Pantheon Leisure Plc ("Pantheon" or the "Group")
Half yearly report to 30 June 2008
Chairman's Statement
I am pleased to present the results of Pantheon Leisure Plc for the six month
period ended 30 June 2008. Whilst our subsidiaries, The Elms Group Limited and
Sport in Schools Ltd, are performing in line with our expectations, we also
continue to review other opportunities in the leisure sector.
Operations
Our subsidiary, Sport in Schools Ltd., continues to make strong progress,
working with heads of education in both local authorities and schools to offer
children innovative and exciting ways to improve and further their sporting and
leisure education. We believe that our initiative forms an effective part of
any school's strategic planning and address issues that arise from the
obligatory 10% `Planning, Preparation and Assessment'(PPA) time as stipulated
by Central Government.
We continue to expand geographically moving beyond the Greater London Area to
new areas, which include Buckinghamshire, Kent, Essex and Hertfordshire. We
intend to further the initiative nationwide.
Trading performance in this division has been encouraging with turnover up 84%,
as compared with the same six month period last year. Growth expectations in
the second half of the year appear to justify our investment in this business
activity.
Through our subsidiary, The Elms Group Limited, we remain one of the leading
operators of small sided football leagues in London. As competition remains
intense in this sector, we recognise the need to keep improving our offering.
In line with this objective, we have phased in new formats of 8 team leagues
over 14 weeks, as well as providing games with a longer playing time.
We are seeing some financial benefits from these changes, with turnover in the
first half up by 13%, as compared with the same six month period last year. We
remain confident that we have made the right moves to retain our position as
one of the leading providers in this sector.
Financial Results
The Group has reported a pre tax loss of �71,103 (2007 - �133,938) for the six
month period under review on turnover of � 548,509 (2007 - �393,364). As at 30
June 2008 the Group had net cash balances of �652,789 which provides the Group
with a platform to further its existing operations as well as providing the
resources to enable it to acquire other businesses operating in the leisure
sectors should an opportunity arise.
Current Trading
I remain encouraged by the Group's progress and, in particular, the "Sport in
Schools" initiative, which I believe will continue to develop given the
Government's stated intention to increase mandatory sports lessons.
Furthermore, in addition to our present association with state schools we are
becoming more involved in the private school sector, which will provide us with
further growth opportunities.
We continue to assess further investment opportunities and look forward to
updating shareholders in the near future.
W Weston
Chairman
25 September 2008
Consolidated income statement for the six months ended 30 June 2008
Unaudited Unaudited Audited
six months six months Year
ended ended ended
Notes 30 June 2008 30 June 2007 31 December
2007
� � �
Continuing operations
Revenues 548,509 393,364 900,055
Cost of Sales (298,402) (287,553) (665,483)
Gross Profit 250,107 105,811 234,572
Operating expenses
Administrative costs (339,145) (261,172) (510,644)
Total operating expenses (339,145) (261,172) (510,644)
Operating loss (89,038) (155,361) (276,072)
Finance income 17,935 21,423 42,824
Loss on ordinary (71,103) (133,938) (233,248)
activities
Taxation on ordinary 3 (7,107) - 16,181
activities
Loss for period (78,210) (133,938) (217,067)
Discontinued operations
Profit for the period - - 6,425
Loss for the period/year (78,210) (133,938) (210,642)
attributable to equity
holders of the parent
Loss per share: 4
Basic and diluted loss (0.06)p (0.11)p (0.18)p
per share
Discontinued operations:
Basic and diluted - - 0.1p
earnings per share
Continued and
discontinued operations:
Basic and diluted loss (0.06)p (0.11)p (0.17)p
per share
The group had no recognised income and expense other than that dealt with in
the income statement.
Consolidated balance sheet as at 30 June 2008
Unaudited Unaudited Audited
as at as at as at
Note 30 June 30 June 31 December
2008 2007 2007
� � �
Non current assets
Deferred tax asset 9,074 - 16,181
Current assets
Trade and other 160,022 217,108 107,409
receivables
Cash and cash equivalents 705,748 915,756 821,024
865,770 1,132,864 928,433
Total assets 874,844 1,132,864 944,614
Current liabilities
Trade and other payables (319,604) (420,866) (259,323)
Bank overdraft (52,959) (61,303) (104,800)
(372,563) (482,169) (364,123)
Net assets 502,281 650,695 580,491
Share capital 1,200,000 1,200,000 1,200,000
Share premium account 677,244 677,244 677,244
Merger reserve (400,000) (400,000) (400,000)
Revenue reserves (974,963) (826,549) (896,753)
Shareholders' equity 5 502,281 650,695 580,491
Consolidated cash flow statement for the six months ended 30 June 2008
Unaudited Unaudited Audited
six months six months Year
ended ended ended
30 June 2008 30 June 2007 31 December 2007
� � �
Cash flow from operating
activities
Operating loss on continuing (89,038) (155,361) (276,072)
operations
Profit before tax on - - 6,425
discontinued operations
(89,038) (155,361) (269,647)
Adjustment for share based - 6,500 13,000
payments
Operating cash flow before (89,038) (148,861) (256,647)
working capital movements
Increase in receivables (52,613) (150,975) (41,276)
Increase in payables 60,281 201,427 39,884
Operating cash flow (81,370) (98,409) (258,039)
Finance income 17,935 21,423 42,824
Net decrease in cash and cash (63,435) (76,986) (215,215)
equivalents in the period
Cash and cash equivalents at 716,224 931,439 931,439
the beginning of the period
Cash and cash equivalents at 652,789 854,453 716,224
the end of the period
Notes to the financial statements for the six months ended 30 June 2008
1. General information
Pantheon Leisure Plc (the "company") is a company domiciled in England and its
registered office address is 58-60 Berners Street, London W1T 3JS. The
condensed consolidated interim financial statements of the company for the six
months ended 30 June 2008 comprise the company and its subsidiaries (together
referred to as "the group").
The condensed consolidated interim financial statements do not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.
The financial information for the year ended 31 December 2007 has been
extracted from the statutory accounts . The auditors' report on those statutory
accounts was unqualified and did not contain a statement under Section 237 of
the Companies Act 1985. A copy of those financial statements has been filed
with the Registrar of Companies.
The group has presented its results in accordance with International Financial
Reporting Standards as adopted by the EU using the same accounting policies and
methods of computation as were used in the annual financial statements for the
year ended 31 December 2007. As permitted, the interim report has been prepared
in accordance with AIM listing rules and is not compliant in all respects with
IAS34 `Interim Financial Statements.'
The condensed consolidated interim financial statements do not include all of
the information required for full annual financial statements and therefore
cannot be construed to be in full compliance with IFRS.
The condensed interim financial statements were approved by the board and
authorised for issue on 25 September 2008.
2. Business segment analysis
Six months ended 30 June
2008
Small Sports Consolidated
sided tuition in
football schools
Results from continuing � � �
operations
Revenue 277,102 271,407 548,509
Segment operating (loss)/ (14,397) 25,381 10,984
profit
Unallocated corporate (100,022)
expense
Operating loss (89,038)
Finance income 17,935
Loss before taxation (71,103)
Taxation (7,107)
Loss after taxation from (78,210)
continuing operations
Six months ended 30 June 2007
Small Sports Consolidated
sided tuition in
football schools
Results from continuing � � �
operations
Revenue 246,183 147,181 393,364
Segment operating loss (56,207) (22,400) (78,607)
Unallocated corporate (76,754)
expense
Operating loss (155,361)
Finance income 21,423
Loss before taxation (133,938)
-
Taxation
Loss after taxation from (133,938)
continuing operations
Year Ended 31 December
2007
Small Sports Other Consolidated
sided tuition in
football schools
Results from continuing � � � �
operations
Revenue 583,040) 306,915) 10,100) 900,055)
Segment operating (loss) / (45,974) (57,788) 6,682) (97,080)
profit
Unallocated corporate (178,992)
expense
Operating loss (276,072)
Finance income 42,824)
Loss before taxation (233,248)
Taxation 16,181)
Loss after taxation from (217,067)
continuing operations
3. Taxation
The tax charge in the accounts for the six months ended 30 June 2008 of �7,107
represents an adjustment to the deferred tax asset in recognition of tax losses
from previous periods to be utilised against trading profits of �25,382
generated from the group's sports coaching activities.
4. Basic and diluted loss per share
The calculation of the loss per ordinary share is based on the loss after
taxation for the six month period ended 30 June 2008 of �78,210 (6 months ended
30 June 2007 loss �133,938 )(year ended 31 December 2007 loss �210,642) and
120,000,000 (2007: 120,000,000) ordinary shares in issue throughout the period.
5. Movements to shareholders' equity
Unaudited Unaudited Audited
six months six months Year
ended ended ended
30 June 30 June 31 December
2008 2007 2007
� � �
Loss for the period (78,210) (133,938) (210,642)
Adjustment for share based payments - 6,500 13,000
(78,210) (127,438) (197,642)
Equity at the beginning of period 580,491 778,133 778,133
Equity at the end of period 502,281 650,695 580,491
Contact
Barbara Moss, Director
Pantheon Leisure plc
Tel: 020 8954 8787
Liam Murray, Nominated Adviser
Dowgate Cpaital Advisers Limited
Tel: 020 7492 4777
Neil Badger, Broker
Ellis Stockbrokers Limited
Tel: 01293 517 744
Isabel Crossley, PR
St Brides Media & Finance Limited
Tel: 020 7236 1177
END
Pantheon Leisure (LSE:PLEI)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Pantheon Leisure (LSE:PLEI)
Historical Stock Chart
Von Jun 2023 bis Jun 2024