RNS Number:3822M
Top Ten Holdings PLC
17 June 2003
TOP TEN HOLDINGS PLC
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 30 MARCH 2003
On behalf of your board I am pleased to present the accounts for the 52 week period ended 30th
March 2003.
Results
The group achieved a pre-tax profit of #579,156 (2002 loss #89,280) on turnover of #8,229,760
(2002 #81,653). EBITDA amounted to #947,572 (2002 loss #85,020). Earnings per share grew to
0.15 pence compared with a loss of 0.35 pence per share last year.
As Top Ten Bingo Limited was acquired shortly before the last year end, the comparative figures
for the group incorporate only four days of trading of the enlarged company, and as such the
consolidated profit and loss account does not provide meaningful comparative information.
Turnover in respect of the underlying trading company, Top Ten Bingo Limited, has increased to
#8,187,321 for the 52 weeks ended 30th March 2003 (53 weeks ended 31st March 2002: #7,552,935),
an increase of 8.4%. These results include turnover of #648,048 relating to three months of
trading from Welcome Social Clubs Limited, which was acquired on 23rd December 2002, and which
I am delighted to say has exceeded our original expectations.
Dividends
Whilst the Company is cash generative your Board has decided to retain cash within the business
in anticipation of further growth and does not recommend the payment of a dividend in respect
of the year under review. Your Board will keep the dividend policy under review and I am
hopeful that a maiden dividend will be declared during the current financial year.
Outlook
We are pleased that the new Welcome clubs are trading ahead of expectations and with the
exception of one club, whose admissions have been temporarily affected by a new club opening in
the town, all our clubs are trading to budget.
The Bingo Industry has seen a marked improvement with the first phase of Gaming Deregulation
providing the opportunity to increase profitability, which should be reflected in the current
year, whereby we are now able to operate additional gaming machines in each club with higher
payouts. Other benefits are expected when the proposed changes in the Gaming Legislation are
implemented.
We have had bank support both to acquire Welcome and to enable the Company to continue on a
programme of acquisitions and opening of new sites upon which your Board hopes to report in the
future.
We look forward to another successful year.
Sir Aubrey Brocklebank
Chairman
17 June 2003
TOP TEN HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE 52 WEEKS ENDED 30 MARCH 2003
52 Weeks Period
ended ended
30 March 31 March
2003 2002
# #
Turnover
Continuing operations 7,539,272 81,653
Acquisitions 690,488 -
------- -------
8,229,760 81,653
Cost of sales (461,853) (5,252)
------- -------
Gross profit 7,767,907 76,401
Distribution costs (6,466,236) (60,350)
Administrative expenses (767,237) (67,526)
Other operating income 86,186 915
------- -------
Operating profit/(loss) 620,620 (50,560)
Continuing operations 423,490 (50,560)
Acquisitions 197,130 -
------- -------
620,620 (50,560)
Cost of fundamental reorganisation - (37,689)
------- -------
- (37,689)
------- -------
Profit/(loss) on ordinary activities 620,620 (88,249)
before interest
Other interest receivable and 13,675 471
similar income
Interest payable and similar charges (55,139) (1,502)
------- -------
Profit/(loss) on ordinary activities 579,156 (89,280)
before taxation
Tax on profit/(loss) on ordinary (176,937) (2,584)
activities
------- -------
Profit/(loss) on ordinary activities after
taxation 402,219 (91,864)
======= =======
Earnings/(Loss) per share # #
After operating exceptional items and exceptional items
Basic 0.15p (0.60)p
Diluted 0.15p (0.60)p
Before operating exceptional items and exceptional items
Basic 0.15p (0.35)p
Diluted 0.15p (0.35)p
There are no recognised gains and losses other than those passing through the
profit and loss account.
TOP TEN HOLDINGS PLC
BALANCE SHEETS
AS AT 30 MARCH 2003
Group Company
2003 2002 2003 2002
# # # #
Fixed assets
Intangible assets 7,459,366 4,557,075 - -
Tangible assets 1,942,699 2,008,514 - -
Investments - - 9,355,570 6,087,751
------- ------- ------- -------
9,402,065 6,565,589 9,355,570 6,087,751
------- ------- ------- -------
Current assets
Stocks 115,658 100,384 - -
Debtors 521,797 381,315 312,070 212,420
Cash at bank and in hand 309,098 178,830 1,019 -
------- ------- ------- -------
946,553 660,529 313,089 57,507
Creditors: amounts falling due within (1,454,584) (1,113,860) (1,026,772) (174,503)
one year
------- ------- ------- -------
Net current liabilities (508,031) (453,331) (713,683) (116,996)
------- ------- ------- -------
Total assets less current liabilities 8,894,034 6,112,258 8,641,887 5,970,755
Creditors: amounts falling due after (2,047,711) (29,867) (2,035,821) -
more than one year
Provisions for liabilities and - (105,206) - -
charges
------- ------- ------- -------
6,846,323 5,977,185 6,451,153 5,970,755
======= ======= ======= =======
Capital and reserves
Called up share capital 2,668,717 2,568,717 2,668,717 2,568,717
Share premium account 366,919 6,863,842 366,919 6,863,842
Profit and loss account 3,810,687 (3,455,374) 3,415,517 (3,461,804)
------- ------- ------- -------
Shareholders' funds - equity 6,846,323 5,977,185 6,451,153 5,970,755
interests
======= ======= ======= =======
The financial statements were approved by the board on 12 June 2003
A H Weston A T Brocklebank
Director Director
TOP TEN HOLDINGS PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 52 WEEKS ENDED 30 MARCH 2003
52 Weeks Period
ended ended
30 March 31 March
2003 2002
# # # #
Net cash inflow/(outflow) from
operating activities 703,133 (388,828)
Returns on investments and servicing of
finance
Interest received 13,675 471
Interest paid (55,139) (1,502)
------- -------
Net cash outflow for returns on (41,464) (1,031)
investments and servicing of finance
Taxation paid (220,212) (2,584)
Capital expenditure and financial investment
Payments to acquire tangible assets (383,377) -
Receipts from sales of tangible assets 406,108 -
------- -------
Net cash (outflow)/inflow for capital 22,731 -
expenditure
Acquisitions and disposals
Purchase of subsidiary undertakings (2,700,000) -
Legal costs in respect of acquisition of (117,819) (57,751)
subsidiary
Cash at bank acquired with subsidiary 39,342 169,236
------- -------
Net cash (outflow)/inflow for (2,778,477) 111,485
acquisitions and disposals
------- -------
Net cash outflow before management of (2,314,289) (280,958)
liquid resources and financing
Financing
Issue of ordinary share capital 25,000 79,850
Cost of share issue - (57,009)
------- -------
Issue of shares 25,000 22,841
------- -------
New long term bank loan 2,472,485 -
Capital element of hire purchase (52,928) -
contracts
------- -------
Increase in debt 2,419,557 -
------- -------
Net cash inflow from financing 2,444,557 22,841
------- -------
Increase/(decrease) in cash in the 130,268 (258,117)
period
======= =======
TOP TEN HOLDINGS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 MARCH 2003
1 Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
2 Basic and diluted loss per share
Basic and diluted loss per ordinary share has been calculated using the weighted average
number of shares in issue during the financial period. The weighted average number of equity
shares in issue was 263,317,352 (2002 - 15,419,763) and the profit after tax, was #402,219
(2002 - #91,864). 6,445,000 potential ordinary shares have been treated as dilutive.
3 Financial Statements
The announcement set out above does not constitute a full financial statement of the
company's affairs for the 52 weeks ended 30 March 2003. The company's auditors have reported
on the full accounts for the said year and have accompanied them with an unqualified report.
The accounts have yet to be delivered to the Registrar of Companies. The annual report and
accounts will be available from the Company Secretary, Top Ten Holdings Plc, Unit 8, Verulam
Industrial Estate, 224 London Road, St Albans, Herts AL1 1JF.
For further information, contact:
Alan Weston, Finance Director Tel: 01727 850793
Issued by:
Richard Robinson
Marshall Robinson Roe Tel: 020 7489 2033
17 June 2003
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