RNS Number:2377E
Hurlingham PLC
08 June 2006
HURLINGHAM Plc
Interim Results
Six Months ended 31 March 2006
Chairman's Statement
I am pleased to present the half-year accounts for the six months ended 31st
March 2006.
Results
In my statement accompanying the results for the year to 30th September 2005, I
reported that the Group had continued to make losses in the first half of the
current year and the Board had therefore decided to dispose of or close its
travel division. The operating loss in this division for the six months to 31st
March 2006 was #451,000 (2005: #46,000) and exceptional costs incurred on
closure of the division were #146,000. Taken with the loss of #26,000 (2005:
#9,000) from continuing operations of the Group's hotel and residential
properties and net interest payable of #103,000 (2005: #66,000) the Group loss
for the period was #726,000 (2005: #121,000). After making provision for these
losses, equity shareholders funds were #2,219,000 at 31st March 2006.
Strategy
The losses incurred by the travel division have increased Group borrowings to a
level which it cannot support from existing operations. The Board therefore
decided to sell the Group's residential properties and these properties are
currently under offer at a price in excess of carrying value. The Board further
considers that the Group is unable to support its costs and generate significant
shareholder returns from a single hotel and therefore proposes, subject to
shareholder consent, to sell the Group's hotel in Perth. Thereafter and once
the Group is in a stronger financial position, the Board will seek to acquire a
new business or to merge with another operation which is capable of delivering
improved shareholder value in the years ahead.
Dividend
In light of the losses sustained, the Group is not in a position to pay a
dividend at the interim stage. However, the Board will review the position
later in the year once the planned disposals have been completed.
Charles Llewellyn
Chairman
8 June 2006
Registered Office:
90 Babbacombe Road
Bromley
Kent BR1 3LS
Consolidated profit and loss account
for the six months ended 31 March 2006
Six months Six months Year
ended ended ended
31.03.2006 31.03.2005 30.09.2005
Unaudited Unaudited Audited
Notes # # #
Turnover:
Continuing operations 475,413 473,336 1,120,384
Discontinued operations 3,162,974 3,133,639 7,220,221
________ ________ ________
Group turnover 3,638,387 3,606,975 8,340,605
________ ________ ________
Cost of sales before goodwill amortisation (3,625,408) (3,150,456) (7,411,542)
Goodwill amortisation - (12,699) (25,398)
Exceptional item:
Provision for impairment of intangible fixed assets - - (378,871)
________ ________ ________
Cost of sales (3,625,408) (3,163,155) (7,815,811)
________ ________ ________
Gross profit 12,979 443,820 524,794
Administrative expenses (490,170) (498,856) (1,060,734)
________ ________ ________
Operating (loss)/profit:
Continuing operations (25,830) (8,744) 118,698
Discontinued operations (451,361) (46,292) (654,638)
Exceptional item:
Restructuring costs on closure of travel division (145,848) - -
________ ________ ________
Loss on ordinary activities before interest (623,039) (55,036) (535,940)
Net interest payable (102,718) (65,589) (132,658)
________ ________ ________
Loss on ordinary activities before and after
taxation transferred to reserves
2 & 3 (725,757) (120,625) (668,598)
________ ________ ________
Loss per share 4
Basic (34.5)p (5.9)p (32.2)p
Diluted (34.5)p (5.9)p (32.1)p
______ _____ ______
Consolidated balance sheet
at 31 March 2006
At 31.03.2006 At 31.03.2005 At 30.09.2005
Unaudited Unaudited Audited
# # #
Fixed assets
Intangible assets - 391,570 -
Tangible assets 5,182,634 4,156,723 5,254,838
________ ________ ________
5,182,634 4,548,293 5,254,838
________ ________ ________
Current assets
Stock 2,947 3,341 2,602
Debtors 251,807 360,633 468,948
Cash at bank and in hand 191,985 236,391 291,313
________ ________ ________
446,739 600,365 762,863
Creditors: amounts falling due within one year (1,589,942) (861,693) (1,187,513)
________ ________ ________
Net current liabilities (1,143,203) (261,328) (424,650)
________ ________ ________
Total assets less current liabilities 4,039,431 4,286,965 4,830,188
Creditors: amounts falling due after one year (1,820,000) (1,955,000) (1,885,000)
________ ________ ________
Net assets 2,219,431 2,331,965 2,945,188
________ ________ ________
Capital and reserves
Called up share capital 1,579,280 1,556,780 1,579,280
Share premium account 362,454 356,454 362,454
Revaluation reserve 1,599,155 466,459 1,599,155
Profit and loss account (1,321,458) (47,728) (595,701)
________ ________ ________
Equity shareholders' funds 2,219,431 2,331,965 2,945,188
________ ________ ________
Consolidated statement of total recognised gains and losses
for the six months ended 31 March 2006
Six months Six months Year
ended ended ended
31.03.2006 31.03.2005 30.09.2005
Unaudited Unaudited Audited
# # #
Group loss on ordinary activities after taxation (725,757) (120,625) (668,598)
Net revaluation surplus on fixed assets credited to
revaluation reserve - - 1,132,696
________ ________ ________
Total recognised gains and losses for the period (725,757) (120,625) 464,098
______ ______ ________
Notes
1. Basis of consolidation and accounting policies
The interim results of the Group for the six months ended 31st March 2006
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 2005, 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 is based on the loss attributable to
Ordinary shareholders of #725,757 (31.03.05: #120,625) and based on the
weighted average number of Ordinary shares in issue during the period of
2,105,706 (31.03.05: 2,049,497).
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 2005, on which the auditors
reported 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 this Interim Report are being sent to all shareholders on 8 June
2006. The audited accounts of Hurlingham plc, together with further copies
of this Interim Report are available from the office of the Company
Secretary at 90 Babbacombe Road, Bromley, Kent BR1 3LS for one month from
the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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