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Ultimate Sports Grp - Half-year Report

Announcement: Thu 27th September, 2018 1:26pm
RNS Number : 1989C
Ultimate Sports Group PLC
27 September 2018
 

 

Ultimate Sports Group PLC

("USG" or the "Company")

27 September 2017

Interim Results

 

Ultimate Sports Group Plc, the AIM listed investment vehicle, is pleased to announce its interim results for six months ended 30 June 2018.

 

CHAIRMAN'S STATEMENT AND CHIEF EXECUTIVE'S REVIEW

 

For the six months ended 30 June 2018 we are reporting a total comprehensive loss of £45,552 (30 June 2017: loss £53,375).

 

USG's cash balances as at 30 June 2018 were £479,722 (30 June 2017: £208,022). The directors are not recommending the payment of a dividend.

 

FUNDRAISE

 

As reported comprehensively in the Circular to Shareholders issued in February 2018, the Company raised £537,500 (before legal and other professional expenses) by the issue of 10,750,000 new shares at 5p per share following approval obtained from shareholders at the General Meeting in March 2018

 

SUBSTANTIAL SHAREHOLDERS

 

The Company welcomes the involvement of Mr. Richard Bernstein as a strategic shareholder following on from fundraising concluded in February 2018. In addition, the company entered into an agreement with Mr. Bernstein pursuant to which Mr. Bernstein will seek to introduce the Company to potential investment or acquisition opportunities. To date he has carried out and continues to undertake due diligence on potential introductions at his own expense. 

 

PANTHEON LEISURE PLC ("PANTHEON")

 

USG holds 85.87% of the issued share capital of Pantheon which in turn owns 100% of the operating business of Pantheon's Sport and Leisure division. Pantheon's sport and leisure division is the owner of Sport in Schools Limited also known as The Elms Sport in Schools ("ESS").

 

Pantheon as a group made a profit of £43,913 for the six months ended 30 June 2018 (30 June 2017: £33,057 (excluding the non - recurring net proceeds on the  sale of the business of Football Partners Ltd).

 

SPORT IN SCHOOLS LIMITED

 

On a turnover of £800,705 (30 June 2017 - £739,249), ESS has contributed a divisional profit of £80,059 (30 June 2017: £70,644).

 

CORPORATE GOVERNANCE CODE

 

In accordance with changes to AIM Rules regarding corporate governance our website will be updated to reflect our compliance with (and explains any departures from) the standard set by the Quoted Companies Alliance.

 

PROSPECTS

As outlined in the Report and Accounts for the year ended 30 December 2017 issued in June 2018 we continue to pursue, from a firm financial base, a strategy of developing Sport in Schools Limited and to carefully appraise any and all acquisition opportunities, including those proposed by Mr. Bernstein.

 

 

R.L. Owen

 

 

G.M. Simmonds                                                                                                    26 September 2018

 

 

Consolidated statement of comprehensive income for the six months ended 30 June 2018

 

 

 


Unaudited

 6 months ended 30 June 2018


Unaudited

 6 months ended 30 June 2017


Audited

Year ended 31 December 2017










£


£


£

Continuing and discontinued activities:







Revenues


800,836


839,599


1,369,193

Cost of revenues


(385,274)


(391,624)


(793,310)










415,562


447,975


599,883








Administrative expenses


(461,285)


(467,028)


(833,533)

Exceptional item and non-recurring costs


-


(65,707)


(563,325)










(461,285)


(532,735)


(1,396,858)








Operating loss


(45,723)


(84,760)


(796,975)








Finance income


171


-


-

Finance costs


-


(1,986)


(3,714)

Other gains






20,497








Loss before taxation


(45,552)


(86,746)


(780,192)

Taxation


-


20,144


17,572

Loss after taxation from continuing activities


(45,552)


(66,602)


(762,620)

Profit from discontinued activities


-


-


53,567



(45,552)


(66,602)


(709,053)

Attributable to:







Owners of the company


(51,755)


(81,046)


(709,470)

Non- controlling interests


6,203


14,444


417



(45,552)


(66,602)


(709,053)








Other comprehensive (loss)/income







Net gain/(loss) arising on revaluation of available-for-sale investments


-


16,130


(1,838)

Tax relating to components of other comprehensive income


-


(2,903)


331



-


13,227


(1,507)








Total comprehensive loss attributable to:







Owners of the company


(51,755)


(67,819)


(710,977)

Non- controlling interests


6,203


14,444


417



(45,552)


(53,375)


(710,560)








 

 














Diluted and undiluted total comprehensive

   






loss per share


(0.0018)p


(0.0032)p


(0.0320p)

 

 

 

Statement of financial position as at 30 June 2018

 


  Unaudited

as at 30 June

  Unaudited

as at 30 June

Audited

As at 31 December


2018

2017

2017






£

£

    £




 

Non- current assets




Goodwill and patents

60,054

60,054

60,054

Plant and equipment

13,713

15,343

12,923

Social media website development costs

-

491,432

-

Total non-current assets

73,767

566,829

72,977





Current assets




Available-for-sale investments

-

42,128

-

Trade and other receivables

205,684

231,019

68,981

Cash and cash equivalents

479,722

208,022

129,611

Total current assets

685,406

481,169

198,592





Total assets

759,173

1,047,998

271,569





Current liabilities




Trade and other payables

218,397

253,196

173,661

Borrowings

1,000

38,500

2,000

Total current liabilities

219,397

291,696

175,661









Total liabilities

219,397

291,696

175,661









Net assets

539,776

756,302

95,908





Equity








Share capital

2,388,664

2,281,164

2,281,164

Share premium

775,374

385,641

393,454

Merger reserve

325,584

325,584

325,584

Fair value reserve

-

11,720

-

Retained earnings

(2,892,550)

(2,198,335)

(2,840,795)





Equity attributable to owners of the company

597,072

805,774

159,407





Non-controlling interest

(57,296)

(49,472)

(63,499)









Total Equity

539,776

756,302

95,908

 

 

Consolidated statement of changes in equity

 




Six months ended

30 June 2018


Six months ended

30 June 2017


Year ended

31 December

2017




£


£


£

Total equity at the beginning of period/year



 

95,908


 

578,767


 

578,767









Issue of shares



489,420


224,686


224,687









Revaluation gains/(losses) on available-for sale investments



-


16,130


1,838









Taxation on items taken directly to equity



-


(2,903)


(331)









Share based payments



-


6,224


-









Loss for the period/year



(45,552)


(66,602)


(709,053)









At end of period/year



539,776


756,302


95,908

 

 

 

 

Consolidated statement of cash flows for the six months ended 30 June 2018


Six months ended

30 June 2018

Six months ended

30 June 2017

Year ended 31 December

2017


£

£

£

Cash flow from all activities:




Loss before taxation from continuing activities

(45,552)

(86,746)

(780,192)

Profit before taxation from discontinued activities

-

-

53,567


(45,552)

(86,746)

(726,625)





Adjustments for:




Depreciation and amortisation

3,557

47,709

546,937

Finance income

(171)

-

-

Finance costs

-

1,986

3,714

Share based payments

-

6,224

-

Profit on sale of tangible assets

-


(30,865)

Other gains and losses

-


(103,097)





Operating cash flow before working capital movements

(42,166)

(30,827)

(309,936)





(Increase)/decrease in receivables

(136,703)

(133,317)

28,720

(Increase)/decrease in payables

44,736

30,649

(48,886)

Net cash absorbed by operations

(134,133)

(133,495)

(330,102)





Taxation

-

17,241

17,241





Cash flow from Investing activities




Property, plant and equipment acquired

(4,347)

(2,122)

(9,820)

Intangible asset development costs

-

(16,300)

(16,300)

Proceeds on sale of property, plant and equipment

-

-

33,187

Proceeds on disposal of available for sale investments

-


48,334

Net proceeds on sale of business

-


82,600

Net cash from/(used) in investing activities

(4,347)

(18,422)

138,001





Financing activities




Proceeds from share issues

489,420

224,686

224,687

Finance income

171



Finance costs

-

(1,986)

(3,714)

Repayment of borrowings

(1,000)

(9,439)

(45,939)

Net cash from/(used) in financing activities

488,591

213,261

175,034









Net increase/(decrease) in cash and cash equivalents

350,111

78,585

174





Cash and cash equivalents and bank overdraft at the beginning of the period/year

129,611

129,437

129,437





Cash and cash equivalents at the end of the period/year

479,722

208,022

129,611

 

 

 

Notes to the financial statements for the six months ended 30 June 2018

 

1.     General information

 

Ultimate Sports Group plc (the "company") is a company domiciled in England and its registered office address is 30 City Road, London EC1Y 2AB.  The condensed consolidated interim financial statements of the company for the six months ended 30 June 2018 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 434 of the Companies Act 2006.

 

The financial information for the year ended 31 December 2017 has been extracted from the statutory accounts. The auditors' report on those statutory accounts was unqualified and did not contain a statement under Section 434 of the Companies Act 2006.  A copy of those accounts has been filed with the Registrar of Companies.

 

The group has presented its results in accordance with the measurement principles set out in 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 2017. As permitted, the interim report has been prepared in accordance with the AIM rules for companies and is not compliant in all respects with IAS34 'Interim Financial Statements'.

 

The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and therefore cannot be construed to be in full compliance with IFRS.

 

The condensed consolidated interim financial statements were approved by the board and authorised for issue on 26 September 2018.

 

 

 

2.     Business segment analysis

 

Six months ended 30 June 2018

















Discontinued


Continuing





Continuing activities

Sports and leisure


Sports and leisure


Social media website


Consolidated









Results from operations

£


£


£


£









Revenue

-


800,705


131


800,836









Segment operating profit/(loss)



80,059


(20,079)


59,980









Group operating expenses







(105,703)









Operating loss







(45,723)









Finance income







171









Loss before tax from continuing activities







(45,552)









Net revenue from discontinued Activities

-






-









Loss before tax







(45,552)









Taxation







-









Operating profit/(loss) after tax







(45,552)

 









Six months ended 30 June 2017

Discontinued


Continuing






Sports and leisure


Sports and leisure


Social media website


Consolidated

Results from operations

£


£


£


£









Revenue

100,000


739,249


350


839,599









Segment operating profit/(loss)



70,644


(78,020)


(7,376)









Group operating expenses







(146,582)









Operating loss







(153,958)









Finance costs net







(1,986)









Loss before tax from continuing activities







(155,944)









Net Revenue from discontinued Activities

69,198






69,198








(86,746)









Taxation







20,144









Loss after taxation from all activities







(66,602)









 

 

Year Ended 31 December 2017

Discontinued


Continuing






Sports and leisure


Sports and leisure


Social media website


Consolidated

Results from operations

£


£


£


£









Revenue

-


1,366,710


483


1,369,193









Segment operating (loss)/profit



28,255


(587,536)


(559,281)









Group operating expenses







(237,694)

















Operating loss







(796,975)

Other gains and losses







20,497

Finance costs







(3,714)

















Loss before tax from continuing activities







(780,192)









Discontinued activities

53,567






53,567








(726,625)









Taxation







17,572









Loss after taxation from all activities







(709,053)









 

                                                                                                                                                                                                                                                                               

 

 

 

 

 

 

3.             Taxation

 

The tax charge in the accounts represents adjustments for deferred tax arising from origination and reversal of timing differences.

 

 

4.             Basic and diluted loss per share

 

 

Comprehensive loss per share for the six month period ended 30 June 2018 has been calculated on the comprehensive loss attributable to owners of the company of £51,755 and on the weighted average number of shares in issue during the period of 29,344,788.

 

Comprehensive loss per share for the six month period ended 30 June 2017 has been calculated on the comprehensive loss attributable to owners of the company of £67,819 and on the weighted average number of shares in issue during the period of 21,029,720.

 

Comprehensive loss per share for the year ended 31 December 2017 has been calculated on the comprehensive loss attributable to owners of the company of £710,977 and on the weighted average number of shares in issue during the year of 22,211,434.

 

For the six month period ended 30 June 2018, six month period ended 30 June 2017 and for the year ended 31 December 2017, share options and warrants to subscribe for shares in the company are anti-dilutive and therefore diluted earnings per share information is the same as the basic loss per share.

 

 

* * ENDS * *

 

 

For further information, please visit www.ultimatesportsgroup.me or contact:

 

Ultimate Sports Group PLC

Geoffrey Simmonds, Managing Director

 

 +44 (0)20 7935 0823

 

St Brides (Financial PR)

Charlotte Page/Isabel de Salis

 

+44 (0)20 7236 1177

Cantor Fitzgerald Europe (Nomad and Joint Broker)

Marc Milmo / Catherine Leftley

 

+44 (0)20 7894 7000







 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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