RNS Number:1689M
Hurlingham PLC
11 June 2003
HURLINGHAM Plc
11 JUNE 2003
Interim Results Statement
Six Months ended 31 March 2003
Chairman's Statement
I am reporting to you on the six month period ending 31st March 2003. These
have been difficult months for the Hotel and Travel industry, during which the
decline in volumes and margins occasioned by the terrorist attacks in America on
September 11th 2001 have not recovered due to the further damaging impact of the
Iraq war and the outbreak of SARS. As a result, Group turnover fell some 18% to
#666,314 (2002: #813,689) resulting in a loss for the half-year of #149,430
(2002: loss #135,347).
The outlook for the Group's international hotel booking subsidiary, Custom Tours
Ltd., remains uncertain. Although the winter months to 31st March now under
review are normally the months of least activity, the travel and hotel booking
industry is not yet showing signs of recovery. The Board has therefore
implemented a programme of cost-cutting in order to mitigate the effect of these
reduced volumes. At the same time, it is exploring joint venture initiatives to
reduce overhead further and increase both volumes and product offerings.
Turning to our Hotel operating company, Bettagrade Ltd., the company's hotel in
Perth has continued to consolidate its performance to the extent that at 31st
March 2003, year to date occupancy was 66% (2002: 63%) and average room rate was
#38.83 (2002: #36.43). Early indications are that the reduction in
international travel may benefit the domestic UK Tourist industry and the
management team are looking forward to seeing increased volumes during the
summer tourist season.
During the period, the Board undertook the refurbishment of two of the Group's
residential properties in Chelsea and Fulham. This programme inevitably led to
reduced rental receipts during the refurbishment work. This programme has now
been satisfactorily completed and the Board considers that the properties are in
a condition to maximise their potential either for rental or sale. The
refurbishment of the remaining flats will take place as they become vacant.
Charles Llewellyn
Chairman
Registered Office:
19 Cavendish Square
London W1A 2AW
Consolidated profit and loss account
for the six months ended 31 March 2003
Six months Six months Year
ended ended ended
31.03.2003 31.03.2002 30.09.2002
Unaudited Unaudited Audited
# # #
Turnover:
Continuing operations 666,314 813,689 1,656,151
Cost of sales before goodwill amortisation (382,013) (514,270) (962,384)
Negative goodwill amoritsation 9,250 - 18,500
Goodwill amortisation (13,985) (12,854) (28,198)
---------- ---------- ----------
Cost of sales (386,748) (527,124) (972,082)
---------- ---------- ----------
Gross Profit 279,566 286,565 684,069
Administrative expenses (355,102) (332,415) (666,027)
---------- ---------- ----------
Operating (loss)/profit:
Continuing operations (75,536) (45,850) 18,042
Profit on sale of properties in continuing
operations - - 81,146
---------- ---------- ----------
(Loss)/profit on ordinary activities before
interest
(75,536) (45,850) 99,188
Interest receivable 4,294 3,546 6,678
Interest payable (77,788) (93,043) (174,439)
---------- ---------- ----------
Loss on ordinary activities before taxation (149,030) (135,347) (68,573)
Taxation (400) - (6,163)
---------- ---------- ----------
Loss on ordinary activities after taxation (149,430) (135,347) (74,736)
Dividends - - (23,712)
---------- ---------- ----------
Retained loss for the period (149,430) (135,347) (98,448)
========== ========== ==========
Loss per share
Basic and Diluted (7.41)p. (6.71)p. (3.71)p.
Consolidated balance sheet
at 31 March 2003
At 31.03.2003 At 31.03.2002 At 30.09.2002
Unaudited Unaudited Audited
# # #
Fixed Assets
Intangible assets:
Goodwill 443,977 473,306 457,962
Negative goodwill (9,334) (37,084) (18,584)
---------- ---------- ----------
434,643 436,222 439,378
Tangible assets 4,552,024 4,539,848 4,509,928
Investments 250 250 250
---------- ---------- ----------
4,986,917 4,976,320 4,949,556
---------- ---------- ----------
Current Assets
Investments - 340,000 -
Stock 4,052 4,143 4,074
Debtors 88,559 179,190 160,153
Cash at bank and in hand 336,396 218,601 473,079
---------- ---------- ----------
429,007 741,934 637,306
---------- ---------- ----------
Creditors: amounts falling due within one year (435,818) (464,472) (462,342)
---------- ---------- ----------
Net current (liabilities)/assets (6,811) 277,462 174,964
---------- ---------- ----------
Total assets less current liabilities 4,980,106 5,253,782 5,124,520
Creditors: amounts falling due after one year (2,536,392) (2,697,536) (2,531,375)
---------- ---------- ----------
Net assets 2,443,714 2,556,246 2,593,145
---------- ---------- ----------
Capital and reserves
Called up share capital 1,511,697 1,511,697 1,511,697
Share premium account 350,454 350,454 350,454
Revaluation reserve 518,818 624,493 518,818
Profit and loss account 62,745 69,602 212,176
---------- ---------- ----------
Equity shareholders' funds 2,443,714 2,556,246 2,593,145
========== ========== ==========
Consolidated statement of total recognised gains and losses
for the six months ended 31 March 2003
Six months Six months Year ended
ended ended 30.09.2002
31.03.2003 31.03.2002 Audited
Unaudited Unaudited
# # #
Group loss on ordinary activities after taxation (149,430) (135,347) (74,736)
Increase in revaluation reserve for investment
properties - 75,650 -
---------- ---------- ----------
Total recognised gains and losses relating to
the period (149,430) (59,697) (74,736)
---------- ---------- ----------
Note of historical cost profits and losses
for the six months ended 31 March 2003
Six months Six months Year ended
ended ended 30.09.2002
31.03.2003 31.03.2002 Audited
Unaudited Unaudited
# # #
(149,030) (135,347)
Reported loss on ordinary activities before (68,573)
taxation
Realisation of property revaluation gains - - 105,675
---------- ---------- ----------
Historical cost (loss)/profit on ordinary
activities before taxation (149,030) (135,347) 37,102
========== ========== ==========
Transfer to reserves after taxation and (149,430) (59,697) 7,227
dividends
========== ========== ==========
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 30 September 2002, 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.
Earnings per share has been calculated on the loss attributable to Ordinary
shareholders of #(149,430) (31.03.02: #(135,347)) and based on the weighted
average number of Ordinary shares in issue during the period of 2,015,596
(31.03.02: 2,015,596).
There is no provision for UK taxation for the 6 month period to 31.03.2003.
As last year, no dividend is proposed.
Copies of the Interim Report are being sent to all shareholders and will be
available to the public free of charge from the office of the Company Secretary
at 90 Babbacombe Road, Bromley, Kent BR1 3LS for at least one month.
This information is provided by RNS
The company news service from the London Stock Exchange
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