TIDMPLEI
RNS Number : 4974Z
Pantheon Leisure PLC
23 September 2009
Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure
Pantheon Leisure plc ('Pantheon' or 'the Company')
Interim Results
Pantheon Leisure Plc, the AIM quoted company formed to acquire businesses in the
leisure sector, announces its results for the six months ended 30 June 2009.
Chairman's Statement
I am pleased to present the results of Pantheon Leisure Plc for the six month
period ended 30 June 2009. Our subsidiaries - The Elms Group Limited and Sport
in Schools Ltd - are performing in line with our expectations.
Operations
Sport in Schools Ltd continues to make strong progress, working with heads of
education in both local authorities and schools to offer children innovative and
exciting ways to improve and further their sporting and leisure education. We
believe that our initiative can form an effective part of any school's strategic
planning and addresses issues that arise from the obligatory 10% 'Planning,
Preparation and Assessment'(PPA) time as stipulated by Central Government.
Trading performance in this division has been encouraging with turnover up 19%,
as compared with the same six month period last year. In the second half of the
year we are aiming for further growth in turnover.
The Elms Group Limited remains one of the leading operators of small sided
football leagues in London. As competition remains intense in this sector, we
recognise the need to keep improving our offering and in a recessionary climate
we have maintained turnover in the first half at the same level as in the six
month period last year.
Investment in ADDleisure Plc
On 2 March 2009 the Company acquired 22,540,000 ordinary shares of 0.5p each
('shares') in ADDleisure plc ('ADDleisure'), together with 2,820,000 warrants to
subscribe for shares in ADDleisure, for an aggregate amount of GBP500,000.
This shareholding represents an interest of 10.75% of the issued share capital
of ADDleisure.
On 18 July 2007 BUPA Finance Plc acquired 60,600,000 shares in ADDleisure at a
price of 5p per share for a total cost of GBP3,030,000. This shareholding
represents an interest of 28.9%.
The current market value and value at 30 June 2009 of the Company's holding in
ADDleisure is GBP281,750 based on the bid market price traded on AIM of 1.25p
per share. This value has been reflected in Pantheon's group financial position
as at 30 June 2009 in accordance with International Accounting Standard 39.
The directors are, however, of the opinion that the market price does not
reflect the commercial and business enterprise value of ADDleisure which they
believe is at least equal to the original cost price of this investment.
Financial Results
The Group has reported a pre tax loss of GBP275,276 (2008 - GBP71,103) for the
six month period under review on turnover of GBP 601,060 (2008 - GBP548,509)
which includes an impairment charge of GBP232,250 (2008 - GBPnil). At 30 June
2009 the Group had net cash balances of GBP465,977 which provides the Group with
a platform to further its existing operations.
Current Trading
I remain encouraged by the Group's progress and, in particular, the 'Sport in
Schools' initiative, which I believe will continue to develop given the
Government's stated intention to increase mandatory sports lessons. Furthermore,
in addition to our present association with state schools we are becoming more
involved in the private school sector, which will provide us with further growth
opportunities.
W Weston
Chairman
21 September 2009
* * ENDS * *
For further information please visit www.pantheonleisure.com or contact:
+-------------------+----------------------------------+--------------------+
| Geoffrey Simmonds | Pantheon Leisure plc | Tel: 020 7935 0823 |
+-------------------+----------------------------------+--------------------+
| Mark Percy | Seymour Pierce Limited | Tel: 020 7107 8000 |
+-------------------+----------------------------------+--------------------+
| Catherine Leftley | Seymour Pierce Limited | Tel: 020 7107 8000 |
+-------------------+----------------------------------+--------------------+
| Susie Callear | St Brides Media & Finance | Tel: 020 7236 1177 |
| | Limited | |
+-------------------+----------------------------------+--------------------+
Consolidated income statement
For the six months ended 30 June 2009
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | Unaudited | | Unaudited | | Audited |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | six months | | six months | | Year |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | ended | | ended | | ended |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | Notes | | 30 June 2009 | | 30 June 2008 | | 31 December 2008 |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | GBP | | GBP | | GBP |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Continuing operations | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Revenues | | | 601,060 | | 548,509 | | 1,076,857 |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Cost of Sales | | | (300,875) | | (298,402) | | (714,824) |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Gross Profit | | | 300,185 | | 250,107 | | 362,033 |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Operating expenses | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Administrative costs | | | (329,752) | | (339,145) | | (563,235) |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Provision for impairment in | | | (232,250) | | - | | - |
| value of available-for-sale | | | | | | | |
| investments | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Total operating expenses | | | (562,002) | | (339,145) | | (510,644) |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Operating loss | | (261,817) | | (89,038) | | (201,202) |
+------------------------------------------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Finance income | | | - | | 17,935 | | 35,053 |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Finance costs | | | (13,459) | | - | | - |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Loss on ordinary activities | | | (275,276) | | (71,103) | | (166,149) |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Taxation on ordinary | 3 | | - | | (7,107) | | (4,755) |
| activities | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Loss for the period/year | | | (275,276) | | (78,210) | | (170,904) |
| attributable to equity | | | | | | | |
| holders of the parent | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Loss per share: | 4 | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| Basic and diluted loss per | | | (0.23)p | | (0.06)p | | (0.14)p |
| share | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
| | | | | | | | |
+-------------------------------+----------+---+----------------+---+----------------+---+------------------+
The Group had no recognised income and expense other than that dealt with in the
income statement hence the loss for the period also represents the Group's
comprehensive income.
Statement of Financial Position
As at 30 June 2009
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | Unaudited | | Unaudited | | Audited |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | as at | | as at | | as at |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | Note | | 30 June | | 30 June | | 31 December |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | 2009 | | 2008 | | 2008 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | GBP | | GBP | | GBP |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Non current assets | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Property, plant and equipment | | | 36,824 | | - | | 27,357 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Available-for-sale investments | 6 | | 281,750 | | - | | - |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Deferred tax asset | | | 11,426 | | 9,074 | | 11,426 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | 330,000 | | 9,074 | | 38,783 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Current assets | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Trade and other receivables | | | 135,275 | | 160,022 | | 72,749 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Cash and cash equivalents | | | 499,190 | | 705,748 | | 620,762 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | 634,465 | | 865,770 | | 693,511 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Total assets | | | 964,465 | | 874,844 | | 732,294 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Current liabilities | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Trade and other payables | | | (277,941) | | (319,604) | | (268,758) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Bank overdrafts | | | (33,213) | | (52,959) | | (33,949) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Borrowings | | | (2,000) | | | | (2,000) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | (313,154) | | (372,563) | | (304,707) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Non-current liabilities | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Borrowings | | | (517,000) | | - | | (18,000) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Total liabilities | | | (830,154) | | (372,563) | | (322,707) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Net assets | | | 134,311 | | 502,281 | | 409,587 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Equity | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Share capital | | | 1,200,000 | | 1,200,000 | | 1,200,000 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Share premium account | | | - | | 677,244 | | - |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Merger reserve | | | (400,000) | | (400,000) | | (400,000) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Revenue reserves | | | (665,689) | | (974,963) | | (390,413) |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| Shareholders equity | 5 | | 134,311 | | 502,281 | | 409,587 |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
| | | | | | | | |
+------------------------------------+--------+---+----------------+---+--------------+---+--------------+
Consolidated Statement of Cash flows
For the six months ended 30 June 2009
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | Unaudited | | Unaudited | | Audited |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | six months | | six months | | Year |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | ended | | ended | | ended |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | 30 June 2009 | | 30 June 2008 | | 31 December 2008 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | GBP | | GBP | | GBP |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Cash flow from operating activities | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Operating loss | | (261,817) | | (89,038) | | (201,202) |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Adjustment for: | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Depreciation | | 3,568 | | - | | 2,393 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Impairment in value of | | 232,250 | | - | | - |
| available-for-sale investments | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Operating cash flow before working | | (25,999) | | (89,038) | | (198,809) |
| capital movements | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| (Increase)/decrease in receivables | | (61,526) | | (52,613) | | 34,660 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Increase in payables | | 8,182 | | 60,281 | | 9,435 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Net cash absorbed by operations | | (79,343) | | (81,370) | | (154,714) |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Finance costs | | (13,459) | | - | | - |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Net cash absorbed by operating | | (92,802) | | (81,370) | | (154,714) |
| activities | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Investing activities | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Finance income | | - | | 17,935 | | 35,053 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Investments | | (514,000) | | - | | - |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Acquisition of property, plant and | | (13,034) | | - | | (29,750) |
| equipment | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Cash from investing activities | | (527,034) | | 17,935 | | 5,303 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Financing activities | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Long term loans advanced | | 500,000 | | - | | 20,000 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Loan repayments | | (1,000) | | - | | - |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Cash from financing activities | | 499,000 | | - | | 20,000 |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Net decrease in cash and cash | | (120,836) | | (63,435) | | (129,411) |
| equivalents in the period | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Cash and cash equivalents at the | | 586,813 | | 716,224 | | 716,224 |
| beginning of the period | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| Cash and cash equivalents at the end of | | 465,977 | | 652,789 | | 586,813 |
| the period | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
| | | | | | | |
+------------------------------------------+---+--------------+---+--------------+---+------------------+
1. General information
Pantheon Leisure Plc (the "Company") is a company domiciled in England and its
registered office address is 58-60 Berners Street, London W1T 3JS. The condensed
consolidated interim financial statements of the Company for the six months
ended 30 June 2009 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 2008 has been extracted
from the statutory accounts. The auditors' report on those statutory accounts
was unqualified and did not contain a statement under Section 237 of the
Companies Act 1985. A copy of those accounts has been filed with the Registrar
of Companies.
The Group has presented its results in accordance with 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 2008. 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 of
the information required for full annual financial statements and therefore
cannot be construed to be in full compliance with IFRS.
The condensed interim financial statements were approved by the board and
authorised for issue on 21 September 2009.
2. Business segment analysis
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Six months ended 30 June 2009 | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | Small sided | | Sports tuition | | Consolidated |
| | football | | in schools | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Results from continuing operations | GBP | | GBP | | GBP |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Revenue | 277,838 | | 323,222 | | 601,060 |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Segment operating (loss)/profit | (3,893) | | 50,871 | | 46,978 |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Provision for impairment in value of | | | | | (232,250) |
| available-for-sale investments | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Unallocated corporate expense | | | | | (76,545) |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Operating loss | | | | | (261,817) |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Finance costs | | | | | (13,459) |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Loss before taxation | | | | | (275,276) |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Taxation | | | | | - |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
| Loss after taxation from continuing | | | | | (275,276) |
| operations | | | | | |
+-----------------------------------------+----------------+---+----------------+---+-----------------+
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Six months ended 30 June 2008 | | | | |
+-----------------------------------------------------------+---+----------------+---+------------------+
| | Small sided | | Sports tuition | | Consolidated |
| | football | | in schools | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Results from continuing operations | GBP | | GBP | | GBP |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Revenue | 277,102 | | 271,407 | | 548,509 |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Segment operating loss | (14,397) | | 25,381 | | 10,984 |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Unallocated corporate expense | | | | | (100,022) |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Operating loss | | | | | (89,038) |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Finance income | | | | | 17,935 |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Loss before taxation | | | | | (71,103) |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Taxation | | | | | (7,107) |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
| Loss after taxation from continuing | | | | | (78,210) |
| operations | | | | | |
+-----------------------------------------+-----------------+---+----------------+---+------------------+
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Year Ended 31 December 2008 | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | Small sided | | Sports | | Other | | Consolidated |
| | football | | tuition in | | | | |
| | | | schools | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Results from continuing operations | GBP | | GBP | | GBP | | GBP |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Revenue | 552,204) | | 518,034) | | 6,619) | | 1,076,857) |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Segment operating (loss) / profit | (40,032) | | 31,336 | | 6,619) | | (2,077) |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Unallocated corporate expense | | | | | | | (199,125) |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Operating loss | | | | | | | (201,202) |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Finance income | | | | | | | 35,053) |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Loss before taxation | | | | | | | (166,149) |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Taxation | | | | | | | (4,755) |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| Loss after taxation from continuing | | | | | | | (170,904) |
| operations | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
| | | | | | | | |
+-------------------------------------+-----------------+---+--------------+---+------------+---+------------------+
3. Taxation
There is no current tax charge as a result of the Group loss for the six month
period ended 30 June 2009 (2008- GBP7,107).
4. Basic and diluted loss per share
The calculation of the loss per ordinary share is based on the loss after
taxation for the six month period ended 30 June 2009 of GBP275,276 (6 months
ended 30 June 2008 loss GBP78,210 )(year ended 31 December 2008 loss GBP170,904)
and 120,000,000 (2008: 120,000,000) ordinary shares in issue throughout the
period.
5. Movements to shareholders' equity
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | | | | | |
| | | Unaudited | | Unaudited | | Audited |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | six months | | six months | | Year |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | ended | | ended | | ended |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | 30 June 2009 | | 30 June 2008 | | 31 December 2008 |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | GBP | | GBP | | GBP |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | | | | | |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| Loss for the period | | (275,276) | | (78,210) | | (170,904) |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | | | | | |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| Equity at the beginning of | | 409,587 | | 580,491 | | 580,491 |
| period | | | | | | |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| | | | | | | |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
| Equity at the end of period | | 134,311 | | 502,281 | | 409,587 |
+--------------------------------+---+----------------------+---+----------------+---+------------------+
6. Available for sale investment
On 2 March 2009 the Company acquired 22,540,000 ordinary shares of 0.5p each
("shares") in ADDleisure plc ("ADDleisure"), together with 2,820,000 warrants to
subscribe for shares in ADDleisure, for an aggregate amount of GBP500,000.
This shareholding represents an interest of 10.75% of the issued share capital
of ADDleisure.
On 18 July 2007 BUPA Finance Plc acquired 60,600,000 shares in ADDleisure at a
price of 5p per share for a total cost of GBP3,030,000. This shareholding
represents an interest of 28.9%.
The current market value and value at 30 June 2009 of the Company's holding in
ADDleisure is GBP281,750 based on the bid market price traded on AIM of 1.25p
per share. This value has been reflected in Pantheon's group financial position
as at 30 June 2009 in accordance with International Accounting Standard 39.
The directors are however of the opinion that the market price does not reflect
the commercial and business enterprise value of ADDleisure which they believe is
at least equal to the original cost price of this investment.
7. Capital reorganisation
On 19 August 2009 the High Court approved the cancellation of 120,000,000
deferred shares representing GBP600,000 of paid up share capital. This results
in an increase of GBP600,000 in reserves available for distribution.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DLLFLKKBFBBK
Pantheon Leisure (LSE:PLEI)
Historical Stock Chart
From Oct 2024 to Nov 2024
Pantheon Leisure (LSE:PLEI)
Historical Stock Chart
From Nov 2023 to Nov 2024
