RNS Number:4952C
Charlton Athletic PLC
24 April 2001
CHARLTON ATHLETIC PLC ("CHARLTON" or "the Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2000
CHAIRMAN'S STATEMENT
INTRODUCTION
The Board of Charlton Athletic PLC is pleased to announce the group's
financial results for the six months to 31st December 2000.
This has been a period of impressive performance both on and off the pitch.
We stated earlier that the number one priority at the start of this current
season was to retain our FA Premier League status and as I write the team is
in the top half of the table with its place for next season assured.
Historically it has been shown how difficult it is for promoted clubs to
retain their status, as we found during the 1998/99 season following our
earlier promotion. The experience gained that season, however, was an
important factor in the retention of our Premiership place.
FINANCIAL HIGHLIGHTS
The highlights of the period's trading are recorded below and in the main
demonstrate the substantially increased commercial activity, enhanced
revenues and increased costs associated with operating in the FA Premier
League.
* Turnover for the period was #11.9m, an increase of more than 100 per cent.
from the six months to 31st December 1999 of #5.9m.
* Central revenues from the FA Premier League and the Football League were
#6.0m, up from #1.8m for the comparable period in 1999;
* The operating loss after depreciation and before player trading,
amortisation of intangible assets and net interest was #14,000 (1999: loss of
#1.8m).
* Player trading income was #110,000 with amortisation charges recorded of
#1.8m (1999: #3.7m income and #839,000 amortisation charge).
* The net loss for the period was #1.6m (1999: profit of #1.0m).
* Interest receipts exceeded interest costs by #68,000. ( 1999: net charge of
#59,000);
* Net assets of the group have risen to #22.3m from #17.4m at 30th June 2000;
* Expenditure on new player registrations and the initial costs of loan
players, excluding wages, was approximately #10m.
* The insurance value of the first team squad currently exceeds #38m;
* Issues of ordinary shares in July and then December 2000 raised #6.5m for
the development of the first team squad and to provide working capital for
the company's operations.
Football
Two key factors in this season's success were the effective use of the funds
made available by the company for squad improvement and then the way the team
has responded to the challenge of playing against the finest players in the
country. Our team management and playing tactics have also been first rate
during the season, especially at The Valley, in a league where every game is
a major challenge wherever it is played. This home form was particularly
highlighted in the outstanding victories against Arsenal, Chelsea, and
Tottenham, and of course the thrilling 3-3 draws with Premier League
champions, Manchester United, and Aston Villa.
The club purchased Claus Jensen, Jonatan Johansson, and Mark Fish on long
term contracts to strengthen the squad and all three players have played
significant roles in the first team to date. Players obtained on loan for the
season were Shaun Bartlett, Karim Bagheri and Radostin Kishishev, and the
club retains options to complete their permanent transfers in the summer. All
of these players are full internationals for their respective countries.
We are very proud of the large number of international players now playing at
the club but special mention must be made of Chris Powell who became the
first Charlton player to pull on an England shirt since Mike Bailey 36 years
ago. He has now earned two England caps and we hope that he is part of the
national squad bidding to qualify for the 2002 World Cup in Japan.
Our development plans for the youth academy are progressing well and planning
permission is currently being sought for the construction of a new indoor
sports facility on land owned by the University of Greenwich which is
adjacent to our Sparrows Lane training complex. This will enable us to secure
our full Football Association accreditation so that we can continue with our
plans to develop quality footballers for the first team.
OUTLOOK
The new three year television deal with BSkyB, starting next season, will
release unprecedented levels of revenue to Premiership clubs, and we must
work with other football clubs to promote a more equal distribution of these
revenues than currently exists in order to enhance the competitiveness of the
League. We must also ensure that the new income is not all dissipated in
increased player wages as it would be unwise to assume that such television
revenues can be sustained in the longer term.
The finer detail of the agreement reached between the European Commission and
UEFA/FIFA remains to be negotiated and there is still a degree of uncertainty
about the operation of future international transfer arrangements. The
European Union has, however, agreed to withdraw the objections to FIFA's
rules regarding player registrations if certain reforms are introduced,
effectively allowing contracts of up to five years and not retrospectively
affecting existing player contracts. It is vital for the future well being of
the professional game in this country that this uncertainty is removed sooner
rather than later and that the stability of contracts is sustained.
Viewers in over 150 countries now watch the Premiership action every week
providing a huge opportunity to promote the club internationally and we
intend to take full advantage of this.
Work has commenced on the construction of the #9m development of the north
stand that will increase the capacity of The Valley to in excess of 26,000.
This development will dramatically change the landscape of the stadium and
lead to a significantly enhanced atmosphere that we hope will inspire the
team.
We have already announced our season ticket prices for season 2001/2 and we
have committed the club to continuing its policy of affordable ticket prices.
The standard price of a season ticket in most areas of the stadium has been
frozen, although we recognise that many supporters who qualified last season
for the loyalty discount will still pay more than they did last season. In
addition, when the stadium development is completed there will be sections of
The Valley where the adult season ticket in our new family area will cost
only #185, the lowest in the Premiership. We are convinced that with
additional capacity coming on stream, this policy will help us to play to
near capacity crowds. This can only be in the best interests of the club, its
supporters and shareholders.
I am delighted that our good progress both on and off the field is being
maintained and I am very confident about the future direction of the club.
Richard Alan Murray
Chairman
23rd April 2001
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 31 December 2000
Operations Amortisation Total 6 12
excluding and months months
amortisation player to 31 to 30
and trading December June
player 1999 2000
trading
#000 #000 #000 #000 #000
TURNOVER 11,871 0 11,871 5,854 11,746
Cost of sales (1,206) - (1,206) (751) (2,336)
----------- ----------- ------- -------- --------
GROSS PROFIT 10,665 0 10,665 5,103 9,410
Operating expenses (10,679) (1,786) (12,465) (7,756) (16,020)
----------- ----------- ------- -------- --------
OPERATING(LOSS)/PROFIT (14) (1,786) (1,800) (2,653) (6,610)
Profit on disposal 0 110 110 3,725 3,954
of players
----------- ----------- ------- -------- --------
(LOSS)/PROFIT BEFORE (14) (1,676) (1,690) 1,072 (2,656)
INTEREST AND TAXATION
=========== ===========
Net interest 68 (59) (141)
receivable/(payable)
------- -------- --------
(LOSS)/PROFIT ON (1,622) 1,013 (2,797)
ORDINARY ACTIVITIES
BEFORE TAXATION
Taxation charges 0 0 0
------- -------- --------
(LOSS)/PROFIT FOR (1,622) 1,013 (2,797)
THE PERIOD
======= ======== ========
EARNINGS PER SHARE (3.13) 2.85 (7.31)
======= ======== ========
CONSOLIDATED BALANCE SHEET
at 31 December 2000
As at 31 December As at 30 June 2000
1999
#000 #000 #000
FIXED ASSETS
Tangible fixed assets 22,122 21,812 21,750
Intangible assets 11,901 5,092 4,951
------- ---------- ----------
34,023 26,904 26,701
CURRENT ASSETS
Stocks 236 208 218
Debtors 3,311 4,437 3,559
Cash at bank and in 4,639 43 4,586
hand
------- ----------- ----------
TOTAL ASSETS 42,209 31,592 35,064
Creditors falling (13,438) (7,255) (11,111)
due within one year
and deferred income
------- ---------- ----------
TOTAL ASSETS LESS 28,771 24,337 23,953
CURRENT LIABILITIES
Creditors falling (2,073) (2,329) (2,160)
due after one year
Deferred income (4,371) (4,252) (4,359)
-------- ---------- ----------
22,327 17,756 17,434
======== ========== ==========
CAPITAL AND RESERVES
Called up share 27,485 17,829 21,328
capital
Share premium account 2,018 1,671 1,660
Revaluation reserve 2,975 2,975 2,975
Profit and loss (10,151) (4,719) (8,529)
account
-------- ---------- ----------
22,327 17,756 17,434
======== ========== ==========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 31st December 2000
1. The financial statements combine the results of Charlton Athletic plc and
it's two subsidiaries, Charlton Athletic Football Company Limited and
Charlton Athletic Holdings Limited. The financial statements have been
prepared in accordance with applicable accounting standards and under the
historical cost convention, as modified by the revaluation of freehold
properties.
2. Turnover represents receipts from matches played, income from the FA
Premier League Limited, the Football League Limited and the Football
Association Limited, and other revenues generated from the commercial
activities associated with a professional football club, excluding income
from player sales. These are all stated net of value added taxation.
3. Grants received in respect of safety work and ground improvement are
treated as deferred income and released to the profit and loss account over
the life of the assets to which they relate.
4. Tangible fixed assets are written down over their estimated useful lives.
5. The cost of players' registrations are capitalised and amortised over the
period of the respective players' contracts.
6. Signing on fees are recognised in the profit and loss account evenly over
the period covered by the players' contracts.
7. There is no liability for corporation taxation arising in the period.
8. The company has no recognised gains or losses other than the loss shown
for the financial period.
9. The calculation of earnings per share is based on the loss for the six
months and on the weighted average of 51,835,899 shares in issue during this
period (1999: 35,616,035).
10. The financial information for the six months ended 31st December 1999 and
31st December 2000 contained in this statement is un-audited and does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985 ("the Act"). The financial information for the year ended 30th June 2000
is an abridged version of the group's published financial statements for that
period which contained an unqualified audit report and which have been filed
with the Registrar of Companies. The audit report contained no statement
under Section 237 (2) or (3) of the Act.
11. Copies of this statement are being sent to shareholders and are available
from the Company Secretary, Charlton Athletic plc, The Valley, Floyd Road,
London, SE7 8BL.
Gx Cloudcomp (LSE:CLO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gx Cloudcomp (LSE:CLO)
Historical Stock Chart
From Oct 2023 to Oct 2024
