Interim Results
20 Dezember 2002 - 8:30AM
UK Regulatory
RNS Number:4004F
Galleon Holdings PLC
20 December 2002
GALLEON HOLDINGS:
INTERIM RESULTS ANNOUNCEMENT
Continued Progress and Confident Outlook for 2003
Galleon Holdings plc, ("Galleon" or "the Group"), the aim-quoted cross-media
company, announces Interim Results for the six months to 30 September 2002.
Galleon went public on aim by way of a recommended offer of Andaman Resources
plc on 5 November 2001.
Financial Highlights of the Results
* Turnover #780k (no comparable figure in 2001; 2002 full year #277k)
* Growth by acquisition
* Gross profit #288k (as above; 2002 full year #90k)
* Operating loss #933k (loss #62k in 2001; 2002 full year #826k)
- Includes #565k relating to amortisation of goodwill arising from
acquisition of the Galleon Group
* Basic loss per ordinary share (0.2)p (2002: (0.1)p)
* No dividend
* Net Assets #12.67m (2002: #556k).
Operational Highlights
* Two principal trading subsidiaries both turned in creditable performances,
positive contributions during period under review
* Newest subsidiary for exploitation/licensing of IPR made tremendous progress
- First contracts expected in early 2003
* US consultant, ex Paramount Pictures, Westinghouse Broadcasting, appointed
* Further acquisition being sought to add value, one identified in last Quarter
of fiscal year.
Commenting, Jim Driscoll, Chairman, said: "Although the market conditions have
been unfavourable throughout 2002, the Group continued to make progress, and I
am confident that 2003 will see Galleon further establishing and growing its IPR
portfolio value."
ENDS
For further information please contact:
James Driscoll, Chairman Paul Wooding Sam Allen/ Peter Binns
Galleon Group Plc RedEye Public Relations Binns & Co PR Ltd
T: +44(0) 1384 440 591 T: +44(0) 1384 350 212 T: +44(0) 20 7786 9600
F: +44 (0) 1384 440 582 paul.wooding@redeyepr.com sam.allen@binnspr.co.uk
james.driscoll@galleonplc.com www.redeyepr.com www.binnspr.com
Interim results for the six months ended 30 September 2002
Chairman's statement
I am pleased to present the interim financial results of Galleon Holdings plc
for the six months to 30 September 2002. The operating loss after taxation for
the period was #969,000. Included in this figure was #565,000 relating to
amortisation of goodwill which arose from the acquisition of The Galleon Group
plc.
I am able to report that the Group's principal trading subsidiaries, Probe Media
Limited and A4 Publications Limited, both turned in highly creditable
performances and produced positive contributions during the period. Our
associated company, Live Information Systems Limited, continued with the planned
software development programme for its content management system, NIMOI tm.
This resulted in a loss for the period, but subsequent software sales should see
the return of that company to profitability.
Clipper Media Limited, the subsidiary responsible for the exploitation and
licensing of intellectual property rights, has made tremendous progress with
Galleon's property, The Cornish Riviera Pasties. This property has attracted
interest from a wide range of potential licensees in the food, publishing, toy
and giftware areas. Two characters from the children's series have been adopted
to spearhead fundraising activities for national organisations - Lenny Zennor by
SCOPE, the charity for people suffering from cerebral palsy, and Fistral Freddie
by The British Surfing Association. Clipper will handle the licensing programmes
and Iexpect to announce the first contracts early in 2003.
We have recently appointed a consultant, Joseph Matesevac, in the USA. Joseph
has been a successful senior executive in the publishing and related sectors. He
has worked for Paramount Pictures, Westinghouse Broadcasting and the Reed Midem
Organisation. Joseph's brief is to present the Galleon portfolio to
broadcasters, publishers and potential licensees; the responses so far to these
efforts have been most encouraging.
We continue to seek out acquisitions which fulfil Galleon's stated financial
criteria, and which will add value. I am optimistic of concluding such a
transaction, which has already been identified, during the last quarter of the
current fiscal year.
Although the market conditions have been unfavourable throughout 2002, the Group
continued to make progress, and I am confident that 2003 will see Galleon
further establishing and growing its IPR portfolio value.
James Driscoll, MBE
CHAIRMAN
20 December 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2002
Six months Six months Year ended
ended 30 ended 30 31 March
September 2002 September 2002
2001
Note Unaudited Unaudited Audited
#'000 #'000 #'000
Turnover 780 - 277
Cost of sales (492) - (187)
Gross profit 288 - 90
Other administrative (656) (62) (502)
expenses
Amortisation of (565) - (414)
goodwill
Administrative (1,221) (62) (916)
expenses
Operating loss (933) (62) (826)
Share of operating (34) - 2
(loss)/profit of
associate
Net interest (2) 10 12
Amounts written off - (3) -
investments
Loss on ordinary
activities before
taxation (969) (55) (812)
Tax on loss on 2 - - -
ordinary activities
Loss on ordinary
activities after
taxation and loss
for the financial year (969) (55) (812)
Basic loss per 3 (0.2)p (0.1) p (0.3) p
ordinary share
There were no recognised gains or losses other than the loss for the period
CONSOLIDATED BALANCE SHEET
For the six months ended 30 September 2002
At 30 September At 30 September At
2002 2001 31 March
Unaudited Unaudited 2002
Audited
#'000 #'000 #'000
Fixed assets
Intangible assets
Goodwill 12,008 - 12,573
Other 1 - 6
12,009 - 12,579
Tangible assets 91 - 100
Investments
Associates and joint 170 - 204
ventures
Other investments 97 28 68
267 28 272
12,367 28 12,951
Current assets
Stocks and work in 53 - 17
progress
Debtors 968 3 913
Cash at bank and in 100 605 477
hand
1,121 608 1,407
Creditors: amounts (605) (80) (478)
falling due within one
year
Net current assets 516 528 929
Total assets less 12,883 556 13,880
current liabilities
Creditors: amounts
falling due after more
than one year - - (28)
Provisions for (210) - (210)
liabilities and charges
12,673 556 13,642
Capital and reserves
Called up share capital 8,150 820 8,150
Share premium account 1,342 1,165 1,342
Other reserves 6,338 - 6,338
Profit and loss account (3,157) (1,429) (2,188)
Shareholders' funds 12,673 556 13,642
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2002
Note Six months Six months Year ended
ended 30 ended 30 31 March
September 2002 September 2001 2002
Unaudited Unaudited Audited
#'000 #'000 #'000
Net cash outflow from 6 (300) (73) (741)
operating activities
Returns on
investments and
servicing of finance
Interest received 3 10 19
Interest paid (5) - (5)
Hire purchase interest (2) - (2)
Net cash
(outflow)/inflow from
returns
on investments and (4) 10 12
servicing of finance
Capital expenditure
Purchase of tangible (18) - (10)
fixed assets
Purchase of - - (1)
intangible fixed
assets
Payments to acquire (30) - -
fixed asset
investments
Net cash outflow from (48) - (11)
capital
expenditure
Acquisitions
Purchase of - - (358)
subsidiary undertaking
Net cash acquired - - 103
with subsidiary
Net cash outflow from - - (255)
acquisitions
Net cash outflow (352) (63) (995)
before financing
Financing
Issue of shares - - 882
Expenses paid in - - (145)
connection with share
issues
Capital element of (18) - (12)
finance leases
Net cash (18) - 725
(outflow)/inflow from
financing
Decrease in cash (370) (63) (270)
NOTES
For the six months ended 30 September 2002
1 RESULTS
The results for the 6 months ended 30 September 2002 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 31 March 2002. The statutory accounts for the year ended 31
March 2002 have been given an unqualified audit report and have been filed
with the Registrar of Companies. The interim accounts for the 6 months to 30
September 2001 were unaudited.
2 TAXATION
In view of the Company's tax losses carried forward, there is no tax charge
included in the 6 months under review.
3 LOSS PER SHARE
Loss per share has been calculated in accordance with FRS14 based on
407,497,720 ordinary shares of 1 pence each being the weighted average of
those in issue during the 6 months ended 30 September 2002.
4 DIVIDENDS
The Company will not be declaring an interim dividend.
5 CONTINGENT LIABILITY
The Company has been involved jointly with Glencar Mining plc in civil
litigations in the Irish courts against Mayo County Council. The Company has
withdrawn its action, although Glencar Mining plc has decided to proceed with
an appeal to the Supreme Court. Under an agreement reached between the
Company and Glencar Mining plc dated 23 May 2000, the Company will still be
liable for the legal costs, should the appeal be rejected, but restricted to
a maximum of Irish #60,000. This amount has been provided in the accounts as
at 30 September 2002. As this agreement is between the Company and Glencar
Mining plc, the Company has joint and several liability regarding legal costs
in the event, considered unlikely by the Directors, that there is a shortfall
unpaid by Glencar Mining plc.
6 NOTE TO THE CASH FLOW STATEMENT
Reconciliation of operating loss to net cash outflow from operating
activities:-
Six months Six months Year ended
Ended 30 Ended 30 31 March
September 2002 September 2001 2002
Unaudited Unaudited Audited
#'000 #'000 #'000
Operating loss (933) (62) (826)
Loss of disposal of 2 - 1
tangible fixed assets
Depreciation of tangible 25 - 20
fixed assets
Amortisation of 5 - 4
intangible fixed assets
Provision against 1 - 25
investments
Amortisation of goodwill 565 - 414
Increase in work in (36) - (17)
progress
(Increase)/decrease in (55) 9 249
debtors
Increase/(decrease) in 126 (20) (611)
creditors
Net cash outflow from (300) (73) (741)
operating activities
This information is provided by RNS
The company news service from the London Stock Exchange
END
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