RNS Number:1704Y
Hurlingham PLC
12 June 2007
HURLINGHAM Plc
Interim Results
Six Months ended 31 March 2007
Chairman's Statement
I am pleased to present the half-year accounts for the six months ended 31st
March 2007.
Results
Following the sale of the Group's residential properties and the winding down of
the companies comprising the travel division, which I referred to in my
statement accompanying the full year results to 30th September 2006, Group
turnover for the half year to 31st March 2007 declined to #490,230 (2006:
#3,638,387). Within this is turnover from continuing operations of #487,315
showing a slight increase over the figure of #474,413 in 2006.
The majority of the Group turnover represents the trading results of Bettagrade
Ltd., the Group's hotel company, which continued to trade in line with previous
years.
Reflecting this discontinuance, the Group loss for the period has been greatly
reduced to #138,391 from #725,757 in 2006.
Strategy
The Board is actively seeking new business opportunities which can create
shareholder value in the future and is currently in the early stages of
discussions which may achieve this.
Dividend
The Board does not recommend the payment of a dividend at the interim stage.
Charles Llewellyn
Chairman
12 June 2007
Registered Office:
90 Babbacombe Road
Bromley
Kent BR1 3LS
Consolidated profit and loss account
for the six months ended 31 March 2007
Six Six months Year
months ended ended
ended 31.03.2006 30.09.2006
31.03.2007 Unaudited Audited
Unaudited restated
Notes # # #
Turnover:
Continuing operations 487,315 475,413 1,134,613
Discontinued operations 2,915 3,162,974 3,479,649
Group turnover 490,230 3,638,387 4,614,262
Cost of sales (205,195) (3,625,408) (4,191,787)
Gross profit 285,035 12,979 422,475
Administrative expenses (332,220) (490,170) (973,363)
Operating (loss)/profit:
Continuing operations (39,273) (25,830) 67,132
Discontinued operations (7,912) (451,361) (618,020)
Profit on disposal of fixed assets - - 7,145
Exceptional item:
Restructuring costs on closure of travel - (145,848) -
division
Loss on ordinary activities before interest (47,185) (623,039) (543,743)
Net interest payable and similar charges (91,206) (102,718) (223,040)
Loss on ordinary activities before and after
taxation transferred to reserves
2 & 3 (138,391) (725,757) (766,783)
______ ________ ________
Loss per share expressed in pence per share 4
Basic (6.6)p (34.5)p (36.4)p
Diluted (6.6)p (34.5)p (36.4)p
_____ _____ _____
Loss per share from continuing operations
expressed in pence per share
Basic (6.2)p (6.2)p (9.1)p
Diluted (6.2)p (6.2)p (9.1)p
_____ _____ _____
The comparative results for the year ended 30 September 2006 have been restated
to reflect the discontinuance of certain operations since that year end. These
adjustments have no affect on the overall results for any of the periods above.
Consolidated balance sheet
at 31 March 2007
At 31.03.2007 At 31.03.2006 At 30.09.2006
Unaudited Unaudited Audited
# # #
Fixed assets
Tangible assets 4,553,201 5,182,634 4,562,390
________ ________ ________
Current assets
Stock 3,004 2,947 3,005
Debtors 16,373 251,807 63,579
Cash at bank and in hand 113,405 191,985 126,658
132,782 446,739 193,242
Creditors: amounts falling due within one year
(901,741) (1,589,942) (762,999)
Net current liabilities (768,959) (1,143,203) (569,757)
Total assets less current liabilities 3,784,242 4,039,431 3,992,633
Creditors: amounts falling due after one year
(1,695,000) (1,820,000) (1,765,000)
Net assets 2,089,242 2,219,431 2,227,633
________ ________ ________
Capital and reserves
Called up share capital 1,579,280 1,579,280 1,579,280
Share premium account 362,454 362,454 362,454
Revaluation reserve 1,293,477 1,599,155 1,293,477
Profit and loss account (1,145,969) (1,321,458) (1,007,578)
Equity shareholders' funds 2,089,242 2,219,431 2,227,633
________ ________ ________
Consolidated statement of total recognised gains and losses
for the six months ended 31 March 2007
Six months Six months Year
ended ended ended
31.03.2007 31.03.2006 30.09.2006
Unaudited Unaudited Audited
# # #
Group loss on ordinary activities after taxation (138,391) (725,757) (766,783)
Revaluation surplus on fixed assets credited to
revaluation reserve
- - 49,228
Total recognised gains and losses for the period (138,391) (725,757) (717,555)
______ ______ ________
Notes
1. Basis of consolidation and accounting policies
The interim results of the Group for the six months ended 31st March 2007
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 2006, 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 #138,391 (31.03.06: #725,757) and on the weighted
average number of Ordinary shares in issue during the period 2,105,706
(31.03.06: 2,105,706).
5. Post balance sheet events
On 4 June 2007 the parent company effected an exchange of contracts for the sale
of its office premises for #100,000. This disposal will be reflected in the
accounts for the full year to 30 September 2007.
6. 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 2006, 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.
7. Accounts and interim announcement
Copies of this Interim Report will be sent to all shareholders in June 2007.
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 .
This information is provided by RNS
The company news service from the London Stock Exchange
END
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