RNS Number : 8070A
TSE Group PLC
07 August 2008
For Immediate Release
7 August 2008
TSE Group plc
("TSE" or "the Company")
Interim Results
For the first six months of the year I am delighted to report a substantial improvement in the Group's fortunes. Group revenue increased
by 48% to �611,875 from �414,094, on a comparable basis, and a profit before tax of �54,976 was generated.
These results vindicate the Board's decision last year to acquire Swiss-based TSE Consulting SA, a management consultancy business
operating at the highest levels of the international sports market, particularly in the current uncertain economic climate. Operating within
the growing sector of major international sporting events and with a considerable amount of the company's business being generated from
local, regional and federal governments around the world, the Directors believe that the Group's business is well positioned to minimise the
impact of any economic downturn.
During 2008 the company has increased its contracts providing strategic consultancy to the United States Olympic Committee, the
organisation leading Chicago's strong bid to host the 2016 Olympic Games which will follow the London Olympics. The company has also
continued to work with a number of the major governing bodies for sport throughout the world including the International Association of
Athletics Federations (IAAF) and the European Football Association (UEFA) for whom it is now commencing an intensive consultancy skills
training programme within its Head Offices in Switzerland. The company's Istanbul office is working with the Turkish Golf Federation in
their bid to host the World Team Championships in golf and its United States office has recently reached over the border and commenced
working with the city of Monterrey in North East Mexico, on their longterm sports event strategy.
The growth of TSE Consulting SA through international expansion and acquisition remains our core strategy and during the second half of
this year the Company is planning to open two further regional offices in the Middle East and South East Asia. In addition, the company
continues to progress a number of acquisition and joint venture opportunities.
The Directors are confident about the outlook for the continued growth of the Group during the remainder of the year and beyond. In
particular the Beijing Olympic Games later this month will enable TSE to meet with its core governmental and sports federation clients and
to develop further new business opportunities for this year and 2009.
Adam Reynolds
Chairman
For further information, please contact:
TSE Group plc Tel: 0207 245 1100
Paul Foulger, Finance Director
www.tsegroupplc.com
Beaumont Cornish Limited Tel: 0207 628 3396
Michael Cornish
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Unaudited six months Unaudited three Audited nine months
Notes ended 30 June 2008 months ended 30 June ended
2007 31 December 2007
� � �
Group revenue 611,875 - 317,427
Operating costs (551,716) (96,544) (545,506)
_________ _________ _________
OPERATING PROFIT / (LOSS) 60,159 (96,544) (228,079)
Finance revenue 1,602 6,152 20,187
Finance costs (6,785) (155) (19,232)
Settlement of Liabilities - - -
_________ _________ _________
PROFIT / (LOSS) BEFORE TAX 54,976 (90,547) (227,124)
Taxation (12,095) - 12,726
_________ _________ _________
PROFIT / (LOSS) FOR THE YEAR 42,881 (90,547) (214,398)
_________ _________ _________
Earnings / (Loss) per share
Basic 3 0.01p (0.02p) (0.04p)
Diluted 3 0.01p (0.02p) (0.04p)
_________ _________ _________
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2008
Unaudited Unaudited Audited
as at 30 as at 30 as at 31
June 2008 June 2007 December 2007
� � �
Non-current assets
Intangible assets 1,737,158 - 1,737,158
Tangible assets 25,443 - 18,954
Current assets
Trade and other receivables 453,975 98,476 347,712
Cash and cash equivalents 62,887 1,138,061 97,945
________ ________ _______
516,862 1,236,537 445,657
Current liabilities
Trade and other payables
(406,144) (100,885) (336,217)
________ ________ ________
Net current assets 110,718 1,135,652 109,440
________ ________ ________
Total assets less current 1,873,319 1,135,652 1,865,552
liabilities ________ ________ ________
Non-current liabilities
Long term payables (200,000) - (200,000)
Provision for liabilities and - (50,000) (35,114)
charges
________ ________ ________
Net assets 1,673,319 1,085,652 1,630,438
________ ________ ________
Equity
Issued share capital 1,231,901 1,141,900 1,231,900
Shares to be issued reserve 204,000 - 204,000
Share premium account 2,608,385 1,933,385 2,608,385
Retained losses (2,370,967) (1,989,633) (2,413,847)
________ ________ ________
SHAREHOLDERS' FUNDS
1,673,319 1,085,652 1,630,438
________ ________ ________
The financial statements were approved by the Board of Directors on 6 August 2008.
Paul Foulger
Director
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Unaudited Audited nine months ended
Unaudited three months ended 31 December 2007
six months ended 30 30 June 2007
June 2008
� � �
Cash flow from operating
activities
Profit / (Loss) before 60,159 (96,544) (228,079)
taxation
Adjusted for:
Depreciation of tangible - - -
assets
(Increase)/decrease in trade (84,302) (85,845) (335,081)
and other receivables
Increase/(decrease) in trade 757 164,249 457,545
and other payables
________ ________ ________
Net cash from operating (23,386) (18,140) (105,615)
activities
Cash flows from investing
activities
Acquisition of subsidiary, net - - (813,517)
of cash acquired
Purchase of property, plant, (6,489) - -
and equipment
Interest received 1,602 6,152 20,187
Interest paid (6,785) (155) (19,232)
________ ________ ________
Net cash (outflow) / inflow (11,672) 5,997 (812,562)
from investing activities
________ ________ ________
Cash flows from financing
activities
Proceeds from the issue of - 1,064,250 812,251
shares (net of issue costs)
Redemption of loan notes/new - - -
loan notes issued
________ ________ ________
Net cash used in financing - 1,064,250 812,251
activities
________ ________ ________
Net (decrease) / increase in (35,058) 1,052,107 (105,926)
cash & cash equivalents
Opening cash & cash 97,945 85,954 203,871
equivalents
________ ________ ________
Closing cash & cash 62,887 1,138,061 97,945
equivalents
________ ________ ________
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Shares to be Issued Profit and
Share Reserve Share Loss
Capital Premium account
Total equity
� � � � �
Balance at 1 April 1,000,000 - 1,011,035 (1,899,086) 111,949
2007
Loss for the period - - - (214,398) (214,398)
Shares to be issued - 204,000 - - 204,000
Reserve
Acquisition of TSE - - - (300,363) (300,363)
Issue of share 231,900 - 1,597,350 - 1,829,250
capital
_______ _______ ________ ________ ________
Balance at 1 January 1,231,900 204,000 2,608,385 (2,413,847) 1,630,438
2008
Profit for the - - - 42,881 42,881
period
________ ________ ________ ________ ________
Balance at 30 June 1,231,900 204,000 2,608,385 (2,370,966) 1,673,319
2008
======= ======= ======= ======= =======
NOTES TO THE INTERIM UNAUDITED FINANCIAL STATEMENTS
1. TSE Group plc is a public limited company incorporated in the United Kingdom under the Companies Act 1985 (Registration Number
5353387). The address of the registered office is given on page 2. The principal activity of the Company is that of an International Sports
Consultancy firm.
The comparative figures included in this report for the three months ended 30 June 2007 are unaudited. The 9 months to 31 December 2007
are audited.
The financial information in this statement does not constitute statutory accounts under S240 of the Companies Act and was not subject
to a formal review by the auditors. The financial information in respect of the year ended 31 December 2007 has been extracted from the
statutory accounts which have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified and did not
contain any statement under Section 237 of the Companies Act 1985.
The interim financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts
for the year ended 31 December 2007. Fixed annual charges are apportioned to the interim period on the basis of time elapsed. Other expenses
are accrued in accordance with the same principles used in the preparation of the annual accounts.
2. In the opinion of the directors, the company has no business or geographical segments for which disclosure is required under IAS 34
'Interim Financial Reporting'.
3. Earnings per share has been calculated using the weighted average number of shares in issue during the relevant financial period.
The weighted number of equity shares in issue and the earnings, being the profit after tax, are as follows:
Audited nine months
Unaudited six Unaudited three ended 31 December
months ended months ended 2007
30 June 2008 30 June 2007
Weighted number of equity 583,900,000 486,902,192 529,110,584
shares
Effect of employee share - 122,250 -
options
Weighted average number of 583,900,000 487,024,442 584,039,350
shares used in diluted EPS
Profit / (Loss) after tax 42,881 (90,547) (214,398)
Earnings per share 0.01p (0.02p) (0.04p)
Diluted earnings per share 0.01p (0.02p) (0.04p)
4. Provision for liabilities & charges - Group & Company
At 31
At 30 June 2008 December
2007
� �
Provision for claim for breach of contract - 35,114
========== ==========
At 31 December 2007, a provision of �35,114 was made to allow for a potential claim for breach of contract regarding J E Farmer, a
former director of the company. On 23 April 2008, the Company reached an agreement with J E Farmer, the consequence of which has resulted in
a provision no longer being required as at 30 June 2008.
5. The results of TSE Consulting SA are consolidated in the Interim financial statements and are shown below:
INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Unaudited six months Audited twelve
Unaudited six months ended 30 June 2007 months ended 31
ended 30 June 2008 December 2007
� � �
Revenue 611,875 414,094 871,929
Operating costs (467,882) (273,577) (775,620)
_________ _________ _________
OPERATING PROFIT 143,993 140,517 96,309
Finance revenue 209 1,047 2,337
Finance costs (6,785) (3,461) (1,181)
_________ _________ _________
PROFIT BEFORE TAX 137,417 138,103 97,465
Taxation (12,095) (37,288) (23,903)
_________ _________ _________
PROFIT FOR THE PERIOD 125,322 100,815 73,562
_________ _________ _________
BALANCE SHEET
AS AT 30 JUNE 2008
Unaudited Unaudited Audited
as at 30 as at 30 as at 31
June 2008 June 2007 December 2007
� � �
Non-current assets
Tangible assets 25,443 13,224 18,954
_______ _______ _______
25,443 13,224 18,954
Current assets
Trade and other receivables 435,413 203,592 251,030
Cash and cash equivalents 17,333 50,444 55,249
_______ _______ _______
452,746 254,036 306,279
Current liabilities
Trade and other payables
(149,601) (55,753) (121,967)
________ ________ ________
Net current assets 303,145 198,283 184,312
________ ________ ________
Total assets less current liabilities 328,588 211,507 203,266
________ ________ ________
Equity
Issued share capital 45,455 41,322 45,455
Retained earnings 283,133 170,185 157,811
________ ________ ________
SHAREHOLDERS' FUNDS
328,588 211,507 203,266
________ ________ ________
6. A copy of this report is available at the Company's website www.tsegroupplc.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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