RNS Number:8293Z
Hurlingham PLC
17 June 2004
HURLINGHAM Plc
Interim Results Statement
Six Months ended 31 March 2004
Chairman's Statement
I am pleased to present the half-year accounts for the period ended 31st March
2004.
These accounts reflect the progress which continues to be made by our hotel and
a reduction in the loss incurred at our subsidiary, Custom Tours. They do not
show the contribution which is now being made to our travel division by Custom
Flights, since this company only commenced trading on 13th February this year.
The accounts show a loss of #144,360 (2003: #149,430), with #11,000 of this
figure relating to start-up costs for Custom Flights. Due to the seasonal
nature of the Group's business, the Board is confident that the position will be
improved by the end of the full year as has been the case in previous years.
Our hotel in Perth has continued its strong performance with turnover improving
by 6% and gross profit by 5%. The hotel is now trading ahead of the independent
financial projections made at the time of its construction and is rated the 7th
best Express by Holiday Inn in Europe for quality (Source: Guest satisfaction
tracking system as compiled by TNS for 1st quarter 2004). The Board is keen to
build on this success and is considering options for raising capital to enable
the Group to develop earnings growth from the management of further hotels.
Since commencement of trading, Custom Flights has taken bookings for some 3,000
seats at a sales value in excess of #700,000 for flights commencing on or after
28th May. However, because the company does not recognise sales until the day
of travel, these sales will not be recognised in the accounts until the second
half of the current financial year.
Although sales volumes at Custom Tours have declined by 9% since last year,
costs have been reduced by some 19% and margins have increased by 2%. Further
restructuring is currently under way with the negotiation of direct computer
links with major product suppliers and the design of a retail web-site capable
of packaging all aspects of the travel menu. I will be reporting further on
these initiatives in my year-end statement.
The Board is now actively marketing the Group's remaining residential
properties, in order to exit from that business and focus Group resources on the
development of our hotel and travel businesses. In this context, I would like
to welcome Andrew Blurton to our Board as a Non-Executive Director. Andrew is
the Joint Finance Director of Marylebone Warwick Balfour Group plc. He has
valuable knowledge of the Hotel industry and many years of public company
experience. The Board is confident that his contribution will be of significant
value to the future development of the Group.
The Board will review the payment of a dividend when the year-end results are
known.
Charles Llewellyn
Chairman
17 June 2004
Consolidated profit and loss account
for the six months ended 31 March 2004
Six months Six months Year
ended ended ended
31.03.2004 31.03.2003 30.09.2003
Unaudited Unaudited Audited
# # #
Turnover:
Continuing operations 678,820 666,314 1,454,150
Acquisitions - - -
-------- -------- --------
678,820 666,314 1,454,150
-------- -------- --------
Cost of sales before goodwill (371,465) (382,013) (743,187)
amortisation
Negative goodwill amortisation - 9,250 18,584
Goodwill amortisation (12,585) (13,985) (28,295)
-------- -------- --------
Cost of sales (384,050) (386,748) (752,898)
-------- -------- --------
Gross Profit 294,770 279,566 701,252
Administrative expenses (369,342) (355,102) (721,360)
-------- -------- --------
Operating loss
Continuing operations (63,301) (75,536) (20,108)
Acquisitions (11,271) - -
-------- -------- --------
(74,572) (75,536) (20,108)
Profit on sale of properties in
continuing operations 2,746 - -
Loss on disposal of fixed asset - - (37,184)
-------- -------- --------
Loss on ordinary activities before
interest (71,826) (75,536) (57,292)
Interest receivable 4,550 4,294 8,069
Interest payable (77,084) (77,788) (156,580)
-------- -------- --------
Loss on ordinary activities before
taxation (144,360) (149,030) (205,803)
Taxation - (400) (304)
-------- -------- --------
Loss on ordinary activities after (144,360) (149,430) (206,107)
taxation
Dividends - - -
-------- -------- --------
Retained loss for the period (144,360) (149,430) (206,107)
======== ======== ========
Loss per share
Basic and Diluted (7.2)p. (7.4)p. (10.2)p.
======== ======== ========
Consolidated balance sheet
at 31 March 2004
At 31.03.2004 At 31.03.2003 At 30.09.2003
Unaudited Unaudited Audited
# # #
Fixed Assets
Intangible assets:
Goodwill 417,082 443,977 429,667
Negative goodwill - (9,334) -
-------- -------- --------
417,082 434,643 429,667
Tangible assets 4,361,608 4,552,024 4,350,854
Investments - 250 -
-------- -------- --------
4,778,690 4,986,917 4,780,521
-------- -------- --------
Current Assets
Stock 4,335 4,052 4,592
Debtors 195,269 88,559 172,238
Investments - - 252,500
Cash at bank and in hand 443,544 336,396 339,231
-------- -------- --------
643,148 429,007 768,561
Creditors: amounts falling due within one (641,455) (435,818) (633,363)
year
-------- -------- --------
Net current assets/(liabilities) 1,693 (6,811) 135,198
-------- -------- --------
Total assets less current liabilities 4,780,383 4,980,106 4,915,719
Creditors: amounts falling due after one (2,403,682) (2,536,392) (2,417,241)
year
-------- -------- --------
Net assets 2,376,701 2,443,714 2,498,478
-------- -------- --------
Capital and reserves
Called up share capital 1,534,280 1,511,697 1,511,697
Share premium account 350,454 350,454 350,454
Revaluation reserve 509,583 518,818 630,258
Profit and loss account (17,616) 62,745 6,069
-------- -------- --------
Equity shareholders' funds 2,376,701 2,443,714 2,498,478
-------- -------- --------
Consolidated statement of total recognised gains and losses
for the six months ended 31 March 2004
Six months Six months Year
ended ended ended
31.03.2004 31.03.2003 30.09.2003
Unaudited Unaudited Audited
# # #
Group loss on ordinary activities after taxation (144,360) (149,430) (206,107)
Increase in revaluation reserve for investment
properties - 111,440
-------- -------- --------
Total recognised gains and losses relating to
the period (144,360) (149,430) (94,667)
-------- -------- --------
Note of historical cost profits and losses
for the six months ended 31 March 2004
Six months Six months Year
ended ended ended
31.03.2004 31.03.2003 30.09.2003
Unaudited Unaudited Audited
# # #
Reported loss on ordinary activities before
taxation (144,360) (149,030) (205,803)
Realisation of property revaluation gains 120,675 - -
-------- -------- --------
Historical cost (loss)/profit on ordinary
activities before taxation (23,685) (149,030) (205,803)
======== ======== ========
Transfer to reserves after taxation and
dividends (23,685) (149,430) (206,107)
======== ======== ========
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 year ended 30 September 2003, 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.
2. The calculation of earnings per share has been based on the
loss attributable to Ordinary shareholders of #144,360 (31.03.03: #149,430) and
based on the weighted average number of Ordinary shares in issue during the
period of 2,015,760 (31.03.03: 2,015,596).
3. No liability to corporation tax arises on the results for the
period.
4. As last year, no interim 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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