TIDMWFC
RNS Number : 1648C
Watford Leisure PLC
09 November 2009
Watford Leisure PLC
("Watford Leisure" or the "Company")
Final Results for the year ended 30 June 2009
Chairman's Statement
On behalf of the Board of Directors, I am pleased to present the Annual Report
and Financial Statements of Watford Leisure PLC for the year ended 30 June 2009.
There have been many changes over the year involving the Board, the control of
finance, the business ethic, the playing staff and administrative function.
As you are aware, Graham Simpson resigned at the EGM in December 2008 followed
immediately by Mark Ashton. Andrew Wilson agreed to act as interim Chairman and
he appointed Julian Winter as Chief Executive Officer and Director. In January
2009, I and my brother Vince were appointed to the Board as non-executive
Directors together with Stuart Timperley, who was no stranger to the Club having
previously served as Chairman, and Graham Taylor, who is a legend at Watford and
well known to everyone concerned with the Football Club.
In February, Andrew Wilson resigned as interim Chairman and Director of the
company. In March, David Fransen and Robin Williams were appointed to the Board
as non-executive Directors completing the formation of the new Board. I offered
myself as Executive Chairman with my brother as Executive Vice Chairman and the
Board approved. We now have a wealth of talent and expertise with which to move
forward.
We have faced challenging times, most of which have centred around the financial
situation which we inherited. It has been necessary for the Company to rely, at
times, on the generosity of lenders, including myself and my brother Vince, to
provide funds by way of loans to enable us to meet our obligations. Whilst this
is a short term solution, we have all accepted the need to identify a longer
term solution and at the time of writing this report, discussions are ongoing.
The Board expects that approximately GBP6.5 million of funding will be required
to make up the shortfall to 30 June 2010.
It has been necessary to take a long hard look at the manner in which the
business was operating and it soon became clear that there were many areas where
savings could be made and it is to the credit of all involved that real progress
has been achieved and our efforts are ongoing.
It is the Board's aim to achieve an equalised budget by the end of June 2011 as
we are firmly of the view that you cannot spend what you do not have. To do so
is fraught with problems as has often been proved in the past.
We were delighted with the performance of the team to secure our position in the
Championship. It is never easy to change Manager mid-season but the arrival of
Brendan Rogers to steer us through to safety proved to be the right decision.
His subsequent departure to Reading FC, after such a short period with us, was
not anticipated but these things happen and we have to move on. Malky Mackay,
who acted as Interim Manager prior to Brendan Rodger's appointment, was a
natural choice and one that we are certain will prove to be the right one.
Financial Overview
Whilst we seem to be trading on the same basis as all football clubs, I would
prefer that the business should have no debt and should be building up a
reserve. With the financial world in turmoil over the last 18 months this has
been a big wake up call for all football clubs, who now know that their banks
are not as accommodating as they were before the collapse of the financial
world. Nevertheless, we are working to a plan which will enable us to trade
within our financial means but we also need to be aware that for us to encourage
players to join us they will expect to be paid at the right level of
remuneration in the Championship. Thus, this will mean that year on year we will
have to generate revenue from player sales in order to meet the financial
requirements of the business.
The key financial and performance indicators are as follows:
+----------------------------------------+-------------+----------+--+----------+
| | | 2009 | | 2008 |
| | | GBP000 | | GBP000 |
+----------------------------------------+-------------+----------+--+----------+
| | | | | |
+----------------------------------------+-------------+----------+--+----------+
| Revenue | | 23,079 | | 22,363 |
+----------------------------------------+-------------+----------+--+----------+
| Cost of sales | | (19,792) | | (21,908) |
+----------------------------------------+-------------+----------+--+----------+
| Administrative expenses | | (5,348) | | (6,180) |
+----------------------------------------+-------------+----------+--+----------+
| Other operating income | | 1,115 | | 578 |
+----------------------------------------+-------------+----------+--+----------+
| | | | | |
+----------------------------------------+-------------+----------+--+----------+
| | | | | |
+----------------------------------------+-------------+----------+--+----------+
| Operating loss before interest, player | | | | |
| trading, amortisation and exceptional | | (946) | | (5,147) |
| items | | | | |
+----------------------------------------+-------------+----------+--+----------+
| | | | | |
+----------------------------------------+-------------+----------+--+----------+
| | | | | |
+----------------------------------------+-------------+----------+--+----------+
| (Loss)/profit before taxation | | (1,987) | | 426 |
+----------------------------------------+-------------+----------+--+----------+
| Cash (absorbed by)/generated from | | (1,994) | | (5,701) |
| operations | | | | |
+----------------------------------------+-------------+----------+--+----------+
| Wages to revenue ratio | | 68% | | 79% |
+----------------------------------------+-------------+----------+--+----------+
| League position | | 13th | | 6th |
+----------------------------------------+-------------+----------+--+----------+
The financial year saw an increase in revenue of GBP716,000. The increase
includes GBP1,550,000 of loan fee income and increased cup match income of
GBP275,000 from the previous year. These increases were offset by reduced
commercial revenues of GBP835,000, including reductions in ticketing, retail,
corporate sponsorships, hospitality and advertising. Televised match income
reduced by GBP210,000 to GBP70,000 with only one home and one away televised
fixture. The combined income generated by the Premier League parachute and
Football League income also dropped from GBP13,550,000 to GBP13,475,000 (of
which GBP12,300,000 relates to Premier League parachute income).
Cost of sales and administrative expenses show a reduction of GBP2,948,000 of
which GBP2,152,000 has been generated by reduced salary costs. Further evidence
of cost reduction measures taken will be evident in the financial statements for
the current financial year as significant work has been undertaken in this area
across both the administrative and playing side of the business. The nature of
football contracts makes it difficult to transition this cost very quickly as
contracts generally cover a two, three or four year period. The summer transfer
window allowed for some movement and with a number of contracts expiring in June
2010 the real evidence of the 'new' player salary model will not be seen until
the 2010/2011 financial statements.
Other operating income includes the rent receivables from the stadium leases to
Saracens Rugby Club and Kier London. Kier London lease the office space at the
Vicarage Road Stadium. They are the construction company involved in the key
worker housing development ongoing at the Stadium. Other income in the year
includes amounts payable as compensation from Reading FC for the employment of
Brendan Rodgers.
Profit on disposal of player registrations includes profit from the sales of D
Shittu, D Henderson and L Williamson and profit from the disposal of the
registration of D Francis (generated through insurance income). Other profit was
generated from appearance, promotion and sell-on clauses from various players
sold in previous years and these amounts have been off-set by the losses on the
disposal of other players' registrations in the year.
Amortisation costs of GBP4,293,000 represent the charge in the year and include
GBP1,500,000 of amortisation relating to N Ellington. In the previous year, the
player's book value had been impaired to a level relative to the known loan
income which was generated. This book value has been fully amortised over the
year long loan.
Football Team
It is imperative that we have a group of players that can more than compete in
the Championship. However, history has shown us that we have been too generous
with players' wages only to find that sometimes these players are no better, and
in fact on certain occasions of a lower standard, than those that we currently
have. The Board is firmly of the belief that the Club can survive in the
Championship with a mixture of seasoned professionals and younger players who,
at this stage of their careers, command lower salaries.
I am really pleased with the way that Malky Mackay has conducted himself and has
won the respect of all of his staff both playing and non playing. He is a true
gentleman and a leader amongst men and whilst our expectations would be success
year on year, we also have to be realistic as to the challenges that he faces.
Indeed, having sold and released some 12 players since Easter he has been
somewhat restricted as to the amounts of money made available to him. He fully
understands his position and was informed at the time of being appointed.
Nevertheless, he chooses to work with a small team of good players and, for
this, we are grateful to him for his endeavours.
We are also grateful for the contribution of John Stephenson. His eye for talent
has already been shown with the recruitment of such players as Cowie, Graham and
Williamson. What is really important is that we are a team and whilst, at times,
we may not agree on everything, the winner will always be "what is right for
Watford Football Club".
Academy
In the last 12 months we have had a real need to progress young talent with such
players as Sordell, Hodson, Bennett, Bryan and Jenkins. Indeed these individuals
have great potential and whilst we cannot play a team entirely made up of
youngsters it is encouraging that we are in a position to bring forward young
footballers who have been dedicated to Watford from a young age. All these young
players have not been fazed whilst appearing alongside mature professionals and
we must remember that their bodies are still growing. Despite the physical
disadvantages, they have performed exceptionally well, which is a real
encouragement for the future.
Regarding The Harefield Academy, the school with which we work in partnership to
deliver a full educational and football development programme for our young
players from the age of eleven, I am delighted with the progress that it is
making and we expect to see the fruits of our investment over the next few
years. We have had to make some financial adjustments but without reducing the
quality of provision at The Harefield Academy.
I would like to extend my sincere thanks to everyone at The Harefield Academy
for their unstinting belief in the programme that has been established at the
school for Watford Football Club's young players. Particular recognition should
be made to the Principal - Lynn Gadd and the Director of Sports - Pat Cottis,
without whose efforts the programme would never have commenced.
In addition I would like to thank all the dedicated coaching and administrative
staff for delivering the Watford FC Academy programme. Their hard work is
proving to be the foundation of the Football Club and we look to greater success
from developing our own talent year on year. The Academy is core to our future
plans and we are all truly excited by its potential.
Stadium Development
A golden opportunity was missed after our promotion to really develop the East
Stand so that we would have a four sided stadium fit for purpose. I will
guarantee that should promotion occur again, money will be set aside to spend on
the rebuild of the East Stand along with making sure that our facilities are of
a high standard, especially for the disabled fans that attend our stadium.
The Red Lion is a project that we are committed to should we find the initial
funding for us to go ahead with the refurbishment. We see this as a wonderful
opportunity to raise revenue and to bring fans who currently use facilities in
the town centre prior to matches, closer to the stadium.
Community Involvement
Community involvement is crucial to a club such as ours. The Watford FC's
Community Sports & Education Trust currently employs 18 full time staff along
with over 60 part time coaching and administrative staff and it allows us to
contribute to all types of activities in the community, such as sports
participation, education, health and social inclusion programmes, which raises
the awareness of the Football Club to the wider community. Indeed, I believe
this was a contributory factor in us selling 10,000 season tickets for the
current season.
I am delighted with the work that has been achieved and would take this
opportunity to thank Chris Norton who is Chairman of the Trust, and his
co-trustees, for their contribution in delivering such a successful model,
together with Rob Smith who heads the day to day operations of the Trust.
The Community Sports & Education Trust, along with our Academy, forms a
fundamental foundation to our business and moving forward will prove to be more
valuable to our Football Club as the club builds upon its traditions as a family
and community club - a tradition and wonderful legacy created by our current non
executive director and former football manager - Graham Taylor. We look forward
with enthusiasm to more great work in our communities as we seek to grow our
business foot print in the future and also to benefit local people and families.
People
Regarding people, unfortunately with the need to reshape the Company there had
to be a reduction in staff. I would like to use this occasion to thank all those
who left the Club due to these reductions. The administrative team was far too
excessive for the Club's needs. I believe we now have a strong team in place and
that we are correctly staffed to cope with the day to day business needs.
We should never lose sight of the invaluable work undertaken at an executive
level and our thanks are extended to Julian Winter, CEO, in particular for his
exceptional commitment since taking office and to all of his team who have given
their total support. Everyone that works for the Football Club should be truly
proud of their contribution in challenging times. As Chairman of the Club and on
behalf of the board I would like to thank every single member of staff for their
commitment and effort, particularly over the last year, as it is their hard work
and expertise that has seen us through a difficult transition as a business and
will serve us well in the future.
Finally, my thanks to our sponsors, customers, and our vociferous supporters who
never let us down. We genuinely appreciate all as without them there would be no
Club.
We look forward to continued progress and success in the year ahead.
Jimmy Russo
Chairman
+------------------------------------+--+-----------+----------+----+-----------+
| Consolidated income statement for the year ended 30 June 2009 |
+-------------------------------------------------------------------------------+
| | | | 2009 | | 2008 |
| | | | GBP'000 | | GBP'000 |
+------------------------------------+--+-----------+----------+----+-----------+
| Continuing Operations | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Revenue | | | 23,079 | | 22,363 |
+------------------------------------+--+-----------+----------+----+-----------+
| Cost of sales | | | (19,792) | | (21,908) |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Gross profit | | | 3,287 | | 455 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Administrative expenses | | | (5,348) | | (6,180) |
+------------------------------------+--+-----------+----------+----+-----------+
| Other operating income | | | 1,115 | | 578 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | (946) | | (5,147) |
+------------------------------------+--+-----------+----------+----+-----------+
| Amortisation and impairment of | | | | | |
| costs of | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| players' registrations | | | (4,293) | | (5,830) |
+------------------------------------+--+-----------+----------+----+-----------+
| Profit on disposal of | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| players' registrations | | | 3,774 | | 7,372 |
+------------------------------------+--+-----------+----------+----+-----------+
| Premium received on grant of | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| long lease | | | - | | 4,558 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Operating (loss) / profit | | | (1,465) | | 953 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Financing income | | | 44 | | 99 |
+------------------------------------+--+-----------+----------+----+-----------+
| Financing costs | | | (566) | | (626) |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| (Loss) / profit before taxation | | | (1,987) | | 426 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Taxation | | | - | | - |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| (Loss) / profit for the year | | | (1,987) | | 426 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Attributable to: | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Equity holders of the parent | | | (1,987) | | 426 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| (Loss) / earnings per 1p share | | | | | |
| (basic and diluted) | | | (4.5p) | | 1.0p |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
+------------------------------------+--+-----------+----------+----+-----------+
| Consolidated balance sheet at 30 June 2009 |
+-------------------------------------------------------------------------------+
| | | | 2009 | | 2008 |
| | | | GBP'000 | | GBP'000 |
+------------------------------------+--+-----------+----------+----+-----------+
| Non-current assets | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Property, plant and equipment | | | 12,880 | | 13,981 |
+------------------------------------+--+-----------+----------+----+-----------+
| Intangible assets | | | 2,218 | | 8,148 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | 15,098 | | 22,129 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Current assets | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Inventories | | | 120 | | 137 |
+------------------------------------+--+-----------+----------+----+-----------+
| Trade and other receivables | | | 2,480 | | 5,051 |
+------------------------------------+--+-----------+----------+----+-----------+
| Cash and cash equivalents | | | 59 | | 2,039 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | 2,659 | | 7,227 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Total assets | | | 17,757 | | 29,356 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Current liabilities | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Interest bearing loans and other | | | 3,587 | | 8,856 |
| borrowings | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Trade and other payables | | | 4,880 | | 6,745 |
+------------------------------------+--+-----------+----------+----+-----------+
| Deferred revenue | | | 2,234 | | 4,751 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | 10,701 | | 20,352 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Non-current liabilities | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Interest bearing loans and other | | | 2,385 | | 1,261 |
| borrowings | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Trade and other payables | | | 589 | | 1,670 |
+------------------------------------+--+-----------+----------+----+-----------+
| Deferred revenue | | | 29 | | 33 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | 3,003 | | 2,964 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Total liabilities | | | 13,704 | | 23,316 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Net assets | | | 4,053 | | 6,040 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Equity | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Capital and reserves | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Called up share capital | | | 439 | | 439 |
+------------------------------------+--+-----------+----------+----+-----------+
| Special reserve | | | 10,409 | | 10,651 |
+------------------------------------+--+-----------+----------+----+-----------+
| Profit and loss account | | | (6,795) | | (5,050) |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Equity attributable to equity holders of the | GBP4,053 | | GBP6,040 |
| parent | | | |
+---------------------------------------------------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
+------------------------------------+--+-----------+----------+----+-----------+
| |
| |
| Consolidated statement of cash flows for the year ended 30 June 2009 |
+-------------------------------------------------------------------------------+
| | | | 2009 | | 2008 |
| | | | GBP'000 | | GBP'000 |
+------------------------------------+--+-----------+----------+----+-----------+
| Operating activities | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| (Loss) / profit before taxation | | | (1,987) | | 426 |
+------------------------------------+--+-----------+----------+----+-----------+
| Amortisation of intangible fixed | | | 4,293 | | 5,830 |
| assets | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Depreciation of property, plant and equipment | 1,340 | | 893 |
+---------------------------------------------------+----------+----+-----------+
| Net profit on disposal of sundry | | | 1 | | 2 |
| fixed assets | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Profit on disposal of players' | | | (3,774) | | (7,372) |
| registrations | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Premium received on grant of long | | | - | | (4,558) |
| lease | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Financing income | | | (44) | | (99) |
+------------------------------------+--+-----------+----------+----+-----------+
| Financing costs | | | 566 | | 626 |
+------------------------------------+--+-----------+----------+----+-----------+
| Decrease in inventories | | | 17 | | 20 |
+------------------------------------+--+-----------+----------+----+-----------+
| Decrease / (increase) in | | | 77 | | (1,193) |
| receivables | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Decrease in payables and deferred | | | (2,483) | | (276) |
| income | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Net cash used in operations | | | (1,994) | | (5,701) |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Purchase of intangible fixed | | | (3,424) | | (6,259) |
| assets | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Purchase of property, plant and | | | (424) | | (4,028) |
| equipment | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Proceeds from sale of intangible | | | 8,538 | | 9,479 |
| fixed assets | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Proceeds from sale of tangible | | | 1 | | 4,558 |
| fixed assets | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Net cash generated by investing | | | 4,691 | | 3,750 |
| activities | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Net cash generated by / (used in) financing | 2,697 | | (1,951) |
| activities | | | |
+---------------------------------------------------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Financing activities | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Advances of debt | | | 4,373 | | 8,500 |
+------------------------------------+--+-----------+----------+----+-----------+
| Repayments of debt | | | (9,133) | | (2,081) |
+------------------------------------+--+-----------+----------+----+-----------+
| Interest received | | | 44 | | 99 |
+------------------------------------+--+-----------+----------+----+-----------+
| Interest paid | | | (576) | | (637) |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Net cash (used in) / generated by financing | (5,292) | | 5,881 |
| activities | | | |
+---------------------------------------------------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Net (decrease) / increase in cash and cash | (2,595) | | 3,930 |
| equivalents | | | |
+---------------------------------------------------+----------+----+-----------+
| Cash and cash equivalents at start | | | 2,039 | | (1,891) |
| of year | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Cash and cash equivalents at end | | | (556) | | 2,039 |
| of year | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Cash and cash equivalents consist | | | | | |
| of: | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Cash and cash equivalents | | | 59 | | 2,039 |
+------------------------------------+--+-----------+----------+----+-----------+
| Bank overdraft | | | (615) | | - |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
| Total | | | (556) | | 2,039 |
+------------------------------------+--+-----------+----------+----+-----------+
| | | | | | |
+------------------------------------+--+-----------+----------+----+-----------+
Notes forming part of the financial information
for the year ended 30 June 2009
1.Status of Financial Information
While the financial information included in this final results announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRS's) as adopted by the European Union and with those parts of the Companies
Act 2006 applicable to companies reporting under IFRS, this announcement does
not itself contain sufficient information to comply with IFRS.
The audited financial information set out above does not constitute the
Company's full financial statements for the year ended 30 June 2009 or 2008, but
is derived from those financial statements, approved by the board of directors.
The auditors' report on the 2009 accounts was unqualified and did not contain
any statement under section 498(2) or (3) of the Companies Act 2006, but did
include an emphasis of matter paragraph relating to going concern. The full
audited financial statements for the year ended 30 June 2009 will be delivered
to the Registrar of Companies and filed at Companies House following the
Company's forthcoming annual general meeting.
The financial information has been prepared in accordance with the going concern
basis of accounting (see note 2b below) taking into consideration the Group's
current and forecast financing position.
2. Accounting policies
Watford Leisure PLC is a company incorporated in the United Kingdom.
The Group financial statements consolidate those of the Company and its
subsidiaries (together referred to as 'the Group').
The accounting policies set out below have, unless otherwise stated, been
applied consistently for the Group to all periods presented in this consolidated
financial information. The financial statements have been prepared under the
historical cost convention.
a)Basis of Consolidation
Subsidiaries are entities controlled by the Group. Control exists where the
Group has the power, directly or indirectly, to govern the financial and
operating policies of an entity so as to obtain benefits from its activities. In
assessing control, potential voting rights that are currently exercisable or
convertible are taken into account. The financial statements of subsidiaries are
included in the Group financial statements from the date that control commences
until the date that control ceases. No minority interests are shown as the Group
has no obligation to fund subsidiary company deficits. Transactions between
Group companies are eliminated on consolidation.
b) Going Concern
The financial statements have been prepared on a going concern basis which the
directors of the company believe to be appropriate for the reasons outlined
below.
The directors acknowledge that the football club, similar to many other
Championship clubs, will be likely to continue making operating losses.
Therefore the group and company remain reliant upon their ability to raise
finance through other means.
The support of the group's directors and shareholders has been evident in the
past and continues to be of significant importance. During the year to 30 June
2009 loans totalling GBP3,355,000 were made available by directors of the group,
and since the year end a further GBP2,415,000 has been made available from the
same source. The loans are repayable within the next two years, however
directors have indicated that they may be extended thereafter, if necessary. In
addition, the bank overdraft facility of GBP1m continues to be made available by
the bank. The group's bankers have indicated that, so long as the group
continues to operate within its financial plan, regular renewal of the facility
will be available.
The group has prepared detailed cash flow forecasts for the period to 30 June
2014. Those forecasts show that the group and company do not currently have
facilities in place to fund all of the projected cash requirements over the next
twelve month period. The projected shortfall to 30 June 2010 is GBP6,500,000.
However, the directors are confident that sufficient additional funds will be
sourced as and when they are required and given the significant variable of
player trading and the high cost of securing borrowings which may not be
required, the group has not sought to secure guaranteed finance to fund its cash
flow projections in full for the forthcoming twelve months.
The directors consider that additional shareholder funding will be necessary and
discussions are ongoing to secure this. The directors will continue to manage
the group's resources and seek to increase income and control costs at all
times. The summer transfer window saw significant income generated through
player sales and the group acknowledges that player trading will continue to be
a key strategy year on year. The group has also invested significantly in its
Academy and Recruitment departments.
The directors are confident that the going concern basis is appropriate, and
believe that shareholder funding will be forthcoming in the period required.
c) Revenue
Revenue represents income arising from sales to third parties and excludes
transfer fees receivable (which are dealt with in the profit on disposal of
players' registrations) and value added tax.
i) Season ticket and corporate hospitality revenue is recognised over the
period of the football season as home matches are played.
ii) Fixed elements of FA Premier League and Football League central
broadcasting contracts are recognised over the period of the football season as
league matches (home and away) are played and Football League appearance fees
are accounted for as earned.
iii) Sponsorship contracts are recognised over the duration of the contract,
either on a straight-line basis, or over the period of the football season, as
appropriate based on the terms of contract. Catering revenues are recognised on
an earned basis. Revenue from the sale of branded products is recognised at the
point of dispatch when significant risks and rewards of ownership is deemed to
have been transferred to the buyer.
d) Expenses
Operating lease expenses
Payments made under operating leases are recognised in the income statement on a
straight-line basis over the term of the lease. Lease incentives are recognised
in the income statement as an integral part of the total lease expense.
Net financing costs
Net financing costs comprise interest payable and interest receivable on funds
invested. Interest income and interest payable is recognised in the income
statement as it accrues, using the effective interest method.
e) Rent receivable
Rental receipts are recognised in the income statement on a straight-line basis
over the term of the lease.
f) Taxation
Tax on the result for the period comprises current and deferred tax. Tax is
recognised in the income statement except to the extent that it relates to items
recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period,
using tax rates enacted or substantially enacted at the balance sheet date, and
any adjustment to tax in respect of the previous years.
Deferred tax is provided on temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used
for taxation purposes. The following temporary differences are not provided for:
the initial recognition of goodwill, the initial recognition of assets and
liabilities that affect neither accounting nor taxable profit other than in a
business combination and differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the future. The amount of
deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amounts of assets and liabilities, using tax rates
enacted or substantially enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profit will be available against which the asset can be utilised.
g) Intangible assets
i) Acquired players' registrations
The costs associated with the acquisition of players' registrations are
initially recorded at their fair value at the date of acquisition as intangible
fixed assets. These costs are fully amortised over the period of the relevant
player's contract.
Intangible assets are tested for impairment at each balance sheet date. An
impairment loss is recognised for the amount by which the asset's carrying value
exceeds its recoverable amount. The directors' valuation of a player's
registration is arrived at by reference to market conditions and comparative
data of recent transactions. Impairment losses are recognised in the Income
Statement.
Acquired players' registrations are classified as 'Assets held for sale' on the
balance sheet if, at any time, it is considered that the carrying amount of a
registration will be recovered principally through a sale. The measurement of
the registration is the lower of (a) fair value (less costs to sell) and (b)
carrying value. Amortisation of the asset is suspended at the time of
reclassification, although impairment charges still need to be made if
applicable.
ii) Amortisation
Amortisation is charged to the income statement on a straight-line basis over
the length of each respective player's contract.
h) Property, plant and equipment
i) Owned assets
Property, plant and equipment are stated at cost less accumulated depreciation
and impairment losses.
ii) Depreciation
Depreciation is charged to the income statement, to write off the cost of
property, plant and equipment less estimated residual value, on a reducing
balance basis, over their estimated useful lives as follows:
+----------------------+----------------------------------------------------+
| Freehold buildings | - over 25 years and 10 years |
+----------------------+----------------------------------------------------+
| Plant & equipment | - 25% on reducing balance |
+----------------------+----------------------------------------------------+
| Motor vehicles | - 25% on reducing balance |
+----------------------+----------------------------------------------------+
| Leasehold | - over the shorter of the unexpired term of the |
| improvements | lease and 20 years |
+----------------------+----------------------------------------------------+
iii) Capital receipt
The income of GBP4,558,000 received in the year ended 30 June 2008 related to
the lease premium in connection with the 125 year lease granted to a housing
association for the space occupied by key worker housing units at the back of
the south stand and in the northwest corner of the stadium. Given the length of
the lease, the transaction is being treated as an outright disposal and proceeds
recognised in full in the income statement in the year ended 30 June 2008.
i) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is
based on the weighted average principle and includes expenditure incurred in
acquiring the inventories and bringing them to their existing location and
condition. Net realisable value is based on the estimated selling price in the
ordinary course of business. Provision is made for obsolete, slow-moving or
defective items where appropriate.
j) Signing on fees
Signing on fees are charged to the income statement on a straight line basis
over the period of the player's contract. Prepayments/accruals arising at each
period end are included within prepayments and accrued income or accruals within
current assets and liabilities, as appropriate. Where a player's registration is
transferred, any signing on fees payable in respect of future periods are
charged against the profit/(loss) on disposal of players' registrations in the
period in which the disposal is recognised.
3.Revenue
The Group has one main business segment, that of professional football
operations. As a result, no additional business segment information is required
to be provided. It operates in one geographical segment, the United Kingdom, and
accordingly no additional geographical information is required to be provided.
Notwithstanding this, a voluntary analysis of the revenue streams is given below
to assist with an understanding of the business.
+----+----------------------------------------------+----------+----+----------+
| | | 2009 | | 2008 |
| | | GBP'000 | | GBP'000 |
+----+----------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
| Matchday | 4,986 | | 5,269 |
+---------------------------------------------------+----------+----+----------+
| Media | 14,504 | | 15,081 |
+---------------------------------------------------+----------+----+----------+
| Commercial | 2,039 | | 2,013 |
+---------------------------------------------------+----------+----+----------+
| Other | 1,550 | | - |
+---------------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
| | | 23,079 | | 22,363 |
+----+----------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
Revenue streams comprise:
Matchday - season and matchday tickets and corporate hospitality income
Media - television and broadcasting income, including distributions from the FA
Premier League broadcasting agreements, Football League funding, cup
competitions and local radio
Commercial - sponsorship income, merchandising, conference and banqueting and
other sundry revenue
Other - player loan fees receivable
4. Other operating income
+----+----------------------------------------------+----------+----+----------+
| | | 2009 | | 2008 |
| | | GBP'000 | | GBP\'000 |
+----+----------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
| Rent receivable | 529 | | 489 |
+---------------------------------------------------+----------+----+----------+
| Contributions to capital expenditure | - | | 1 |
+---------------------------------------------------+----------+----+----------+
| Release of capital grants | 4 | | 3 |
+---------------------------------------------------+----------+----+----------+
| Compensation receivable | 550 | | - |
+---------------------------------------------------+----------+----+----------+
| Other | 32 | | 85 |
+---------------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
| | | 1,115 | | 578 |
+----+----------------------------------------------+----------+----+----------+
| | | | | |
+----+----------------------------------------------+----------+----+----------+
5. (Loss) / profit before taxation
+--------------------------------------------------+----------+----+----------+
| | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| This is stated after charging: | | | |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| Amortisation of intangible assets | 4,260 | | 4,395 |
+--------------------------------------------------+----------+----+----------+
| Impairment of intangible assets | 33 | | 1,435 |
+--------------------------------------------------+----------+----+----------+
| Depreciation of property, plant and equipment | 905 | | 893 |
+--------------------------------------------------+----------+----+----------+
| Impairment of property, plant and equipment | 435 | | - |
+--------------------------------------------------+----------+----+----------+
| Loss on disposal of property, plant and | 1 | | 2 |
| equipment | | | |
+--------------------------------------------------+----------+----+----------+
| Inventories consumed | 891 | | 1,213 |
+--------------------------------------------------+----------+----+----------+
| Auditors' remuneration: | | | |
+--------------------------------------------------+----------+----+----------+
| - audit of parent company and consolidated | 9 | | 9 |
| financial statements | | | |
+--------------------------------------------------+----------+----+----------+
| - audit of subsidiary companies | 27 | | 26 |
+--------------------------------------------------+----------+----+----------+
| - other services supplied pursuant to | 9 | | 3 |
| legislation | | | |
+--------------------------------------------------+----------+----+----------+
| - taxation | 3 | | 11 |
+--------------------------------------------------+----------+----+----------+
| - other non-audit fees | 7 | | 8 |
+--------------------------------------------------+----------+----+----------+
| Operating leases - vehicles and equipment | 51 | | 32 |
+--------------------------------------------------+----------+----+----------+
| Operating leases - other | 538 | | 247 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
The impairment of intangible assets made in the year ended 30 June 2008 of
GBP1,435,000 related to a player's registration. The impairment was made to
reduce the carrying value of the player's registration to fair value less cost
of sale. The fair value was determined by the directors on the basis of known
income.
The impairment of property, plant and equipment made to 30 June 2009 relates to
the Red Lion public house. The impairment was made to reduce the carrying value
of the asset to fair value. The fair value was determined by the directors by
reference to market data available in 2009.
6. (Loss)/earnings per share
+------------------------------------------------+-------------+--+-------------+
| | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+------------------------------------------------+-------------+--+-------------+
| | | | |
+------------------------------------------------+-------------+--+-------------+
| (Loss)/earnings per ordinary share have been calculated as | | |
| follows: | | |
+--------------------------------------------------------------+--+-------------+
| | | | |
+------------------------------------------------+-------------+--+-------------+
| (Loss)/profit for the financial year | (1,987) | | 426 |
+------------------------------------------------+-------------+--+-------------+
| | | | |
+------------------------------------------------+-------------+--+-------------+
| | | | |
+------------------------------------------------+-------------+--+-------------+
| Weighted average number of shares in issue | 43,885,693 | | 43,885,693 |
+------------------------------------------------+-------------+--+-------------+
| | | | |
+------------------------------------------------+-------------+--+-------------+
| | | | |
+------------------------------------------------+-------------+--+-------------+
| (Loss)/earnings per ordinary share | (4.5p) | | 1.0p |
+------------------------------------------------+-------------+--+-------------+
| | | | |
+------------------------------------------------+-------------+--+-------------+
7. Interest bearing loans and other borrowings
+--------------------------------------------------+----------+----+----------+
| | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| Current liabilities | | | |
+--------------------------------------------------+----------+----+----------+
| Convertible Loan Notes 2009 | 592 | | - |
+--------------------------------------------------+----------+----+----------+
| Bank Loans | - | | 7,118 |
+--------------------------------------------------+----------+----+----------+
| Bank overdraft | 615 | | - |
+--------------------------------------------------+----------+----+----------+
| Directors' loans | 1,468 | | - |
+--------------------------------------------------+----------+----+----------+
| Other loans | 912 | | 1,738 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | 3,587 | | 8,856 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+--------------------------------------------------+----------+----+----------+
| Non-current liabilities | | | |
+--------------------------------------------------+----------+----+----------+
| Convertible Loan Notes 2009 | - | | 592 |
+--------------------------------------------------+----------+----+----------+
| Directors' loans | 2,050 | | - |
+--------------------------------------------------+----------+----+----------+
| Other loans | 335 | | 669 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | 2,385 | | 1,261 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| The maturity of total debt may be analysed as | | | |
| follows: | | | |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| In one year or less | 3,587 | | 8,856 |
+--------------------------------------------------+----------+----+----------+
| Between one and two years | 2,217 | | 1,261 |
+--------------------------------------------------+----------+----+----------+
| Between two and five years | 168 | | - |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
| | 5,972 | | 10,117 |
+--------------------------------------------------+----------+----+----------+
| | | | |
+--------------------------------------------------+----------+----+----------+
The Convertible Loan Notes are issued to the previous Chairman, G Simpson. The
notes are unsecured and are convertible into Ordinary 1p shares at a price of
66.5p per share. The repayment date has been deferred until March 2010. Interest
of GBP28,521 (2008 - GBP43,727) was payable during the year.
A bank loan of GBP7,000,000 was repaid on 8 August 2008. This had been secured
on Premier League Monies due in August 2008. Other loans at 30 June 2008
included a loan of GBP1,500,000 which was repaid on 15 August 2008 following
receipt of GBP1,500,000 due from the sale of a player's registration.
Current directors' loans include GBP1,468,000 owing to Valley Grown Salads, a
company controlled by two of the directors, G and V Russo.
Other current loans include a loan of GBP75,000 from a former director and a
loan to the Club by Watford FC's Community Sports and Education Trust of
GBP669,000 which is secured by a legal charge over the Club's stadium and is
guaranteed by Watford Leisure PLC. GBP26,925 (2008 - GBP46,683) interest was
payable during the year. In October 2009 the Trustees agreed to postpone
repayment of the loan until 30 June 2013.
Other non-current directors' loans comprise a loan of GBP2,050,000 from a
director which is repayable in October 2011 and carries an interest rate of
Barclays Bank base rate plus 3.5%. Interest payable for the period to 30 June
2009 was GBP68,618.
In November 2008 an interest-free loan of GBP503,000 was drawn down from The
Football League being an advance payment of TV monies. The loan is repayable in
six half-yearly instalments commencing from October 2009. At 30 June 2009
GBP168,000 is shown in current other loans and GBP335,000 in non-current other
loans.
8. Capital commitments
The group has contracted for, but not provided for in the financial statements,
capital expenditure totalling GBP886,809, which included the cost of the
foundations to the South West corner of the Vicarage Road Stadium.
9. Post balance sheet events
Subsequent to the year end, various players' registrations have been sold or
terminated. In respect of those it is estimated that net income of GBP4,200,000
will be reflected in the financial statements for the current financial year.
Player registrations have been acquired at a net cost of GBP280,000, these costs
will be reflected in the financial statements for the current financial year.
The business, assets and liabilities of Watford Catering Ltd, a wholly owned
subsidiary of the Company were transferred to Watford Association Football Club
Ltd on 1 July 2009 at a consideration of GBP644,000.
10. Related party transactions
J Winter and C Norton are directors of Watford FC's Community Sports & Education
Trust, a charitable company. At 30 June 2009 in addition to the loan shown in
note 7, GBP79,943 was owed to the Trust (2008 - GBP35,580). The movement in the
year includes interest of GBP26,925 and an amount unpaid against a sponsorship
agreement. Since the year end this amount has been paid, but the interest
remains outstanding.
In January 2009 Valley Grown Salads ("VGS"), a company controlled by G and V
Russo lent the Group GBP1,820,000 (the "January loan") and in September 2009 VGS
agreed to delay repayment.. The loan was originally due to be repaid in four
equal instalments from monies due from The Football Association Premier League
Limited ("the FAPL") the last instalment being due on 31 July 2009. These
instalments were made available to the Club with the agreement of VGS when
received from the FAPL. Further short term funding of GBP650,000 was provided by
G Russo at the end of July 2009 (the "July loan") and a further GBP1,250,000 was
provided in August 2009 by G Russo (the "August loan").
On 29 September 2009 it was agreed that the January loan, the July loan plus a
previously loaned amount of GBP163,000, totalling approximately GBP2,633,000,
would be consolidated into a single loan from VGS. The loan will be due for
repayment upon demand and will accrue interest at an interest rate of Barclays
Bank base rate plus 3.5% per annum, payable monthly. VGS has been granted
security over the Vicarage Road Stadium, by way of debenture ranking behind the
existing secured creditors, in respect of this consolidated loan. The August
loan of GBP1,250,000 from G Russo is repayable in three instalments over the
next twelve months on receipt of the proceeds of player transfers agreed in
August and will accrue at a rate of 7% per annum.
In October 2009, the Company agreed to reimburse VGS, the company controlled by
G and V Russo, the sum of GBP172,500 relating to expenses incurred by VGS in
preparing for the Extraordinary General Meeting held on 1 December 2008. The
amount payable is outstanding as at 30 June 2009 and is included within
accruals. This reimbursement is also deemed to be a related party transaction
under the AIM Rules for Companies. Accordingly, the independent directors of the
Company (that is, excluding Vince and Jimmy Russo who jointly control VGS, a
substantial 29.98% shareholder in the Company and Robin Williams) consider,
having consulted with Strand Hanson Limited, the Company's nominated adviser,
that the terms of this reimbursement are fair and reasonable insofar as the
Company's shareholders are concerned.
Interest receivable amounting to GBP214,000, was charged by the company to the
Club during the year (2008 - GBP239,000).
11.Availability of Annual Report and Financial Statements
Copies of the Company's full Annual Report and Financial Statements are expected
to be posted to shareholders on 18th November 2009 and, once posted, will also
be made available to download from the Company's website at
www.watfordleisureplc.com.
The Annual Report and Financial Statements will also be made available for
inspection at the Company's registered office during normal business hours on
any weekday. Watford Leisure PLC is registered in England and Wales with
registered number 03335610. The registered office is at Vicarage Road Stadium,
Watford, Hertfordshire WD18 0ER.
12. Annual General Meeting
The Company's next Annual General Meeting ("AGM") will be held on 15th December
2009 and a formal Notice of AGM will be posted to shareholders shortly.
Enquiries:
Watford Leisure PLC
Jimmy Russo, Chairman
Julian Winter, Chief Executive Officer
Tel: 01923 496 000
Strand Hanson Limited
Rory Murphy, Director
Tel: 020 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR CKFKKDBDBPDK
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