RNS Number:4315Z
Hurlingham PLC
23 February 2001
Interim Results - Six months ended 30 November 2000
Chairman's Statement
I am pleased to present the Company's interim results for the six
months ended 30 November 2000, which show a profit on ordinary
activities before tax of #2,713 (1999: #3,714).
At the Extraordinary General Meeting held on 26 July 2000,
shareholders voted for the Directors to expand the Company's
activities in travel and related businesses, particularly by
expanding the activities of Custom Tours Ltd. During this period of
continuing transition, turnover increased significantly to
#1,121,186 (1999: #58,246) reflecting the impact of Custom Tours Ltd
on our business. The period under review was a particularly
difficult one for Custom Tours, since the dollar strengthened during
the period. This has had some adverse impact on the historic level
of margins, but the volume of business has been maintained and the
Board looks forward to less volatile period with a more stable
exchange rate.
In December 2000, Custom Tours moved into a group owned freehold
office building in Plymouth, which has the capacity for expansion
and in January 2001 acquired for #70,000 cash the trade of Travel
with Us, a company which operates in the same market but has a
different client profile.
Turning to our former 45% associate company, Bettagrade Ltd., I am
pleased to report that the Company's Express by Holiday Inn Hotel
has continued to show improved occupancy and room rates. Despite
this however, the level of interest payable on its principal debt
created a small loss in the period. The Boards of Hurlingham and
Bettagrade therefore decided to restructure the Hotel's financing
and announced on 19 December that Hurlingham had entered into an
agreement with Aberdeen Development Capital (ADC) to purchase ADC's
50,000 preferred Ordinary shares and #350,000 12 per cent. loan
stock interest in Bettagrade Ltd in exchange for 388,369 Ordinary
shares in Hurlingham plc and #23,145 in cash. As a result of this
acquisition, Bettagrade is now a 65% subsidiary. Hurlingham
anticipates purchasing the remaining 35% interest from the
Directors, subject to shareholder approval. Agreement has also been
reached with Bettagrade's bankers to restructure the principal debt
associated with the Hotel on more favourable terms. An independent
valuation of the Hotel was carried out in September 2000. In the
opinion of the valuer, the open market value of the Hotel in its
existing use at that time was #3,475,000.
The residential portfolio continued to perform in line with the
Board's expectations and there were no disposals in the period.
In view of the continuing changes within the company and in order to
facilitate compliance with the Stock Exchange's timetable for
publishing accounts, the Board intends to change the Company's
accounting reference date from 31 May to 30 September. This will
mean that the Company will publish a second interim results
statement for the period to 31 May and final results for the 16
month period to 30 September.
Charles Llewellyn
Chairman
23 February 2001
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2000
Six months Six months Year ended
ended ended
30.11.2000 30.11.1999 31.05.2000
Unaudited Unaudited Audited
# # #
TURNOVER
Continuing operations 1,121,186 58,246 117,591
Acquisitions - - 649,097
---------- ---------- ----------
1,121,186 58,246 766,688
---------- ---------- ----------
Cost of sales before
goodwill amortisation (997,280) (18,510) (599,735)
Goodwill amorisation (10,312) - -
---------- ---------- ----------
COST OF SALES (1,007,592) (18,510) (599,735)
---------- ---------- ----------
GROSS PROFIT 113,594 39,736 166,953
Administrative expenses (115,030) (46,481) (148,601)
---------- ---------- ----------
OPERATING PROFIT/(LOSS)
Continuing operations (1,436) (6,745) (12,119)
Acquisitions - - 30,471
---------- ---------- ----------
(1,436) (6,745) 18,352
Share of profit from
associated undertaking 51,054 - 12,015
---------- ---------- ----------
TOTAL OPERATING 49,618 (6,745) 30,367
PROFIT/(LOSS)
Profit on sale of properties
in continuing operations - - 80,848
---------- ---------- ----------
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE INTEREST 49,618 (6,745) 111,215
Interest receivable
Group 25,324 20,172 44,052
Associate 669 - 1,645
---------- ---------- ----------
25,993 20,172 45,697
---------- ---------- ----------
Interest payable
Group (17,790) (9,713) (30,167)
Associate (55,108) - (68,445)
---------- ---------- ----------
(72,898) (9,713) (98,612)
---------- ---------- ----------
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION 2,713 3,714 58,300
Taxation (2,500) (500) (14,090)
---------- ---------- ----------
PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION 213 3,214 44,210
Dividends - - (18,266)
---------- ---------- ----------
TRANSFERRED TO RESERVES 213 3,214 25,944
========== ========== ==========
EARNINGS PER SHARE - BASIC
AND DILUTED 0.01p 0.21p 2.85p
CONSOLIDATED BALANCE SHEET AT 30 NOVEMBER 2000
At At At
30.11.2000 30.11.1999 31.05.2000
Unaudited Unaudited Audited
# # #
FIXED ASSETS
Intangible assets 402,169 - 412,481
Tangible assets 1,648,145 1,324,209 1,645,317
Investments 57,455 115,625 60,840
---------- ---------- ----------
2,107,769 1,439,834 2,118,638
---------- ---------- ----------
CURRENT ASSETS
Debtors 729,062 522,342 803,635
Cash at bank and in hand 255,182 13,552 303,066
---------- ---------- ----------
984,244 535,894 1,106,701
---------- ---------- ----------
CREDITORS: Amounts falling
due within one year (447,356) (133,675) (443,421)
---------- ---------- ----------
NET CURRENT ASSETS 536,888 402,219 663,280
---------- ---------- ----------
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,644,657 1,842,053 2,781,918
CREDITORS: Amounts falling
due after one year (390,886) (143,414) (528,360)
PROVISIONS FOR LIABILITIES
AND CHARGES (91,000) (8,200) (91,000)
---------- ---------- ----------
NET ASSETS 2,162,771 1,690,439 2,162,558
========== ========== ==========
CAPITAL AND RESERVES
Called-up share capital 1,164,450 1,164,450 1,164,450
Share premium account 214,854 214,854 214,854
Revaluation reserve 578,189 157,725 578,189
Profit and loss account 205,278 153,410 205,065
---------- ---------- ----------
EQUITY SHAREHOLDERS' FUNDS 2,162,771 1,690,439 2,162,558
========== ========== ==========
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2000
Six Six Year
months months ended
ended ended 31.05.2000
30.11.2000 30.11.1999
Unaudited Unaudited Audited
# # #
Group profit on ordinary
activities after taxation 3,598 3,214 98,995
Share of associated company's
loss on ordinary activities
after taxation (3,385) - (54,785)
Increase in revaluation
reserve for investment - - 449,389
properties
--------- --------- ---------
TOTAL RECOGNISED GAINS AND
LOSSES RELATING TO THE PERIOD 213 3,214 493,599
--------- --------- ---------
NOTES OF HISTORICAL COST PROFITS AND LOSSES
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2000
Six Six Year
months months ended
ended ended 31.05.2000
30.11.2000 30.11.1999
Unaudited Unaudited Audited
# # #
Reported profit on ordinary
activities before taxation 2,713 3,714 58,300
Realisation of property
revaluation gains - - 32,925
--------- --------- ---------
HISTORICAL COST PROFIT ON
ORDINARY ACTIVITIES BEFORE 2,713 3,714 91,225
TAXATION
--------- --------- ---------
TRANSFER TO RESERVES AFTER
TAXATION AND DIVIDENDS 213 3,214 54,869
--------- --------- ---------
NOTES
1. The financial information above does not constitute full
accounts within the meaning of section 240 Companies Act 1985 as
amended ("the Act"). Full accounts for the year ended 31 May 2000,
on which the auditors reported on without qualification and which
contained no statement under Section 237 (2) or (3) of the Act have
been delivered to the Registrar of Companies.
2. Earnings per share have been calculated on profit after tax of
#123 (1999: #3,214 and on 1,552,600 shares, being the number of
shares in issue throughout both periods.
3. United Kingdom taxation has been calculated at the rate of 20%
(1999: 20%).
4. As last year, no interim dividend is proposed.
5. Copies of the Interim Report are being sent to all shareholders
and will be available to the public from the office of the Company
Secretary at 90 Babbacombe Road, Bromley, Kent BR1 3LS for at least
one month.
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