RNS Number:4644T
Hurlingham PLC
22 March 2007

Hurlingham Plc

22 March 2007

Chairman's statement


I am pleased to present the Annual Report and Accounts of the Group for the year
ended 30th September 2006.


Results

Group Profit and loss account

In my statement accompanying the Interim Results for the six months ended 31st
March 2006, I referred to the Board's decision to sell the Group's residential
properties and to seek an alternative business strategy.  These sales have now
been completed and the net sale proceeds amounted to #658,000, giving a profit
over carrying value of #7,000. The results from the Group's residential
properties have, therefore, been shown as discontinued.  Net income from the
letting of residential property during the period amounted to #18,000 (2005:
#22,000).

I also referred to the closure of the travel division and can confirm that the
operations of the Plymouth flight companies have been terminated.  The adverse
trading results of these companies therefore no longer feature in the second
half and have been shown as discontinued operations in the consolidated profit
and loss account.

Bettagrade Limited, the Group's hotel company, continued to trade well and made
a profit before interest of #221,000.

Reflecting these results, the Group loss for the period was #767,000 (2005:
#669,000), after deducting interest payable of #223,000 and central costs of
#151,000.

Group balance sheet and shareholders funds

After taking into account the Group loss for the year of #767,000 and the
increase in the unrealised surplus on the valuation of the Group's Perth hotel
of #49,000, shareholders funds amounted to #2,228,000 at 30th September 2006
(2005: #2,945,000).


Outlook

Having terminated the Group's loss-making flights businesses, the Board is now
actively seeking new business opportunities which can create shareholder value
in the future.


Dividend

The Board does not recommend the payment a dividend for the year.


Charles Llewellyn
Chairman



Directors' report highlights
for the year ended 30 September 2006


The directors present their report and the audited financial statements for the
year ended 30 September 2006.

Principal activities

The principal activities of the Group comprise the development and operation of
budget hotels and the sale of international hotel products.

Business Review

As outlined in the Directors' report accompanying the accounts for the year
ended 30 September 2005, a significant deterioration in the trading performance
of the Group's travel division in the first half of the current year led to
significant losses being incurred during that period.  In view of the adverse
impact the travel division was having on the rest of the Group, the Board took
the decision to withdraw from the travel business during the financial year
ended 30 September 2006.  As a result of this decision, goodwill associated with
the travel business previously carried in the Group's balance sheet was written
off in the previous year and total losses in the six months ended 31 March 2006
amounted to #726,000.

As a result of this strategy decision, the Group's on-going losses have been
greatly reduced.  In the second half of the year, losses reduced to #41,000
augmented by the seasonal nature of the Group's hotel operation.

Overall, the results for the year ended 30 September 2006 show a net loss after
taxation of #767,000, the majority of which emanates from the travel operations
that have now been discontinued.  These losses have reduced net assets by a
similar amount and net assets amounted to #2,228,000 at 30 September 2006.

The Board has taken the decision to retain the Group's hotel at Perth for the
time being.  This hotel produces positive cashflow to the Group and has shown
useful increases in value in recent years.  Looking forwards, the Board believes
the Group is well positioned to acquire new businesses or to merge with other
operations from this position of greater operating strength.



Consolidated profit and loss account
for the year ended 30 September 2006

                                                                               2006              2005
                                                                                             Restated
                                                                                     (see note below)
                                                                                  #                 #

Turnover:
Continuing operations                                                     1,325,417         1,352,423
Discontinued operations                                                   3,288,845         6,988,182
                                                                          4,614,262         8,340,605


Cost of sales before goodwill amortisation                               (4,191,787)       (7,411,542)
Goodwill amortisation                                                             -           (25,398)
Exceptional item:
  Provision for impairment of intangible fixed                                    -          (378,871)
assets

Cost of sales                                                            (4,191,787)       (7,815,811)


Gross profit                                                                422,475           524,794


Administrative expenses                                                    (973,363)       (1,060,734)

Operating profit/(loss)
Continuing operations                                                        17,044            14,336
Discontinued operations                                                    (567,932)         (550,276)

Profit on disposal of fixed assets                                            7,145                 -


Loss on ordinary activities before interest and
taxation                                                                   (543,743)         (535,940)

Net interest payable and similar charges                                   (223,040)         (132,658)


Loss on ordinary activities before and after
taxation transferred to reserves                                           (766,783)         (668,598)
                                                                           ________          ________




Loss per share expressed in pence per share
Basic                                                                        (36.4)p           (32.2)p
Diluted                                                                      (36.4)p           (32.1)p
                                                                           ________          ________

Loss per share from continuing operations expressed
in pence
Basic                                                                        (11.3)p           (10.6)p
Diluted                                                                      (11.3)p           (10.6)p
                                                                           ________          ________


The comparative results for the year ended 30 September 2005 have been adjusted
to reflect the discontinuance of certain operations referred to in the
accounting policies note to the accounts.  These adjustments have no affect on
the overall result for that year.



Balance sheets
at 30 September 2006

                                                                 Group                           Company
                                                       2006              2005             2006          2005
                                                          #                 #                #             #

Fixed Assets

Tangible assets                                   4,562,390         5,254,838           62,390       705,638
Investments                                               -                 -        1,233,794     1,233,794

                                                  4,562,390         5,254,838        1,296,184     1,939,432

Current Assets

Stock                                                 3,005             2,602                -             -
Debtors                                              63,579           468,948           73,071        55,929
Cash at bank and in hand                            126,658           291,313          485,957         2,617
                                                    193,242           762,863          559,028        58,546

Creditors: due within one year                     (762,999)       (1,187,513)        (148,383)     (131,303)


Net current (liabilities)/                         (569,757)         (424,650)         410,645       (72,757)
assets


Total assets less current
liabilities                                       3,992,633         4,830,188        1,706,829     1,866,675

Creditors: due after one year                    (1,765,000)       (1,885,000)               -             -
                                                                                             

Provision for liabilities                                 -                 -       (1,080,000)            -

Net assets                                        2,227,633         2,945,188          626,829     1,866,675
                                                   ________          ________         ________      ________


Capital and reserves

Called up share capital                           1,579,280         1,579,280        1,579,280     1,579,280
Share premium account                               362,454           362,454          362,454       362,454
Revaluation reserve                               1,293,477         1,599,155                -       354,906
Profit and loss account                          (1,007,578)         (595,701)      (1,314,905)     (429,965)

Equity shareholders' funds                        2,227,633         2,945,188          626,829     1,866,675
                                                   ________          ________         ________      ________




Consolidated cash flow statement
for the year ended 30 September 2006

                                                                             2006                           2005
                                                                   #            #            #                 #


Net cash outflow from operating activities                               (793,399)                       (51,478)

Returns on investments and servicing of
finance
  Interest received                                            6,984                    12,221
Interest paid                                               (253,664)                 (146,900)

Net cash outflow from returns on investments
and servicing of finance                                                 (246,680)                      (134,679)


Capital expenditure and financial investments
Purchase of operating assets                                 (25,237)                  (43,002)
Sale of investment properties                                657,645                         -

Net cash inflow/(outflow) from capital
expenditure and financial investment                                      632,408                        (43,002)


Net cash outflow before financing                                        (407,671)                      (229,159)

Management of liquid resources
Cash transferred from treasury operations                                       -                        150,000
                                                                         (407,671)                       (79,159)
Financing
Issue of new shares                                                -                    57,000
Bank loan repaid                                            (145,000)                 (100,000)
Capital element of finance lease rental                            -                   (14,069)
payments

Net cash outflow from financing                                          (145,000)                       (57,069)

Decrease in cash for the year                                            (552,671)                      (136,228)
                                                                          _______                        _______



A copy of the Annual Report and Accounts for the year ended 30 September 2006
will be sent to all shareholders imminently and is available from the Company's
registered office.


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