Interim Results-Replacement
20 Mai 2003 - 12:50PM
UK Regulatory
RNS Number:3105L
Birmingham City PLC
20 May 2003
The following replaces the Interim Results announcement released today at 10:07
under RNS 3078L.
In the Consolidated Profit and Loss Account the Earnings per share for the 6
months ended 28 February 2002 should read, (1.25). The Earnings per share for
12 months ended 31 August 2002 should read, (7.93).
All other details remain unchanged, the full correct version appears below.
Birmingham City plc
Interim Results for the Six Months Ended 28 February 2003
Chairman's Statement
I am delighted to report that the Club has made excellent progress in Season
2002/03 and this is reflected in the results for the six months to February
2003.
Birmingham City Football Club has had a very successful first season in the
Premiership, finishing 13th in the League on 48 points. I would like to
congratulate the team, manager and management staff on this magnificent
achievement.
As a consequence of the Club's success there has been an enormous improvement in
turnover for the six months, up from #7.4m to #20.2m and a return to
profitability. The second half of the year will also show the financial benefits
of our success on the field. It does, however, also include the close-season and
the first month of next season. As a result of this success the Club is now in a
relatively strong financial position, but of course maintaining this involves
steering between the dangers of overspending on players and risking a return to
Division 1.
As Chairman I take a close interest in the financial management of the Club and,
specifically, player purchases. I have reviewed the Club's day to day operations
and our corporate strategy in the light of our return to the top flight.
I believe we are a well run club with our costs under tight control. Since 1993
we have focussed solely on achieving Premier League status. Our focus now is to
retain that status. We have therefore decided to resist investment in increasing
the capacity of St Andrew's as we are sure that any diversion of funds in that
direction would ultimately be detrimental to retaining our position within the
Premiership. Our success over many years has been achieved by investment within
the team, staff and customer services and we are convinced it is right to
continue this strategy.
Birmingham City FC's ticket sales are the most important source of
non-broadcasting income, #5.4m in the six months, closely followed by commercial
revenues, #3.5m for the same period. Our commercial department remains one of
the best run and aggressive departments in our industry.
I believe that the success of Birmingham City Football Club is due to four main
factors:
* our focus on investment in the team;
* our partnership with supporters;
* our commercial focus providing corporate partners with their needs;
* the strength and skills of an excellent, well motivated management team
who have maximised the opportunities that promotion has brought.
But above all our success is due to the dedication and enthusiasm of all our
employees who take great pride in the success of their Club. I would like to
thank them all for their contribution to a most successful season.
David Sullivan
Chairman
Enquiries:
Karren Brady 0121 772 0101
Birmingham City
Graham Shore 020 7408 4090
Shore Capital
Consolidated Profit and Loss Account
6 months ended 6 Months ended 12 Months ended
28 February 2003 28 February 2002 31 August 2002
#'000 #'000 #'000
Turnover 20,213 7,429 15,184
Match and ground expenses (2,160) (1,785) (3,398)
Other operating charges (659) (477) (914)
Staff costs (8,179) (4,902) (13,206)
Depreciation (246) (221) (446)
Amortisation of deferred capital grants 29 27 54
Net operating expenses (11,215) (7,358) (17,910)
Operating profit/(loss) before amortisation of
players 8,998 71 (2,726)
Player transfer costs including amortisation (2,479) (1,089) (3,357)
Operating profit/(loss) after amortisation of
players 6,519 (1,018) (6,083)
Profit on disposal of fixed assets - - 10
Profit/(loss) on sale of players' (18) 7 (314)
registrations
Profit/(loss) before interest and taxation 6,501 (1,011) (6,387)
Interest receivable and similar income 4 16 40
Interest payable and similar charges (92) (7) (54)
Profit/(loss) on ordinary activities before
taxation 6,413 (1,002) (6,401)
Taxation - - 54
Profit/(loss) after taxation 6,413 (1,002) (6,347)
Earnings per share (pence) 8.02 (1.25) (7.93)
Notes:
1. The interim results to 28 February 2003, which are
unaudited, have been prepared in accordance with the accounting policies adopted
in the accounts for the year ended 31 August 2002.
2. The financial information set out in the interim report
does not constitute full statutory accounts within the meaning of section 240 of
the companies Act 1985.
3. Earnings per share are calculated using the 80,000,000
shares in issue. No account has been made of dilution by outstanding share
options as these are exercisable at prices materially above the current share
price.
Consolidated Balance Sheet
28 February 2003 31 August 2002 28 February 2002
#'000 #'000 #'000
Fixed assets
Intangible assets 11,834 11,501 4,538
Tangible assets 12,873 12,850 11,984
24,707 24,351 16,522
Current assets
Stocks 270 180 150
Debtors 2,801 3,672 1,258
Cash at bank and in hand 21 2,229 18
3,092 6,081 1,426
Creditors amounts falling within one year (13,709) (22,433) (5,665)
Net current liabilities (10,617) (16,352) (4,239)
Creditors amounts falling due after more than
one year
14,090 7,999 12,283
Deferred capital grants (4,307) (4,600) (3,680)
Net assets (2,393) (2,422) (2,281)
7,390 977 6,322
Capital and Reserves
Called up share capital 8,018 8,018 8,018
Share premium account 10,065 10,065 10,065
Revaluation reserve 313 313 313
Merger reserve (2,539) (2,539) (2,539)
Profit and loss account (8,467) (14,880) (9,535)
Shareholders' funds (including non-equity) 7,390 977 6,322
The interim report will be posted to shareholders in due course. Copies of
these results are available from the offices of Birmingham City Football Club,
St Andrews Stadium, Birmingham, B9 4NH
This information is provided by RNS
The company news service from the London Stock Exchange
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