RNS Number:9718T
Champion PLC
29 March 2007
CHAMPION PLC
Unaudited Interim Financial Statements
Six months ended 31 December 2006
CHAIRMAN'S STATEMENT
I am pleased to report on the results for the six months ended 31 December 2006.
RESULTS
Turnover for the Group during the period was #2.7m with profit before interest
and tax of #0.18 million, resulting in an operating margin before interest and
tax of 6.8%.
The basic earnings per share is 0.22 pence.
The Balance Sheet at the period end showed net assets including intangibles of
#3.64m.
The Directors do not recommend the payment of a dividend.
DEVELOPMENT OF THE BUSINESS
The directors are satisfied with the Group's trading performance. The results
are in line with the directors expectations. No practice acquisitions were made
during the period.
In February 2007, the Group acquired the business and certain assets of Stokes
Dickinson an accountancy practice based in Preston. The acquired practice has
been merged with the existing Champion office in Preston and is expected to
increase the annual turnover relating to this office to approximately #800,000.
THE FUTURE
The Directors are actively searching for new acquisitions which fit the Group's
desired profile.
I Currie
Chairman
26 March 2007
Champion Plc
Consolidated Income Statement
For the Period Ended 31 December 2006
Unaudited Unaudited Audited
6 Months to 6 Months to 12 months
to
31 Dec 06 31 Dec 05 30 June 06
# # #
Revenue 2,688,420 2,899,801 5,867,616
Administrative expenses (2,505,453) (2,742,433) (5,452,865)
----------- ----------- -----------
OPERATING PROFIT 182,967 157,368 414,751
Finance costs (58,603) (50,046) (100,278)
Share of loss from associates 303 165 (396)
----------- ----------- -----------
PROFIT BEFORE TAX 124,667 107,487 314,077
Income tax expense (36,064) (36,798) (98,688)
----------- ----------- -----------
PROFIT FOR THE PERIOD 88,603 70,689 215,389
----------- ----------- -----------
Attributable to:
Profit attributable to equity holders of 67,708 58,014 146,676
the parent
Profit attributable to minority interests 20,895 12,675 68,713
----------- ----------- -----------
88,603 70,689 215,389
----------- ----------- -----------
Earnings per share (pence) 0.2167 0.1857 0.4695
========= ========= =========
Champion Plc
Consolidated Balance Sheet
As at 31 December 2006
Audited Unaudited Unaudited
12 months to 6 Months to 6 Months to
30 June 06 31 Dec 06 31 Dec 05
# # #
ASSETS
NON CURRENT
ASSETS
Property, 209,695 270,837 237,912
plant and
equipment
Goodwill 3,939,852 3,939,852 3,939,853
Investments in 50 50 50
associates at
cost
Other 77,500 180,000 50,000
investments
----------- ---------- ----------
4,227,097 4,390,739 4,227,815
============ =========== ===========
CURRENT ASSETS
Inventories 6,400 3,330 6,400
Trade and 2,360,318 2,379,655 2,376,109
other
receivables
Prepayments 168,605 233,531 130,226
----------- ---------- ----------
2,535,323 2,616,516 2,512,735
============ =========== ===========
LIABILITIES
CURRENT
LIABILITIES
Cash and cash (1,035,980) (1,313,536) (1,067,609)
equivalents
Interest bearing (29,000) (87,765) (29,490)
borrowings
Tax payables (147,579) (66,152) (130,553)
Trade and (1,089,334) (1,272,640) (1,094,968)
other payables
----------- ---------- ----------
(2,301,893) (2,740,093) (2,322,620)
----------- ---------- ----------
NET CURRENT 233,430 (123,577) 190,115
ASSETS /
(LIABILITIES) ============ =========== ===========
NON CURRENT
LIABILITIES
Deferred tax (7,987) (21,375) (11,993)
payables
Interest bearing (811,500) (660,718) (826,000)
borrowings
----------- ---------- ----------
(819,487) (682,093) (837,993)
----------- ---------- ----------
NET ASSETS 3,641,040 3,585,069 3,579,937
============ =========== ===========
SHAREHOLDERS
EQUITY
Ordinary 156,187 156,187 156,187
shares
Share premium 2,937,027 2,937,027 2,937,027
Revaluation - 175,000 27,500
reserve
Retained profits 394,900 240,862 327,192
----------- ---------- ----------
3,488,114 3,509,076 3,447,906
Minority 152,926 75,993 132,031
interest
----------- ---------- ----------
3,641,040 3,585,069 3,579,937
============ =========== ===========
Champion Plc
Consolidated Cash Flow Statement
For the Period Ended 31 December 2006
Unaudited Unaudited Audited
6 Months to 6 Months to 12 months
to
31 Dec 06 31 Dec 05 30 June 06
# #
CASH FLOWS FROM OPERATING ACTIVITIES
Total operating profit 182,967 157,368 414,751
NON-CASH ADJUSTMENTS
Depreciation 34,646 44,418 82,022
-------- ---------- --------
NON-CASH ADJUSTMENTS 34,646 44,418 82,022
-------- ---------- --------
CASH FLOWS BEFORE CHANGES IN WORKING 217,613 201,786 496,773
CAPITAL
(DECREASE) IN WORKING CAPITAL
(Increase) in inventories - - (3,070)
Decrease / (Increase) in trade and other (22,588) (161,337) (55,503)
receivables
(Decrease) in trade and other payables (20,624) (184,331) (290,934)
-------- ---------- --------
DECREASE IN WORKING CAPITAL (43,212) (345,668) (349,507)
-------- ---------- --------
CASH FLOWS USED IN OPERATING ACTIVITIES 174,401 (143,882) 147,266
CASH FLOWS FROM OTHER OPERATING
ACTIVITIES
Finance costs (58,603) (50,046) (100,278)
Income taxes paid (23,044) (46,661) (80,227)
Share of associates loss 303 165 (396)
-------- ---------- --------
(81,344) (96,542) (180,901)
-------- ---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire property, plant and (6,427) (47,258) (51,935)
equipment
Payments to acquire available-for-sale - - (17,500)
investments
Receipts from available-for-sale 5,000 - -
investments
Payments to acquire intangible assets (60,000) - -
-------- ---------- --------
NET CASH FLOWS USED IN INVESTING (61,427) (47,258) (69,435)
ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Gross proceeds from bank loans - (134,000) -
Gross proceeds from finance leases - 72,685 -
-------- ---------- --------
NET CASH FLOWS FROM FINANCING ACTIVITIES - (61,315) -
-------- ---------- --------
NET INCREASE / (DECREASE) IN CASH AND 31,630 (348,997) (103,070)
CASH EQUIVALENTS
Cash and cash equivalents as at (1,067,610) (964,540) (964,540)
1 July 2006
-------- ---------- --------
CASH AND CASH EQUIVALENTS AS AT (1,035,980) (1,313,537) (1,067,610)
31 December 2006
-------- ---------- --------
Champion Plc
Notes to the Consolidated Financial Statements
For the period ended 31 December 2006
The company was incorporated on 20 June 2003 as Stepquick Plc. On 22 January
2007, the company changed its name by special resolution to Champion Plc.
1. ACCOUNTING POLICIES
The principal accounting policies adopted by the group are set out below
Basis of consolidation
The consolidated financial statements of Champion Plc have been prepared in
accordance with International Financial Reporting Standards (IFRSs) as adopted
by the European Union and as applied in accordance with the provisions of the
Companies Act 1985. The consolidated financial statements have been prepared
under the historical cost convention, as modified by the revaluation of certain
investment assets at fair value.
The accounting information for the 12 months ended 30 June 2006, is extracted
from the statutory accounts of Champion Plc, which received an unqualified audit
report.
2. TAXATION
The tax charge accrued in these interim accounts reflects an estimated tax rate
of 30% for the period to 31
December 2006.
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing net profit for the period
attributable to ordinary equity holders by the weighted average number of
ordinary shares outstanding during the year.
The following reflects the income and share data used in the total operations
basic earnings per share computation:
Unaudited Unaudited Audited
6 Months 6 Months 12 months
to to to
31 Dec 06 31 Dec 05 30 June 06
# # #
Net profit attributable to equity 67,708 58,014 146,676
shareholders for basic earnings per
share
Unaudited Unaudited Audited
6 Months 6 Months 12 months
to to to
31 Dec 06 31 Dec 05 30 June 06
pence pence pence
Earnings per ordinary share 0.2167 0.1857 0.4695
Earnings per share have been calculated on the net basis on the profit on
ordinary activities after taxation and
after minority interest of #67,708 (6 Months to Dec 2005 - #58,014, 12 Months to
June 06 - #146,676) using the weighted average number of ordinary shares in
issue of 31,237,375.
For further information please contact:-
G Cosgrove, Champion Plc. Telephone number 0161 703 2500.
D. Youngman, WH Ireland Limited, Telephone number 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
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