Interim Results
28 Juni 2006 - 9:01AM
UK Regulatory
RNS Number:2696F
Galleon Holdings PLC
28 June 2006
Galleon Holdings plc
Interim results for the six months ended 31 March 2006
Highlights:
* Turnover increased by 34% to #743K for the 6 months to March 2006
compared with the same period last year (31 March 2005: #553K)
* Operating loss of #453k for the 6 months ended 31 March 2006 (31
March 2005: #193k)
* New management team in place
* Group gears up for growth
David Wong, Chairman, Galleon Holdings plc commented:
The last year has seen the new management team focus the business on two key
areas, Galleon Entertainment and Croco Worldwide Sourcing. In doing so, the
operations of the company have now moved to London with the company gearing up
for continued growth. Galleon has already managed to grow its revenue by 34%
in the 6 months to March 2006 compared with the same period last year and has
built an infrastructure that will deliver strong growth through to the end of
the year and for the future. As a result of this we have seen an increase in
overhead in the first half of this year which has had a negative impact on
operating profit in the short term.
Galleon Entertainment now has a balanced portfolio of entertainment properties:
* 'Mysti' continues to rate strongly on the BBC(UK) and series 3 is currently
in development
* 'Skunk Fu!' is in full production with 52 episodes targeted for delivery to
air in 2007 on the BBC(UK), Super RTL(Germany), Canal J(France) and other
European territories. Advanced discussions are in place for other key
territories including the US and Australia.
* The company has developed a strong 'slate' of development projects
Croco Worldwide is seeing real organic growth:
* Croco continues to gain new global FMCG customers
* The divisions order book is looking strong through to the end of this
financial year and into 2007
* Key members of staff have been recruited to ensure continued growth in sales
and operations capacity
Galleon's ability to create, develop and manage children and family targeted
entertainment, coupled with our strong commercial relationships with the
world's leading broadcasters, global food companies and consumer products
partners, is building Galleon's position into an innovative and imaginative
global children's and family intellectual property business.
David Wong
CHAIRMAN
28th June 2006
For further information contact:
Stephen Green
CEO
Galleon Holdings plc
Tel: 020 8987 0011
Ben Simons
Hansard Communications Limited
Tel: 020 7245 1100
GALLEON HOLDINGS PLC
PROFIT AND LOSS ACCOUNT
For the six months ended 31 March 2006
Six months Six months Year
ended 31 March ended 31 March ended 30
2006 2005 September
2005
Note Unaudited Unaudited Audited
#'000 #'000 #'000
Turnover 743 553 1,135
Cost of sales (521) (302) (1,024)
-------- -------- ----------
Gross profit 222 251 111
Other administrative
expenses (583) (412) (1,450)
Amortisation of goodwill (92) (32) (77)
-------- -------- ----------
Administrative expenses (675) (444) (1,527)
-------- -------- ----------
Operating loss (453) (193) (1,416)
Share of operating profit of
associate 3 2 1
Net interest (14) (6) (11)
-------- -------- ----------
Loss on ordinary activities
before Taxation (464) (197) (1,426)
Tax on loss on
ordinary
activities 2 - - -
-------- -------- ----------
Loss on ordinary
activities after taxation
and loss for the financial
period (464) (197) (1,426)
-------- -------- ----------
Basic loss per
ordinary share 3 (1.1)p (1.1)p (7.1)p
There were no recognised gains or losses other than the loss for the period.
CONSOLIDATED BALANCE SHEET
At 31 March 2006
31 March 2006 31 March 2005 30 September
2005
Unaudited Unaudited Audited
#000's #000's #000's
Fixed assets
Intangible assets
Goodwill 2,162 715 753
Other 13 93 2
-------- -------- ----------
2,175 808 755
-------- -------- ----------
Tangible assets 25 36 29
Investments
Joint venture
Share of gross assets 735 734 735
Share of gross liabilities (736) (736) (736)
-------- -------- ----------
(1) (2) (1)
Associates (18) (19) (21)
Other investments 29 29 29
-------- -------- ----------
10 8 7
-------- -------- ----------
2,210 852 791
-------- -------- ----------
Current assets
Stocks and work in progress 501 215 173
Debtors due within one year 371 607 377
Debtors due after more
than one year 100 303 100
Cash at bank and in hand 398 315 220
-------- -------- ----------
1,370 1,440 870
Creditors: amounts
falling due within one
year (1,037) (912) (1,026)
Net current
assets/(liabilities) 333 528 (156)
-------- -------- ----------
Total assets less
current liabilities 2,543 1,380 635
-------- -------- ----------
Creditors: amounts falling due
after more
than one year (250) (2) -
Provisions for
liabilities and charges (12) (12) (12)
-------- -------- ----------
Net assets 2,281 1,366 623
-------- -------- ----------
Capital and reserves
Called up share capital 494 198 279
Shares to be issued 2 2 2
Share premium account 4,882 2,780 2,975
Capital redemption reserve 9,601 9,601 9,601
Other reserves 210 - 210
Profit and loss account (12,908) (11,215) (12,444)
-------- -------- ----------
Shareholders' funds 2,281 1,366 623
-------- -------- ----------
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 March 2006
Note Six months Six months Year ended
ended 31 March ended 31 30 September
2006 March 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Net cash outflow from
operating activities 5 (696) (880) (1,407)
Returns on investments and
servicing of finance
Interest paid (14) (6) (10)
Hire purchase interest - - (1)
-------- -------- ----------
Net cash outflow from
returns on investments
and servicing of finance (14) (6) (11)
-------- -------- ----------
Capital expenditure
Purchase of tangible fixed
assets (2) (4) (7)
-------- -------- ----------
Net cash outflow from
capital expenditure (2) (4) (7)
-------- -------- ----------
Acquisitions
Purchase of subsidiary undertaking (301) - -
Purchase of intangible
fixed assets (12) - -
-------- -------- ----------
Net cash flow from
acquisitions (313) - -
-------- -------- ----------
Net cash outflow before
financing (1,025) (890) (1,425)
Financing
Issue of shares 1,428 1,214 1,616
Expenses paid in connection
with share issues (28) (66) (66)
Receipts from borrowings - - (3)
Capital element of
finance leases - - (1)
-------- -------- ----------
Net cash inflow from
financing 1,400 1,148 1,546
-------- -------- ----------
Increase in
cash 375 258 121
-------- -------- ----------
1 RESULTS
The results for the six months ended 31 March 2006 are neither audited nor
reviewed and do not constitute statutory accounts within the meaning of the
Companies (Northern Ireland) Order 1986. They have been prepared on the basis of
accounting policies consistent with those used in the annual accounts for the
year ended 30 September 2005. The statutory accounts for the year ended 30
September 2005 have been given an unqualified audit report and have been filed
with the Registrar of Companies. The interim accounts for the six months to 31
March 2005 were unaudited.
2 TAXATION
In view of the Group's tax losses carried forward, there is no tax charge
included in the twelve months under review.
3 LOSS PER SHARE
Loss per share has been calculated in accordance with FRS14 based on 42,579,452
ordinary shares of 1 pence each being the weighted average of those in issue
during the six months ended 31 March 2006 (31 March 2005: 17,848,044 ordinary
shares of 1 pence each).
4 DIVIDENDS
The Company will not be declaring an interim dividend.
5 NOTE TO THE CASH FLOW STATEMENT
Reconciliation of operating loss to net cash outflow from operating activities:-
Six months Six months Year
ended 31 March ended 31 March ended 30
2006 2005 September 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Operating loss (453) (193) (1,416)
Depreciation of
tangible fixed assets 5 5 15
Amortisation of
intangible fixed assets 1 - 92
Amortisation of
goodwill 92 32 77
Increase in work in
progress (328) (57) (15)
Decrease/(increase)in
debtors 6 (466) (33)
Decrease in creditors (41) (327) (254)
Shares allotted to settle
expenses and debt 22 126 126
Net cash outflow from
operating activities (696) (880) (1,408)
This information is provided by RNS
The company news service from the London Stock Exchange
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