Interim Results
10 Januar 2005 - 8:00AM
UK Regulatory
Under embargo until 0700 10 January 2005
Monkleigh plc
Monkleigh plc, the AIM listed event marketing services group, announces interim results for the
six months to 30 November 2004.
Highlights:
- Successful AIM listing in July raising �425,000
- Acquisition of trading assets of Pro Motions Event Management in October
- major contracts secured with AXA PPP, DaimlerChrysler and Vauxhall Motors since
incorporation into the Group
- Addition of First Corporate Events, the City-based corporate events manager
- Proposed change of Company name to Elevation Events Group
- Continue to identify and negotiate with potential acquisition targets
- Period end to be extended to 30 September 2005
Ray Pierce, Chairman, commented:
'We are delighted to confirm that we have been able to carry forward our strategy as originally
set out in July. The addition of the Pro Motions and First Corporate Event businesses directly
fits with our stated strategy and we are looking forward to 2005 with optimism.
'The opportunities for growth through acquisition remain extremely positive and we have been able
to identify a number of potential targets which fit into our overall strategy to establish the
company as a leading provider of event marketing services. The proposed change of name to
Elevation Events Group reflects the rapid move to a fully integrated company that can offer major
corporate clients a respected and innovative one stop service.'
Contact:
Monkleigh plc
Ray Pierce, Chairman 01869 366 610
Ric Yerbury, CEO 07968 063023
Corporate Synergy 020 7626 2244
Dwight Mighty
Threadneedle Communications 020 7531 2620
Graham Herring/Alex White 07717 508 840
Monkleigh plc
Chairman's Statement
The Directors are pleased to announce the Company's first trading statement and report that the
Company had a successful six months and has developed in line with expectations.
Strategic Review
Monkleigh plc is an AIM-listed company that buys, invests in and develops events management,
corporate hospitality and related niche supplier businesses to form an integrated event marketing
service group.
The Company's strategy is to create, through a combination of acquisitions and organic growth, a
fully integrated national event marketing services company with a strong brand. The Company
intends to focus on the management of added value events, principally to the corporate sector,
where it is anticipated that the application of, for example, innovative design & production,
entertainment, and measurement and assessment services will increase margins.
The event management and corporate hospitality sectors are fragmented, comprising a few large and
many small operators, each often providing a narrow range of services. Consequently, larger
companies, with a variety of event management and corporate hospitality requirements, have had to
obtain the services they require from a range of providers. The Directors believe that corporate
customers, in particular, would prefer to source all event management and corporate hospitality
services they require from a single provider.
As part of the strategy to establish a fully integrated service provider, the Directors also
propose to change the Company name to Elevation Events Group. An Extraordinary General Meeting
will be held on 3 February 2005.
Transactions
On 1 October Monkleigh acquired the trade name and assets of Pro Motions for �255,000 from Shirley
and Martin Chick. At the same time they subscribed for 1,000,000 shares at 15p. Shirley Chick
has been in the event marketing industry for more than 19 years and she and Martin were appointed
Divisional Managing Director and Divisional Director respectively.
Since its incorporation in the Group, Pro Motions Event Management has secured a number of
contracts including AXA PPP, DaimlerChrysler and Vauxhall Motors. The benefits from these
contracts will start to flow in the second period.
On 1 December John Saunders of First Corporate Events joined the company. John brought a wealth
of event experience and a client base including Deutsche Bank, Aberdeen Asset Management, HSBC and
Candover.
The Directors continue discussions with several potential targets and a number of negotiations
have reached an advanced stage.
Financial Overview
Monkleigh raised �505,000 prior to admission to trading on AIM on 8 July 2004.
The Company's loss before tax for the six months to 30 November 2004 amounted to �143,000
equivalent to a loss per share of 2.66p, which was in line with the Directors' expectations. As at
30 November 2004 the Company had cash reserves of �111,000 and net assets of �399,000 (including
goodwill of �244,000).
In order to better reflect the seasonality of the sector in which the Company operates, the
Directors are extending the Company's reporting date to 30 September.
The Board does not intend to pay an interim dividend at this stage.
Ray Pierce
Chairman
10 January 2005
Monkleigh plc
PROFIT AND LOSS ACCOUNT
Six months to 30 November 2004
Unaudited
Notes �000
Turnover -
Cost of sales -
Gross profit -
Administrative expenses 145
Operating loss (145)
Interest receivable 2
Loss on ordinary activities before taxation (143)
Tax on loss on ordinary activities -
Loss on ordinary activities after taxation (143)
(Loss) / Earnings Per Share (pence) p.
Basic 4 (2.66)
Diluted 4 (2.66)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES �000
Loss for the financial period (143)
Adjustments -
Total gains and losses recognised since incorporation (143)
Monkleigh plc
BALANCE SHEET
As at 30 November 2004
Unaudited Unaudited
2004 2004
�000 �000
FIXED ASSETS
Goodwill 244
Tangible assets 25
269
CURRENT ASSETS
Other debtors 31
Work in progress 22
Cash at bank and in hand 111
164
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Trade creditors 15
Other creditors 19
34
Net current assets 130
Total assets less current liabilities 399
CREDITORS: AMOUNTS FALLING DUE AFTER MORE -
THAN ONE YEAR
399
CAPITAL AND RESERVES
Called up share capital 165
Share premium 377
Profit and loss account (143)
Equity shareholders' funds 399
Monkleigh plc
CASH FLOW STATEMENT
Six months to 30 November 2004
Unaudited Unaudited
2004 2004
Notes �000 �000
Cash outflow from operating activities 5 (161)
Returns on investments and servicing of finance
Interest received 2
Net cash inflow from returns on investments 2
and servicing of finance
Taxation -
Capital expenditure and financial investment
Purchase of tangible fixed assets (5)
Net cash (outflow) from capital
expenditure and financial investment (5)
Acquisitions and disposals
Purchase of businesses (267)
Net cash (outflow) from acquisitions and disposals (267)
Net cash (outflow) before financing (431)
Financing
New shares issued for cash 655
Less: associated costs (113)
Net cash inflow from financing 542
Increase in cash 111
Monkleigh plc
NOTES TO THE FINANCIAL STATEMENTS
Six months to 30 November 2004
1. Accounting policies
The Financial Statements are prepared in accordance with applicable United Kingdom accounting standards.
A summary of the more important accounting policies are described below.
The interim results were approved by the Board on Monday 10th January 2005 and are unaudited. The financial
information contained in this interim statement does not constitute accounts as defined by the Companies Act 1985.
Basis of accounting
The financial statements have been prepared under the historical cost convention. The results of the businesses
acquired are included from the date of acquisition.
Turnover
Turnover, which excludes value added tax, represents amounts invoiced for services supplied. To the extent that
the Company has a right to consideration for services rendered to clients but not yet invoiced, an appropriate
amount of revenue is accrued in the accounts.
Deferred taxation
Deferred tax is provided for on a full provision basis on all timing differences which have arisen but not
reversed at the balance sheet date. A deferred tax asset is not recognised to the extent that the transfer of
economic benefit in future is uncertain.
Any assets and liabilities recognised have not been discounted.
Goodwill
Goodwill arising on the acquisition of businesses, representing any excess of the fair value of consideration
given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on
a straight line basis over its useful economic life, which is 20 years. Provision is made for any impairment.
Tangible assets
Depreciation is provided on cost or revalued amounts in equal annual instalments over the estimated useful lives
of the assets concerned. The following annual rates are used:
Motor vehicles 25%
Office equipment 33%
Furniture and fittings 20%
Work in progress
Work in progress is shown at the lower of cost and net realisable value.
2. Acquisitions
On 1 October 2004 the Company acquired the assets, including the trading name, of Pro Motions for �255,000. Pro
Motions' business was event marketing services and their clients included DaimlerChrysler, BAE Systems and
Vauxhall Motors.
3. Share capital
Date No. of 2p Share Share premium
Ordinary capital
shares
�000 �000
Incorporation 4 May 2004 100 - -
Directors 28 May 2004 2,999,925 60 20
Placing 2 July 2004 4,250,000 85 340
Cost of placing 2 July 2004 (113)
Vendors of Pro Motions 1 October 2004 1,000,000 20 130
8,250,025 165 377
4. (Loss) per share
Weighted Per share
average amount
�000 no. of pence
shares
Attributable to ordinary shareholders:
(Loss) (143)
(Loss) per share 5,376,224 (2.66)
Dilutive effect of securities
Options, warrants and shares to be issued 98,095
(Loss) per share 5,474,319 (2.66)
In accordance with FRS14, the diluted loss per share is equivalent to the basic loss per share as any dilutive effect
would decrease the net loss per share.
5. Reconciliation of operating loss to net cash inflow
from operating activities �000
Operating loss (145)
Amortisation of goodwill 2
Depreciation charge 1
Increase in debtors (31)
Increase in work in progress (22)
Increase in creditors 34
Cash outflow from operating activities (161)
Monkleigh plc
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