareholders and will be
available to the public free of charge from the office of the Company
Secretary at 90 Babbacombe Road, Bromley, Kent BR1 3LS for at least one
month.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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