TIDMTTNM
RNS Number : 9971V
Tottenham Hotspur PLC
11 November 2010
11 November 2010
Tottenham Hotspur plc
("Tottenham Hotspur" or "the Company")
Final Results
for the year ended 30 June 2010
+--------------------------------+------------+------------+
| Financial Highlights | Year ended | Year ended |
| | 30 June | 30 June |
| | 2010 | 2009 |
| | GBPm | GBPm |
+--------------------------------+------------+------------+
| Revenue | 119.8 | 113.0 |
+--------------------------------+------------+------------+
| Profit from operations | 22.7 | 18.4 |
| excluding football player | | |
| trading | | |
+--------------------------------+------------+------------+
| Amortisation and impairment of | (40.0) | (37.3) |
| registrations | | |
+--------------------------------+------------+------------+
| Profit on disposal of player | 15.3 | 56.5 |
| registrations | | |
+--------------------------------+------------+------------+
| Net finance costs | (5.0) | (3.4) |
+--------------------------------+------------+------------+
| (Loss)/profit on ordinary | (6.5) | 33.4 |
| activities before taxation | | |
+--------------------------------+------------+------------+
| (Loss)/profit for the year | (6.6) | 23.2 |
+--------------------------------+------------+------------+
| (Loss)/earnings per share | (5.6p) | 25.0p |
+--------------------------------+------------+------------+
Summary and Outlook
· Record revenues of GBP119.8 million
· Profit from operations excluding football player trading of GBP22.7
million
· Total assets of GBP288.2 million
· Increases in media and broadcasting revenues, including a higher merit
award for our fourth place finish
· Stadium at full capacity for every FAPL game resulting in increased gate
receipts and merchandising revenues
· Continued investment in the First Team squad and in capital projects
Commenting, Daniel Levy, Chairman, said:
"This period has seen the Club produce a record turnover and a 23% increase in
operating profit.
"We are benefiting now from our investment to date in the First Team squad. Our
challenge is to accrue further benefits from our investment in capital projects
in order to lay the strongest foundations for the future stability and
prosperity of the Club.
"I would like to commend everyone at the Club for their continued hard work and
thank our supporters for their magnificent support both home and away throughout
the season."
Enquiries:
Matthew Collecott, Finance Director Tel:
+44(0) 208 365 5322
Tottenham Hotspur plc
www.tottenhamhotspur.com
John Bick
Tel: +44(0) 7872 061 007
Hansard Communications
Jonathan Wright
Tel: +44(0) 207 107 8000
Seymour Pierce Limited
Chairman's statement 2010
This period has seen the Club produce a record turnover and a 23% increase in
operating profit before football trading and amortisation, achieved during what
has been a difficult economic time and a season without European competition.
These figures show the significant progress that has been made over the past 10
years. This is most notable from a financial perspective given the growth in
revenues, intangible assets (players) and tangible assets (Stadium and Training
Ground developments). To put this into context, 10 years ago the Club had
revenues of GBP48m, intangible assets of GBP37m and tangible assets of GBP47m.
We now have revenues of GBP120m, intangible assets of GBP116m and property,
plant and equipment of over GBP123m. This is now a business with total assets of
over GBP288m.
The Board has always taken the view that the business should be grown prudently
and that reinvestment in the core drivers of the business alongside strong
partners would deliver stability and, ultimately, success to the Club.
Investment in the First Team squad has meant qualification for the Champions
League, one of our key goals. Investment in capital projects will mean the
ability to continue to compete at the highest level.
Alongside these investments are the less obvious but no less important ones
which include - investment in young players, in our growing younger fan base, in
the growth of our brand footprint internationally and investment in our wider
communities.
These have also enabled our Club to be the largest charitable donor in the
Premier League and our Foundation to be the most extensive provider of
community-based projects.
Financial highlights
This year's financial results for the year ended 30 June 2010 have seen revenue
reach a record high of GBP119.8m (2009: GBP113.0m). For yet another season we
filled our Stadium to capacity for every Premier League home match and during
this period Premier League gate receipts rose to GBP20.1m (2009: GBP19.8m).
Increases in media and broadcasting revenues, including the higher merit award
for our fourth place finish, along with a rise in merchandising revenue, also
contributed to our increased revenues.
Importantly, our operating profit excluding football trading, a key performance
indicator for how the business is performing as a cash-generating business,
increased by 23% to GBP22.7m (2009: GBP18.4m).
We have continued to invest in the First Team squad and currently have one of
the largest squads in the Premier League. Additionally we have invested in our
capital projects with the start of building works on the First Team and Academy
Training Centre and have recently gained local planning consent for the
Northumberland Development Project.
Capital projects
The Club revised its plans for the Northumberland Development Project - the new
stadium and related developments scheme - in response to stakeholder feedback.
New designs incorporated four retained heritage buildings, a raised piazza and
revised southern development with reduced residential and increased public
square. The plans were formally submitted to Haringey Council in October 2009
and received approval by the Council's Planning Committee on 30 September 2010.
At the time of publication of this Report, the application was in the process of
being referred to the Mayor of London and the Secretary of State in order to
obtain full consent.
The stage of consent reached to date, with the incorporated amendments, has
meant that the projected cost of the scheme has risen substantially. Retained
historic buildings, which will require extensive refurbishment and renovation,
increased development costs associated with the piazza, the loss of enabling
development with the reduction in residential, substantive S106 and S278
agreements and a sizeable contribution to Transport for London, collectively add
in the region of GBP50m to the costs. Additionally, the scheme does not benefit
from public sector grants or regeneration monies.
It was therefore prudent and sensible that, at a time when we had yet to receive
approval for the application, we should register our interest in the Olympic
Stadium site, before the deadline of expressions of interest passed.
A new, increased capacity stadium is essential for our Club. We have 33,000
supporters on the paid-for Season Ticket Waiting List and we need to continue to
move the Club forward which can only be delivered for the longer term in an
enlarged stadium.
We shall continue to pursue our stadium processes and we shall retain our
primary focus of creating the most atmospheric stadium in Europe - this is what
our supporters deserve and this is what makes our matchday experience
unmissable.
We continue to support the 2018 World Cup bid - to win this in the coming months
would be a fantastic achievement and any stadiums involved would clearly feature
on the world stage and forever be known as a World Cup stadium and a part of
football's World Cup heritage.
We shall shortly be taking the players to view the latest stage of works to the
new Training Centre at Enfield. Groundworks have been ongoing for several months
and we have now started construction works on the main building. The opening of
this state-of-the-art facility will be much welcomed and long awaited and we
anticipate it being operational for the 2012/2013 season. I have no doubt that
the playing and non-playing staff of both the First Team and the Academy will
thoroughly enjoy their new surroundings and world-class facilities on the 73
acre green belt site.
On the pitch
Our fourth place finish in the Premier League at the end of the season was truly
memorable and long awaited. It heralded a return to Europe and our entry to the
elite Champions League. Following on from this success, in the current season we
won our qualifying round to progress to the Group Stages of the Champions
League, in which we recorded a memorable win over Inter Milan, the current
European Champions, on an unforgettable November night at White Hart Lane.
Investment in the First Team squad has long been the first priority at the Club
and we must now look to continue our consistently good performances with a
stable squad.
In 2009/2010 we reached the quarter-finals of the Carling Cup, being knocked out
by the eventual winners Manchester United and went one round further in The FA
Cup, reaching the semi-finals before a disappointing loss in extra time to
Portsmouth at Wembley.
During the financial year the following players joined the Club: Sebastien
Bassong, Anton Blackwood, Peter Crouch, Eidur Gudjohnsen (loan), Younes Kaboul,
Niko Kranjcar, Kyle Naughton, James Walker and Kyle Walker. The total cost of
all of these players was GBP37.8m.
The following players have left during the financial year: Troy
Archibald-Henville, Darren Bent, Yuri Berchiche, Kevin-Prince Boateng, Lee
Butcher, Pascal Chimbonda, Sam Cox, Gilberto Da Silva Melo, Chris Gunter, Tomas
Pekhart, James Walker, Didier Zokora, for total fees of GBP24.6m.
Since the year end we have boosted the squad further with the following
signings: William Gallas, Stipe Pletikosa, Sandro, Rafael van der Vaart, for
combined transfer fees of GBP19.9m.
The following players have left since the year end: Dorian Dervite and Adel
Taarabt, for combined transfer fees of GBP0.9m.
The Club had a successful pre-season tour in the summer of 2009, when the First
Team squad competed in and won the Barclays Asia Trophy and also participated in
the Wembley Cup. In the summer of 2010 the First Team trained with our
international partner club, San Jose Earthquakes and participated in the Red
Bulls tournament in New York.
At youth level, three more academy players, David Button, Jake Livermore and
Danny Rose made their debuts during the season, building on the four from the
previous season. These First Team appearances are invaluable experiences at such
young ages. Behind the scenes the endless development hours for the younger
players come in the form of training and friendly game experience with the First
Team, plus acquiring playing experience in the Football League. This is a result
of the Club's strategy to withdraw from the Reserve League and allow players to
accumulate senior appearances in the Football League. Last season 17 players
under 21 years of age played an average of 22 games each, whilst still training
regularly back at the Lodge and playing in midweek development games for
Tottenham Hotspur. We feel this combination of technical development at home
with added coal-face experience in the League is the best way of bridging the
gap from youth football to the Premier League.
The feedback we receive about the level of professionalism and conduct of our
young players on loan is particularly pleasing and they are a credit to our
Club.
Additionally, 16 players competed in international football for their respective
Under-16 to Under-21 sides, 13 of whom played for England.
We attended 28 tournaments as part of the continuing strategy of preparing young
players to compete against the different football styles and cultures which make
up the Premier League.
Commercial operations
This year saw the continuation of several commercial agreements and time was
spent preparing for their renewal at the end of their terms.
One contract which ended at the end of this period was our shirt sponsorship
agreement with MANSION. We should like to thank them for their support and
involvement with the Club over the past four years.
We were delighted to announce two new shirt sponsors in a ground-breaking
innovative split of the shirt sponsorship inventory. Autonomy, the world's
largest pure software company, became our sponsor for all Premier League matches
and Investec, the specialist banking and asset manager, became our sponsor for
all cup competitions. Both companies are blue-chip international organisations,
listed on the London Stock Exchange. We look forward to working with them both
at this key stage in the Club's growth and development and in leveraging and
activating these sponsorships to the benefit of all businesses. In addition we
have worked to renew and replace agreements in other sector categories with
Thomas Cook, Sportingbet and Ladbrokes.
These agreements run from 1 July 2010 and will be reflected in the next set of
accounts.
We are also pleased to announce a further one-year extension to the Puma kit
deal that will see us through to the end of the 2011/2012 season.
Corporate Hospitality suffered from the Club not being in a European competition
during the season, but Merchandising saw a significant increase as consumer
confidence rose during a good football season.
Our Club channels continue to grow and our official website, despite the
ever-increasing number of generic sports websites, broke the one million unique
users (visiting monthly) and peaked at 1.5m.
Spurs TV continues to attract the highest levels of subscriptions of any
comparable Premier League club channel and content regularly drives additional
media coverage in the wider football arena. The Club's Facebook page and Twitter
account were planned within this period and launched in the summer.
The challenge for the Club on the new media front is to adopt and innovate those
streams and channels which not only deliver accessibility and information to our
supporters, but which keep up with growing demand and requirement for content.
International development
We had a busy year with our three well established partnerships, namely
Supersport United FC (South Africa), South China (Hong Kong) and San Jose
Earthquakes (USA), and were delighted to agree a new partnership with FC
Internacionale (Brazil).
All these partnerships have been developed to provide relationships that can
facilitate the development of players and the exchange of coaching and academy
methodologies. As a result we have seen players visit us from all four clubs and
we have made several visits to our partners. We have also jointly participated
in international tournaments with our partners.
The very visible, immediate gains of these partnerships have been the signings
of Sandro from FC Internacionale and a pre-contract agreement with Khumalo
Bongani to join us from Supersport in January 2011. At Academy level we continue
to monitor players at all age groups and are excited about the future potential.
Fan development
This period included plans for programmes and incentives designed to promote
access to our next, younger generation of fans. Launched at the start of the
2010/2011 season, these included free membership for under-11's, which doubled
our junior membership, along with provisions for season ticket holders to bring
their children to matches, free stadium tours for schools and increased family
days and events. It is important that we recognise the need to make the Club and
its fixtures accessible and to welcome new fans as we seek to grow the Club for
the future.
Tottenham Hotspur Foundation
This was the year that saw us reach the key milestone of having delivered one
million opportunities through the Club's Foundation, and we achieved this within
two years. It is a remarkable achievement. All too often the work of football
clubs in the community is seen as a photo opportunity or a brief player
appearance - we have deliberately worked hard to remove this superficial and
inaccurate description. Anyone who attended the Foundation's recent awards
ceremony as part of our 'To Care is to Do' programme would have realised that
the work achieves real results. This programme, which works with children in
care, is just one of the many examples of programmes we run which work with
individuals and which fundamentally address their issues and make it possible
for them to achieve more in life. Hours are given to one-to-one contact and
mentoring, and the results are inspiring.
We are proud of the fact that the Tottenham Hotspur Foundation continues to lead
the way within Community Sport by developing a wide range of innovative and
pioneering projects across London.
Within this period we developed and launched the Foundation's new educational
degree course and became an institutional partner with Middlesex University.
This is the first partnership of its kind and the learners will undertake an
'Applied Sport and Community Development' Foundation Degree focusing on sport
and community.
The Foundation continues to deliver a number of estate-based projects across
four London boroughs (Haringey, Enfield, Barnet and Waltham Forest) and in
Harlow.
The Section 106 agreement with Enfield Council and Lee Valley Park Regional
Authority relating to our new Training Centre at Bulls Cross was also launched.
To date a range of projects have been delivered including healthy walks, writing
skills courses, estates and health programmes and further initiatives will be
delivered over the next 10 years.
Our international work continues and Foundation coaches have this year travelled
to Sri Lanka, China, South Africa, Portugal, Singapore and Poland to help
support work within disability sport and football development.
We shall continue to underwrite the work of the Foundation as this Club is fully
aware of its responsibility to its communities.
Other charitable donations
In support of our international charity SOS Children's Villages, the Club
participated in World Orphan Week. Every player sponsored an orphan from three
countries around the world - Haiti, China and South Africa.
We specifically arranged sponsorship of children in the Club-funded orphan's
house in Rustenburg, South Africa by our players likely to be selected for
England. It was especially heart-warming that in the lead up to the World Cup
2010, Michael Dawson was able to visit the house and meet the young lad he was
personally sponsoring.
We have also worked with and supported Help 4 Heroes and donated thousands of
tickets to Tickets for Troops. We regularly send out flags and kit to our fans
in the armed forces serving overseas. We auctioned the Poppy Appeal match shirts
and generous supporters bidding helped us raise over GBP30,000 for that event
alone.
We continue to support the Tottenham Tribute Trust (TTT) which looks after
ex-players in need. A special range of legends shirts was marketed and sold with
all profits to the TTT and we have planned activities for future fund-raising
jointly with the committee.
During this period we became the first British club to become a Special Olympics
Global Football Ambassador, alongside Inter Milan. We shall now work with
Special Olympics in both the UK and around the world and the Foundation recently
supported their work in Portugal.
Outside of the period and notably due to our location in Northumberland Park,
the most deprived area of London, the Club and players, led by Benoit
Assou-Ekotto, made a substantial donation to the Evening Standard's 'The
Dispossessed Campaign'.
Environmental responsibility
The Club takes a responsible approach to the challenges of climate change. In
addition to being a founding participant of 10:10, we have also embraced leading
green technologies in the new Training Centre currently under construction.
Notably, the new building will include an inter-seasonal Aquifer Thermal Energy
Store (ATES). This will reduce the carbon emissions footprint by a 30%
improvement on the minimum standard required and this will be one of the first
uses of this type of technology in the UK.
Management and staff
I would like to thank Harry Redknapp, the coaches and all the players for a
wonderful season.
There is never a quiet period at a football club and I should like to thank all
of our staff for their consistent hard work and determination to deliver the
very best service to supporters.
At the end of the season, John Alexander, our Club Secretary, left us to join
Manchester United after 10-years' service. We thank him and wish him well for
the future. I am very pleased to welcome Darren Eales as his replacement, who
joins us from West Bromwich Albion.
I should also like to once again thank Sir Keith Mills, our Non-Executive
Director, for his invaluable guidance and support.
We are delighted to announce the appointment to the Club's management board of
Charlie Wijeratna as Executive Director with commercial responsibilities, with
effect from December 2010. Charlie joins us from the London Organising Committee
for the Olympic Games where he was responsible for the delivery of significant
commercial revenues. He brings with him a proven track record and will be a
great addition to the management team.
Outlook
Our priority on the pitch remains the Premier League - this is the true measure
of our progress and ability to compete at the highest level.
We are benefiting now from our investment to date in the First Team squad. Our
challenge is to accrue further benefits from our investment in capital projects
in order to lay the strongest foundations for the future stability and
prosperity of the Club.
I would like to commend everyone at the Club for their continued hard work and
thank our supporters for their magnificent support both home and away throughout
the season.
Daniel Levy
Chairman
10 November 2010
Financial review
I am pleased to announce the financial results for the year ended 30 June 2010.
We again reached record revenues and a 23% increase in our operating profit
before football trading and amortisation.
The table below shows the results of the football and property segments of the
Group.
+---------------------------------------------------+-------+-------+
| | 2010 | 2009 |
+---------------------------------------------------+-------+-------+
| | GBPm | GBPm |
+---------------------------------------------------+-------+-------+
| Football | | |
+---------------------------------------------------+-------+-------+
| Revenue | 119.0 | 112.2 |
+---------------------------------------------------+-------+-------+
| Operating profit* | 22.8 | 18.6 |
+---------------------------------------------------+-------+-------+
| (Loss)/profit before tax | (5.8) | 34.2 |
+---------------------------------------------------+-------+-------+
| | | |
+---------------------------------------------------+-------+-------+
| Property | | |
+---------------------------------------------------+-------+-------+
| Revenue | 0.8 | 0.8 |
+---------------------------------------------------+-------+-------+
| Operating loss* | (0.1) | (0.2) |
+---------------------------------------------------+-------+-------+
| Loss before tax | (0.7) | (0.8) |
+---------------------------------------------------+-------+-------+
| | | |
+---------------------------------------------------+-------+-------+
| Group | | |
+---------------------------------------------------+-------+-------+
| Revenue | 119.8 | 113.0 |
+---------------------------------------------------+-------+-------+
| Operating profit* | 22.7 | 18.4 |
+---------------------------------------------------+-------+-------+
| (Loss)/profit before tax | (6.5) | 33.4 |
+---------------------------------------------------+-------+-------+
| | | |
+---------------------------------------------------+-------+-------+
| *=Operating profit/(loss) before interest, | | |
| football trading and amortisation | | |
+---------------------------------------------------+-------+-------+
Revenue
This year Club revenue has reached a record high of GBP119.8m (2009: GBP113.0m).
Premier League gate receipts rose to GBP20.1m (2009: GBP19.8m) with the Stadium
sold out for all Premier League home games. The revenue from gate receipts
remains consistently high with demand for season tickets being stronger than
ever, with the Season Ticket Waiting List standing at 33,000 registered and
paid-up members. Our fans continue to demonstrate unwavering support for our
team and Club and we are continually seeking ways to increase our fan base
overseas and add value for domestic fans. This continued support is of utmost
importance in ensuring that the Club is able to prosper.
Beyond the Premier League the Club missed out on the Carling Cup final, for what
would have been a third successive year, being knocked out by the eventual
winners Manchester United at the quarter-final stage. The Club went one round
further in The FA Cup, reaching the semi-finals before we disappointingly lost
in extra time to Portsmouth at Wembley. Overall, the cup competitions raised
GBP6.7m (2009: GBP8.1m) in gate receipts and prize monies, a drop of GBP1.4m
mainly due to a lack of European football for the first time in four years.
Media and broadcasting revenues increased by 15% to GBP51.5m (2009: GBP44.8m).
This gain is largely attributable to a higher merit fee award based on our final
league position of fourth compared to eighth the previous season and a rise in
the number of times the Club featured in live televised games.
Sponsorship and Corporate Hospitality income fell to GBP25.8m (2009: GBP27.4m),
again a reflection of not having the well-attended mid-week European games that
have proved popular with corporate fans, as well as difficult economic
conditions.
Merchandising rose by 12% to GBP7.8m (2009: GBP7.0m) as we saw a return of
discretionary spend and better average transaction values as well as a strong
product mix.
Operating expenses (excluding football trading)
Operating expenses before football trading rose by 3% from GBP94.6m to GBP97.1m
in the year. Player salaries have risen as the Club has further invested in the
depth of its playing squad in preparation of Champions League football.
This higher cost base has been partially offset by a favourable movement in
unrealised foreign exchange differences, due to the strengthening of Sterling
against the Euro during the year and also by the stability of the team
management and the lack of restructuring costs.
Profit from operations (excluding football trading and amortisation)
Overall, our operating profit before football trading and amortisation, which is
one of the key performance indicators for how the Club is performing as a
cash-generating business, increased by 23% to GBP22.7m (2009: GBP18.4m).
Amortisation and impairment of intangible assets
Amortisation and impairment of intangible assets are GBP40.0m (2009: GBP37.3m)
as the Club maintains its significant investment in its playing squad. With
intangible assets (players) valued at GBP115.7m in the balance sheet it is clear
that the historic cost of our team represents an enviable squad whose market
value would be far in excess of its carrying value.
Profit on disposal of intangible assets
Profit on the disposal of intangible assets was GBP15.3m for the financial year
(2009: GBP56.5m), which includes the sales of Darren Bent to Sunderland, Didier
Zokora to Sevilla and Kevin-Prince Boateng to Portsmouth. The comparative
figure for the prior period includes significant gains that were made on the
sales of the registrations of Dimitar Berbatov and Robbie Keane.
Net finance expenses
Interest expense has reduced by GBP0.5m but a reduction in interest income has
resulted in an increase in the net finance expense from GBP3.4m to GBP5.0m.
Taxation
The Group has incurred a tax charge of GBP0.1m in the current year at a tax rate
of 28%. Therefore the loss after tax is GBP6.6m.
Balance sheet
The most significant balance sheet movement relates to the continued investment
in property, a further investment throughout the year in both the Training
Ground build and the acquisition of property through Tottenham Hotspur Property
Company Limited for the Northumberland Development Project (NDP) which
contributed to a GBP20.2m increase in tangible assets.
We now hold tangible assets with a net book value of GBP123.6m on our balance
sheet; the current Stadium, plant and equipment amounts to GBP38.9m of these
assets; NDP GBP72.4m and the new Training Ground GBP12.3m. The current book
value of the property which has been acquired to ensure we can deliver the NDP
is GBP52.0m, with a further GBP20.4m being spent on planning and professional
fees.
This huge investment over the past five years has been funded through equity
contributions and long-term debt financing.
This investment was recently underpinned by the granting of local planning
consent for the NDP master plan.
In August 2009, the Club placed 30 million new ordinary shares of 5p each,
raising GBP15.0m to ensure that the Club's cash flow was not affected by the
NDP. Group net assets grew to GBP70.5m (2009: GBP62.1m).
Cash flow
The Group had a net cash inflow from its operations of GBP19.9m for the year
(2009: GBP29.9m).
We had a cash outflow of GBP62.0m (2009: GBP68.6m) to acquire players and pay
contingent sums arising from transfer agreements, this is partially offset by
GBP34.5m (2009: GBP47.2m) of cash inflows from player sales and contingent
receipts with the residual outflow offset by operating profits.
The other major cash movements were the drawdown of GBP3.8m in property loans to
help fund the Northumberland Development Project and a GBP10.0m short-term loan
from our banking facilities. The Group repaid GBP4.1m of other borrowings
during the year.
Risks and opportunities
The Group is exposed to a range of risks and uncertainties which have the
potential to affect the long-term performance of the Group. Risks are monitored
by the Board on a continual basis and the Group seeks to mitigate the risks
wherever possible.
Looking forward, the next major challenge our industry will face, from a
financial perspective, will be the inevitable change that 'Financial Fair Play'
will bring to the game. The essence of the change is to balance revenues and
expenses. It was inevitable that UEFA would bring further control to the game
and the Premier League has embraced these changes taking the view that it is
better to be involved in a process than pushing against the inevitable.
From the Club's perspective it vindicates our consistent approach to invest in
the Club. It underlines our focus on investing in young talent and our Academy
facilities, it necessitates the need for a new stadium, which is now more
important to drive revenues to the next level, and it underlines our decision to
work within our historic operational cash flows. We are well placed to meet the
challenges of the future. Consequently, the Directors continue to prepare the
financial statement on a going concern basis.
On the pitch
As we invest for the future the continued success of the First Team in the
league, European and cup competitions remains an important part of our
progression, particularly as we head off on a Champions League adventure which
will test players and staff alike, as we raise our game to football's most elite
competition.
Our ambitions in these competitions can be achieved with the continued
commitment of the playing staff, the football management team and supporters.
Our successful approach to nurturing both home-grown talent and acquisitions
through the transfer market will help the team to secure future success on the
pitch.
There is always continued upward pressure on player costs and salaries, which
continue to require significant cash outflows. Accordingly, the challenge for
the Group continues to be to locate players of both quality and value through
the transfer market and Academy, the importance of this will be further
highlighted by the introduction of Financial Fair Play.
Off the pitch
The development of the new stadium will expose the Group to additional risks.
The risk that we might not obtain the necessary financing would have a
significant negative impact and require a write-off of some of the planning and
professional fees paid to date. There is also a risk that the market value of
the property held may reduce, however we are confident there are appropriate
contingency plans in place to safeguard against this risk.
We continue to explore new opportunities in order to broaden our range of income
streams both nationally and internationally. This continued diversification of
our income streams will help to ensure the Group is financially robust and
increases our stability.
The Club is reliant on the Premier League brand and exposed to external
governing bodies of The FA, UEFA and FIFA. Clearly any changes in these bodies
can affect our business model.
Matthew Collecott
Finance Director
10 November 2010
Consolidated income statement
for the year ended 30 June 2010
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| | | Year ended 30 June | Year ended 30 June |
| | | 2010 | 2009 |
+----------------------+------+------------------------------------+------------------------------------+
| | Note | Operations, | Football | Total | Operations, | Football | Total |
| | | excluding | trading* | | excluding | trading* | |
| | | football | | | football | | |
| | | trading* | | | trading* | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Revenue | 3 | 119,814 | - | 119,814 | 113,012 | - | 113,012 |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Operating | | (97,140) | (39,466) | (136,606) | (94,622) | (38,099) | (132,721) |
| expenses | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Operating | | 22,674 | (39,466) | (16,792) | 18,390 | (38,099) | (19,709) |
| profit/(loss) | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Profit on | | | | 15,250 | | | |
| disposal of | | - | 15,250 | | - | 56,500 | 56,500 |
| intangible fixed | | | | | | | |
| assets | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Profit/(loss) | | 22,674 | (24,216) | (1,542) | 18,390 | 18,401 | 36,791 |
| from | | | | | | | |
| operations | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Finance income | | | | 1,358 | | | 4,563 |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Finance costs | | | | (6,355) | | | (7,956) |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| (Loss)/profit | | | | | | | 33,398 |
| on ordinary | | | | (6,539) | | | |
| activities | | | | | | | |
| before | | | | | | | |
| taxation | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Tax | | | | (108) | | | (10,234) |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| (Loss)/profit | | | | | | | |
| for the | | | | (6,647) | | | 23,164 |
| period | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| Attributable | | | | | | | 23,164 |
| to: | | | | (6,647) | | | |
| Equity | | | | | | | |
| holders of | | | | | | | |
| the parent | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| | 5 | | | | | | |
| (Loss)/earnings | | | | (5.6p) | | | 25.0p |
| per share from | | | | | | | |
| continuing | | | | | | | |
| operations - | | | | | | | |
| basic | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| (Loss)/earnings | 5 | | | | | | 12.9p |
| per share from | | | | | | | |
| continuing | | | | (5.6p) | | | |
| operations - | | | | | | | |
| diluted | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
| | | | | | | | |
+----------------------+------+-------------+----------+-----------+-------------+----------+-----------+
* Football trading represents amortisation, impairment and profit/(loss) on
disposal of intangible fixed assets, and other football trading-related income
and expenditure.
Consolidated balance sheet
as at 30 June 2010
+-----------------------------------------------+-------+-----------+-----------+
| | | 30 | 30 June |
| | | June | |
+-----------------------------------------------+-------+-----------+-----------+
| | | 2010 | 2009 |
+-----------------------------------------------+-------+-----------+-----------+
| | Note | GBP'000 | GBP'000 |
+-----------------------------------------------+-------+-----------+-----------+
| Non-current assets | | | |
+-----------------------------------------------+-------+-----------+-----------+
| Property, plant and equipment | | 123,552 | 103,338 |
+-----------------------------------------------+-------+-----------+-----------+
| Intangible assets | | 115,660 | 128,432 |
+-----------------------------------------------+-------+-----------+-----------+
| | | 239,212 | 231,770 |
+-----------------------------------------------+-------+-----------+-----------+
| Current assets | | | |
+-----------------------------------------------+-------+-----------+-----------+
| Inventories | | 1,066 | 1,172 |
+-----------------------------------------------+-------+-----------+-----------+
| Trade and other receivables | | 35,909 | 37,738 |
+-----------------------------------------------+-------+-----------+-----------+
| Current tax receivable | | 697 | 1,104 |
+-----------------------------------------------+-------+-----------+-----------+
| Cash and cash equivalents | | 11,285 | 19,622 |
+-----------------------------------------------+-------+-----------+-----------+
| | | 48,957 | 59,636 |
+-----------------------------------------------+-------+-----------+-----------+
| Total assets | | 288,169 | 291,406 |
+-----------------------------------------------+-------+-----------+-----------+
| Current liabilities | | | |
+-----------------------------------------------+-------+-----------+-----------+
| Trade and other payables | | (86,776) | (89,579) |
+-----------------------------------------------+-------+-----------+-----------+
| Interest bearing loans and borrowings | | (24,117) | (13,810) |
+-----------------------------------------------+-------+-----------+-----------+
| Provisions | | (1,595) | (1,211) |
+-----------------------------------------------+-------+-----------+-----------+
| | | (112,488) | (104,600) |
+-----------------------------------------------+-------+-----------+-----------+
| Non-current liabilities | | | |
+-----------------------------------------------+-------+-----------+-----------+
| Interest bearing overdrafts and loans | | (65,761) | (66,504) |
+-----------------------------------------------+-------+-----------+-----------+
| Trade and other payables | | (18,833) | (37,871) |
+-----------------------------------------------+-------+-----------+-----------+
| Deferred grant income | | (2,127) | (2,211) |
+-----------------------------------------------+-------+-----------+-----------+
| Deferred tax liabilities | | (18,459) | (18,157) |
+-----------------------------------------------+-------+-----------+-----------+
| | | (105,180) | (124,743) |
+-----------------------------------------------+-------+-----------+-----------+
| Total liabilities | | (217,668) | (229,343) |
+-----------------------------------------------+-------+-----------+-----------+
| Net assets | | 70,501 | 62,063 |
+-----------------------------------------------+-------+-----------+-----------+
| Equity | | | |
+-----------------------------------------------+-------+-----------+-----------+
| Share capital | | 6,177 | 4,640 |
+-----------------------------------------------+-------+-----------+-----------+
| Share premium | | 25,217 | 11,638 |
+-----------------------------------------------+-------+-----------+-----------+
| Equity component of convertible redeemable | | 3,774 | 3,805 |
| preference shares ("CRPS") | | | |
+-----------------------------------------------+-------+-----------+-----------+
| Revaluation reserve | | - | 2,240 |
+-----------------------------------------------+-------+-----------+-----------+
| Capital redemption reserve | | 595 | 595 |
+-----------------------------------------------+-------+-----------+-----------+
| Retained earnings | | 34,738 | 39,145 |
+-----------------------------------------------+-------+-----------+-----------+
| Total equity | 6 | 70,501 | 62,063 |
+-----------------------------------------------+-------+-----------+-----------+
Consolidated statement of changes in equity
for the year ended 30 June 2010
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | Share | Share | Equity | | Capital | Profit | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | capital | premium | component | Revaluation | redemption | and | |
| | | | | | | loss | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | account | account | of | reserve | reserve | account | Total |
| | | | CRPS | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Balance as at 1 | 4,640 | 11,638 | 3,805 | 2,240 | 595 | 39,145 | 62,063 |
| July 2009 | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Loss for the year | - | - | - | - | - | (6,647) | (6,647) |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Transfer of | - | - | - | (2,240) | - | 2,240 | - |
| revaluation reserve | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| CRPS converted in | 37 | 79 | (31) | - | - | - | 85 |
| the period | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Ordinary share | 1,500 | 13,500 | - | - | - | - | 15,000 |
| issue | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| At 30 June 2010 | 6,177 | 25,217 | 3,774 | - | 595 | 34,738 | 70,501 |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
For the year ended 30 June 2009
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | Share | Share | Equity | | Capital | Profit | |
| | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | capital | premium | component | Revaluation | redemption | and | |
| | | | | | | loss | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | account | account | of | reserve | reserve | account | Total |
| | | | CRPS | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Balance as at 1 | 4,639 | 11,637 | 3,806 | 2,288 | 595 | 19,645 | 42,610 |
| July 2008 | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Profit for the year | - | - | - | - | - | 23,164 | 23,164 |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Amortisation of | - | - | - | (48) | - | 48 | - |
| revaluation reserve | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| CRPS converted in | 1 | 1 | (1) | - | - | - | 1 |
| the period | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| Final dividend on | - | - | - | - | - | (3,712) | (3,712) |
| equity shares | | | | | | | |
| relating to the | | | | | | | |
| year ended 30 June | | | | | | | |
| 2008 | | | | | | | |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
| At 30 June 2009 | 4,640 | 11,638 | 3,805 | 2,240 | 595 | 39,145 | 62,063 |
+---------------------+---------+---------+-----------+-------------+------------+---------+---------+
Consolidated statement of cash flows
for the year ended 30 June 2010
+------------------------------------------+-----+----------+----------+
| | | Year | Year |
| | | ended | ended |
| | | 30 | 30 |
| | | June | June |
| | | 2010 | 2009 |
+------------------------------------------+-----+----------+----------+
| | | GBP'000 | GBP'000 |
+------------------------------------------+-----+----------+----------+
| Cash flow from operating activities | | | |
+------------------------------------------+-----+----------+----------+
| (Loss)/profit from operations | | (1,542) | 36,791 |
+------------------------------------------+-----+----------+----------+
| Adjustments for: | | | |
+------------------------------------------+-----+----------+----------+
| Amortisation and impairment of | | 39,990 | 37,288 |
| intangible assets | | | |
+------------------------------------------+-----+----------+----------+
| Profit on disposal of intangible assets | | (15,250) | (56,500) |
+------------------------------------------+-----+----------+----------+
| Profit on disposal of property, plant | | - | (3) |
| and equipment | | | |
+------------------------------------------+-----+----------+----------+
| Depreciation of property, plant and | | 2,423 | 2,842 |
| equipment | | | |
+------------------------------------------+-----+----------+----------+
| Capital grants release | | 88 | 66 |
+------------------------------------------+-----+----------+----------+
| Foreign exchange (gain)/loss | | (755) | 2,235 |
+------------------------------------------+-----+----------+----------+
| (Increase)/decrease in trade and other | | (4,865) | 12,928 |
| receivables | | | |
+------------------------------------------+-----+----------+----------+
| Decrease in inventories | | 107 | 712 |
+------------------------------------------+-----+----------+----------+
| Decrease in trade and other payables | | (344) | (6,415) |
+------------------------------------------+-----+----------+----------+
| Cash flow from operations | | 19,852 | 29,944 |
+------------------------------------------+-----+----------+----------+
| Interest paid | | (3,071) | (4,342) |
+------------------------------------------+-----+----------+----------+
| Interest received | | 83 | 1,080 |
+------------------------------------------+-----+----------+----------+
| Income tax refund/(paid) | | 602 | (750) |
+------------------------------------------+-----+----------+----------+
| Net cash flow from operating activities | | 17,466 | 25,932 |
+------------------------------------------+-----+----------+----------+
| Cash flows from investing activities | | | |
+------------------------------------------+-----+----------+----------+
| Acquisitions of property, plant and | | (22,984) | (32,048) |
| equipment, net of proceeds | | | |
+------------------------------------------+-----+----------+----------+
| Acquisitions of intangible assets | | (61,992) | (68,609) |
+------------------------------------------+-----+----------+----------+
| Proceeds from sale of intangible assets | | 34,499 | 47,180 |
+------------------------------------------+-----+----------+----------+
| Net cash flow from investing activities | | (50,477) | (53,477) |
+------------------------------------------+-----+----------+----------+
| Cash flows from financing activities | | | |
+------------------------------------------+-----+----------+----------+
| Dividends paid | | - | (3,712) |
+------------------------------------------+-----+----------+----------+
| Ordinary share issue | | 15,000 | - |
+------------------------------------------+-----+----------+----------+
| Proceeds from borrowings | | 13,750 | 19,612 |
+------------------------------------------+-----+----------+----------+
| Repayments of borrowings | | (4,076) | (4,016) |
+------------------------------------------+-----+----------+----------+
| Net cash flow from financing activities | | 24,674 | 11,884 |
+------------------------------------------+-----+----------+----------+
| Net decrease in cash and cash | | (8,337) | (15,661) |
| equivalents | | | |
+------------------------------------------+-----+----------+----------+
| Cash and cash equivalents at start of | | 19,622 | 35,283 |
| the period | | | |
+------------------------------------------+-----+----------+----------+
| Cash and cash equivalents at end of year | | 11,285 | 19,622 |
+------------------------------------------+-----+----------+----------+
Notes to the accounts
For the year ended 30 June 2010
1. The financial information set out in this preliminary announcement does not
constitute statutory financial statements for the years ended 30 June 2010 or
2009, for the purpose of the Companies Act 2006, but is derived from those
statements. Statutory financial statements for 2010, on which the Group's
auditors have given an unqualified report which does not contain statements
under Section 498 (2) or (3) of the Companies Act 2006, will be filed with the
Registrar of Companies prior to the Group's next annual general meeting.
Statutory financial statements for 2009 have been filed with the Registrar of
Companies. The Group's auditors have reported on those accounts; their reports
were unqualified and did not contain statements under Section 498 (2) or (3) of
the Companies Act 2006.
The preliminary announcement for the year ended 30 June 2010 was approved by the
Board of Directors on 10 November 2010.
2. Operating segments
All revenues disclosed are derived from external customers. Segment operating
profit represents the profit earned by each segment without allocation of
central administration costs and certain recharges. This is the measure reported
to the Group's Board for the purpose of resource allocation and assessment of
segment performance.
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Class of business | Football | Property | Group |
+--------------------------+-----------------------+---------------------+-----------------------+
| | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Revenue | 118,955 | 112,242 | 859 | 770 | 119,814 | 113,012 |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Segment operating | 22,808 | 18,631 | (134) | (241) | 22,674 | 18,390 |
| profit/(loss) | | | | | | |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Player trading operating | (39,466) | (38,099) | - | - | (39,466) | (38,099) |
| costs | | | | | | |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Profit on disposal of | 15,250 | 56,500 | - | - | 15,250 | 56,500 |
| player registrations | | | | | | |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Net finance charges | (4,362) | (2,810) | (635) | (583) | (4,997) | (3,393) |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| (Loss)/profit before | (5,770) | 34,222 | (769) | (824) | (6,539) | 33,398 |
| taxation | | | | | | |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Property, plant and | 38,890 | 40,947 | 84,662 | 62,391 | 123,552 | 103,338 |
| equipment | | | | | | |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Intangible assets | 115,660 | 128,432 | - | - | 115,660 | 128,432 |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Non-current assets | 154,550 | 169,379 | 84,662 | 62,391 | 239,212 | 231,770 |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Total assets | 205,965 | 230,927 | 82,204 | 60,479 | 288,169 | 291,406 |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Total liabilities | (128,704) | (166,248) | (88,964) | (63,095) | (217,668) | (229,343) |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
| Segment net | 77,261 | 64,679 | (6,760) | (2,616) | 70,501 | 62,063 |
| assets/(liabilities) | | | | | | |
+--------------------------+-----------+-----------+----------+----------+-----------+-----------+
The vast majority of the Group's operations are conducted in the United Kingdom.
3. Revenue
Revenue, which is almost all derived from the Group's principal activity, is
analysed as follows:
+-------------------------------------------------------+---------+---------+
| | 2010 | 2009 |
+-------------------------------------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------------+---------+---------+
| Revenue comprises: | | |
+-------------------------------------------------------+---------+---------+
| Gate receipts - Premier League | 20,123 | 19,792 |
+-------------------------------------------------------+---------+---------+
| Gate receipts - cup competitions | 6,726 | 8,065 |
+-------------------------------------------------------+---------+---------+
| Sponsorship and corporate hospitality | 25,763 | 27,363 |
+-------------------------------------------------------+---------+---------+
| Media and broadcasting | 51,519 | 44,811 |
+-------------------------------------------------------+---------+---------+
| Merchandising | 7,793 | 6,960 |
+-------------------------------------------------------+---------+---------+
| Other | 7,890 | 6,021 |
+-------------------------------------------------------+---------+---------+
| | 119,814 | 113,012 |
+-------------------------------------------------------+---------+---------+
All revenue except for GBP859,000 (2009: GBP770,000) derives from the Group's
principal activity in the United Kingdom and is shown exclusive of VAT.
In addition to the amounts shown, the Group recognised finance income of
GBP1,358,000 in 2010 and GBP4,563,000 in 2009. Consequently total revenue is
GBP121,172,000 (2009: GBP117,575,000).
4. Profit/(loss) from operations
This is stated after charging/(crediting) the following:
+-------------------------------------------------------+---------+---------+
| | 2010 | 2009 |
+-------------------------------------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------------+---------+---------+
| Depreciation of property, plant and equipment: | | |
+-------------------------------------------------------+---------+---------+
| - owned | 2,770 | 2,842 |
+-------------------------------------------------------+---------+---------+
| Amortisation of intangible fixed assets | 39,991 | 37,288 |
+-------------------------------------------------------+---------+---------+
| Amortisation of grants | (88) | (66) |
+-------------------------------------------------------+---------+---------+
| Restructuring | - | 2,822 |
+-------------------------------------------------------+---------+---------+
| Charitable donations | 12 | 27 |
+-------------------------------------------------------+---------+---------+
| Operating lease rentals: | | |
+-------------------------------------------------------+---------+---------+
| - land and buildings | 277 | 289 |
+-------------------------------------------------------+---------+---------+
| - other | 167 | 153 |
+-------------------------------------------------------+---------+---------+
| Foreign exchange (gain)/loss | (801) | 2,272 |
+-------------------------------------------------------+---------+---------+
5. Earnings per share
Earnings per share has been calculated using the weighted average number of
shares in issue in each year.
+----------------------------------------------------+-------------+-------------+
| | 2010 | 2009 |
+----------------------------------------------------+-------------+-------------+
| | GBP'000 | GBP'000 |
+----------------------------------------------------+-------------+-------------+
| Earnings for the purpose of basic earnings per | (6,647) | 23,164 |
| share being net (loss)/profit attributable to | | |
| equity holders of the Company | | |
+----------------------------------------------------+-------------+-------------+
| Accretion of CRPS liability | 236 | 558 |
+----------------------------------------------------+-------------+-------------+
| Earnings for the purpose of diluted earnings per | (6,411) | 23,722 |
| share | | |
+----------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------+-------------+-------------+
| Weighted average number of ordinary shares for the | 117,911,574 | 92,793,219 |
| purposes of basic earnings per share | | |
+----------------------------------------------------+-------------+-------------+
| Convertible redeemable preference shares | 90,317,964 | 91,063,038 |
+----------------------------------------------------+-------------+-------------+
| | 208,229,538 | 183,856,257 |
+----------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------+-------------+-------------+
| Basic (loss)/earnings per share | (5.6p) | 25.0p |
+----------------------------------------------------+-------------+-------------+
| Diluted (loss)/earnings per share | (5.6p) | 12.9p |
+----------------------------------------------------+-------------+-------------+
There are no ordinary share options outstanding at the year end (2009: nil). On
conversion of the CRPS the fully diluted share capital at year end would be
213,860,549 shares (2009: 183,862,111 shares).
The convertible redeemable preference shares are not considered to be dilutive
in the current year as they would reduce the loss per share.
6. Reconciliation of movements in Group shareholders' funds
+-------------------------------------------------------+---------+---------+
| | 2010 | 2009 |
+-------------------------------------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------------+---------+---------+
| Opening shareholders' funds | 62,063 | 42,610 |
+-------------------------------------------------------+---------+---------+
| (Loss)/profit for the year | (6,647) | 23,164 |
+-------------------------------------------------------+---------+---------+
| Ordinary 5p shares issued during the year | 15,000 | - |
+-------------------------------------------------------+---------+---------+
| Dividend payment | - | (3,712) |
+-------------------------------------------------------+---------+---------+
| Conversion of CRPS to ordinary shares | 85 | 1 |
+-------------------------------------------------------+---------+---------+
| Net addition to shareholders' funds | 8,438 | 19,453 |
+-------------------------------------------------------+---------+---------+
| Closing shareholders' funds | 70,501 | 62,063 |
+-------------------------------------------------------+---------+---------+
During the year the Group transferred the remaining balance on its revaluation
reserve to retained earnings. The revaluation surplus had arisen from previous
revaluations.
7. An Annual General Meeting of Tottenham Hotspur plc will be held at Bill
Nicholson Way, 748 High Road, Tottenham, London N17 0AP at 2.00pm on 14 December
2010. The annual report and accounts of the Company for the year ended 30 June
2010 will be sent to shareholders shortly and will then be available to be
downloaded from the Company's website www.tottenhamhotspur.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URRURRUAAAUA
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