RNS Number:9590Q
Champion PLC
28 March 2008
28 March 2008
Champion plc Interim Results
Period Ended 31 December 2007
Chairman's Statement
I am pleased to report on the results for the six months ended 31 December 2007.
RESULTS
Turnover for the Group during the period was �3.1m with profit before interest
and tax of �0.194 million, resulting in an operating margin before interest and
tax of 6.3%
The basic earnings per share is 0.10 pence.
The Balance Sheet at the period end showed net assets including intangibles of
�3.80m.
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.
In August 2007, the Group acquired the goodwill and certain assets of Howarth
Moore, an accountancy practice based in Blackpool. The new office has fitted in
well within the group and is trading profitability.
THE FUTURE
The Directors are actively searching for new acquisitions which fit the Group's
desired profile, activity is busy in this area and the directors are confident
further acquisitions will be made.
K Philbin
Chairman
27 March 2008
Consolidated Income Statement
For the period ended 31 December 2007
Unaudited Unaudited Audited
6 Months to 6 Months to 12 months to
31 Dec 07 31 Dec 06 30 June 07
� � �
Revenue 3,073,616 2,688,420 5,138,989
Staff Costs (2,024,956) (1,718,154) (3,214,361)
Depreciation and impairments (22,545) (34,646) (74,177)
Other operating expenses (831,288) (752,653) (1,444,838)
PROFIT FROM OPERATIONS 194,827 182,967 405,613
Finance costs (75,403) (58,603) (133,324)
Share of profit from associates - 303 360
PROFIT BEFORE TAX 119,424 124,667 272,649
Taxation (54,848) (36,064) (86,826)
PROFIT FOR THE PERIOD 64,576 88,603 185,823
Attributable to:
Equity holders of the parent 31,621 67,708 185,823
Minority interests 32,955 20,895 -
64,576 88,603 185,823
Basic earnings per share (pence) for profit 0.1012 0.2167 0.5948
attributable to the equity holders of the parent
Consolidated Statement of Changes in Equity
Year Ended 30 June 2007
Share Share Available for Retained Total Minority Total equity
capital premium sale reserves earnings interest
� � � � � � �
Balance at 1 July
2007 156,187 2,937,027 - 513,015 3,606,229 132,031 3,738,260
Changes to equity
Profit for the
period - - - 31,621 31,621 32,955 64,576
Total recognised
income and expense
for the period - - 31,261 31,621 32,955 64,576
Balance at 31
December 2007 156,187 2,937,027 - 544,636 3,637,850 164,986 3,802,836
Share Share Available for Retained Total Minority Total equity
capital premium sale reserves earnings interest
� � � � � � �
Balance at 1 July
2006 156,187 2,937,027 27,500 327,192 3,447,906 132,031 3,579,937
Changes to equity
Investments - - (27,500) - (27,500) - (27,500)
Profit for the
year - - - 67,708 67,708 20,895 88,603
Total recognised
income and
expense for the
year - - (27,500) 67,708 40,208 20,895 61,103
Balance at 31
December 2006 156,187 2,937,027 - 394,900 3,488,114 152,926 3,641,040
Share Share Available for Retained Total Minority Total equity
capital premium sale reserves earnings interest
� � � � � � �
Balance at 1 July
2006 156,187 2,937,027 27,500 327,192 3,447,906 132,031 3,579,937
Changes to equity
Investments - - (27,500) - (27,500) - (27,500)
Profit for the year - - - 185,823 185,823 - 185,823
Total recognised
income and expense
for the year - - (27,500) 185,823 158,323 - 158,323
Balance at 30 June
2007 156,187 2,937,027 - 513,015 3,606,229 132,031 3,738,260
Consolidated Balance Sheet
As at 31 December 2007
Unaudited Unaudited Audited
6 Months to 6 Months to 12 months to
31 Dec 07 31 Dec 06 30 June 07
� � �
ASSETS
NON CURRENT ASSETS
Property, plant and equipment 189,847 209,695 191,134
Goodwill 4,698,628 3,939,852 4,278,571
Other investments 10,050 77,550 10,050
4,898,525 4,227,097 4,479,755
CURRENT ASSETS
Inventories 12,500 6,400 12,400
Trade and other receivables 3,466,260 2,528,923 2,712,177
Cash and cash equivalents 293,604 375,805 307,497
3,772,364 2,911,128 3,032,074
LIABILITIES
CURRENT LIABILITIES
Interest bearing borrowings (2,312,244) (1,440,785) (1,476,230)
Current tax liabilities (144,578) (147,579) (202,556)
Trade and other payables (1,625,793) (1,089,334) (1,291,011)
(4,082,615) (2,677,698) (2,969,797)
NET CURRENT ASSETS / (LIABILITIES) (310,251) 233,430 62,277
NON CURRENT LIABILITIES
Deferred tax liabilities (2,938) (7,987) (3,772)
Interest bearing borrowings (782,500) (811,500) (800,000)
(785,438) (819,487) (803,772)
NET ASSETS 3,802,836 3,641,040 3,738,260
TOTAL EQUITY
CAPITAL AND RESERVES ATTRBUTABLE TO EQUITY HOLDERS OF THE COMPANY
Ordinary shares 156,187 156,187 156,187
Share premium 2,937,027 2,937,027 2,937,027
Retained profits 544,636 394,900 513,015
3,637,850 3,488,114 3,606,229
Minority interest 164,986 152,926 132,031
3,802,836 3,641,040 3,738,260
Consolidated Cash Flow Statement
For the Period Ended 31 December 2007
Unaudited Unaudited Audited
6 Months to 6 Months to 12 months to
31 Dec 07 31 Dec 06 30 June 07
� � �
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 119,424 124,667 272,649
NON-CASH ADJUSTMENTS
Depreciation 22,545 34,646 61,677
Impairment of investments - - 12,500
NON-CASH ADJUSTMENTS 22,545 34,646 74,177
CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL 141,969 159,313 346,826
Increase in inventories (100) - (6,000)
Increase in trade and other receivables (754,083) (22,588) (205,842)
Increase /(Decrease) in trade and other payables 408,826 37,676 201,738
DECREASE IN WORKING CAPITAL (345,357) 15,088 (10,104)
CASH GENERATED FROM OPERATIONS (203,388) 174,401 336,722
CASH FLOWS FROM OTHER OPERATING ACTIVITIES
Finance costs (75,403) (58,603) -
Income taxes paid (113,894) (23,044) (23,044)
Share of associates profit - 303 -
(392,685) 93,057 313,678
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire property, plant and equipment (21,258) (6,427) (14,899)
Receipts from available-for-sale investments - 5,000 -
Payments to acquire intangible assets (420,057) (60,000) (338,718)
NET CASH FLOWS USED IN INVESTING ACTIVITIES (441,315) (61,427) (353,617)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (834,000) 31,630 (39,939)
Cash and cash equivalents as at 1 July 2007 (1,107,549) (1,067,610) (1,067,610)
CASH AND CASH EQUIVALENTS AS AT 31 December 2007 (1,941,549) (1,035,980) (1,107,549)
Notes to the Consolidated Financial Statements
For the period ended 31 December 2007
1. ACCOUNTING POLICIES
The interim financial information has been prepared consistently in accordance
with the accounting policies adopted for the year ended 30 June 2007.
Basis of preparation
The comparatives for the full year ended (date) are not the Company's full
statutory accounts for that year. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditors' report on those
accounts was unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain a statement under section 237(2)-(3) of the Companies Act 1985.
2 TAXATION
The tax charge accrued in these interim accounts reflects an estimated tax rate
of 30% for the period to 31 December 2007.
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 period.
The following reflects the income and share data used in the total operations
basic earnings per share computation:
Unaudited Unaudited Audited
6 Months to 6 Months to 12 months to
31 Dec 07 31 Dec 06 30 June 07
� � �
Net profit attributable to equity shareholders for
basic earnings per share 31,621 67,708 185,823
Unaudited Unaudited Audited
6 Months to 6 Months to 12 months to
31 Dec 07 31 Dec 06 30 June 07
pence pence pence
Earnings per ordinary share 0.1012 0.2167 0.5948
Earnings per share have been calculated on the net basis on the profit on
ordinary activities after taxation and after minority interest of �32,995
(6 Months to Dec 2006 - �20,895, 12 Months to June 07 - �nil) using the weighted
average number of ordinary shares in issue of 31,237,375.
4. ACQUISITIONS DURING THE PERIOD
On 1 August 2007 Champion PLC acquired 51% of the voting equity in Champion
Haworth Moore Limited, a company whose principal activity is audit and
accountancy.
The trade and assets of the business were acquired from Haworth Moore 01 August
2007.
Value per Revaluation Fair value at
Agreement date of
acquisition
� � �
Fixed Assets 2,500 - 2,500
Business Assets 85,000 - 85,000
Goodwill 408,340 - 408,340
495,840 - 495,840
Consideration - Cash 495,840
Since the acquisition date, Champion Haworth Moore Limited has contributed
�453,375 to the group's revenue.
Company Information
As at 31 December 2007
The board of directors G Cosgrove
K Baird
G Dallimore
K Philbin (Non-Executive)
R Ward-Lilley
Chairman K Philbin
Company secretary K Baird
Registered office 1 Worsley Court
High Street
Worsley
Manchester
UK
M28 3NJ
Auditors BDO Stoy Hayward LLP
Commercial Buildings
11-15 Cross Street
Manchester
M2 1WE
Bankers National Westminster Bank PLC
61 Bolton Road
Walkden
Worsley
Manchester
M28 3BY
Nomad Zeus Capital
3 Ralli Court
West Riverside
Manchester
M3 5FT
Solicitors George Davies Solicitors LLP
Fountain Court
68 Fountain Street
Manchester
England
M2 2FB
For further information please contact;-
G Cosgrove, Champion Plc - 0161 703 2500
Nick Cowles / Bobby Fletcher, Zeus Capital Limited - 0161 831 1512
This information is provided by RNS
The company news service from the London Stock Exchange
END
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