TIDMUSG
RNS Number : 7082N
Ultimate Sports Group PLC
26 September 2019
Ultimate Sports Group PLC
("USG" or the "Company")
26 September 2019
Interim Results
Ultimate Sports Group plc ("USG" or the "Company"), the AIM
listed investment company, is pleased to announce its interim
results for the six months ended 30 June 2019.
CHAIRMAN'S STATEMENT AND CHIEF EXECUTIVE'S REVIEW
For the six months ended 30 June 2019 we are reporting a total
comprehensive loss of GBP15,258 (30 June 2018: loss GBP45,552).
USG's cash balances as at 30 June 2019 were GBP440,233, falling
GBP95,096 during the period (31 December 2018: GBP535,329) mainly
due to an increase in trade receivables of GBP163,340, offset in
part by a GBP75,092 increase in trade payables.
The directors are not recommending the payment of a
dividend.
FUNDRAISE
Subsequent to the half year end, we reported on 15 July 2019,
that the Company had raised GBP290,000 (before legal expenses) by
the issue of 2,000,000 new shares at 14.5p per share.
SUBSTANTIAL SHAREHOLDERS
The Company continues to welcome the involvement of Mr. Richard
Bernstein as a strategic shareholder following the fundraising
announced in February 2018 and appreciates the additional
confidence he has shown in the Company as reflected by recent
purchases in the open market that increased his shareholding from
27.02% to 29.82% of the total issued share capital of the
Company.
APPOINTMENT OF A NEW CHIEF EXECUTIVE
The Company was also pleased to announce the appointment of
Matthew Farnum-Schneider as Chief Executive Officer effective from
1 August 2019. The Board considers that his appointment will
spearhead the corporate development of the Group.
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 GBP62,533 for the six
months ended 30 June 2019 (30 June 2018: GBP43,913).
SPORT IN SCHOOLS LIMITED ("SSL")
SSL increased turnover in the period by 18% to GBP943,392 (30
June 2018: GBP800,705). The increase is attributable to business
expansion. This increased turnover resulted in an improved profit
margin due to operational gearing and a divisional 41% increase in
profit to GBP113,130 (30 June 2018: GBP80,059).
CORPORATE GOVERNANCE CODE
In accordance with the AIM Rules regarding corporate governance
our website reflects our compliance with (and explains any
departures from) the guidance set out in the QCA Corporate
Governance Code.
PROSPECTS
As outlined in the Report and Accounts for the year ended 31
December 2018, we continue to pursue, from a firm financial base, a
strategy of developing SSL and to carefully appraise any and all
acquisition opportunities, including those proposed by Mr.
Bernstein. Led by Matthew Farnum-Schneider, the Board is currently
reviewing a number of acquisition opportunities operating in high
growth markets. These opportunities are at various stages of
discussion and there is no guarantee that they will result in a
transaction. The Company will provide further updates as and when
appropriate.
R.L. Owen (Chairman) 25 September 2019
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 30 ended 30 31 December
June 2019 June 2018 2018
GBP GBP GBP
Revenues 943,433 800,836 1,547,006
Cost of revenues (464,540) (385,274) (725,638)
478,893 415,562 821,368
Administrative expenses (494,734) (461,285) (965,943)
Operating loss (15,841) (45,723) (144,575)
Finance income 583 171 718
Finance costs - - (628)
Loss before taxation (15,258) (45,552) (144,485)
Taxation - - -
-----------
Loss after taxation (15,258) (45,552) (144,485)
=========== =========== =============
Attributable to:
Owners of the company (24,091) (51,755) (149,121)
Non- controlling interests 8,833 6,203 4,636
---------- ---------- ----------
(15,258) (45,552) (144,485)
========== ========== ==========
Total comprehensive loss attributable
to:
Owners of the company (24,091) (51,755) (149,121)
Non- controlling interests 8,833 6,203 4,636
---------- ---------- ----------
(15,258) (45,552) (144,485)
---------- ---------- ----------
Basic and diluted total comprehensive
loss per share (0.0007)p (0.0018)p (0.0051p)
========== ========== ==========
Unaudited Unaudited Audited
as at 30 as at 30 As at 31
June June December
2019 2018 2018
GBP GBP GBP
Non- current assets
Goodwill and patents 59,954 60,054 59,954
Property, Plant and equipment 89,158 13,713 13,168
Total non-current assets 149,112 73,767 73,122
------------ ------------ ------------
Current assets
Trade and other receivables 253,100 205,684 89,760
Cash and cash equivalents 440,233 479,722 535,329
------------ ------------ ------------
Total current assets 693,333 685,406 625,089
------------ ------------ ------------
Total assets 842,445 759,173 698,211
Current liabilities
Trade and other payables 325,871 218,397 239,911
Borrowings - 1,000 -
------------ ------------ ------------
Total current liabilities 325,871 219,397 239,911
Non-current liabilities
Trade and other payables 65,208 - -
------------ ------------ ------------
Total liabilities 391,079 219,397 239,911
------------ ------------ ------------
Net assets 451,366 539,776 458,300
============ ============
Equity
Share capital 2,388,664 2,388,664 2,388,664
Share premium 782,031 775,374 782,031
Merger reserve 325,584 325,584 325,584
Retained earnings (2,994,883) (2,892,550) (2,979,116)
Equity attributable to owners of the
company 501,396 597,072 517,163
Non-controlling interest (50,030) (57,296) (58,863)
Total Equity 451,366 539,776 458,300
============ ============ ============
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
GBP GBP GBP
Total equity at the beginning
of period/year 458,300 95,908 95,908
Issue of shares - 489,420 537,500
Share issue costs - - (41,423)
Share based payments 5,400 - 10,800
Loss for the period/year (15,258) (45,552) (144,485)
Impact of change in accounting
policy 2,924 - -
At end of period/year 451,366 539,776 458,300
=========== =========== =============
Six months Six months Year ended
ended ended 31 December
30 June 2019 30 June 2018 2018
GBP GBP GBP
Cash flow from all activities:
Loss before taxation (15,258) (45,552) (144,485)
Adjustments for:
Depreciation and amortisation 4,105 3,557 7,607
Finance income (583) (171) (718)
Finance costs - - 628
Share based payments 5,400 - 10,800
Loss on disposed tangible assets - - 1
Operating cash flow before working
capital movements (6,336) (42,166) (126,167)
Increase in receivables (163,340) (136,703) (20,779)
Increase in payables 75,092 44,736 66,250
Net cash absorbed by operations (94,584) (134,133) (80,696)
--------------
Cash flow from Investing activities
Property, plant and equipment acquired (1,095) (4,347) (7,753)
Finance income 583 171 718
Net cash used in investing activities (512) (4,176) (7,035)
-------------- -------------- -------------
Financing activities
Proceeds from share issues - 489,420 496,077
Finance costs - - (628)
Repayment of borrowings - (1,000) (2,000)
Net cash from financing activities - 488,420 493,449
-------------- -------------- -------------
Net (decrease)/increase in cash and
cash equivalents (95,096) 350,111 405,718
Cash and cash equivalents and bank
overdraft at the beginning of the
period/year 535,329 129,611 129,611
Cash and cash equivalents at the
end of the period/year 440,233 479,722 535,329
============== ============== =============
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 2019
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 2018
has been extracted from the statutory accounts. The auditors'
report on those statutory accounts was unqualified and did not
contain a statement under Section 498(2) or (3) 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 ("IFRS") using the same accounting
policies and methods of computation as were used in the annual
financial statements for the year ended 31 December 2018 with
exception of the application of new accounting standards. As
permitted, the interim report has been prepared in accordance with
the AIM rules for companies but is not compliant in all respects
with IAS34 'Interim Financial Statements'.
In the current financial year, the Group has adopted IFRS 16
Leases which has resulted in the Group recognising a right-of-use
asset and lease liability for all contracts that are or contain a
lease. The Group has applied the modified retrospective adoption
method, with no restatement of prior year comparatives. Full
disclosure of the accounting policy in respect of IFRS 16 will be
made in the consolidated annual financial statements of the Group
for the year ending 31 December 2019. The impact of the adoption of
IFRS 16 has resulted in an increase in opening tangible fixed
assets of GBP79,000, offset by an increase in opening liabilities
of GBP79,000, due to the recognition of the lease assets and
liabilities.
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 25 September
2019.
2. Business segment analysis
Six months ended 30 June
2019
Sports and Social
leisure media website Consolidated
Results from operations GBP GBP GBP
Revenue 943,392 41 943,433
=========== =============== =============
Segment operating profit/(loss) 113,130 (12,493) 100,637
=========== ===============
Group operating expenses (116,478)
-------------
Operating loss (15,841)
Finance income 583
-------------
Loss before tax from all
activities (15,258)
Taxation -
-------------
Operating loss after tax (15,258)
=============
Six months ended 30 June
2018
Sports and Social
leisure media website Consolidated
Results from operations 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 all
activities (45,552)
=============
Year Ended 31 December
2018
Sports and Social
leisure media website Consolidated
Results from operations GBP GBP GBP
Revenue 1,546,733 273 1,547,006
=========== =============== =============
Segment operating profit/(loss) 100,754 (32,399) 68,355
=========== ===============
Group operating expenses (212,930)
Operating loss (144,575)
Finance revenues 718
Finance costs (628)
Loss before tax from all
activities (144,485)
=============
3. Basic and diluted loss per share
Comprehensive loss per share for the six months period ended 30
June 2019 has been calculated on the comprehensive loss
attributable to owners of the company of GBP24,091 and on the
weighted average number of shares in issue during the period of
33,561,639.
Comprehensive loss per share for the six months 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 year ended 31 December 2018
has been calculated on the comprehensive loss attributable to
owners of the company of GBP149,121 and on the weighted average
number of shares in issue during the year of 29,174,996.
For the six month period ended 30 June 2019, six month period
ended 30 June 2018 and for the year ended 31 December 2018, 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.
* *S * *
For further information, please visit www.ultimatesportsgroup.me
or contact:
Ultimate Sports Group PLC
Richard Owen (Executive Chairman) +44 (0)7721 613613
St Brides (Financial PR)
Catherine Leftley, Gaby Jenner +44 (0)20 7236 1177
Cantor Fitzgerald Europe (Nomad and Broker)
David Foreman +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
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