RNS Number:8380X
Hurlingham PLC
27 June 2002
HURLINGHAM PLC
27 JUNE 2002
Hurlingham Plc ("the Group")
Interim Results Statement - Six Months ended 31 March 2002
Chairman's Statement
Following the change in the Group's accounting reference date from 31st May to
30th September, I am now reporting to you on the six-month period from 1st
October 2001 to 31st March 2002. Since we have not published figures for the
same period last year, we are providing Proforma accounts for the six months
ending 31st May 2001 as a comparative. Shareholders should note that this period
is not directly comparable, but is used for indicative purposes. Where I give a
2001 comparison in this statement therefore, it refers to this period. Both our
subsidiary Custom Tours Limited and our hotel in Perth experience lower levels
of activity during the winter months of the period now under review than the
summer months from April to September. We are therefore likely to see a
recurring difference in the performance between the first and second halves of
the financial year in the future.
During the period under review, the Group continued to suffer from the damage to
the tourist industry occasioned by Foot and Mouth disease in the U.K. and the
events of September 11th internationally. As a consequence, Group turnover fell
to £814,000 (2001: £953,000) a decline of 14.6% and the loss attributable to
shareholders was £135,000, a marginal improvement on the 2001 loss after
minority interests of £138,000. These figures amply demonstrate the short-term
damage which has been caused to the Group by these exceptional events, since the
Group Results Statement published for the six months period to 30th November
2000, disclosed a profit on ordinary activities before tax of £3,000.
Despite this disappointing result, there are a number of reasons for optimism.
Our hotel in Perth has significantly improved its performance in the aftermath
of Foot and Mouth disease, to the extent that at 31st March, year to date
occupancy was 63% (2001: 48%) and average room rate was £36.43 (2001: £33.46).
Trading since the period end has been particularly robust and the management
team is looking forward to a greatly improved tourist season.
Custom Tours suffered significantly as a consequence of the drop in air travel,
which resulted from September 11th and bookings fell by 50% in the period. In
addition, the aggressive discounting and special offers promoted by American
hotels inevitably affected the company's commission-based earnings. There has
been a slight recovery in volumes since December, but it is clear that the
market is still fragile. The drop in occupancy levels among American hotels
generally however, has enabled the company to negotiate competitive rates and
new allocations in hotels in which we had not previously been able to achieve
representation. This should stand the company in good stead as the market
recovers.
The Group's residential properties have remained fully let throughout the period
and have benefited from the recent strong rise in London property prices.
Despite the trading loss of £135,000 occasioned by the exceptional events
outlined above, shareholders will note that there has been a decrease in
shareholders funds of only £60,000 to £2,556,000 (30.09.2001: £2,616,000) due to
an increase in the revaluation reserve. This is a consequence of a change in
the accounting treatment of deferred tax. The Group's asset base remains strong
and the Net Asset Value per share is 127p.
Charles Llewellyn
Chairman
Consolidated profit and loss account
for the six months ended 31 March 2002
Proforma
Six months period Sixteen months
Six months 1.12.2000 to ended
ended 31.05.2001 30.09.2001
31.03.2002 Unaudited Audited
Unaudited
£ £ £
Turnover:
Continuing operations 813,689 436,894 1,972,668
Acquisitions - 516,527 851,628
----------- ----------- -----------
813,689 953,421 2,824,296
----------- ----------- -----------
Cost of sales before goodwill
amortisation
(514,270) (726,380) (2,208,606)
Goodwill amortisation (12,854) (10,312) (27,499)
----------- ----------- -----------
Cost of sales (527,124) (736,692) (2,236,105)
----------- ----------- -----------
Gross Profit 286,565 216,729 588,191
Administrative expenses (332,415) (308,027) (638,371)
----------- ----------- -----------
Operating (loss)/profit:
Continuing operations (45,850) (76,794) (103,453)
Acquisitions - (14,504) 53,273
----------- ----------- -----------
(45,850) (91,298) (50,180)
Share of (loss)/ profit from associated
undertaking - (7,229) 43,825
----------- ----------- -----------
Total operating loss (45,850) (98,527) (6,355)
Profit on sale of properties in
continuing operations - - 34,599
----------- ----------- -----------
(Loss)/profit on ordinary activities
before interest (45,850) (98,527) 28,244
Interest receivable
Group 3,546 6,366 35,205
Associate - 325 994
----------- ----------- -----------
3,546 6,691 36,199
----------- ----------- -----------
Interest payable
Group (93,043) (90,659) (179,865)
Associate - (6,490) (61,598)
----------- ----------- -----------
(93,043) (97,149) (241,463)
----------- ----------- -----------
Loss on ordinary activities before
taxation
(135,347) (188,985) (177,020)
Taxation - 8,009 7,220
----------- ----------- -----------
Loss on ordinary activities after
taxation (135,347) (180,976) (169,800)
Minority interests - 42,618 42,618
----------- ----------- -----------
Loss for the financial period (135,347) (138,358) (127,182)
Dividends - - (23,712)
----------- ----------- -----------
Retained loss for the period (135,347) (138,358) (150,894)
=========== =========== ===========
Loss per share
Basic and Diluted (6.71)p (7.27)p (7.08)p
Consolidated balance sheet
at 31 March 2002
At 31.03.2002 At 31.05.2001 At 30.09.2001
Unaudited Unaudited Audited
£ £ £
Fixed Assets
Intangible assets:
Goodwill 473,306 485,962 486,160
Negative goodwill (37,084) (34,293) (37,084)
----------- ----------- -----------
436,222 451,669 449,076
Tangible assets 4,539,848 4,841,857 4,884,355
Investments 250 - 250
----------- ----------- -----------
4,976,320 5,293,526 5,333,681
----------- ----------- -----------
Current Assets
Investments 340,000 290,000 -
Stock 4,143 - 5,173
Debtors 179,190 119,172 104,751
Cash at bank and in hand 218,601 253,091 548,488
----------- ----------- -----------
741,934 662,263 658,412
----------- ----------- -----------
Creditors: amounts falling due within one
year (464,472) (537,503) (598,579)
----------- ----------- -----------
Net current assets 277,462 124,760 59,833
----------- ----------- -----------
Total assets less current liabilities 5,253,782 5,418,286 5,393,514
Creditors: amounts falling due after one
year (2,697,536) (2,719,848) (2,701,921)
Provisions for liabilities and charges - (91,000) (75,650)
Minority interests - (103,672) -
----------- ----------- -----------
Net assets 2,556,246 2,503,766 2,615,943
----------- ----------- -----------
Capital and reserves
Called up share capital 1,511,697 1,455,733 1,511,697
Share premium account 350,454 331,359 350,454
Revaluation reserve 624,493 578,189 548,843
Profit and loss account 69,602 138,485 204,949
----------- ----------- -----------
Equity shareholders' funds 2,556,246 2,503,766 2,615,943
----------- ----------- -----------
Consolidated statement of total recognised gains and losses
for the six months ended 31 March 2002
Proforma
Six months
period Sixteen months
1.12.2000 to ended
Six months ended 31.05.2001
31.03.2002 30.09.2001
Unaudited Unaudited Audited
£ £ £
Group loss on ordinary activities after taxation
and minority interests (135,347) (124,963) (110,403)
Share of associated company's loss on ordinary
activities after taxation - (13,395) (16,779)
Group's share of pre-acquisition losses added back
on acquisition of subsidiary - 71,565 71,564
Increase in revaluation reserve for investment
properties 75,650 - 61,168
Taxation charge on realised property revaluation
gains - - (11,300)
---------- ---------- ----------
Total recognised gains and losses relating to the
period
(59,697) (66,793) (5,750)
---------- ---------- ----------
Note of historical cost profits and losses
for the six months ended 31 March 2002
Proforma
Six months
period
Sixteen months
1.12.2000 to ended
Six months ended 31.05.2001
31.03.2002 30.09.2001
Unaudited Unaudited Audited
£ £
Reported loss on ordinary activities before
taxation and after minority interests (135,347) (146,367) (134,402)
Realisation of property revaluation gains - - 90,514
---------- ---------- ----------
HISTORICAL COST LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (135,347) (146,367) (43,888)
========== ========== ==========
TRANSFER TO RESERVES AFTER TAXATION AND DIVIDENDS (59,697) (138,358) (116)
========== ========== ==========
Notes
1. The financial information above does not constitute full accounts within
the meaning of section 240 Companies Act 1985 as amended ("the Act"). Full
accounts for the period ended 30 September 2001, on which the auditors reported
on without qualification and which contained no statement under Section 237 (2)
or (3) of the Act, have been delivered to the Registrar of Companies. The
proforma six month profit and loss account for the period 1.12.2000 to
31.05.2001 has been derived from the published interim statements at 30 November
2000 and 31 May 2001.
2. Earnings per share has been calculated on the loss attributable to
Ordinary shareholders of £(135,347) (30.09.2001: £(127,182)) and based on the
weighted average number of Ordinary shares in issue during the period of
2,015,596 (16 months to 30.09.2001: 1,795,241).
3. There is no provision for UK taxation in the 6 month period to
31.03.2002.
4. As last year, no dividend is proposed.
5. Copies of the Interim Report are being sent to all shareholders and will
be available to the public free of charge from the office of the Company
Secretary at 90 Babbacombe Road, Bromley, Kent BR1 3LS for at least one month.
END
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