Regulatory Story
Go to market news section View chart   Print
RNS
Celtic PLC   -  CCP   

Half-year Report

Released 18:00 12-Feb-2019

RNS Number : 8226P
Celtic PLC
12 February 2019
 

 

Celtic plc (the "Company")

 

INTERIM REPORT FOR THE SIX MONTHS TO 31 DECEMBER 2018

                 

Operational Highlights

 

·    Currently top of the SPFL Premiership

·    Winners of the Scottish League Cup for the third season in a row

·    17 home fixtures (2017: 19)

·   Secured European football after Christmas by qualifying for the round of 32 of the UEFA Europa League for the second year in a row

 

Financial Highlights

 

·    Revenue decreased by 30.1% to £50.0m (2017: £71.5m)

·    Profit from trading was £6.2m (2017: £23.7m)

·    Profit from transfer of player registrations (shown as profit on disposal of intangible assets) £17.6m (2017: £0.5m)

·    Profit before taxation of £18.8m (2017: £19.5m)

·    Profit after taxation of £15.2m (2017: £17.4m)

·    Period end net cash at bank of £38.6m (2017: £30.9m)

·    Period end net cash, net of debt and debt like items, of £37.7m (2017: )1

 

1net cash, net of debt like items, is represented by cash net of bank borrowings of £38.6m (2017: £30.9m) further adjusted for other debt like items, namely the net player trading balance, other loans and remuneration balances payable to certain personnel at the balance sheet date.

 

Celtic plc

CHAIRMAN'S STATEMENT

 

I am pleased to report on our interim results for the period ended 31 December 2018. These show revenue of £50.0m (2017: £71.5m) and a profit from trading of £6.2m (2017: £23.7m). Overall, this resulted in a profit before taxation of £18.8m (2017: £19.5m) and a period end net cash at bank of £38.6m (2017: £30.9m). The introductory page to these interim results summarises the main highlights.

 

The Club has continued to build on its historic "Double Treble" achieved last year by adding the League Cup trophy in December 2018, the seventh consecutive trophy lifted since Brendan Rodgers joined us, continuing our domestic clean sweep of trophies.  At the time of writing, we remain unbeaten at home in domestic competitions this season and sit 6 points clear at the top of the Scottish Premiership.  We have also made it to the quarter finals of the Scottish Cup.  We were very disappointed not to qualify for the group stages of the UEFA Champions League (a task that continues to be challenging) but qualification from a very difficult group in the UEFA Europa League was a great achievement. 

 

These results reflect the absence of substantial UEFA Champions League revenues in comparison to the same period last year.  But they are counter-balanced by the benefit of player trading, significantly by the permanent transfer of the registration of Moussa Dembele to Olympique Lyonnais.  The profit on disposals of intangible assets of £17.6m (2017: £0.5m) largely represents this sale.   Our period end net cash at bank, as indicated above, was highly satisfactory.  We also enjoyed exceptionally strong trading across all of our commercial bases, including match day sales, hospitality and merchandise.

 

Our financial commitment to the playing squad, including transfer fees and first team salaries, and the coaching, technical and performance departments is at an all-time high.  During the period we secured the permanent registrations of Emilio Izaguirre and Youssouf Mulumbu and the temporary registrations of Daniel Arzani and Philip Benkovic.  Subsequently, during the January transfer window, we have acquired the permanent registrations of talented young international players Vakoun Bayo, Andrew Gutman, Emanuel Perez and Marian Shved and the temporary registrations of exciting talents Oliver Burke, Jeremy Toljan and Timothy Weah.  Furthermore, the contracts of Kristoffer Ajer, Scott Brown, Ryan Christie, James Forrest, Leigh Griffiths, Michael Johnston, Callum McGregor, Olivier Ntcham and Tom Rogic have been extended.  We believe that we have secured the core of a powerful squad for the Club.  In addition, we are delighted to see the continued emergence of young graduates from our Youth Academy, with Ewan Henderson making his first team debut and Karamoko Dembele signing his first professional contract with the Club. 

 

My fellow directors and I continue to be highly alert to the uncertainties inherent in football and our long held strategy of operating a self-sustaining financial model has delivered stability and success.  The Board and Brendan Rodgers are committed to maintaining that crucial balance between competitive performance for our immediate targets this season and developing the Club for the longer term.   Our key objectives for the remainder of the season are to win the SPFL Premiership, secure The Scottish Cup and build towards the European qualifiers in the summer. 

 

We continue to work on our plans to develop Celtic Park and the surrounding area for our supporters and the City as a whole.  The Fraser of Allander Institute's economic survey that was commissioned and published in the period highlights the very substantial economic contribution made by Celtic and its supporters each year to the economy of Glasgow and Scotland as a whole.  In putting this important information into the public domain, we seek to encourage the Scottish Government, Glasgow City Council and other public agencies to recognise the contribution of football in general and Celtic in particular. 

 

Entirely in line with our trading seasonality, we do not expect the same level of financial performance to be achieved during the second half of the financial year. This is due to participating in fewer home fixtures and receiving lower income from European competition. However, due to the positive first half performance of football, media and merchandise sales, the expectation is to achieve a full year profit after tax marginally above previously communicated market expectations, with year-end net cash at bank expected to be lower than December, reflecting the increased investment into football personnel. In line with previous years, the ultimate financial performance remains subject to the outcome of key events and fixtures, which typically are not known until the end of the football season.

 

On behalf of the Board, I thank our fans, shareholders and partners, for their outstanding support and contribution to the ongoing success of Celtic Football Club.

 

 

Ian P Bankier                                                                                                                                                                    

12 February 2019

Chairman

 

 

For further information contact:

 

Celtic plc

Ian Bankier

Peter Lawwell

 

Tel: 0141 551 4235

Canaccord Genuity Limited, Nominated Adviser and Broker

Simon Bridges

Richard Andrews

Tel: 020 7523 8350

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

Celtic plc 

INDEPENDENT REVIEW REPORT TO CELTIC PLC

 

Introduction

We have been engaged by the Company to review the financial information in the interim report for the six months ended 31 December 2018 which comprises the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and the related notes.

We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors.  The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the interim report be presented and prepared in a form consistent with that which will be adopted in the Company's annual financial statements having regard to the accounting standards applicable to such annual financial statements.

Our responsibility

Our responsibility is to express to the Company a conclusion on the financial information in the interim report based on our review.

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Financial Reporting Council for use in the United Kingdom.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial information in the interim report for the six months ended 31 December 2018 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.

 BDO LLP

Chartered Accountants and Registered Auditors

Glasgow

United Kingdom

Date 12 February 2019

 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

 

Celtic plc

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTHS TO 31 DECEMBER 2018

 

 

 

 

 

 

 

 

2018

Unaudited

 

 

 

 

2017

Unaudited

 

 

Note

£000

 

£000

 

 

 

 

 

 

Revenue

 

2

50,015

 

71,505

Operating expenses (before intangible asset transactions)

 

 

  (43,823)

 

(47,815)

 

Profit from trading before intangible asset transactions

 

 

 

6,192

 

 

23,690

 

Amortisation of intangible assets

 

 

(4,787)

 

(4,227)

 

Profit on disposal of intangible assets

 

 

17,563

 

482

 

 

 

 

 

 

 

Operating profit

 

 

 

18,968

 

 

19,945

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

3

531

 

47

Finance expense

 

3

(700)

 

(482)

 

Profit before tax

 

 

 

18,799

 

 

19,510

Income tax expense

 

4

(3,576)

 

(2,130)

 

 

 

 

 

 

 

Profit and total comprehensive income for the period

 

 

 

 

 

 

15,223

 

 

17,380

 

Basic earnings per Ordinary Share

 

 

5

 

16.22p

 

 

18.57p 

 

Diluted earnings per Share

 

 

5

 

11.36p

 

 

12.94p

 

 

 

 

 

 

             

 

Celtic plc

Registered number SC3487

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2018

 

 

 

 

2018

Unaudited

 

 

2017

Unaudited

 

 

Notes

£000

 

£000

 

NON-CURRENT ASSETS

 

 

 

 

 

Property plant and equipment

 

58,905

 

56,637

 

Intangible assets

6

16,632

 

15,996

 

Trade and other receivables

7

7,795

 

-

 

Deferred tax asset

 

-

 

891

 

 

 

83,332

 

73,524

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

1,991

 

2,039

 

Trade and other receivables

7

23,636

 

15,608

 

Cash and cash equivalents

9

44,676

 

37,410

 

 

 

70,303

 

55,057

 

TOTAL  ASSETS

 

153,635

 

128,581

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

Issued share capital

8

27,147

 

27,123

 

Share premium

 

14,783

 

14,720

 

Other reserve

 

21,222

 

21,222

 

Accumulated profits

 

25,083

 

11,817

 

TOTAL EQUITY

 

88,235

 

74,882

 

 

LIABILITIES

NON-CURRENT LIABILITIES

Interest bearing loans

 

 

 

 

 

 

 

4,800

 

 

 

 

 

6,350

 

Debt element of Convertible Cumulative Preference Shares

 

4,193

 

4,216

 

Trade and other payables

 

6,788

 

10,293

 

Deferred tax

4

93

 

-

 

Provisions

 

1,300

 

1,082

 

Deferred income

 

71

 

86

 

 

 

17,245

 

22,027

 

CURRENT LIABILITIES

 

 

 

 

 

Trade and other payables

 

28,343

 

17,035

 

Current borrowings

1,380

 

304

 

Provisions

 

2,100

 

709

 

Deferred income

 

16,332

 

13,624

 

 

 

48,155

 

31,672

 

TOTAL LIABILITIES

 

65,400

 

53,699

 

TOTAL EQUITY AND LIABILITIES

 

153,635

 

128,581

 

Approved by the Board on 12 February 2019

 

Celtic plc

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

Share

capital

 

Share premium

 

Other reserve

 

Accumulated

profits

 

Total

 

 

£000

£000

£000

£000

£000

EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2017 (Audited)

27,107

14,657

21,222

(5,563)

57,423

 

Share capital issued

 

1

 

63

 

-

 

-

 

64

 

Reduction in debt element of

convertible cumulative

preference shares

15

-

-

-

15

 

Profit and total comprehensive income for the period

-

-

-

17,380

17,380

 

 

 

 

 

 

EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2017 (Unaudited)

 

27,123

 

14,720

 

21,222

 

11,817

 

74,882

 

 

 

 

 

 

EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2018 (Audited)

27,132

14,720

21,222

9,860

72,934

 

Share capital issued

 

1

 

-

 

64

Reduction in debt element of convertible cumulative preference shares

14

-

-

-

14

 

 

 

 

 

 

Profit and total comprehensive income for the period

-

-

-

15,223

15,223

 

 

 

 

 

 

EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2018 (Unaudited)

 

27,147

 

14,783

 

21,222

 

25,083

 

88,235

 

 

 

 

 

 

 

         

Celtic plc

CONSOLIDATED CASH FLOW STATEMENT

FOR THE 6 MONTHS ENDED 31 DECEMBER 2018

 

 

 

            Note

2018

Unaudited

 

2017

Unaudited 

 

 

£000

 

£000

Cash flows from operating activities

 

 

 

Profit for the period after tax

 

15,223

 

17,380

Taxation charge

 

3,576

 

2,130

Depreciation

 

967

 

881

Amortisation

 

4,787

 

4,227

Profit on disposal of intangible assets

 

(17,563)

 

(482)

Net finance costs

 

169

 

435

 

 

7,159

 

24,571

 

 

 

 

 

Decrease in inventories

 

416

 

375

(Increase) in receivables

 

(898)

 

(7,028)

(Decrease) in payables and deferred income

 

(8,857)

 

(364)

Cash generated from operations

(2,180)

 

11,496

Tax paid

(1,200)

 

-

Net interest received/(paid)

 

33

 

(25)

Net cash flow from operating activities

 

(3,347)

 

17,529

Cash flows from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(1,389)

 

(946)

Purchase of intangible assets

 

(6,032)

 

(8,874)

Proceeds from sale of intangible assets

 

13,714

 

5,769

Net cash generated / (used in) from investing activities

 

6,293

 

(4,051)

Cash flows from financing activities

 

 

 

 

Repayment of debt

 

(370)

 

(100)

Dividend on Convertible Cumulative Preference Shares

 

(463)

 

(473)

Net cash used in financing activities

 

(833)

 

(573)

Net increase in cash equivalents

 

2,113

 

12,905

Cash and cash equivalents at 1 July

 

42,563

 

24,505

Cash and cash equivalents at period end

9

44,676

 

37,410

           

 

Celtic plc

NOTES TO THE FINANCIAL INFORMATION

 

1.      BASIS OF PREPARATION

 

The financial information in this interim report comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and accompanying notes.  The financial information in this interim report has been prepared under the recognition and measurement requirements of IFRSs as adopted for use in the European Union but does not include all of the disclosures that would be required under those accounting standards.  The accounting policies adopted in the financial information are consistent with those expected to be adopted in the Company's financial statements for the year ended 30 June 2019 and are unchanged from those used in the Company's annual report for the year ended 30 June 2018.

 

The financial information in this interim report for the six months to 31 December 2018 and to 31 December 2017 has not been audited, but it has been reviewed by the Company's auditor, whose report is set out on page 4.

 

Adoption of standards effective in 2018

 

The following standards have been adopted as of 1 July 2018 and have no material impact on the financial information for the period under review:

 

IFRS 9 Financial Instruments

The Group has applied IFRS 9 from 1 July 2018. The Group has elected not to restate comparatives on initial application of IFRS 9. The principal effect of IFRS 9 is the introduction of the expected credit loss model. However, due to the Group's history of low credit losses and no expectation that this trend will change in the foreseeable future, there is no likely material change in the provision.

 

IFRS 15 Revenue from Contracts with Customers

IFRS 15 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 supersedes previous revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related Interpretations. The Group has applied IFRS 15 from 1 July 2018.

 

All revenue streams were reviewed to determine how the previous approach to revenue recognition would comply with the 5 step model under IFRS 15. It should be noted that as almost all revenue streams are aligned to the football season, which in turn forms the basis for the financial year, the main factor for consideration was whether the implementation of IFRS 15 would impact materially on the half year results which are reported for the 6 months to 31 December.  The review concluded that there was no material impact.

 

Assessment on adoption of standards not yet effective

 

At the date of authorisation of this interim report the following standard was not effective however will be adopted in accordance with its effective date. An update as to the Group's assessment of the impact this standard is provided below.

 

IFRS 16 Leases

IFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. IFRS 16 will supersede the current lease guidance including IAS 17 Leases and the related interpretations when it becomes effective for accounting periods beginning on or after 1 January 2019. The Group will adopt IFRS 16 for the year ending 30 June 2020. No decision has yet been made about whether to use any of the transitional options in IFRS 16.

 

IFRS 16 distinguishes leases and service contracts based on whether an identified asset is controlled by a customer. Distinctions of operating leases (off balance sheet) and finance leases (on balance sheet) are removed for lessee accounting, and are replaced by a model where a right-of-use asset and a corresponding liability have to be recognised for all leases by lessees (i.e. all on balance sheet) except for short-term leases and leases of low value assets.

 

 

Celtic plc

NOTES TO THE FINANCIAL INFORMATION

 

1.   BASIS OF PREPARATION (CONTINUED)

 

The right-of-use asset is initially measured at cost and subsequently measured at cost (subject to certain exceptions) less accumulated depreciation and impairment losses, adjusted for any re-measurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as the impact of lease modifications, amongst others.

 

Furthermore, the classification of cash flows will also be affected because operating lease payments under IAS 17 are presented as operating cash flows; whereas, under the IFRS 16 model, the lease payments will be split into a principal and an interest portion, which will be presented as financing and operating cash flows respectively.

 

In contrast to lessee accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17, and continues to require a lessor to classify a lease either as an operating lease or a finance lease.

 

Based on our assessment, the net impact to the Group's financial statements is not considered to have a material net effect; however, this includes what would be a material grossing out on the Balance Sheet with a corresponding increase to both assets and liabilities. We will recognise the carrying value of the operating leases within assets with an offsetting liability and there will be a reallocation in the Statement of Comprehensive Income from rental costs to depreciation within Operating Expenses and to the unwinding discount within Finance Expense.

 

Going concern

 

The Company has considerable financial resources available to it, together with established contracts with a number of customers and suppliers.  As a consequence, the Directors believe that the Company is well placed to continue managing its business risks successfully and they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.  Thus, they continue to adopt the going concern basis of accounting in preparing the financial information in this interim report.

 

                                                                                                             

2.     REVENUE

 

        

 

 

6 months
to 31
Dec 2018

 

6 months
to 31
Dec 2017

 

 

Unaudited
£000

 

Unaudited
£000

Football and stadium operations

 

23,873

 

26,802

Multimedia and other commercial activities

 

15,529

 

34,011

Merchandising

 

10,613

 

10,692

 

 

50,015

 

71,505

 

 

 

 

 

Number of home games

 

17

 

19

 

        

3.      FINANCE INCOME AND EXPENSE

 

 

 

 

 

6 months to

31 December

2018

 

6 months to

31 December

2017

 

 

 

 

Unaudited

£000

 

Unaudited

£000

 

Finance income:

 

 

 

 

 

Interest receivable on bank deposits

 

128

 

35

 

Notional interest income on deferred consideration

 

403

 

12

 

 

 

531

 

47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6 months to

31 December

2018

 

6 months to

31 December

2017

 

 

 

 

Unaudited

£000

 

Unaudited

£000

 

 

Finance expense:

 

 

 

 

 

Interest payable on bank and other loans

 

(110)

 

(61)

 

Notional interest expense on deferred consideration

 

(304)

 

(134)

 

Dividend on Convertible Cumulative Preference Shares

 

(286)

 

(287)

 

 

 

(700)

 

(482)

 

 

4.    TAXATION                                                                                             

        

         Tax has been charged at 19% for the six months ended 31 December 2018 (2017: 19%) representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the six month period. A deferred tax liability of £0.1m has been recognised in respect of short term timing differences.

 

 

5.    EARNINGS PER SHARE

        

        Basic earnings per share has been calculated by dividing the profit for the period of £15.2m (2017: £17.4m) by the weighted average number of Ordinary Shares in issue 93,865,887 (2017: 93,591,020).  Diluted earnings per share as at 31 December 2018 has been calculated by dividing the profit for the period by the weighted average number of Ordinary Shares, Convertible Cumulative Preference Shares and Convertible Preferred Ordinary Shares in issue, assuming conversion at the balance sheet date if dilutive.

 

6.      INTANGIBLE ASSETS

 

 

 

31 December 2018

 

 

31 December 2017

 

 

 

Unaudited

 

Unaudited

 

Cost

 

£000

 

 

£000

 

 

At 1 July

 

44,962

 

34,335

 

Additions

 

1,854

 

6,634

 

Transfer to prepayments

 

-

 

(605)

 

Disposals

 

(5,850)

 

(1,986)

 

At period end

 

40,966

 

38,378

 

 

Amortisation

 

 

 

 

 

At 1 July

 

23,999

 

20,408

 

Charge for the period

 

4,787

 

4,227

 

Transfer to prepayments

 

-

 

(371)

 

Disposals

 

(4,452)

 

(1,882)

 

At period end

 

24,334

 

22,382

 

 

Net Book Value at period end

 

 

16,632

 

 

15,996

 

 

 

7.      TRADE AND OTHER RECEIVABLES

     

 

31 December 2018

Unaudited

 

31 December 2017

Unaudited

£000

£000

 

 

 

 

          Trade receivables

23,430

 

4,421

          Prepayments and accrued income

7,292

 

10,224

          Other receivables

709

 

963

 

31,431

 

15,608

 

 

 

 

Amounts falling due after more than one year included above are:

 

 

 

 

 

 

 

 

2018

 

2017

 

 

£000

 

 

£000

 

 

          Trade receivables

7,795

 

-

 

 

 

 

 

8.      SHARE CAPITAL

 

 

Authorised

 

Allotted, called up and fully paid

 

31 December

 

31 December

 

2018

 

2017

 

2018

2018

2017

2017

 

Unaudited

 

Unaudited

Unaudited

 

No 000

 

No 000

 

No 000

£000

No 000

£000

Equity

 

 

 

 

 

 

 

 

Ordinary Shares of 1p each

223,271

 

223,101

 

93,916

939

93,696

937

Deferred Shares of 1p each

656,090

 

647,036

 

656,090

6,561

647,036

6,470

Convertible Preferred Ordinary Shares of £1 each

 

14,883

 

 

14,923

 

 

12,896

 

12,896

 

12,936

 

12,936

Non-equity

 

 

 

 

 

 

 

 

Convertible Cumulative Preference Shares of 60p each

 

18,371

 

 

18,459

 

 

15,871

 

9,523

 

15,959

 

9,576

 

Less reallocated to debt:

Initial debt

Capital reserve

 

 

-

-

 

 

 

-

-

 

 

 

-

-

 

 

(2,772)

-

 

 

-

-

 

 

(2,796)

-

 

 

 

 

 

 

 

 

 

 

912,615

 

903,519

 

778,773

27,147

769,627

27,123

 

     

9.      ANALYSIS OF NET CASH AT BANK

   The reconciliation of the movement in cash and cash equivalents per the cash flow statement to net cash is as follows:                                                                                                                           

 

 

 

 

31 December

2018

 

31 December

2017

 

 

 

Unaudited

 

Unaudited

 

 

 

£000

 

£000

 

 

 

 

 

 

 

Bank Loans due after more than one year

 

(4,800)

 

(6,350)

 

Bank Loans due within one year

 

(1,280)

 

(200)

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

Cash at bank and on hand

 

44,676

 

37,410

 

 

 

 

 

 

 

Net cash at bank at period end

 

38,596

 

30,860

 

 

Total net cash, deducting other loans of £0.1m (2017: £0.1m) and that arising from the reclassification of equity to debt of £4.2m (2017: £4.2m) amounted to £34.3m (2017: £26.5m).

 

Period-end net cash, net of debt and debt like items, of £37.7m (2017: £17.0m). This figure is represented by cash net of bank borrowings of £38.6m (2017: £30.9m) further adjusted for other debt like items, namely the net player trading balance, other loans and remuneration balances payable to certain personnel at the balance sheet date.

 

The change in the aging profile of the bank loans follows the re-negotiation of the Group banking facilities in August 2018.

 

10.   POST BALANCE SHEET EVENTS

Since the balance sheet date, we have secured the permanent registrations of Marian Shved, Vakoun Bayo, Emanuel Perez and Andrew Gutman, and the temporary registrations of Timothy Weah from Paris St Germain, Oliver Burke from West Bromwich Albion and Jeremy Toljan from Borussia Dortmund. We have also temporarily transferred the registrations of Youssouf Mulumbu to Kilmarnock, Lewis Morgan to Sunderland, Calvin Miller to Ayr United, Conor Hazard to Partick Thistle and Marian Shved to FC Karpaty. Emanuel Perez and Andrew Gutman have also been placed on loan to clubs in the United Soccer League in the USA.

 

In addition, we have temporarily transferred the registration of development squad player Jack Aitchison to Alloa Athletic and have cancelled the registration of Lewis Bell.


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


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Half-year Report - RNS