RNS Number:5540J
Hurlingham PLC
10 March 2005


Hurlingham PLC

10 March 2005

Results for the year ended 30 September 2004


Chairman's statement

I am pleased to present the annual results of the Group for the year ended 30
September 2004.

Results

These results reflect the continuing transformation of the Group into a business
which can deliver sustainable earnings growth based on an integrated hotel and
travel strategy.  Partially as a consequence of the continued investment in our
Custom Travel division, Group turnover for the year increased by 76% to #2.55m
(2003: #1.45m) and the loss on ordinary activities after tax attributable to
shareholders was reduced to #163,000 from #206,000 last year.   During the
second half year the Group was profitable for the first time since the 9/11
tragedy.  The Board is confident that the investment in the restructuring of the
Custom Travel division together with the strong performance of the Perth hotel
will deliver continuing improvement in the current year.

At the same time, the Board has carried out an impairment review of the carrying
values reflected in its Balance Sheet and has revised the value of the Perth
hotel upwards in line with the independent professional valuation.

Custom Travel

Building on the long established Custom brand, the Group has restructured its
travel division with the creation of a new wholly-owned subsidiary Custom
Flights Ltd., which commenced trading in March 2004,  This company operates
on-line to agents and provides flights to major European holiday destinations.
In the seven months from the commencement of trading to the year end, the
turnover of this company was #1.1m and net profit before tax was #10,000 after
providing for #13,000 of depreciation.  At the cash-flow level therefore, this
new company is already making positive returns to the Group.

Sales at our hotel booking company, Custom Tours Ltd. declined to #346,000 from
#437,000, but the loss attributed to shareholders was reduced to #85,000 from
#137,000 as we lowered costs and transferred resources to Custom Flights Ltd.
During the second half of the year, we continued the restructuring of this
division with the modernisation of the Plymouth call-centre and the
commissioning of computer systems which will enable agents to access
availability and process bookings via our Custom Tours web-site.  This
restructuring will continue during the current year and it is envisaged that
this will enable the company to start growing its market share again with a view
to returning to profitability.

Perth Hotel

I am pleased to report that turnover, occupancy and room rates at the company's
hotel in Perth have all continued to improve, with sales for the year to 30
September 2004 breaking through the #1m mark for the first time.  Occupancy for
the year remained constant at 75%, Average Room Rate increased by 3.5% resulting
in turnover of #1,016,000.  Operating profit improved by 7.9% to #204,000 up
from #189,000 last year.

Dividend

The Group will be undertaking further investment in the travel division in the
current year and the Board has therefore decided not to pay a dividend for the
year to 30 September 2004, but will review the position at the half-year.

Outlook

During the current year, we will be focusing on developing our travel division
further and seeking to develop earnings growth from the management of hotels
through Bettagrade Ltd.

Charles Llewellyn

Chairman


Consolidated profit and loss account
for the year ended 30 September 2004

                                                                                   2004                2003
                                                                                      #                   #

Turnover:
Continuing operations                                                         2,556,958           1,454,150
                                                                            ____________        ____________ 

Cost of sales before goodwill amortisation                                   (1,716,508)           (743,187)
Negative goodwill amortisation                                                        -              18,584
Goodwill amortisation                                                           (25,398)            (28,295)
                                                                            ____________         ____________ 

Cost of sales                                                                (1,741,906)           (752,898)
                                                                            ____________         ____________ 


Gross profit                                                                    815,052             701,252


Administrative expenses                                                        (841,022)           (721,360)
                                                                            ____________         ____________ 

Operating loss from
Continuing operations                                                           (25,970)            (20,108)

Profit/(loss) on disposal of fixed assets                                        13,458             (37,184)
                                                                            ____________         ____________ 


Loss on ordinary activities before interest and taxation                        (12,512)            (57,292)

Net interest payable                                                           (150,194)           (148,511)
                                                                            ____________         ____________ 


Loss on ordinary activities before taxation                                    (162,706)           (205,803)

Taxation                                                                              -                (304)
                                                                            ____________         ____________ 
  
Loss on ordinary activities after taxation                                     (162,706)           (206,107)
                                                                            ____________         ____________ 
 

Loss per share                                                                    (8.01)p.           (10.23)p.
                                                                            ____________         ____________ 



Balance sheets
at 30 September 2004

                                                                 Group                          Company
                                                        2004            2003           2004           2003
                                                           #               #              #              #

Fixed Assets


Intangible assets                                    404,269         429,667              -              -
Tangible assets                                    4,151,163       4,350,854        707,109        958,200
Investments                                                -               -      1,818,246      1,765,246
                                                ____________     ____________   ____________   ____________ 

                                                   4,555,432       4,780,521      2,525,355      2,723,446
                                                ____________     ____________   ____________   ____________ 


Current Assets


Stock                                                  3,097           4,592              -              -
Debtors                                              430,780         172,238        176,782        133,162
Investments                                                -         252,500              -        252,500
Cash at bank and in hand                             577,541         339,231          6,835         44,841
                                                ____________     ____________   ____________   ____________ 
                                                   1,011,418         768,561        183,617        430,503

Creditors: due within one year                    (1,137,760)       (633,363)       (48,632)       (95,403)
                                                ____________     ____________   ____________   ____________ 


Net current (liabilities)/assets                    (126,342)        135,198        134,985        335,100


Total assets less current
liabilities                                        4,429,090       4,915,719      2,660,340      3,058,546

Creditors: due after one year                     (2,005,000)     (2,417,241)             -       (301,257)
                                                ____________     ____________   ____________   ____________ 

Net assets                                         2,424,090       2,498,478      2,660,340      2,757,289
                                                ____________     ____________   ____________   ____________ 


Capital and reserves

Called up share capital                            1,534,280       1,511,697      1,534,280      1,511,697
Share premium account                                350,454         350,454        350,454        350,454
Revaluation reserve                                  466,459         630,258        354,906        584,440
Profit and loss account                               72,897           6,069        420,700        310,698
                                                ____________     ____________   ____________   ____________ 

Equity shareholders' funds                         2,424,090       2,498,478      2,660,340      2,757,289
                                                ____________     ____________   ____________   ____________ 


C Pettingell FCA
Director


Consolidated cash flow statement
for the year ended 30 September 2004
                                                                               2004                     2003
                                                                      #           #            #           #


Net cash inflow from operating activities                                   394,059                   92,356

Returns on investments and servicing of finance
  Interest received                                              10,199                    8,263
Interest paid                                                  (157,552)                (143,421)
                                                            ____________              ____________   

Net cash outflow from returns on investments and
servicing of finance                                                       (147,353)                 (135,158)

Taxation
UK corporation tax recovered                                                     52                    4,136

Capital expenditure and financial investments
Purchase of operating assets                                    (59,317)                 (81,069)
Sale of investment properties                                   515,568                        -
                                                            ____________              ____________   

Net cash inflow/(outflow) from capital
expenditure and financial investment                                        456,251                   (81,069)
                                                                        ____________               ____________ 

                                                                            703,009                  (119,735)

Equity dividends paid                                                           193                   (23,707)
                                                                        ____________               ____________ 

Net cash inflow/(outflow) before financing                                  703,202                  (143,442)

Management of liquid resources
Cash transferred to treasury operations                                    (150,000)                       -
                                                                        ____________               ____________ 

Financing
Issue of new shares                                              22,582                        -
New finance leases                                                    -                   43,471
Bank loans repaid                                              (469,575)                 (22,374)
Capital element of finance lease rental payments                (17,899)                 (11,503)
                                                            ____________              ____________   

Net cash (outflow)/inflow from financing                                   (464,892)                   9,594
                                                                        ____________               ____________ 

Increase/(Decrease) in cash                                                  88,310                  (133,848)
                                                                        ____________               ____________ 


Reconciliation of net cash flow to movement in net debt
for the year ended 30 September 2004

                                                                                2004                 2003
                                                                                   #                    #

Increase/(decrease) in cash in year                                           88,310             (133,848)
Cash outflow/(inflow) from movement in debt                                  483,756              (10,304)
                                                                         ____________          ____________ 
Net movement in year                                                         572,066             (144,152)
Net debt at 1 October 2003                                                (2,308,594)          (2,164,442)
                                                                         ____________          ____________ 

Net debt at 30 September 2004                                             (1,736,528)          (2,308,594)
                                                                         ____________          ____________ 



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END
FR MGGGFNLFGKZM

Hurlingham (LSE:HRL)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024 Plus de graphiques de la Bourse Hurlingham
Hurlingham (LSE:HRL)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024 Plus de graphiques de la Bourse Hurlingham