Sportsworld Media - Interim Results
March 06 2000 - 4:28AM
UK Regulatory
RNS Number:7084G
Sportsworld Media Group PLC
6 March 2000
SPORTSWORLD MEDIA GROUP PLC ("Sportsworld" or "the Company")
Unaudited Interim Results for the 6 Months ended 31 December 1999
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 31 December 1999
31 December 31 December
1999 1998
-------------------------------------------------
Continuing
Operations Acquisitions Total
6 months 6 months 6 months 6 months
to 31 to 31 to 31 to 31
December December '99 December December
'99 '99 '99
#'000 #'000 #'000 #'000
TURNOVER 3,707 254 3,961 1,954
Cost of sales (1,654) (41) (1,695) (1,068)
------------------------------------------------
2,053 213 2,266 886
OPERATING EXPENSES
Amortisation of (517) 0 (517) 0
goodwill
Other operating (2,049) (298) (2,347) (742)
expenses
OPERATING (513) (85) (598) 144
PROFIT/(LOSS)
========================
EXCEPTIONAL ITEMS
Profit on sale of
fixed
asset investment 1,073 0
Profit/(loss) on ordinary activities before 475 144
interest
Net interest receivable/(payable) (6) 41
Profit/(loss) on ordinary activities before 469 185
taxation
Taxation 0 0
Equity minority interest 166 0
Retained profit/(loss) for the period 635 185
EARNINGS/(LOSS) PER SHARE
Standard 1.7p 1.9p
Before amortisation of goodwill 3.0p 1.9p
DILUTED EARNINGS/(LOSS) PER SHARE
Standard 1.6p 1.9p
Before amortisation of goodwill 2.9p 1.9p
30 June 1999
------------------------------------------
Continuing
Operations Acquisitions Total
14 months 14 months 14 months
to 30 June 99 to 30 June 99 to 30 June
99
#'000 #'000 #'000
TURNOVER 2,739 2,827 5,566
Cost of sales (1,521) (1,077) (2,598)
------------------------------------------
1,218 1,750 2,968
OPERATING EXPENSES
Amortisation of goodwill (446) 0 (446)
Other operating expenses (1,198) (802) (2,000)
OPERATING PROFIT/(LOSS) (426) (948) (522)
==============================
EXCEPTIONAL ITEMS
Profit on sale of fixed 737
asset investment
----------
Profit/(loss) on ordinary activities before interest 1,259
Net interest receivable/(payable 85
Profit/(loss) on ordinary activities before taxation 1,344
Taxation 0
Equity minority interest (25)
Retained profit/(loss) for the period 1,319
EARNINGS/(LOSS) PER SHARE
Standard 6.6p
Before amortisation of goodwill 8.9p
DILUTED EARNINGS/(LOSS) PER SHARE
Standard 6.5p
Before amortisation of goodwill 8.7p
UNAUDITED CONSOLIDATED BALANCE SHEET
as at 31 December 1999
31 December 1999 31 December 1998 30 June 1999
#'000 #'000 #'000 #'000 #'000 #'000
FIXED ASSETS
Intangible 44,733 15,943 19,439
assets
Tangible assets 4,879 2,003 2,598
Investments 283 214 552
------ ------ ------
49,895 18,160 22,589
CURRENT ASSETS
Stocks 212 58 234
Debtors 8,472 5,891 4,244
Cash at bank and 21,046 1,956 1,378
in hand
------- ------ -----
29,730 7,905 5,856
CREDITORS:
amounts falling
due within one
year
Bank overdraft 0 0
Other (6,440) (4,478) (3,359)
NET CURRENT 23,290 3,427 2,497
ASSETS/(LIABILITES)
------ ------ ------
TOTAL ASSETS 73,185 21,587 25,086
LESS CURRENT
LIABILITIES
CREDITORS: (1,567) (537) (69)
amounts falling
due after one year
Provisions for (893) (750) (542)
liabilities
and charges ------- ------ ------
(70,725 20,300 24,475
====== ====== ======
CAPITAL AND
RESERVES
Called up share capital 542 341 375
Called up share capital - 0 3,020 0
non equity
Share premium 36,735 2,263 4,920
Merger reserve 31,123 17,012 17,180
Special reserve 470 0 470
Profit and loss 2,237 (2,336) 1,693
account
------- ------- ------
SHAREHOLDERS FUNDS 71,107 20,300 24,638
Minority Interest (382) 0 (163)
------- ------- ------
Attributable to Equity (70,725) 20,300 24,475
Shareholders
======== ======= ======
UNAUDITED CONSOLIDATED CASHFLOW STATEMENT
for the six months ended 31 December 1999
14
months
6 months to 31 6 months to to 30
December 1999 31 December 1998 June 1999
#'000 #'000 #'000 #'000 #'000
Net cash outflow from (1,611) (403) (603)
operating activities
RETURNS ON INVESTMENT
AND SERVICING OF
FINANCE
Interest received 0 46 72
Interest paid (17) 0 (14)
Finance lease interest (8) (5) (5)
paid
Dividend received from 0 0 32
other investments
-------------------------------------------
(25) 41 85
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Purchase of tangible (1,697) (33) (1,101)
assets
Sale of tangible fixed 0 10 10
assets
-------------------------------------------
(1,697) (23) (1.091)
ACQUISITIONS AND
DISPOSALS
Sale of businesses and 0 0 0
subsidiary undertakings
Purchase of subsidiary (10,478) (781) (2,074)
undertakings
Net cash on purchase of 485 90 185
subsidiary undertakings
Sale of fixed asset 1,312 0 837
investments
Purchase of fixed asset 0 0 (413)
investments
------- ------ ------
(8,681) (691) (1,465)
------- ------
Cash (outflow)/inflow (12,014) (1,076) (3,074)
before financing
FINANCING
Capital element of
finance
Lease rentals (12) (74) (99)
Issue of shares 31,694 2,293 3,824
Share issue costs 0 0 (130)
------- ------- ------
Net cash 31,682 2,219 3,595
inflow/(outflow) from
financing
------- ------- -------
Increase in cash in the 19,668 1,143 521
period
------- ------- -------
UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 December 1999
6 months 6 months 14 months
to 31 to 31 to 30
December December 1998 June 1999
1999
#'000 #'000 #'000
Profit/(loss) for the 635 185 1,319
financial
period
Currency differences on 54 0 145
foreign
currency ----------------------------------------
Total recognised gains 689 185 1,464
and losses
relating to the period
Prior year adjustments 0 0 200
----------------------------------------
Total gains and losses 689 185 1,664
recognised
since the last financial
statements ----------------------------------------
Notes
1. EARNINGS/(LOSSES) PER SHARE
Earnings per share are calculated on profits of #635,000 (December 1998:
profits of #185,000) using the weighted average number of ordinary shares in
issue in the period of 38,502,937 (1998: 9,521,582)
2. STATUTORY
The interim financial statements have been prepared on a basis consistent with
the accounting policies disclosed in the Annual Report for the period ended 30
June 1999.
The financial information set out above is unaudited and does not form
statutory accounts for the purpose of section 240 of the Companies Act 1985.
The figures for the period ended 30 June 1999 have been extracted from the
Group's accounts for that period which have been filed with the Registrar of
Companies and which contain an unqualified audit report and which do not
contain any statement under section 237(2) or (3) of the Companies Act 1985.
END
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